56 lines
2.6 KiB
Markdown
56 lines
2.6 KiB
Markdown
# xDAI Migration spec
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<!--
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valid status values are: Pre-draft
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* Authors: Will Ruddick <will@grassecon.org>
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* Date: 2020.04.22
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* Version: 1
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* Status: Pre-draft
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## Rationale
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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.
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## Before
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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)
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## After
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We have 40,000 xDAI to put as the reserve and are looking at minting O(16Million) tokens (called Sarafu_2 S2)
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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)
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## Implementation
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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
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### Workflow
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1. Synch db <->Blockchain - ensure synronization between our db (USSD interface) and blockchain
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1. Create group of govenors on a multi-sig wallet with the power to assign the facilitator address of all blockchain contracts.
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1. Create a white list for token users
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1. Deploy contracts to create Sarafu_2, set inital variables - deposit reserve and mint tokens
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1. Migration - New wallets for users - Replicate user accounts with new token Sarafu_2
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### Variables
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1. Synch variables, - synch frequency - and limitations
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2. Contract variables (reserve ratio (0.25), reserve amount (40k xDAI), number of Sarafu_2 (16Million), convert fee 0.005 (0.5%))
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3. Migration speed - how often is synching done between USSD db and blockchain
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4. 3rd party Fiat <-> xDAI conversion costs and speed
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### Interface
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This migration will all be done at code and command line level, while some testing can be done on the platform gui
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## Testing
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1. Check db<->blockchain synch - verify they are synched and we can do external transactions and handle RPC failure
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1. Token Governance
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1. Contract deplyment - conversions, transfers all work as expected
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1. Migration - new wallets match old wallets
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1. Store old blockchain wallet IDs (as a list with old POA wallets)
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## Changelog
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<!--
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Please remember to describe every change to this document in the changelog using
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serial number:
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* version 1:
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-->
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