ICO for SwissRealCoin

SRC Crowdsale Features:

• 150 million total token cap
• Duration: 21 days
• Fixed price: 1 CHF per SRC (will be defined in ETH at deployment time of SC)
• Owner can allot tokens for presale investors manually, this still requires confirmation and settlement
• Allow token distribution to different address than sending Ether address via buyTokens - requires confirmation and settlement
• Owner is transferable
• Future coinsales: SRC team can re-open token minting at any point in time in future again (crowdsale does not get finalized) but might set a different:
  • token price,
  • sale periode and
  • token limit (“delta cap”) to be offered.

SRC Token Features:

• ERC20-compatible - MinimeToken Inspired for tracking balances over time
• Pausable - paused until un-paused by finalize in crowdsale contract calling the enableTransfers function of SrcToken
• Real Estate Security Token - Represents shares in a Crypto-REIT
• Name: “SwissRealCoin”
• Symbol: “SRC”
• Decimals: 18
• Tradable
• Continuously mintable
• Used to vote for real estate funds liquidation
• owner is transferrable

SRV Token Features:

• Unclaimed Funds Voucher - Represents shares in unclaimed funds
• ERC20 compatible
• Name: “SwissRealVoucher”
• Symbol: “SRV”
• Decimals: 18
• Tradable
• Mintable in exchange for SRC

Development

Requirements

The server side scripts requires NodeJS 8 to work properly. Go to NVM and follow the installation description. By running source ./tools/initShell.sh, the correct NodeJs version will be activated for the current shell.

NVM supports both Linux and OS X, but that’s not to say that Windows users have to miss out. There is a second project named nvm-windows which offers Windows users the possibility of easily managing Node environments.

nvmrc support for windows users is not given, please make sure you are using the right Node version (as defined in .nvmrc) for this project!

Yarn is required to be installed globally to minimize the risk of dependency issues. Go to Yarn and choose the right installer for your system.

For the Rinkeby and MainNet deployment, you need Geth on your machine. Follow the installation instructions for your OS.

Depending on your system the following components might be already available or have to be provided manually:

• Python 2.7 Version only! Windows users should put python into the PATH by cheking the mark in installation process. The windows build tools contain python, so you don't have to install this manually.
• GIT, should already installed on *nix systems. Windows users have to install GIT manually.
• On Windows systems, PowerShell is mandatory
• On Windows systems, windows build tools are required (already installed via package.json)
• make (on Ubuntu this is part of the commonly installed sudo apt-get install build-essential)
• On OSX the build tools included in XCode are required

General

Before running the provided scripts, you have to initialize your current terminal via source ./tools/initShell.sh for every terminal in use. This will add the current directory to the system PATH variables and must be repeated for time you start a new terminal window from project base directory. Windows users with installed PoserShell should use the script . .\tools\initShell.ps1 instead.

# *nix
cd <project base directory>
source ./tools/initShell.sh

# Win
cd <project base directory>
. .\tools\initShell.ps1

Every command must be executed from within the projects base directory!

Setup

Open your terminal and change into your project base directory. From here, install all needed dependencies.

yarn install

This will install all required dependecies in the directory node_modules.

Develop

For development, use the convenience run script yarn dev, to open a new truffle develop console.

Compile, migrate, test and coverage

To compile, deploy and test the smart contracts, go into the projects root directory and use the task runner accordingly.

# Compile contract
yarn compile

# Migrate contract
yarn migrate

# Test the contract
yarn test

# Run coverage tests
yarn coverage

Public net deployment steps

• Run yarn test to ensure all tests are running successfully
• Check config files
  • ./contracts/deployment/contracts/*.js (from, otherAddresses, ...)
  • ./contracts/config/networks.json (gas, gasPrice)
• Start local geth node and unlock fromAccount
• Ensure fromAccount have enought ETH
• Start deployment (yarn deploy-rinkeby / yarn deploy-mainnet)
• Verify Contract code on etherscan

Rinkeby testnet deployment

Start local Rinkeby test node in a separate terminal window and wait for the sync is finished.

yarn geth-rinkeby

Now you can connect to your local Rinkeby Geth console.

geth attach ipc://<PATH>/<TO>/Library/Ethereum/rinkeby/geth.ipc

# e.g.
# geth attach ipc://Users/patrice/Library/Ethereum/rinkeby/geth.ipc

Upon setup the node does not contain any private keys and associated accounts. Create an account in the web3 Geth console.

web3.personal.newAccount()

Press [Enter] twice to skip the password (or set one but then later it has to be provided for unlocking the account).

Read the address and send some Rinkeby Ether to pay for deployment and management transaction fees.

web3.eth.accounts

You can obtain Rinkeby testnet Ether from the faucet by pasting your address in social media and pasting the link.

Connect to your rinkeby Geth console and unlock the account for deployment (2700 seconds = 45 minutes).

> personal.unlockAccount(web3.eth.accounts[0], "", 2700)

Ensure, all config files below ./config/ folder is setup properly. The from address will be used for the deployment, usually accounts[0].

After exiting the console by <STRG> + <D>, simply run yarn migrate-rinkeby. This may take several minutes to finish.

You can monitor the deployment live via Rinkeby

After all, your smart contract can be found on etherscan: https://rinkeby.etherscan.io/address/<REAL_CONTRACT_ADDRESS_HERE>

MainNet deployment

This is the production deployment, so please doublecheck all properties in the config files below config folder!

For the MainNet deployment, you need a Geth installation on your machine. Follow the installation instructions for your OS.

Start local MainNet Ethereum node in a separate terminal window and wait for the sync is finished.

geth --syncmode "fast" --rpc

Now you can connect to your local MainNet Geth console.

geth attach ipc://<PATH>/<TO>/Library/Ethereum/geth.ipc

# e.g.
# geth attach ipc://Users/patrice/Library/Ethereum/geth.ipc

While syncing the blockchain, you can monitor the progress by typing web3.eth.syncing. This shows you the highest available block and the current block you are on. If syncing is done, false will be returned. In this case, you can web3.eth.blockNumber and compare with the latest BlockNumber on Etherscan.

Upon setup the node does not contain any private keys and associated accounts. Create an account in the web3 Geth console.

web3.personal.newAccount("<YOUR_SECURE_PASSWORD>")

Enter <YOUR_SECURE_PASSWORD> and Press [Enter] to finish the account creation.

Read the address and send some real Ether to pay for deployment and management transaction fees.

web3.eth.accounts

Connect to your MainNet Geth console and unlock the account for deployment (240 seconds = 4 minutes).

personal.unlockAccount(web3.eth.accounts[0], "<YOUR_SECURE_PASSWORD>", 240)

Ensure, all config files below ./config/ folder is setup properly. The from address will be used for the deployment, usually accounts[0].

After exiting the console by <STRG> + <D>, simply run yarn migrate-mainnet. This may take several minutes to finish.

You can monitor the deployment live via Etherscan

After all, your smart contract can be found on etherscan: https://etherscan.io/address/<REAL_CONTRACT_ADDRESS_HERE>

Contract Verification

The final step for the Rinkeby / MainNet deployment is the contract verificationSmart contract verification.

This can be dome on Etherscan or Rinkeby Etherscan.

• Click on the Contract Creation link in the to column
• Click on the Contract Code link

Fill in the following data.

Contract Address:       <CONTRACT_ADDRESS>
Contract Name:          <CONTRACT_NAME>
Compiler:               v0.4.19+commit.c4cbbb05
Optimization:           YES
Solidity Contract Code: <Copy & Paste from ./build/bundle/IcoCrowdsale_all.sol>
Constructor Arguments:  <ABI from deployment output>

Visit Solc version number page for determining the correct version number for your project.

• Confirm you are not a robot
• Hit verify and publish button

Now your smart contract is verified.

Architecture 'Vote By Token Shares'

Purpose and Functional Requirements

The purpose of these contracts is to allow voting with tokens on yearly proposals.

We are basing our work heavily on the OpenZeppelin Solidity library. On top of a vanilla Crowdsale we need the ability to keep Ether in Escrow and perform a proposal-vote liquidation of SwissRealCoin.

• All token hodlers have 23 days to vote starting Dec 1st after the LiquidationVoting contract has been enabled by the notary
• Liquidation by SwissRealCoin Company. If NAV < 25% they are legally obliged to liquidate the funds. They can trigger this directly on the smart contract.

• Voting must be designed to be robust against the following problems:

• Too many inactive holders make it very likely that the fund will never be liquidated.
• Small token amounts can force a liquidation.
• Liquidation by voting of token holders
• Voting is only possible after a 95% of initial funds are invested. The notary must then enable voting.
• The SRC smart contract will allow for a vote each year between the 1st and the 23rd of December
• Voting Power: A token holder can vote once per sub-unit of a token. (1 token = 1e18 subunits).
• An approval quorum must be reached to count the votes. E.g. Q=60% of tokens must have voted Yay in order to trigger ballot counting
• The quorum rate Q can be set arbitrarily by the notary < 90 days before each voting period. (This is necessary because we can not know the proportion of active token users in advance.)

Quality Attributes

Smart contracts have intrinsically:

1. highest security requirements
2. high requirements on gas operating costs. In fact the fluctuating gas prices impose themselfs a risk of service operation. Derived from the functional requirements no specific Quality Attributes arise.

Design Principles

1. Open Closed Principle: Open for extension, closed for modification. Because security audits are costly and time-consuming, because modification of existing code is more risky than plugging in different modules on well defined interfaces, we endorse this paradigm
2. Build on Standards: Reuse existing proven frameworks and libraries when possible (mostly Zeppelin)

Structure

LoggedTokenCrowdsale extend Zeppelins Crowdsale and overrides createTokenContract() so that we can use our LoggedToken. LoggedToken extends MintableToken with a feature copied by MiniMeToken: balanceOfAt(address _owner, uint _blockNumber).

This feature is used to snapshot the balance of tokens at proposal creation time. Only those addresses who hold tokens at the given blockheight can then vote on the proposal. VotingStrategy encapsulates the algorithm to decide the outcome of a Proposal ballot. This would make it easy to change the logic for the next foreseable step: requiring a minimal voting threshold (i.e. a Quorum)

Behavior

1. Initialization of the contract system

First the BudgetWallet contracts must be created and injected in the constructor of the LoggedTokenCrowdsale. Only the address of the Wallet is required as the Crowdsale must only send funds to that address without caring if its a contract or an Externally Owned Address (EOA).During construction time, the LoggedTokenCrowdsale creates an instance of LoggedToken. This in inherited functionality enforced by Zeppelin's Crowdsale contract. Now the constructor of the voting system BudgetProposalVoting is called with both the token and the wallet as parameter. Finally the ownership of the BudgetWallet is handed over to the voting system, so that only this contract can withdraw funds.

2. Proposal creation

In order to hinder the voting system to issue proposals before the crowdsale endet, it has always to check hasEnded() of the LoggedTokenCrowdsale or better mintFinished of the MintableToken not introducing a dependency to the Crowdsale contract. For now the preconditions for creating a proposals are:

1. crowdsale ended
2. owner is proposing
3. no other proposal is currently voted for or it's budget not redeemed This allows us to use a simple struct of one active proposals, while logging all proposals as EVM Events instead of storing a history of proposals.
4. owner has collected funds of the last proposal if it was successful. It is important that new proposals remember the blockheight of their creation so that we can retrieve the balance of tokens at creation time borrowing from MiniMeToken's balanceOfAt()logic.

3. Voting for a proposal

Voting starts after the owner successfully created a new Proposal. Voting rule is:

1. Each tokenholder at proposal time blockheight can vote with the weight of his token.
2. as long as the voting period is not over
3. he can do this only once per proposal

4. Liquidation of SwissRealCoin

Following conditions must hold

1. voting must have been successful, countYesVotes > countNoVotes, to trigger Liquidation
2. voting period must be over to calculate result
3. only SRC Token holders and claim funds, recieve SRV Vouchers, and claim unclaimed funds.
4. any remaining funds get transferred out to a beneficiary wallet for donation

Security Issues

Not comprehensive assesment of security issues

Economic attacks

1. Front running - a informed attacker can buy many tokens before a specific proposal will be made. He then can use this weight to nudge the outcome towards his advantage.