The SmartOne Protocols: Introduction
Summary:
- Introduction (Current Article)
- Integrate an external KYC provider in our TGE App
- Platforms & Solutions
- Technical Overview
Note:
1. This text is the first (1) part of a series of articles.
2. While this article covers technical aspect of the project, it doesn’t require from the reader to have any specific knowledge in order to understand it.
3. To lighten the text, the terms “we” “us” “our” will be used at certain points.
A short introduction to the SmartOne Journey
As the Token Launch is moving forward, the SmartOne team thought that it would be the right time to write about the achievements that were accomplished so far.
This will be the first opus of a series of more technical articles on how we built our smart-contract-enabled web application (also known as Web3App).
A message from the team:
“It has been a crazy month with a lot of frustrations and literally no spare time. However, the team never gave up and we were glad to finally announce the GO-LIVE of SmartOne’s Token Launch earlier this week.
We have to admit that none of us expected such a difficult implementation phase. We are delighted to see the team spirit and the boundless will to complete our mission. In a sense, every beginning is not easy, though life rewards those who work hard at it.
As Sam Ewing once said: “Hard work spotlights the character of people: some turn up their sleeves, some turn up their noses, and some don’t turn up at all.”
We are normal persons just like you; powered by a dream. Thank you for following us in our adventure.”
Overview of our achievements:
- SmartOne developed a state transition process for its Token Launch (see next section).
- A white listing phase was started and the Smart Contract System on the Main Net was deployed.
- A SMS verification system which is running on our virtual server was created and integrated into the projects Web3App.
- An interface in the Smart Contract System was built to communicate with tools from third parties.
- On-chain KYC procedures was automatized in cooperation with our partner; fidentity.
The Contribution Phases, explained:
SmartOne is glad to introduce a new approach of a workflow based state transition.
The SmartOne Token Launch goes through the following phases:
1. Initialization (Prepare Pre-Contribution): After the Smart Contracts have successfully been deployed, it will stay in this state until the phase 1 starting date is reached.
The updatePreContribution action:
Allows SmartOne to adjust the start and end date in case an unforeseen event occurs or to adjust the conversion rate (ETH/USD) for phase 1. This method can only be performed before the phase 1 starts.
2. Phase 1 (Pre-Contribution): This phase only allows users to contribute if they have been successfully verified through the SMS or KYC verification process. Verified users will be rewarded a bonus (10–15%) depending on their verification level. This phase will end when either the cap or final date is reached.
3. Prepare Contribution (Standby): One-day halting phase to adjust the contribution time and token price. During this phase, SmartOne can interact again with the Smart Contract System.
The updateContribution action:
Allows SmartOne to adjust the start and end date in case an unforeseen event occurs or to adjust conversion rate to the new ETH/USD exchange rate for phase 2. This method can only be performed before the phase 2 starts.
4. Phase 2 (Contribution): Contribution is open to everyone. During this phase, all users can contribute until cap or end date is reached.
5. Auditing: Once the cap or end date has been reached, the auditing phase will start. During this phase, the auditor will verify that all legal and regulatory obligations have been fulfilled. The outcome of this audit will be stored in the contract. This will enable the final step where the foundation board can finalize the TGE, or enable refunding after a formal decision has been taken.
The finalize action:
Will close the refund vault, mint the specified amount of tokens for the SmartOne Foundation teams limiting their further usage through a vesting contract, enable the inflation compensation scheduler and last but not least release the tokens for exchange.
The refunding action:
This enables the refunding process.
6.1 Refunding: Legal Tokens can be refunded and can be claimed by the contributors.
6.2 Finalized: The finalize action was successfully called by the Foundation Board.
