Scripify and settle a secondary trade

Make part of a cyberCERT tradable as cyberSCRIP, trade it, and recertify the buyer

In this tutorial you make part of a cyberCERT tradable as fungible cyberSCRIP, transfer it to a buyer, and convert it back into a cyberCERT.

Code is illustrative of the flow and uses the real signatures from cybercorps-contracts (develop).

Prerequisites

A cyberCERT from Tutorial 1 — say tokenId = 1 on the Common Stock printer at commonPrinter, held by alice. You also need the issuanceManager address.

1. Deploy a CyberScrip for the printer

A CyberScrip is deployed per cert printer via deployCyberScrip. This is also where you set the scrip ratio, conversion conditions, and which compliance powers exist.

address cyberScrip = IIssuanceManager(issuanceManager).deployCyberScrip(
    commonPrinter,
    typeRestrictionHooks,   // ITransferRestrictionHook[]
    certToScripConditions,  // ICondition[] gating scripification
    scripToCertConditions,  // ICondition[] gating de-scripification
    1e18,                   // scripToCertMinimum (in scrip — one whole token)
    1,                      // scripRatioNumerator
    1,                      // scripRatioDenominator
    new uint256[](0),       // scripifyWhitelistIds
    false,                  // scripifyWhitelistEnabled
    true,                   // enableForceTransfer
    true,                   // enableForceBurn
    true                    // enableFreeze
);

Scrip minted = units × scripRatioNumerator / scripRatioDenominator, with no implicit rescaling, so the 1 : 1 ratio makes one share's worth of cert units read as one whole scrip token in wallets. (The deploy call is onlyOwner — an officer runs it.)

All certificate unit quantities are 18-decimal fixed point — one share = 1e18 units — and cyberSCRIP is an 18-decimal ERC-20. Passing raw share counts (e.g. 1_000_000 instead of 1_000_000e18) under-scales by a factor of 10¹⁸.

2. Scripify part of the cert

Alice — the cert's registered owner — calls scripifyCert herself (legalOwnerOf is checked against the caller):

IIssuanceManager(issuanceManager).scripifyCert(
    commonPrinter,   // certAddress
    1,               // id (the cyberCERT token id)
    1_000_000e18,    // units to scripify (1,000,000 shares, 18-decimal)
    alice            // recipient of the cyberSCRIP
);

This reduces the cert's unitsRepresented, records the scripified units in the scrip pool, and mints cyberSCRIP to Alice (1_000_000e18 base units — 1,000,000 whole tokens — at the 1:1 ratio above). Units reserved for pending deals cannot be scripified. The cyberSCRIP is the same security in fungible form — see the dual-token model.

3. Sell the scrip

CyberScrip(cyberScrip).transfer(bob, 1_000_000e18);

If a transfer hook is installed, the transfer must satisfy it (see Restrict cyberSCRIP transfers).

4. (New holder) issuer pre-approves recertification

Because Bob is not yet a registered holder, an officer pre-sets the certificate metadata he will receive on de-scripification:

IIssuanceManager(issuanceManager).setRecertificationApproval(
    commonPrinter,
    bob,
    "Bob Buyer",
    bobCertDetails,    // CertificateDetails
    officerSignature   // bytes
);

5. Convert scrip back to a cyberCERT

Bob presents his cyberSCRIP:

IIssuanceManager(issuanceManager).convertScripToCert(
    commonPrinter,   // certAddress
    1_000_000e18     // amount of cyberSCRIP to present
);

This burns Bob's cyberSCRIP, withdraws the units from the scrip pool, and — using the approved metadata — puts Bob on the register. The approval requirement for new holders is enforced by the conversion flow itself: if the caller holds no active cert on that printer, the call reverts RecertificationApprovalRequired unless an officer approval from step 4 is on file. (If the caller already has an active cert, the units are added to it instead.) An IssuerApprovalRecertificationCondition can additionally be included among the scripToCertConditions as an opt-in, admin-managed approval list.

What you just did

• Deployed a cyberSCRIP and scripified part of a cyberCERT.
• Traded the security in fungible form.
• Recertified a new holder back onto the register, under issuer approval.

Next

• How-to: Restrict cyberSCRIP transfers.
• Reference: CyberScrip, IssuanceManager.