WrapCBDC stablecoin - cNGN

Abstract

cNGN stands apart as the first regulated stablecoin in Africa. As a fully compliant digital asset, cNGN offers unparalleled trust and transparency, ensuring security for all users, institutions, and businesses.

cNGN, fosters the expansion of fintechs, liquidity providers, and virtual asset entities in Nigeria's digital economy. This initiative is bolstered by regulatory approval under the SEC's Regulatory Incubation (RI) Program, significantly contributing to the growth of Nigeria's digital asset ecosystem.

Architecture Overview

The cNGN stablecoin implementation follows a modular architecture with the following key components:

Core Components

1. Cngn Token Contract: ERC-20 compliant token with additional features for regulatory compliance, including:

   • Pausable functionality for emergency situations
   • Role-based access control for administrative functions
   • Blacklisting capabilities for compliance requirements
   • Meta-transaction support for gasless transactions

2. Admin Contract: Manages role-based access control for the ecosystem:

   • Assigns and revokes roles (Admin, Minter, Blacklister, Pauser)
   • Provides a centralized permission management system
   • Implements multi-step processes for critical role changes

3. Forwarder Contract: Enables meta-transactions (gasless transactions):

   • Verifies signatures from users
   • Forwards transactions to the token contract
   • Maintains nonce management to prevent replay attacks

Meta-Transaction Flow

The cNGN implementation supports gasless transactions through the ERC-2771 meta-transaction pattern:

1. User Signing: A user signs a transaction request off-chain with their private key
2. Relayer Processing: A relayer (service provider) submits the signed request to the Forwarder contract
3. Signature Verification: The Forwarder verifies the signature and nonce
4. Transaction Execution: Upon verification, the Forwarder calls the target function on the token contract
5. Context Recovery: The token contract recovers the original sender's address using the trusted forwarder pattern

This approach allows users to interact with the cNGN token without needing to hold native tokens (ETH, MATIC, etc.) for gas fees.

Role Management

The cNGN ecosystem implements a comprehensive role-based access control system:

• Admin Role: Can assign other roles and manage system-wide configurations
• Minter Role: Authorized to mint new tokens and manage supply
• Blacklister Role: Can add or remove addresses from the blacklist
• Pauser Role: Can pause and unpause token transfers in emergency situations

Role transitions follow a secure process with appropriate checks and balances to prevent unauthorized access.

Blockchain

cNGN is currently deployed on the following blockchain protocols:

Main-Nets

Network	cNGN Contract Address
BANTU	GD6G2NT7CQHPIYHA52KZHWB6ONNWTSGZOOLTRLRASENM2VWSF6CHYFRX
ASSETCHAIN	0x7923C0f6FA3d1BA6EAFCAedAaD93e737Fd22FC4F
BASE	0x46C85152bFe9f96829aA94755D9f915F9B10EF5F
BNBCHAIN	0xa8AEA66B361a8d53e8865c62D142167Af28Af058
ETHEREUM	0x17CDB2a01e7a34CbB3DD4b83260B05d0274C8dab
POLYGON	0x52828daa48C1a9A06F37500882b42daf0bE04C3B

Test-Nets

Network	cNGN Contract Address
BANTU	GAE7E56N3XIC6JGJI54SD3VN4EDY3OZVFA7CLHXAMMTHLU4LIFYJMFSI
ASSETCHAIN	0x069404d2F76Aa4519819a41B4E385074A9F4E8eA
BASE	0x7E29CF1D8b1F4c847D0f821b79dDF6E67A5c11F8
BNBCHAIN	0xA8945B7B12a3808EFD68B072b54E6dae4f0d7AEa
ETHEREUM	0xA1A8892a746685FD8ae09FdCfAdce89fF6FB7234
POLYGON	0x1BE5EaCb5D503fe8D64c810a0b14cdD7eC48df1f

Developer Guide

Environment Setup

1. Clone the repository:

   git clone https://github.com/wrappedcbdc/stablecoin-cngn.git
   cd stablecoin-cngn

2. Install dependencies:

   npm install

3. Set up environment variables:

   • Create a .env file in the project root
   • Add the following variables (replace with your values):

   # Network RPC URLs
   POLYGON_TESTNET=https://rpc-amoy.polygon.technology
   BSC_TESTNET=https://data-seed-prebsc-1-s1.binance.org:8545
   BASE_TESTNET=https://sepolia.base.org
   ASSETCHAIN_TESTNET=https://testnet-rpc.assetchain.com
   ETH_TESTNET=https://sepolia.infura.io/v3/YOUR_INFURA_KEY
   TRON_TESTNET=https://api.shasta.trongrid.io
   
   POLYGON_MAINNET=https://polygon-rpc.com
   ETH_MAINNET=https://mainnet.infura.io/v3/YOUR_INFURA_KEY
   BSC_MAINNET=https://bsc-dataseed.binance.org
   BASE_MAINNET=https://mainnet.base.org
   ASSETCHAIN_MAINNET=https://rpc.assetchain.com
   
   # Private key (without 0x prefix)
   EVM_PRIVATE_KEY=your_private_key_here
   
   # API Keys for verification
   ETH_API_KEY=your_etherscan_api_key
   POLYGON_API_KEY=your_polygonscan_api_key
   BSC_API_KEY=your_bscscan_api_key
   BASE_API_KEY=your_basescan_api_key
   

Running Tests

The project uses Hardhat for testing. To run the test suite:

# Run all tests
npx hardhat test

# Run specific test file
npx hardhat test ./test/Cngn.test.js

# Run tests with gas reporting
REPORT_GAS=true npx hardhat test

# Run tests with coverage report
npx hardhat coverage

Test Structure

Tests are organized by contract functionality:

• Cngn.test.js: Tests for basic ERC-20 functionality
• CngnAdmin.test.js: Tests for role management and administrative functions
• CngnBlacklist.test.js: Tests for blacklisting functionality
• CngnForwarder.test.js: Tests for meta-transaction functionality
• CngnPause.test.js: Tests for pause/unpause functionality

Deployment

To deploy contracts to a network:

# Deploy to testnet
npx hardhat run scripts/deploy.js --network sepolia

# Deploy to mainnet (use with caution)
npx hardhat run scripts/deploy.js --network mainnet

Verification

After deployment, verify contract source code:

npx hardhat verify --network sepolia DEPLOYED_CONTRACT_ADDRESS

Security Considerations

• Never commit your .env file or private keys to version control
• Use separate development and production keys
• Follow the principle of least privilege when assigning roles
• Thoroughly test all functionality before mainnet deployment
• Consider professional security audits for production deployments

License

Software license can be found here