Minting RIFPros
In this tutorial the method (or function) that is of interest to us is function mintRiskProVendors(uint256 resTokensToMint) public.
NOTE: there is a retrocompatibility function called mintRiskPro(uint256 resTokensToMint) which is suitable for those who are already integrated to RoC platform and are not ready to use vendor functionality. In the future we are planning to deprecate this method.
You must approve the amount of RIF token that you are willing to use on the RIF On Chain platform before minting RIFPro. The approved amount is called allowedBalance. You can do this by invoking function approve(address _spender, uint256 _value) public returns (bool success) that is part of the ERC20 standard.
Parameters of the operation
The resTokensToMint parameter
It is the amount the contract will use to actually mint RIFPros, i.e. it will not be used to pay commission, all of this funds will be transformed purely on RIFPros. This parameter is a RIF amount and uses a precision of the type reservePrecision that contains 18 decimal places is defined in MoCLibConnection contract.
You have to take into consideration that it will be split in four.
The first part will be used to mint some RIFPro, the size of this part depends directly on the resTokensToMint, and, as explained in the previous section, it may be smaller than resTokensToMint.
The second part will be used to pay the commission, this part is a percentage of the previous part. The commission fees are explained in this section.
The third part corresponds to the vendor markup, which refers to the fee a vendor will receive from this transaction and is a percentage of the first part. The vendor markup is explained in this section.
The fourth part is always returned, so if you have doubts of how much you should send, keep in mind that if you send too much RIFs we will return everything that it is not used for commissions or minting.
All the needed calculations for the second and third parts are explained in more detail here.
The vendorAccount parameter
It is the address of the vendor who will receive a markup from the current transaction.
Gas limit and gas price
This two values are a parameter of the transaction, this is not used in the contract and it is usually managed by your wallet (you should read about them if you are developing and you don't know exactly what are they) but you should take them into account when trying to send all of your funds to mint some RIFPros.
Possible failures
This operation may fail if one of the following scenarios occurs:
The MoC contract is liquidated:
In the extraneous case where a coverage that barely covers the stable tokens funds is reached, the contract will liquidate all of its assets. If this state occurs, no more RIFPros will be available for minting. To know if the contract is liquidated you can ask the MocState for the state, this will return a 0 if liquidated (it is actually an enum).
The MoC contract is paused:
If the system suffers some type of attack, the contract can be paused so that operations cannot be done and the risk of the users losing their funds with the operation can be minimized. You can get more information about stoppable contracts here. In that state, the contract doesn't allow minting any type of token.
To know if this is the case you can ask to MoC if it's paused().
The MoC contract is in protected mode:
In case global coverage falls below the protected threshold, the contract will enter the protected mode. If this state occurs, no more USDRIF will be available for minting. You can find more information about this mode here.
You allowed too few funds:
If the RIF funds you allowed doesn't cover the amount you specified on resTokensToMint.
If this is the case the transaction will revert, all your funds will be returned (except the fee paid to the network). The error message will be "Not enough allowance to make the operation.".
Not enough gas:
If the gas limit sent is not enough to run all the code needed to execute the transaction, the transaction will revert (again, returning all your funds except the fee paid to the network). This may return an "out of gas" error or simply a "revert" error because of the usage of the proxy pattern.
How-to
In the following sections we will give some code on how this can be done through a Smart Contract or directly, with a console or with an app.
Smart Contract
To create a new Smart Contract that uses the RIF On Chain platform, you can use any language and IDE you want. In this tutorial, we will show you how to do it using Solidity language, Truffle Framework and NPM. Truffle framework offers some template projects that you can use to develop applications that use smart contracts. You can get more information here. Assuming you already have your project up and running (if you don't, please follow this link) the only extra thing you need to do is to install our repo as a dependency in your NPM project. In order you need to do this you just need to run the following command.
npm install --save -E git+https://[email protected]/money-on-chain/RDOC-Contract.gitTo run a local blockchain you can use
npm run ganache-cliTo deploy the contracts you can use
npm run deploy-reset-developmentHaving done that lets you use our contract as a dependency to your contract. For this let's suppose you are doing some kind of contract that when executing a certain task charges a fixed commission. Now let's suppose that the commission is sent in RIFs because it is easier for the user but actually you want some RIFPros. The good news is that you can do this instantly just by minting them. The code necessary to do this is actually pretty simple. You just have to import the contracts
import 'money-on-chain/contracts/MoC.sol';
import 'money-on-chain/contracts/MoCInrate.sol';
import 'money-on-chain/contracts/MoCExchange.sol';Receive the addresses in the constructor in order to be able to interact with it later, and the vendorAccount address needed to do the operation
constructor (MoC _mocContract, MoCInrate _mocInrateContract, MoCExchange _mocExchangeContract, address vendorAccount, rest of your params...) {
//....rest of your constructor....
}and, finally, when you receive a commission, exchange it for some RIFPros
uint256 resTokensToMint = 100000000;
// Calculate operation fees
CommissionParamsStruct memory params;
params.account = '<address_of_minter>';
params.amount = resTokensToMint; // RIF amount you want to mint
params.txTypeFeesMOC = mocInrate.MINT_RISKPRO_FEES_MOC();
params.txTypeFeesReserveToken = mocInrate.MINT_RISKPRO_FEES_RESERVE();
params.vendorAccount = vendorAccount;
CommissionReturnStruct memory commission = mocExchange.calculateCommissionsWithPrices(params);
if (resTokensToMint <= moc.getAllowance(msg.sender)){
uint256 fees = commission.reserveTokenCommission - commission.reserveTokenMarkup;
// If commission is paid in RIF, subtract it from resTokensToMint
moc.mintRiskProVendors(resTokensToMint - fees, vendorAccount);
}You can send it immediately to you so you can start using it right away. In order to do this you should add a few more lines similar to the ones before, only that you will have to use the RIFPro token. This will leave you with a contract similar to the following
pragma solidity ^0.5.8;
import "money-on-chain/contracts/MoC.sol";
import "money-on-chain/contracts/token/RiskProToken.sol";
import 'money-on-chain/contracts/MoCInrate.sol';
import 'money-on-chain/contracts/MoCExchange.sol';
// Here you will import your own dependencies
contract YourMintingRiskProContract {
// Address of the MoC contract
MoC public moc;
// Address of the MoCInrate contract
MoCInrate public mocInrate;
// Address of the MoCExchange contract
MoCExchange public moCExchange;
// Address of the RiskPro token
RiskProToken public riskPro;
// Address that will receive the commissions
address public receiverAddress;
// Address that will receive the markup
address public vendorAccount;
// rest of your variables
constructor (MoC _mocContract, MoCInrate _mocInrateContract, MoCExchange _mocExchangeContract, RiskProToken _riskPro, address _receiverAddress, address _vendorAccount) public {
moc = _mocContract;
mocInrate = _mocInrateContract;
moCExchange = _mocExchangeContract;
riskPro = _riskPro;
receiverAddress = _receiverAddress;
vendorAccount = _vendorAccount;
// You could have more variables to initialize here
}
function doTask(uint256 _resTokensToMint) public {
// Calculate operation fees
CommissionParamsStruct memory params;
params.account = address(this); // address of minter
params.amount = _resTokensToMint; // RIF amount you want to mint
params.txTypeFeesMOC = mocInrate.MINT_RISKPRO_FEES_MOC();
params.txTypeFeesReserveToken = mocInrate.MINT_RISKPRO_FEES_RESERVE();
params.vendorAccount = vendorAccount;
CommissionReturnStruct memory commission = mocExchange.calculateCommissionsWithPrices(params);
// If commission is paid in RIF, subtract it from _resTokensToMint
uint256 fees = commission.reserveTokenCommission - commission.reserveTokenMarkup;
//We compute the resTokensToMint
uint256 resTokensToMint = _resTokensToMint - fees;
// Mint some new RIFPro
moc.mintRiskProVendors(resTokensToMint, vendorAccount);
// Transfer it to your receiver account
riskPro.transfer(receiverAddress, riskPro.balanceOf(address(this)));
// Rest of the function to actually perform the task
}
// rest of your contract
}And that is it, the only thing left to do is to add in the Truffle migrations scripts the address to MoC and RiskPro when deploying YourMintingRiskProContract and you are done.
Last updated