Secure Confidential Asset Minter (SCAM) DApp

To simplify the process of minting Confidential Assets, that have provably limited amount and are minted by a smart contract in an easy and reliable way, we propose to create Beam Confidential Asset Minter DApp with the following specifications:

  1. A contract can mint new CA with limited amount specified during minting.

  2. Each new Asset type can only be minted once

  3. User specifies the following parameters: (https://github.com/BeamMW/beam/wiki/Asset-Descriptor-v1.0)

Mandatory:
- 3.1 Asset Name
- 3.2 Short Name / Asset Code
- 3.3 Asset unit name
- 3.4 Smallest unit name
- 3.5 Ratio (10^8)

Optional:
- Short Description
- Long Description
- Website
- Whitepaper URL
- Favicon URL
- Logo URL
- Color

  1. Asset Minting commission might be larger than standard and the extra will go to BeamX DAO (TBD)

  2. Minted Assets can only be witdrawn by Asset Minter.

  3. All assets minted through the contract can be seen in a list with all their metadata and amounts

===
NOTE Regarding conversion iof existing assets minted through wallets

In order to convert already existing assets that were minted through wallets, it is possible to create a pool within the contract to deploy new asset minted by the contract in return for the old one minted by the wallet. This implementation, however has a flow, that in any case the owner of the wallet can still mint more assets.

Even though this event can be detected on the blockchain, we feel that it is not a good enough solution in a general case.

Which is why, we propose to add ‘Stop Mint’ functionality in the next 8.0 Hard Fork. This function will allow the wallet owner to issue a transaction indicating that Confidential Asset with a specific id can no longer be minted.

3 Likes

Assigned designation FR 7 (https://github.com/BeamMW/beam/issues/1919)

1 Like

Please, don’t call it SCAM! (I basically signed up to the forum to enter this message…) No, really, it seems like nowadays normies think that crypto is all scam and fraud, we don’t want to give them more ammos. I get the joke, but I wouldn’t want to see the topic treated lightly by Beamers, it’s such a sensible one now.

3 Likes