This is a discussion to start the process for upgrading the Agoric chain to support the Hardened Javascript VM and install Inter Protocol MVP as the first Hardened JavaScript smart contracts.
Inter Protocol is a community organized, decentralized application launching on the Agoric chain that implements the Inter Stable Token (IST). IST is a fully collateralized, cryptocurrency-backed decentralized stable token for the interchain ecosystem on the Agoric chain. IST is designed to maintain parity with the US dollar (USD) for broad accessibility and provide Agoric and the interchain ecosystem users an asset with minimum price volatility. In addition, IST is the native fee token for the Agoric platform and provides some of the core functionality and stability for the Agoric cryptoeconomy.
The Inter Protocol MVP consists of the Parity Stability Module (PSM) along with supporting contracts for governance and smart wallets. The PSM is the initial mechanism to mint IST so that we can bring it to the interchain ecosystem via Inter-Blockchain Protocol (IBC). The PSM contract supports multiple instantiations. Each PSM contract trades IST for a single external stable token and vice versa. The proposed tokens / contracts are:
- USDC_axl: USDC via Axelar
- USDC_grv: USDC via Gravity Bridge
- USDT_axl: USDT via Axelar
- USDT_grv: USDT via Gravity Bridge
These Hardened JavaScript contracts are based on the Zoe framework, which provides Offer Safety, so that rather than signing messages to “send X assets to the PSM contract”, market participants sign quid-pro-quo offers: “give X only if Y is provided in exchange.” Assets are escrowed in Zoe, not sent to contracts such as the PSM, limiting risk. (Sills, 2019)
Object Capability (OCap) security architecture (Miller, 2006) is the key to making JavaScript safe for blockchains. The Agoric VM provides a distributed Hardened JavaScript runtime which enforces OCap security for safe composition and code reuse. For security assessments of the SwingSet VM kernel, Hardened JavaScript, and more, see Agoric - Security .
The Zoe framework is based on the Electronic Rights Transfer Protocol (ERTP), which provides a standard way to create and exchange fungible and nonfungible digital assets, making it easy to create complex digital assets that are immediately tradable and composable. This upgrade includes an x/vbank Cosmos SDK module to reflect BLD, IST, and interchain assets as ERTP assets, as well as a smart wallet contract to execute Cosmos transactions containing Zoe offers.
The Inter Protocol MVP is the first step in releasing the full mainnet phase 1 Inter Protocol, and out of an abundance of caution the full protocol will be released in stages and exercised between releases. We anticipate that future releases will enable the Automated Market Maker (AMM), Reserve, Vaults & liquidation and BLD Boost. See the Inter Protocol white paper for detailed descriptions at https://inter.trade/whitepaper.
We expect that after a discussion period of 7 days, an on-chain governance proposal will be created. Provided the BLD holders vote to approve the upgrade, the Agoric Hardened JavaScript VM and Inter Protocol smart contracts will be added to the Agoric chain.
References / Resources
Source code: agoric-sdk release pismoA * 2c812d2
pismoA-rc3 * ef8aa3c
Main net IBC denoms:
- USDC_axl:
ibc/295548A78785A1007F232DE286149A6FF512F180AF5657780FC89C009E2C348F - USDC_grv:
ibc/6831292903487E58BF9A195FDDC8A2E626B3DF39B88F4E7F41C935CADBAF54AC - USDT_axl:
ibc/F2331645B9683116188EF36FC04A809C28BD36B54555E8705A37146D0182F045 - USDT_grv:
ibc/386D09AE31DA7C0C93091BB45D08CB7A0730B1F697CD813F06A5446DCF02EEB2
For more detail, on these, see IBC details for USDC, USDT on Axelar, Gravity
See Inter Protocol MVP Contract Governance - Governance - Agoric Community Forum for capabilities delegated to the Economic Committee
Choose a testnet lead (or leaders) to create an upgrade proposal and set a blockheight for upgrade. The testnet lead could also create the upgrade proposal on mainnet when the release is qualified.
Exercise the upgrade functionality to ensure that going from ag0 to agD works seamlessly. And whatever you do, do not restart your node in the middle of an upgrade.
Restart your node. Turning it off and turning it back on again is key — but be sure to backup your node before restarting it.
Restore your node successfully from a snapshot of your own. The conversion from ag0 to agD adds one bit of technical complexity — state-sync is not a feature of the network or possible after the upgrade until the core team implements it. It is important that snapshots can be reliably used to get up to speed on the network.
Test IBC transactions, including taking test IST outside of the Agoric network. The details of the IST denom have been captured in Agoric’s chain registry info, and Emerynet is connected to several other testnets in the Interchain. Who will be the first to move test IST outside of the Agoric ecosystem?
Exercise on-chain governance. Once the upgrade is successful, it would be helpful to change parameters or voting quorum to exercise the Cosmos governance tools. After the upgrade, the Agoric team will also exercise mainnet-1 specific governance features on Emerynet.
Take an opportunity to test drive Inter Protocol when the UIs are wired up to the testnet. Shortly after the upgrade, the interfaces for Inter Protocol MVP will be connected to Emerynet. Join the Agoric team in testing core features and functionality that will mint testnet IST.
Help the Agoric team keep the community informed on testnet progress. Throughout the process, the Agoric team will keep track of how the testnet is progressing – but we’d love for validators to update this thread or share their progress in Discord so that the entire community can follow progress towards launch.
