The Polymath Core smart contracts provide a system for launching regulatory-compliant securities tokens on a decentralized blockchain. This particular repository is the implementation of a system that allows for the creation of ST-20-compatible tokens. This system has a modular design that promotes a variety of pluggable components for various types of issuances, legal requirements, and offering processes.
An ST-20 token is an Ethereum-based token implemented on top of the ERC-20 protocol that adds the ability for tokens to control transfers based on specific rules. ST-20 tokens rely on Transfer Managers to determine the ruleset the token should apply in order to allow or deny a transfer, be it between the issuer and investors, in a peer to peer exchange, or a transaction with an exchange.
ST-20 tokens must implement a verifyTransfer method which will be called when attempting to execute a transfer or transferFrom method. The verifyTransfer method will determine whether that transaction can be completed or not. The implementation of verifyTransfer can take many forms, but the default approach is a whitelist controlled by the GeneralTransferManager.
contract IST20 {
// off-chain hash
bytes32 public tokenDetails;
//transfer, transferFrom must respect the result of verifyTransfer
function verifyTransfer(address _from, address _to, uint256 _amount) view public returns (bool success);
//used to create tokens
function mint(address _investor, uint256 _amount) public returns (bool success);
}
The diagram below depicts a high-level view of the various modules, registries, and contracts implemented in Polymath Core:
SecurityToken is an implementation of the ST-20 protocol that allows the addition of different modules to control its behavior. Different modules can be attached to SecurityToken:
- TransferManager modules: These control the logic behind transfers and how they are allowed or disallowed.
By default, the ST (Security Token) gets a
GeneralTransferManagermodule attached in order to determine if transfers should be allowed based on a whitelist approach. TheGeneralTransferManagerbehaves differently depending who is trying to transfer the tokens. a) In an offering setting (investors buying tokens from the issuer) the investor's address should be present on an internal whitelist managed by the issuer within theGeneralTransferManager. b) In a peer to peer transfer, restrictions apply based on real-life lockups that are enforced on-chain. For example, if a particular holder has a 1-year sale restriction for the token, the transaction will fail until that year passes. - Security Token Offering (STO) modules: A
SecurityTokencan be attached to one (and only one) STO module that will dictate the logic of how those tokens will be sold/distributed. An STO is the equivalent to the Crowdsale contracts often found present in traditional ICOs. - Permission Manager modules: These modules manage permissions on different aspects of the issuance process. The issuer can use this module to manage permissions and designate administrators on his token. For example, the issuer might give a KYC firm permissions to add investors to the whitelist.
- Checkpoint Modules: These modules allow the issuer to define checkpoints at which token balances and the total supply of a token can be consistently queried. This functionality is useful for dividend payment mechanisms and on-chain governance, both of which need to be able to determine token balances consistently as of a specified point in time.
The ticker registry manages the sign up process to the Polymath platform. Issuers can use this contract to register a token symbol (which are unique within the Polymath network). Token Symbol registrations have an expiration period (7 days by default) in which the issuer has to complete the process of deploying their SecurityToken. If they do not complete the process in time, their ticker symbol will be made available for someone else to register.
The security token registry keeps track of deployed STs on the Polymath Platform and uses the TickerRegistry to allow only registered symbols to be deployed.
Modules allow custom add-in functionality in the issuance process and beyond. The module registry keeps track of modules added by Polymath or any other users. Modules can only be attached to STs if Polymath has previously verified them. If not, the only user able to utilize a module is its owner, and they should be using it "at their own risk".
First, assure that you have setup Polymath Core properly.
The Polymath CLI (Command Line Interface) commands are operated from a *nix command prompt (unix or mac).
It can be used in three differents ways:
- Connected to a full ethereum node:
You have to save your Parity account password to
$HOME/password.fileand run Parity with the following command to get started (make sure the node is fully synced before using the CLI tool):
parity --chain ropsten --rpcapi "eth,net,web3,personal,parity" --unlock YOUR_ETH_ACCOUNT --password $HOME/password.file- Connected to a remote ethereum node:
You can access Ethereum via the Infura load-balanced nodes. You have to save your private key to
./privKeyfile and run CLI command adding--remote-node <network>option.
node CLI/polymath-cli faucet --remote-node kovan- Connected to a local private test network using
ganache-cli. You have to save the private key for the first account generated by ganache into./privKeyLocal.
If you are working on a local private network, you should run the faucet command to get Poly necessary to pay fees for the other commands.
node CLI/polymath-cli faucetThe ST-20 Generator command is a wizard-like script that will guide technical users in the creation and deployment of an ST-20 token.
- Edit
CLI/commands/helpers/contract_addresses.jsto make sure scripts are pointing to the correct contract addresses - On the terminal, run the following command:
node CLI/polymath-cli st20generator- Follow the text prompts:
- You will be asked for a token symbol. Enter a new symbol to register or a symbol you have already registered.
- Enter a token name (long name seen by investors) to complete the token registration process. The token will be deployed to the blockchain.
- (Optional) If you want to issue tokens to an address you own enter the address and then how many tokens you want to issue. If you want to issue tokens to a list of affiliates press
Yand it will update a whitelist with them and then tokens will be issued. Make sure thewhitelist_data.csvandmulti_mint_data.csvfiles are present in the data folder and fulfilled with the right information. - Choose between Capped STO and USD Tiered STO.
- Configure the selected STO. Enter start and end times, the issuance type, and exchange rate.
- Once the process is finished, you can run the
node CLI/polymath-cli st20generatorcommand again and enter the token symbol to see the STO's live-progress.
After starting the STO you can run a command to mass-update a whitelist of allowed/known investors.
Make sure the whitelist_data.csv file is present in the data folder.
The command takes 2 parameters:
- The token symbol for the STO you want to invest in
- (Optional) The size of each batch
node CLI/polymath-cli whitelist TOKEN_SYMBOL [BATCH_SIZE]Before starting the STO you can run a command to distribute tokens to previously whitelisted investors.
Make sure the multi_mint_data file is present in the data folder.
The command takes 2 parameters:
- The token symbol for the STO you want to invest in
- (Optional) The size of each batch
node CLI/polymath-cli multi_mint TOKEN_SYMBOL [BATCH_SIZE]You can run the investor_portal command to participate in any STO you have been whitelisted for. You will be asked for an account, the token symbol and amount for the STO you want to invest in.
node CLI/polymath-cli investor_portalYou can run the transfer command to transfer ST tokens to another account (as long as both are whitelisted and have been cleared of any lockup periods).
- The token symbol of the ST you want to transfer
- The account that will receive the tokens
- How many tokens to send
node CLI/polymath-cli transfer TOKEN_SYMBOL ACCOUNT_TO AMOUNTYou can run the module manager command to view all the modules attached to a token and their status. You will be asked for a token symbol.
node CLI/polymath-cli module_managerYou can run this command to create dividends and paid them out proportionally to token holder balances as of the time that the dividend was created, or at the time of a specified checkpoint that was created previously. You can choose between Ether or ERC20 dividens.
node CLI/polymath-cli dividends_manager| Contract | Address |
|---|---|
| TickerRegistry: | 0xc31714e6759a1ee26db1d06af1ed276340cd4233 |
| SecurityTokenRegistry: | 0xef58491224958d978facf55d2120c55a24516b98 |
| ModuleRegistry: | 0x31d85fffd7e38bd42d2ae0409ac149e3ef0fd92c |
| Polymath Registry: | 0x06595656b93ce14834f0d22b7bbda4382d5ab510 |
| CappedSTOFactory: | 0x2aa1b133f464ac08f66c2f702581d014e4603d31 |
| EthDividendsCheckpointFactory: | 0x0da7ed8789348ac40937cf6ae8ff521eee43816c |
| ERC20 Dividends Checkpoint Factory: | 0x6950096964b7adae34d5a3d1792fe73afbe9ddbc |
| General Permission Manager Factory: | 0xeba0348e243f2de2f1687060f9c795ac279c66af |
| Count Transfer Manager Factory: | 0xa662a05647a8e713be1bed193c094805d20471ff |
| Percentage Transfer Manager Factory: | 0x3870ee581a0528d24a6216311fcfa78f95a00593 |
| Contract | Address |
|---|---|
| TickerRegistry: | 0xc9af1d88fe48c8a6aa8677a29a89b0a6ae78f5a8 |
| SecurityTokenRegistry: | 0xced6e4ec2ac5425743bf4edf4d4e476120b8fc72 |
| ModuleRegistry: | 0x961913dcbe2f36176bf25774337f3277796820eb |
| Polymath Registry: | 0x05a6519e49e34239f78167abf293d94dae61b299 |
| CappedSTOFactory: | 0xde4f3cfb6b214e60c4e69e6dfc95ede3c4e3d709 |
| EthDividendsCheckpointFactory: | 0x870a07d45b0f4c5653fc29a4cb0697a01e0224b1 |
| ERC20 Dividends Checkpoint Factory: | 0x7e823f5df6ed1bb6cc005c692febc6aedf3b8889 |
| General Permission Manager Factory: | 0x6f5fec2934a34d2e2374042cca6505f1c87ef79b |
| Count Transfer Manager Factory: | 0xb540b6fa752a91c7e7834523172309e543a99a06 |
| Percentage Transfer Manager Factory: | 0xfe908f07e6db57aa6bbd8374e59aac86b60374b0 |
- Homebrew v1.6.7
- node v9.11.1
- npm v5.6.0
- Yarn v1.7.0
- Truffle v4.1.11 (core: 4.1.11)
- Solidity v0.4.24 (solc-js)
- Ganache CLI v6.1.3 (ganache-core: 2.1.2)
The smart contracts are written in Solidity and tested/deployed using Truffle version 4.1.0. The new version of Truffle doesn't require testrpc to be installed separately so you can just run the following:
# Install Truffle package globally:
$ npm install -g truffle
# Install local node dependencies:
$ npm installTo test the code simply run:
$ npm run test-
Deploy
ModuleRegistry.ModuleRegistrykeeps track of all available modules that add new functionalities to Polymath-based security tokens. -
Deploy
GeneralTransferManagerFactory. This module allows the use of a generalTransferManagerfor newly issued security tokens. The General Transfer Manager gives STs the ability to have their transfers restricted by using an on-chain whitelist. -
Add the
GeneralTransferManagerFactorymodule toModuleRegistryby callingModuleRegistry.registerModule(). -
Deploy
TickerRegistry. This contract handles the registration of unique token symbols. Issuers first have to claim their token symbol through theTickerRegistry. If it's available they will be able to deploy a ST with the same symbol for a set number of days before the registration expires. -
Deploy SecurityTokenRegistry. This contract is responsible for deploying new Security Tokens. STs should always be deployed by using the SecurityTokenRegistry.
Security Token Offerings (STOs) grant STs the ability to be distributed in an initial offering. Polymath offers a few out-of-the-box STO models for issuers to select from and, as the platform evolves, 3rd party developers will be able to create their own offerings and make them available to the network.
As an example, we've included a CappedSTO and CappedSTOFactory contracts.
In order to create a new STO, developers first have to create an STO Factory contract which will be responsible for instantiating STOs as Issuers select them. Each STO Factory has an STO contract attached to it, which will be instantiated for each Security Token that wants to use that particular STO.
To make an STO available for Issuers, first, deploy the STO Factory and take note of its address. Then, call moduleRegistry.registerModule(STO Factory address);
Once the STO Factory has been registered to the Module Registry, issuers will be able to see it on the Polymath dApp and they will be able to add it as a module of the ST.
Note that while anyone can register an STO Factory, only those "approved" by Polymath will be enabled to be attached by the general community. An STO Factory not yet approved by Polymath may only be used by it's author.
The polymath-core repo follows the Solidity style guide.