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bDai

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Will Ruddick 2020-07-18 05:14:16 +00:00
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spec/002_xdai_migration.md → spec/002_dai_reserve_migration.md
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# xDAI Migration spec
# x/bDAI Migration spec
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valid status values are: Pre-draft
@ -10,36 +10,23 @@ valid status values are: Pre-draft
## Rationale
We want to give donors and community members a way to contribute to and cash-out from Community Inclusion Currencies with National Currency.
By connecting to a reserve that is stable to the US dollar called xDAI we bring some stability and the ability for many to support local communities.
We also enable any CICs that have xDAI as a reserve to convert to any other CIC with xDAI as reserve.
By connecting to a reserve that is stable to the US dollar called x/bDAI we bring some stability and the ability for many to support local communities.
We also enable any CICs that have bDAI as a reserve to convert to any other CIC with bDAI as reserve.
## Before
Currently we are using a virtual reserve a generic ERC20 token. We have 2 Million of those reserve tokens against 8 Million Sarafu issued (the current Kenyan CIC). (Call those Sarafu_1 or S1)
## After
We have 40,000 xDAI to put as the reserve and are looking at minting (16Million) tokens (called Sarafu_2 S2)
We have 40,000 DAI to bridge to a bDAI token and put as the reserve and are looking at minting (16Million) tokens (called Sarafu_2 S2)
with a connector weight (target Reserve Ratio) of 0.25 (25%) and an inital price of roughly 100 Sarafu to 1 xDAI (USD stable)
(Note that the 100 Sarafu to 1 xDAI will approximate the Kenyan Shillings to USD rate)
## Implementation
Each existing user should have a completley new wallet and private key for security reasons and be given the same balances they currently have with the new (xDAI reserve) Sarafu. Roughly 8Million Sarafu_1 in wallet will be replaced with Sarafu_2
Each existing user should have a completley new wallet and private key for security reasons and be given the same balances they currently have with the new (bDAI reserve) Sarafu. Roughly 8Million Sarafu_1 in wallet will be replaced with Sarafu_2
### Workflow
> lash: what's meant by public and private functions here?
> will: I'm just considering what should be private=internal=only the owner can use vs public functions ....
> Also can we make some of the internal/private functions permissionless post creation (i.e. remove them/ block the doors) ... Upgradability?
> lash: private keys: should we take the opportunity of setting up deterministic wallets? perhaps even on the platform we may want to shuffle private keys once in awhile.
> will: Yes and no. For now on the platform we really want easy trackability to track donor impacts .... I would leave this for the web wallet etc. I just want to make sure the private keys are all secure - who has access etc.
> lash: what is a "facilitator address"?
> Will: Lets remove this - see depth_bump comments
1. Synch db <->Blockchain - ensure synronization between our db (USSD interface) and blockchain
1. Finalize any contract changes to Bancor Suite (such as [Depth Bump](https://gitlab.com/grassrootseconomics/cic-docs/-/blob/master/spec/003_depth_bump.md))
1. Create Public vs Private Functions - Contracts as permissionless as possible