6.6 KiB
6.6 KiB
Current Platform Incentives spec
- Authors: Will Ruddick willruddick@gmail.com (grassecon.org)
- Date: 2020.05.18
- Version: 1
- Status: Pre-draft
Rationale
Enabeling users to create their own tokens is one of the main goals of CICs
Intro
- Today users only receive tokens created by Grassroots Economics - the reserves of these tokens are donors giving to Grassroots Economics.
- This means Users have very little ‘feeling’ of reserve depletion because it is not their token and not their money behind it.
- We want users to be able to create their tokens to create more ownership and diffusion.
- A CIC primarliy represents the goods and services committed by the Issuer - which should be a Group Account.
- The CIC has an enforced X% reserve amount.
Inputs
- User ID (must be a chama account)
- Token Long Name - 128 character limit
- Token short name no more than 6 Character - must be unique
- Reserve amount - amount of tokens they want to put in reserve (minimum upon conversion 100k xDAI)
- Number of chama members (NCM) (before we enable conversion of the new tokens there must be at least this many token members with a positive token balance)
- Token Backing Statement: 256 Character limit - What is the off-chain guarentee behind these tokens
- Defaults:
- 25% Target Reserve Ratio (1:1 with reserve)
- Minimum initial reserve is $100 USD = 100 xDAI in value (of some inital token such as Sarafu)
- These should all be added to the Token table information
Token creation process - Backend
- Ensure TOKEN_Name is unique
- 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) (any remaining tokens in their account will also converted to TOKEN_NAME)
- 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)
- The token owner should not be able to transfer more tokens than he has committed to the number of token users specified.
- 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 to the creator. Else send error.
Token creation process - UI
Command Line - CLI
- Process Inputs on command line
- Confirmation please type the token name to proceed
CIC Mgmt Platform - GUI
- On a user account there should be a button for Create Token - possible for Chama accounts only) - this required admin provlages
- The next page comes up with the inputs above
- Confirmation please type the token name to proceed
USSD feature phones
- Existing User calls Sarafu
- New user dials 483*46# where she selects
- My Account -> Create Token
- Token Name (limited to 9 characters (auto converted to lowercase no special letters) (TOKEN_NAME)
- Reserve amount (the minimum is 10,000 Kenyan Shillings in value- higher amount means a higher price of the final tokens) - Max is the user’s current balance. Note that this10,000 Kenyan Shillings can be in the form of other tokens and converted to Sarafu.
- Token Backing Statement: What goods or services will be accepted for these tokens?
- Please confirm that you will accept (4x Reserve) of TOKEN_NAME's for (goods or services)? *. Yes / No (if no -please contact Office 0757628885)
- How many people are in this chama that will recieve (Token_Name) - Minimum 10 - Note your account will be locked until you've sent out all all your tokens to this many users.
- Note that members must ‘join’ the token (via USSD) using the TOKEN_NAME to receive this.
- Pin
- “Enter PIN
- _______________”
- Repeat Pin
- “Enter PIN again
- _______________”
- Pop Up:
- “Your TOKEN_NAME token is being created.
- You’ll receive an SMS when your token is ready.”
- Error:
- If the user doesn’t repeat the same password pop up with the text
- “Wrong PIN, please try again”
- Clicking back will lead to Repeat Pin screen
- “You will receive an SMS when your TOKEN_NAME token is ready”
- Approval
- At this stage, the wallet creation starts confirmation SMS will be sent only when the Backend process (see below) is over.
- If token creation succeeds:
- Send an SMS to the user with the following text
- “You have just created the TOKEN_NAME token!
- Dial 48346# to use TOKEN_NAME token
- Tell your members to JOIN TOKEN_NAME via My Account”
- If account creation fails:
- Send an SMS to the user with the following text:
- “Whoops! There was a problem creating your token. To try again Dial 48346#. If issues persist contact support: 0757628885”
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 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
Workflow
Variables
- Price change alert levels
- TRR for Self Service Tokens (SSTs) 0.25
- Conversion fee fos SSTs 0.005 (0.5%)
- Minimum starting reserve 10,000 xDAI
- Minimum number of chama members (conversion will be locked until the new tokens are sent to this many users)
- Token Name
- Number of users that must join the chama and receive tokens
- Auto-Conversion should by default change all tokens in a user's wallet into their community token.
- Note that a user with Sarafu in their wallet will shift their community token to whomever they trade with that is not in Sarafu. (Sarafu is just a temorary token)
Interface
Testing
- Ensure conversions are working between tokens
- Test out auto-conversion - one user gets sent a foreign token ... try to convert
- The UX process and various limits - like minimum reserve
- Ensure that any Sarafu or other token are converted to xDAI
- Chama cash out limits remain the same - but instead of sending a GE Agent Sarafu they are sending their own token