From b195d113dc5c8c7b0ae0a81f6249328a814f5c98 Mon Sep 17 00:00:00 2001 From: Will Ruddick Date: Mon, 18 May 2020 12:39:11 +0000 Subject: [PATCH] Update 006_Self_Service_Token.md --- spec/006_Self_Service_Token.md | 31 ++++++++++++++++--------------- 1 file changed, 16 insertions(+), 15 deletions(-) diff --git a/spec/006_Self_Service_Token.md b/spec/006_Self_Service_Token.md index 496c401..4dec657 100644 --- a/spec/006_Self_Service_Token.md +++ b/spec/006_Self_Service_Token.md @@ -68,23 +68,23 @@ The CIC has an enforced 25% reserve amount. ## Token creation process - Backend -Start this process between step 5 to 6, -Save all the information created in the process on the SEMPO DB. -Generate a token and converter (adding it to the registry) on xDAI and store private and public keys -Mint the standard amount of tokens. (4x the reserve = 40,000) -Convert the existing user's tokens into xDAI and put them into the converter as reserve. (min 10,000) -The new token should have a value of 1:1 with xDAI and be at 25% reserve (Target Reserve Ratio) -Put the TOKEN_NAME tokens into the Users wallet (Group wallet) - note that when other users later join (via my account -> join Chama) the TOKEN_NAME they will receive tokens from this wallet. - there is a contract here. -The token owner should not be able to transfer more tokens than he has committed to new users. -The token owner should have his community token for auto-convert set to TOKEN_NAME -This account is a GROUP account. Meaning that only it can cash out 50% a month from it’s own reserve - along with other Chama rules. -If the token has been created send the SMS for the token creation approval. Else send error. +1. Start this process between step 5 to 6, +1. Save all the information created in the process on the SEMPO DB. +1. Generate a token and converter (adding it to the registry) on xDAI and store private and public keys +1. Mint the standard amount of tokens. (4x the reserve = 40,000) +1. Convert the existing user's tokens into xDAI and put them into the converter as reserve. (min 10,000) +1. The new token should have a value of 1:1 with xDAI and be at 25% reserve (Target Reserve Ratio) +1. Put the TOKEN_NAME tokens into the Users wallet (Group wallet) - note that when other users later join (via my account -> join Chama) the TOKEN_NAME they will receive tokens from this wallet. - there is a contract here. +1. The token owner should not be able to transfer more tokens than he has committed to new users. +1. The token owner should have his community token for auto-convert set to TOKEN_NAME +1. This account is a GROUP account. Meaning that only it can cash out 50% a month from it’s own reserve - along with other Chama rules. +1. If the token has been created send the SMS for the token creation approval. Else send error. ## Action items: -Token Value Alerts -Whenever the token is converted to another token or xDAI and the price changes more than 10% an alter is sent to the token issuer -Message Alert your excahnge value of TOKEN_NAME tokens have changed in +X% / -X% value +1. Token Value Alerts +1. Whenever the token is converted to another token or xDAI and the price changes more than 10% an alter is sent to the token issuer +1. Message Alert your excahnge value of TOKEN_NAME tokens have changed in +X% / -X% value Note that the receipt messages for token transfers that include a conversion should also show the tokens exchange value (this was on the old USSD system) ## Implementation @@ -93,7 +93,8 @@ Note that the receipt messages for token transfers that include a conversion sho ### Workflow ### Variables -1. TRR for Self Service Tokens (SSTs) 0.25 +1. Price change alert levels +2. TRR for Self Service Tokens (SSTs) 0.25 2. Conversion fee fos SSTs 0.005 (0.5%) 3. Minimum starting reserve 10,000 xDAI 4. Minimum number of chama members (conversion will be locked until the new tokens are sent to this many users)