Bafin compliant securities

This set of smart contracts allow to have Bafin compliant security tokens on Cardano. It follows the latest version of CIP-113 made by Michele Nuzzi, Matteo Coppola and Philip Desarro: https://github.com/HarmonicLabs/CIPs/tree/master/CIP-meta-assets%20(ERC20-like%20assets)

Bafin requires the user's security tokens to be freezable and to lock them eventually when the user requests to remove his ownership.

Actors

Different users cover different roles:

• Owner: normally BaFin, owns the token
• Power User: set by the owner, can be:
  • Admin: can add/remove users' status from the UsersStatus linked list and can unlock locked tokens
  • Minter: can mint new tokens up to the set max limit
  • Burner: can burn tokens
  • Pauser: can stop/resume all transfers at once
  • Blacklister: can blacklist a user
  • KYCer: can confirm that the user is KYCed
• User: Any normal user (wallet or smart contract) that is CIP-113 and that must be KYCed and not blacklisted

How it works

TODO

How to compile

The order to compile the contracts applying the proper validator parameters is the following:

1. Decide the owner credential hash, the token AssetName and retrieve the CIP-113.spend script hash
2. Compile power_users.mint
3. Compile power_users.spend
4. Compile users_status.mint
5. Compile users_status.spend
6. Compile global_state.spend
7. Compile global_state.mint
8. Compile locked_tokens
9. Create the one-shot GlobalState utxo with the unique NFT
10. Compile transfer_manager

Authors

Matteo Coppola, as part of Finest team

-------------------------

OLD INFORMATION TO DELETE

Actors

The flow implies the need of the following actors:

• Bafin: declared as an Address
• Issuer: approved by Bafin, the issuer of a certain security token
• Admin: approved by a issuer, admins the users and security tokens for one security
• User: CIP-113 compliant users with a state and any number of utxos containing security tokens

How it works

• Bafin Address can create a new issuer minting an NFT, specifying issuer's stakeCredentials and locking in issuer_manager.
• Bafin Address then can create a SecurityInfo minting an NFT, specifying issuer's stakeCredentials and locking in security_info.
• A issuer can then create a new admin minting an NFT, specifying admin's stakeCredentials and locking in admin_manager.
• A admin can then create a user state minting an NFT, specifying user's stakeCredentials and locking in a dedicated state_manager instance.
• A issuer can then create securities minting them in a dedicated transfer_manager instance.
• Bafin can remove an issuer changing stakeCredentials of his issuer utxo.
• A issuer can edit the security infos for the security_info utxos he controls.
• A issuer can remove an admin changing stakeCredentials of his admin utxo.
• An admin can freeze a user changing stakeCredentials of his state utxo.
• An admin can lock user's securities sending them in a utxo to locked_transfer_manager.
• An admin can lock user's securities and give them to anyone sending them in a utxo to transfer_manager.

For each security, there's 1 issuer utxo, 1 security_info utxo, 1 admin utxo, 1 state_manager SC instance and 1 transfer_manager SC instance. Only 1 locked_transfer_manager SC exists for all the securities, the utxo datum specifies where the securities are coming from.

Following CIP-113, the security tokens can move only inside the transfer_manager and the locked_transfer_manager SCs.

To check if a issuer or an admin is enabled and legit, there must be a utxo in the proper SC with the proper NFT and with the user stakeCredentials. To check if a user is enabled and legit, there must be a utxo in the state_manager SC with a NFT and the user's stakeCredentials in the datum. To invalidate a issuer, an admin or a user, you just need to spend his utxo and remove his stakeCredentials.

Authors

Matteo Coppola, as part of Finest team