From f27725d97ffb5efbfbe7ba8f9e00897633a15971 Mon Sep 17 00:00:00 2001 From: WillRuddick Date: Wed, 22 Apr 2020 18:27:06 +0300 Subject: [PATCH] Update and rename xdai_reserve.md to xdai_migration.md --- spec/xdai_migration.md | 51 ++++++++++++++++++++++++++++++++++++++++++ spec/xdai_reserve.md | 48 --------------------------------------- 2 files changed, 51 insertions(+), 48 deletions(-) create mode 100644 spec/xdai_migration.md delete mode 100644 spec/xdai_reserve.md diff --git a/spec/xdai_migration.md b/spec/xdai_migration.md new file mode 100644 index 0000000..5930bd1 --- /dev/null +++ b/spec/xdai_migration.md @@ -0,0 +1,51 @@ +# Title + + +* Authors: Will Ruddick +* Date: 2020.04.22 +* Version: 1 +* Status: Pre-draft + +## Rationale +We want to give donors and community mambers 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. + +## 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). Sall 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 S2 +with a connector weight (target Reserve Ratio) of 0.25 (25%) and an inital price of roughly 0.01 Sarafu to a xDAI (USD stable) + +## 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. + +### Workflow +1. Synch db <->Blockchain +1. Deply contracts to create Sarafu_2 - deposit reserve and mint tokens +1. Migration - New wallets for users - Replicate user accounts with new token Sarafu_2 + +### Variables + +1. Synch variables, - synch frequency - and limitations +2. Contract variables (reserve ratio, reserve amount, number of Sarafu_2) +3. Migration speed + +### Interface +This will all be done at code and command line level + +## Testing +1. Check db<->blockchain synch - verify they are synched and we can do external transactions and handle RPC failure +1. Contract deplyment - conversions, transfers all work as expected +1. Migration - new wallets match old wallets +1. Store old blockchain wallet IDs (as a list with old POA wallets) + + +## Changelog + diff --git a/spec/xdai_reserve.md b/spec/xdai_reserve.md deleted file mode 100644 index 8477deb..0000000 --- a/spec/xdai_reserve.md +++ /dev/null @@ -1,48 +0,0 @@ -# Title - - -* Authors: William RUddickFirstname Lastname -* Date: 2020.04.22 -* Version: 1 -* Status: Pre-draft - -## Rationale -We want to give donors a way to contribute to Community Inclusion Currencies as well as anyone with National Currency. -By connecting to a reserve that is stable to the US dollar we bring some stability and the ability for many to support local communities. - - -## Before -Currently we are using a virtual reserve a generic ERC20 token. We have 2 Million of those tokens as research against 8 MIllion Sarafu issued (the current Kenyan CIC) - -## After -We have 40,000 xDAI to put as teh reserve and are looking at minting 16Million tokens -with a connector weight (target Reserve Ratio) of 0.25 (25%) and an inital price of roughly 0.01 Sarafu to a xDAI (USD stable) - -## Implementation - - -## Testing - - -## Changelog -