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Update 006_Self_Service_Token.md

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Will Ruddick 2020-05-18 12:39:11 +00:00
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spec/006_Self_Service_Token.md
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@ -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)