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README.md

ICO Project

Project Setup

Install all needed dependencies:

npm install

Ensure your project is setup correctly by running:

npx hardhat compile

Now you're all setup to begin writing tests and smart contracts! Check out the package.json's scripts section for useful commands

Technical Spec

SpaceCoin Token

  • Maximum total supply of SpaceCoin token is 50_000.
  • The decimals of SpaceCoin token is 18.
  • On deployment, 150_000 tokens should be minted to ICO contract and 350_000 tokens should be minted to treasury contract.
  • treasury should be simple address variable stored at the time of construction of contract.
  • owner of the SpaceCoin contract should be simple address variable. owner of ICO and SpaceCoin contract can be same.
  • owner and treasury can't be changed after construction of contract.
  • owner can set the transfer tax on transfer of SPC tokens from one address to another. Initially, transfer tax is not enabled.
  • The transfer tax can be paused/unpaused by the owner at any time.
  • No other addresses can pause/unpause transfer tax, not even the treasury.
  • The percentage value of transfer tax is 2 and can't be changed.
  • There shouldn't be transfer tax on initial mint. The tax needs to be applied only on transfers.

ICO contract

  • The goal of ICO is to raise 30_000 ether.

  • owner of ICO contract is the one that deploys it. owner can't be changed later.

  • Only owner can pause fundraising and SPC redemptions. Both of these(fundraising and SPC redemptions) can be enabled and disabled simultaneously.

  • Only owner can advance ICO phase. owner can advance phase at any time he/she wishes and there is not any condition for that.

  • owner can move from SEED phase to GENERAL and from GENERAL to OPEN phase by calling advancePhase function and passing the desired phase.

  • owner can't advance phase after reaching OPEN phase and it should revert.

  • Only onwer can add private contributors to the ICO contract. Once added, owner can't remove private contributor once added.

    Contribute

  • Contributions can only be done when ICO is active and fund raising and SPC redemption is not paused.

  • The ICO will accept contributions in three phases: SEED, GENERAL and OPEN.

  • Each of the three phases has different conditions on who can contribute, individual contribution limit and total contribution limit.

  • During SEED phase, only private contributors which is earlier added by owner can contribute. Maximum total allowed contribution is 15000 ether and individual contribution limit is 1500 ether.

  • During GENERAL phase, ICO is open for general public. Maximum total allowed contribution is 30000 ether and individual contribution limit is 1000 ether. The individual and total allowed contribution is including the contribution made in previous(i.e. SEED phase). For ex: If someone has contributed 1400 ether in SEED phase, he can't contribute anything in GENERAL phase because individual contribution limit of GENERAL phase is 1000 ether.

  • During OPEN phase, the individual contribution limit should be removed. But the total contribution limit should remain at 30_000 ether.

    Redemption

  • During OPEN phase, ICO contract can release SpaceCoin tokens at the exchange rate of 5 SPC to 1 ether. This can be claimed by the contributors who have contributed to the ICO. The release can only be done if fundraising and SPC redemption is not paused.

  • During redemption, transfer tax occurs if it is enabled.

Code Coverage Report

File % Stmts % Branch % Funcs % Lines Uncovered Lines
contracts/ 100 95.45 100 100
Ico.sol 100 95 100 100
SpaceCoin.sol 100 100 100 100
All files 100 95.45 100 100

Design Exercise Answer

The base requirements give contributors their SPC tokens immediately. How would you design your contract to vest the awarded tokens instead, i.e. award tokens to users over time, linearly?

  • Instead of allowing users to redeem the token immediately and only allowing them to redeem the vested amount, we can use the approach used by Synthetix protocol for giving staking rewards. So, the protocol keep track of block at which user contributed and there is multiplier(generally constant number) at which the rewards are awarded per block. So, if multiplier is 0.001 and and we contributed at block X. Then at X + 30000 block, we can withdraw 30000 * 0.001 tokens. The challenge here is how to handle multiple contributions by the user and how to handle that efficiently. Need to deep dive into this. The related code can be found here.

Testnet Deploy Information

Contract Address Etherscan Link
SpaceCoin https://goerli.etherscan.io/address/0x35f0DeC22F941213ADEc52a55Cccb0dded04Ec0F
ICO https://goerli.etherscan.io/address/0xc8fe4dae6b7dcb33f1302891dfab66fa2f3ca9f3

Useful Commands

Try running some of the following commands:

npx hardhat help
npx hardhat compile              # compile your contracts
npx hardhat test                 # run your tests
npm run test                     # watch for test file changes and automatically run tests
npx hardhat coverage             # generate a test coverage report at coverage/index.html
REPORT_GAS=true npx hardhat test # run your tests and output gas usage metrics
npx hardhat node                 # spin up a fresh in-memory instance of the Ethereum blockchain
npx prettier '**/*.{json,sol,md}' --write # format your Solidity and TS files