Previously it was assumed that the Foundation will not act as the custodian for the wrapped tokens and therefore a decentralized solution was proposed and is being built. If however, that requirement is no longer valid, a simpler solution could be considered.
Super MVP Concept
Focuses on FIO Token wrapping only.
Foundation wraps (moves) some of the tokens it owns to Ethereum and acts as the custodian.
No other party can wrap tokens, unless they choose to become a custodian and mimic what the Foundation is doing.
Redemptions are handled manually.
Only Ethereum Smart contract is built. No FIO smart contract or Oracle functionality is required or is built.
Basic and standard ERC-20 Ethereum contract is developed which allows the Foundation to mint WFIO, ideally via msig.
Foundation manually moves 10,000,000 FIO Tokens to a designated FIO account (controlled by Foundation msig). This is done for transparency purposes, so that anyone can see how many tokens are currently wrapped.
Foundation manually mints 10,000,000 WFIO ERC-20s on Ethereum.
Foundation provides initial DEX liquidity, so that FIO is available on major DEXes.
If a WFIO holder wants to redeem WFIO for FIO, they will submit a Jira ticket to the Foundation providing amount, Sender’s FIO Address and Recipient’s FIO Address.
Foundation may request KYC (optional).
Foundation will send FIO Request for WFIO to Sender’s FIO Address and once WFIO is received, it will send FIO to Recipient’s FIO Address.