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FreeBank v0.2.0 — the credit layer

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@mblowes mblowes released this 15 Jul 22:28
v0.2.0
41e4bd2

FreeBank v0.2.0 — the credit layer

Second release. v0.1.0 shipped the peg and the bill-of-exchange primitive; v0.2.0 adds the credit-creation layer on top: discount houses, per-house circulating notes, redemption economics in the Scottish free-banking tradition, term deposits, and on-chain clearing pools.

Proven in this release (regtest, unit + integration gates):

  • Discount houses — consensus-enforced house lifecycle: register → topup → admit → exit → winddown → reclaim, with solo, restricted M-of-N, and gated multi-partner tiers.
  • Credit notes — per-house note issuance: mint (reserve-gated at mint), person-to-person transfer, redeem at the issuing house, and formal demand.
  • Reserve attestation and insolvency — consensus-cadence reserve attestations, proven coin-by-coin against the UTXO set, drive a lazily-derived Stressed/Insolvent status machine; insolvency triggers a pro-rata holder claim waterfall against the escrow pot.
  • Redemption economics — the option clause (defer/renew with interest from the date of demand), a consensus demand queue, and dynamic brassage (redemption spread).
  • Term deposits — house-issued interest-bearing receipts: originate, transfer, and maturity withdrawal with a consensus interest floor; deposits are subordinated to notes in the insolvency waterfall.
  • Clearing pools — constant-product AMM pools for note↔coin swaps with LP shares, plus FLOOR-RETIRE pool teardown so no pool can deadlock its custody.
  • Gram denomination — read-side gram display across all FreeBank RPCs plus getgramrate (launch scale, presentation-only; the consensus unit is unchanged).
  • Full v0.1.0 peg cycle revalidated against a refreshed CUSF bip300301_enforcer (>= upstream 135115b), including BMM advance, M5 deposits, and M3→M6 withdrawal payout.

Network parameters (unchanged from v0.1.0): sidechain slot 130, magic fb4b1845, port 8455, bech32 fbk; the main network pairs with a CUSF-enforcer mainchain (L2L Signet era) and uses the enforcer's BlindedM6 withdrawal-bundle layout.

M1 proposal metadata for this release:

  • Release tarball (Linux x86-64) SHA256: fb06327a6e1ad2cb763a1171d5b9640dab79b45e766914f5d91ea08d6cb3c021
  • Build commit hash: 41e4bd274dce999cac3bd4bf0da0143f28311e58

Binaries are a native Ubuntu 24.04 x86-64 build (not yet reproducible/gitian; deterministic builds are planned). Experimental, pre-audit software — test coins only.

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