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ICO
A real life ico process
This is the archetype version of the ICO process set up by BCDiploma and described at the following address:
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archetype[%erc20%] ico
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​
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constant symbol : string = "BCDT"
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​
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constant decimals : int  = 18
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​
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(* contribution thresholds *)
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variable[%mutable (owner, (state = Init))%] min_contribution : tez = 1tz
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variable[%mutable (owner, (state = Init))%] max_contribution_silver : tez = 10tz
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​
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(* bcd token data *)
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variable[%mutable (owner, (state = Init))%] max_bcd_to_sell : tez = 100000000tz
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variable[%mutable (owner, (state = Init))%] exchange_rate_bcd_tez : int = 13000
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​
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(* round caps *)
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variable[%mutable (owner, (state = Init))%] soft_cap : tez = 1800tz
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variable[%mutable (owner, (state = Init))%] presales_cap : tez = 1800tz
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variable[%mutable (owner, (state = Init))%] round1_cap : tez = 3600tz
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(* presales_cap + 1600 *)
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​
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(* Number tokens sent, eth raised, ... *)
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variable nb_bcd_sold : tez = 0tz
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variable nb_tez_raised : tez = 0tz
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​
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(* Roles *)
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​
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variable[%transferable%] owner : role = @tz1_owner
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​
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variable whitelister : role = @tz1Lc2qBKEWCBeDU8npG6zCeCqpmaegRi6Jg
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​
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variable reserve : role = @tz1bfVgcJC4ukaQSHUe1EbrUd5SekXeP9CWk
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​
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variable community : role = @tz1iawHeddgggn6P5r5jtq2wDRqcJVksGVSa
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​
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(* contributor *)
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​
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enum whitelist =
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 | Silver
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 | Gold
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​
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asset[@add @remove @update owner (state = Init)]
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     contributor identified by id {
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   id           : address;
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   wlist        : whitelist;
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   contrib      : tez = 0tz;
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}
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​
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enum gstate =
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| Init initial     (* ICO isn't started yet, initial state *)
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| PresaleRunning   (* Presale has started *)
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| PresaleFinished  (* Presale has ended   *)
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| Round1Running    (* Round 1 has started *)
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| Round1Finished   (* Round 1 has ended   *)
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| Round2Running    (* Round 2 has started *)
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| Round2Finished   (* Round 2 has ended   *)
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​
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variable vstate : gstate = Init
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​
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function is_running () : bool {
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  return
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    match vstate with
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    | PresaleRunning | Round1Running | Round2Running -> true
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    | _ -> false
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    end
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}
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​
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function get_rate () : rational {
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  let coeff : rational =
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    match vstate with
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    | PresaleRunning  -> 1.2
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    | Round1Running   -> 1.1
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    | _               -> 1
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    end
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  in
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  return coeff * exchange_rate_bcd_tez
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}
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​
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function get_remaining_tez_to_raise () : tez {
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  return
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    match vstate with
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    | PresaleRunning | PresaleFinished -> presales_cap - nb_tez_raised
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    | Round1Running   | Round1Finished   -> round1_cap - nb_tez_raised
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    | _ -> (
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      let remaining_bcd : tez = max_bcd_to_sell - nb_bcd_sold in
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      remaining_bcd / exchange_rate_bcd_tez)
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    end
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}
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​
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function transition_to_finished () : gstate {
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  return
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    match vstate with
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    | PresaleRunning  -> PresaleFinished
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    | Round1Running   -> Round1Finished
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    | Round1Finished  -> Round2Running
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    | _               -> Round2Finished
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    end
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}
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​
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action contribute () {
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​
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  (* specification {
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    postcondition p1 {
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        let some c = contributor.get(caller) in
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        let some c_old = before.contributor.get(caller) in
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        transferred = transferred_to(caller) + c.contrib - c_old.contrib
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        otherwise true
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        otherwise true
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    }
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  } *)
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​
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  require {
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     c1 : contributor.contains(caller);
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     c2 : is_running ();
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     c3 : transferred >= min_contribution;
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     c4 : (let c = contributor.get(caller) in
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           not (c.wlist = Silver and transferred >= max_contribution_silver));
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  }
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​
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  effect {
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    let c = contributor.get(caller) in
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    (* cap contribution to max_contrib if necessary *)
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    let lcontrib = transferred in
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    if    c.wlist = Silver
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      and c.contrib + lcontrib >= max_contribution_silver
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    then lcontrib := max_contribution_silver - c.contrib;
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    (* cap contribution to round cap if necessary *)
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    let remaining_tez : tez = get_remaining_tez_to_raise () in
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    if remaining_tez <= lcontrib
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    then (
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      lcontrib := remaining_tez;
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      vstate := transition_to_finished ()
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    );
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    (* convert contribution to nb of bcd tokens *)
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    let rate = get_rate () in
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    let nb_tokens : tez = lcontrib * rate in
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    (* update ico stats *)
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    nb_bcd_sold   += nb_tokens;
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    nb_tez_raised += lcontrib;
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    (* update caller's contribution *)
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    c.contrib     += lcontrib;
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    (* syntaxic sugar for
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       contributor.update caller { contrib += contrib } *)
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    if lcontrib <= transferred
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    then transfer (transferred - lcontrib) to caller
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  }
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}
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​
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(* the onlyonce extension specifies that withdraw action can be
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  executed only once, that is a contributor can withdraw only once. *)
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​
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action[%onlyonce%] withdraw () {
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  require {
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    c5 : vstate = Round2Finished;
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    c6 : nb_tez_raised <= soft_cap;
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    c7 : contributor.get(caller).contrib > 0tz;
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  }
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​
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  effect {
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    let c = contributor.get(caller) in
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    transfer c.contrib to caller;
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    (* do not forget this *)
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    c.contrib := 0tz
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  }
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}
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ERC20
Coase
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