Profit-Sharing Token
Description
Profit-sharing token (pst) as defined in contract token.clar is a non-fungible token that represents some dividable value into a number of given parts. The token can be transferred for a price. The price is proposed by a buyer when expressing interest of buying (i.e. creating a call). Then the owner can sell the token to the buyer. When the new owner is re-selling parts of the token the profit will be shared with the previous owner.
Price of tokens or parts of a token, as well as the profit is represented in the contract through the fungible token usdt. The token is minted when creating a call. The amount of tokens show how much many was generated through the sale of the profit-sharing token.
The contract currently only supports the flow of creating a token, selling it and re-selling it. Limitations are that
- the new owner can't sell the whole token
- the new owner can sell parts of a token only once (per token)
Each function call of the token contract comes with a fee that is taken by the platform maintainers. Fees are paid in holdng tokens, these tokens are sold by the platform maintainers. Creating and selling tokens costs a fixed fee, while creating a call costs a variable fee depending on price and value parts.
The functions to sell tokens and to pay fees are described in contract fee-structure. The functions are called by the token contract.
Testing
Tests include unit tests for a flow of creating a token of 100 value parts, selling it at $2000 and reselling 50 value parts at $1500.
yarn
yarn test
At the end
- the creator has $2250 and no token.
- the buyer/esller has $1250 and the original token with 50 value parts of 100.
- the value part buyer has $0 and new token with 50 value parts of 50.
- the platform earned 575 hodlng in fees.
Application
The contract was developed with the liquid natural gas (LNG) trade market in mind. The concept for these contracts was developed in a project by HODLNG to build a more secure, more flexible, fair, transparent and balanced LNG trade system.
A pst token represents a cargo ship loaded with gas that an exporter sells to an importer. The importer, however, sometimes redirects the ship and sells parts of the gas to another country at a better price without participation of the exporter. With the token contract the process is transparent and profit sharing is built-in.
Note, that the incentives to participate in the platform, the platform management and other details are not represented here. Furthermore, the fee structure is given only exemplary.
Support
Hodlng is supporting the development of this smart contract.