KIP-0019: Future Iteration of the Coin and Fungible Contracts

KIP-0019: Future Iteration of the Coin and Fungible Contracts

Robert Soeldner

June 6, 2023

We are excited to present KIP-0019 (Kadena Improvement Proposal 0019), the next iteration of the Coin and Fungible contracts with the aim of enhancing trustworthiness and security. KIP-0019 proposes several modifications aimed at improving the reliability and robustness of these contracts, ensuring a more secure platform for the exchange of tokens on Kadena’s Platform. This article briefly outlines the reasoning behind the removal of the rotate feature and the necessary property adjustments to ensure successful formal verification of the coin contract.

The proposed changes of KIP-0019 includes but is not limited to the following:

Removal of the rotate function. This preserves cross-chain soundness and avoids the potential risk of locking funds. By implementing this change, we aim to foster a more secure and resilient environment for cryptocurrency transactions.

Reorganization of constants and functions. The constants and some functions within the contract will be reorganized to increase maintainability, reducing the chances of errors and improving the overall quality of the contract. By streamlining the codebase, we aim to create a more efficient and reliable foundation for our users.

Introduction of modifications to the verification-related code. This will allow for formal verification, ensuring the correctness and reliability of the contract.

Changes resulting in fungible-v3.pact:

  • Model annotation for the schema account-details: Add new invariant expressing positive balance (>= balance 0.0).
  • Model annotation for defun get-balance: Add new property that != account "" and >= result 0.0.
  • Model annotation for defun details: Add property that the account is not empty != account "".
  • Model annotation for defun enforce-unit: Add property that the amount is not negative >= amount 0.0.
  • Model annotation for defun create-account: Add property that the account is not empty != account "".

Changes resulting in coin-v6.pact:

  • Change the fungible-v2 interface to fungible-v3.
  • Bless old coin contract (coin v5).
  • Move utility functions (enforce-unit, and validate-account) to a different section.
  • Replace enforce (!= sender ... by validate-account in defun DEBIT and CREDIT.
  • Remove defcap ROTATE
  • Add additional enforce to express that gas consumption must be greater than zero (enforce (> total 0.0)) within defun redeem-gas.
  • Enforce the refund unit enforce-unit refund within defun redeem-gas.
  • Add validate-account to defun get-balance.
  • Add validate-account to defun details.
  • Within fund-tx enforce a valid miner within the defpact step.
  • Add invariant >= balance 0.0 for the allocation-schema.

As part of our commitment to community involvement and collaboration, we have utilized the Kadena Improvement Proposal to invite all members of our community to actively facilitate development and solicit crucial feature requests for various technologies such as Chainweb, our proof-of-work blockchain, and Pact, our smart contract language.

To ensure prompt decision-making, we have established a time limit of approximately 1.5 months for the KIP process, which will conclude on July 15th Anywhere on Earth (AoE). We encourage community engagement up to this deadline to discuss the future direction of our coin and fungible contracts.

Here are the details:

What: Next iteration of the Coin and Fungible contract
Seek: Community involvement
Till: July 15th AoE

Your feedback and insights are invaluable in shaping the future direction of Kadena!