95 lines
5.8 KiB
Markdown
95 lines
5.8 KiB
Markdown
## Incoming Sarafu ##
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When users exchange CIC <> National Currency we have to manually send them Mpesa or CIC.
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We would like to automate this.
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## Solution ##
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Configure - using our own system AfricasTalking API to automatically send Sarafu / Mpesa based on rules:
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### Variables ###
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- blockchain_CIC_Supply = the total supply of the CIC on the blockchain
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- blockchain_CIC_reserve = the total reserve (xDAI) of the CIC on the blockchain
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- trr = the connector weight on blockchain converter between supply and reserve
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- FLoat CIC: THe amount of CIC supply we have in our master wallet
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- FLoat Mpesa: THe amount of Mpesa supply we have in our PayBill account
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- total_CIC_sent = the total amount of CIC that has been sent to users from our Float account - this needs to be updated for each conversion and when clearing
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- total_CIC_Reserve_Sent = the total amount of Reserve (xDAI) that has been sent to users from our Float account - this needs to be updated for each conversion and when clearing
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- total_CIC_recieved = the total amount of CIC that has been sent to users from our Float account - this needs to be updated for each conversion and when clearing
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- total_CIC_Reserve_recieved = the total amount of Reserve (xDAI) that has been sent to users from our Float account - this needs to be updated for each conversion and when clearing
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- CIC_supply_b: **blockchain_CIC_Supply** - **total_CIC_sent** + **total_CIC_recieved** = this simulates/tracks the changes to the blockchain
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- CIC_reserve_b: **blockchain_CIC_reserve** - **total_CIC_Reserve_Sent** + **total_CIC_Reserve_recieved** = this simulates/tracks the changes to the blockchain
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- CIC_excahnge_amount = the amount of CIC they user has sent to exhange
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- Mpesa_excahnge_amount = the amount of MPesa the user has sent to exhange
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- Rate: USD -> KSH
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- Rate: KSH -> USD
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- The account to which CIC are sent should be a Agent account
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- The cash-out rules for a chama (minimum and time limit)
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- Alert balance levels
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- Fees: Sarafu to Mpesa FeeCC2M = 2%
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- Fees: Sarafu to Mpesa FeeM2CC = 2%
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### Incoming Sarafu Rules - MPESA out ###
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- *white list* The chama (group accounts only but eventually anyone) must only be able to cash out - using the exchange option to an Agent account
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- *amount* The max cash out is the minimum of (30,000 Sarafu, half their balance, their total amount of outward trade volume to other users (standard transactions)
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- *time* They can only cash out once per month
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- *mpesa given* The amount of Mpesa given should be calculated as follows:
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The Reserve (xDAI) pulled out
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> reserveOut_xDAI = CIC_reserve_b * (Math.pow(1 + (-1 * CIC_excahnge_amount) / CIC_supply_b, 1 / trr) - 1) --> this should be calculated as it is done on contract
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- Mpesa_out = reserveOut_xDAI **USD => KSH** rate
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- **Mpesa_given = Mpesa_out - Mpesa_out*S22M (fee) this is the amount of Mpesa sent to the user**
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- Update CIC variables on database:
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- total_CIC_recieved+= CIC_excahnge_amount
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- total_CIC_Reserve_Sent+= reserveOut_xDAI
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### Outgoing Sarafu Rules - MPESA In ###
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- *white list* Only users sending via paybill receive Sarafu. Non users receive a invitation to join Sarafu sms (alert to admins there was a donation).
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- *amount* The max sarafu out is 20,000 Sarafu per user, KYC_limit max, supply_max
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- *time* No limit
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- *Mpesa_excahnge_amount* The amount of CIC given should be calculated as follows:
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- reserveIn_xDAI = Mpesa_excahnge_amount **KSH => USD** rate
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The amount cashed in = cash_in_amount
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> CIC_Created = CIC_supply_b * (Math.pow(1 + reserveIn_xDAI / CIC_reserve_b, trr) - 1) --> this should be calculated as it is done on contract
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- **CIC_given = CIC_Created - CIC_created*FeeM2CC ()**
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- Simulate as if done on blockchain .... new_cic_supply_b = cic_supply_b + CIC_given
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- Simulate as if done on blockchain .... new_total_reserve_b = total_reserve_b + cash_in_amount
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- Update CIC variables on database:
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- total_CIC_sent+= CIC_excahnge_amount
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- total_CIC_Reserve_recieved+= reserveIn_xDAI
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### Exchange Rate ###
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When dislaying the SPOT price or excahnge rate to a user we should use the following formula:
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> Exchange Price = CIC_reserve_b / (CIC_supply_b * trr)
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### User Interface ###
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- When a user chooses to ``Redeem```:
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- They should enter the amount (limited to the max in their balance)
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- They should get a confirmation Based on the above equations:
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- The user should be asked you will revice **Mpesa_given** for **CIC_excahnge_amount**: Please type your PIN to confirm
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- The user should get a Mpesa responce for recieving the Mpesa
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- When a user chooses to ``Contribute```:
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- They should enter the amount of Mpesa they wish to contribute
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- They should get a confirmation:
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- Based on the above equations:
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- The user should be asked you will revice **CIC_given** for **Mpesa_excahnge_amount**: Please type your PIN to confirm
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- They will then get instructions on USSD as well as a SMS on how to send Mpesa or Bonga boints to our Lipa na Mpesa
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### Security ###
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- Balance alerts: On both Mpesa and CIC balances: The paybill from which Sarafu is sent needs to send a sms and email alert when low
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- Failure alerts: If the API session fails an sms and email alert should be sent
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- Reject on not enough Mpesa balance: If there is not enough Mpesa (on incoming Sarafu) the transaction should be rejected and an email sent to admin along with a SMS to admin and user (Sarafu should not be taken from user). (message should be visible also on mgmt platform txn view and user view and admin view).
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- Reject on not enough Sarafu balance: If there is not enough Sarafu (on incoming Mpesa) the transaction should be rejected and an email sent to admin along with a SMS to admin and user (Mpesa should not be taken from user). (message should be visible also on mgmt platform txn view and user view and admin view).
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