MVP submission for Polygon track for Next Top Blockchain Startup
Clone the git repository
git clone https://github.com/JoK3rtjk/Hackathon-Submission.git
Download dependencies in the root and app folders
npm i --save-dev
Launch ganache and set it to port 7545
https://www.trufflesuite.com/ganache
Install truffle
npm i -g truffle
Building the contract and deploying it on ganache blockchain
truffle compile
truffle migrate --reset
Next, go to the directory and open the folder with IDE Go into app folders and use the script below in the terminal of the IDE
npm run dev
The web application is serve in http://localhost:8080/
Or use the web application deployed on Polygon testnet https://seventise.netlify.app/
Demo of bond issuance on primary market on polygon with uniform pricing auction.
Issuer will register the bond to be issued, this allows time for issuer to market their issuance as well as allowing potential investors to know about the company or project.
Issuer will choose the time to start auction (note: start time must be before now) and end the auction. Once the auction has began, investors who are interested can place their bids.
Auction will end when duration runs out or total quantity bidded is greater or equal to the target.
There will be a collateral held once auction is successfully completed. 30% of the targeted amount will be locked. In order to unlock this collateral, issuer has to fulfill the minimum criteria of coupon payments based on the issued bonds.
Issuer will receive a token that shows the issuance order. This provides the detail of the issuance, such as the resultant coupon rate.
Issuer will use the token to issue coupon automatically to the tokenholders.
Issuer will use the token to receive collateral whenever fulfillment is met.
Issuer will use the token to repay the principal to the tokenholders.
Investors will start bidding with the coupon rates they want for the bonds.
The auction ends when the total quantity of bids (each investor can bid more than one bond) is greater or equal to the targeted amount set by issuer. Winners are decided based on the coupon rate they bidded, and the resultant coupon rate of the bond issued is the highest coupon rate amongst the bidders up to the bid that meet the targeted amount.
Suppose there are 10 available units of bonds and three bidders. Bidder A bids 7 units with a coupon rate of 8%; Bidder B bids 5 units with a coupon rate of 5%. Finally, Bidder C wants 5 units with a coupon rate of 4%. The winners are Bidder B and C, and the resultant coupon rate is 5%.
Since there are only 10 available units, the auction will firstly accept Bidder C's bids as they are the highest, followed by Bidder B's bids as they are higher than Bidder A's bids, and this makes up the 10 units available for bidding.
Investors will deposit the amount they bid to a pot. Upon completion of auction, any unsuccessful bids will first be refunded before tokens are minted for the successful bids and capital is transferred to the issuer.
Each successful bid will receive a token with the details of the issued bonds, such as year issued, issuer's address and coupon rate.
The token will show the number of coupon payments received. Coupon payments are automatically received into the wallet.
A defaulting function will also be available whenever the conditions are met. This happens when issuer fails to issue coupon payment. Tokenholders can choose to call default and receive the collateral of the issuer.
Collateral is 30% of the principal value. Once defaulted, tokenholders can receive this collateral back to mitigate their loss.
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