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Credit Protocol Smart Contracts

Ethereum Smart Contracts for the Debt Protocol dApp that faciliates debt tracking between any two parties.

Contract Address

  • CreditProtocol.sol
  • 0x5c98fbbdba76a44475e831cf84202f596da0f007
  • 0xb558e46A365424522934a768CEc3DE0ac01DC5AD vb
  • 0xed5ceb7730af034218d77130d96f46970f170c05 va

How the Credit Protocol works

CreditProtocol.sol

CreditProtocol.sol serves two principle functions

  • creating and staking new UCACs
  • logging issuances of credit to the Ethereum blockchain.

Credit can be issued under the following conditions:

  • Both parties in a debt relationship cryptographically sign the elements of a credit record

  • The UCAC contract which is referenced in the credit record acknowledges that the credit record is valid for its particular use case (see section UCAC contract for more information)

  • Users of the Credit Protocal have staked the UCAC contract with enough BCPT to handle the issuance of credit (see section Staking for more information)

In addition to logging issuances of credit, CreditProtocol.sol maintains a mapping of the credit balances of all users. A unique user balance is maintained for every (UCAC, user) pair.

What is logged

event IssueCredit(bytes32 indexed ucac, address indexed creditor, address indexed debtor, uint256 amount);

Staking

As mentioned above, CreditProtocol.sol is responsible for registering UCACs and rate-limiting their issuances of credit based on how many BCPT they've been staked with. The contract maintains a mapping of ucacIds to ucac information records; and is primary source of information on registerd UCACs.

UCAC information stored by CreditProtocol.sol:

  • UCAC contract address
  • total number of tokens staked
  • "txLevel" which is a measure of how many credit transactions have been performed in the recent past. This is used by CreditProtocol to rate limit transactions based on the number of tokens staked to a particular UCAC
  • timestamp of the last UCAC transaction
  • denomination of credit issued in the UCAC

TxDecay Calculation

Only one action can increase a UCAC's transaction level txLevel, i.e. issuing credit successfully via a call to the CreditProtocol's issueCredit function. The logic for increasing a UCAC's txLevel is contained in the executeUcacTx function.

uint256 txLevelBeforeCurrentTx = currentTxLevel(_ucacId);
uint256 txLevelAfterCurrentTx = txLevelBeforeCurrentTx + 10 ** 27 / txPerGigaTokenPerHour;

The owner of the CreditProcol contract is able to set the value of txPerGigaTorkenPerHour. This value determines the amount which every transaction increases the txLevel, which, as shown above, is equal to 10 ** 27 / txPerGigaTokenPerHour.

Two actions can change the rate at which txLevel decays, specifically, unstaking tokens from a UCAC and staking tokens to a UCAC. The txDecay rate is independent of the value of txPerGigaTokenPerHour. The value of currentDecay is calculated precisely to ensure that over the course of one hour, a txLevel of ucacs[_ucacId].totalStakedTokens would decay to zero in one hour (3600 seconds).

function currentTxLevel(bytes32 _ucacId) public constant returns (uint256) {
    uint256 totalStaked = ucacs[_ucacId].totalStakedTokens;
    uint256 currentDecay = totalStaked / 3600 * (now - ucacs[_ucacId].lastTxTimestamp);
    uint256 adjustedTxLevel = ucacs[_ucacId].txLevel < currentDecay ? 0 : ucacs[_ucacId].txLevel - currentDecay;
    return adjustedTxLevel;
}

UCAC Contract

A UCAC contract, the most basic of which can be seen here, is required to implement a single fuction with the following signature:

function allowTransaction(address creditor, address debtor, uint256 amount) public returns (bool)

allowTransaction is called by CreditProtocol.sol in its function issueCredit. By returning true, allowTransaction approves the issuance of credit; by returning false, allowTransaction can block the issuance of credit. Typically, a UCAC will use its power to appove transactions to make sure the transactions satisfy certain requirements. For example, a UCAC may want to block a transaction which involves any party who is too heavily in debt.

Testing

npm run test

ABI

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