Network Management and Transactions

  • Updated

In this section of the user guide, we will walk you through all aspects of network management and the transactions within io.network. As a principal member there are seven key activities to take into consideration:

  1. Depositing into the network
  2. Withdrawing from the network
  3. Client to client transactions
  4. Adding an address to the allow list
  5. Removing an address on the allow list
  6. Minting or burning a token
  7. Asset Management Dashboard

5.1 Depositing into the io.network

If your underlying client requires to deposit funds into the io.network, the following steps need to be completed:

5.1a Depositing into the io.network - Process 

   Screenshot_2023-04-26_at_10.36.42_AM.png

5.1b Depositing into the io.network - Procedure 

 

Process Ref. Process Step Owner Duration Aligned SLA
Depositing to the io.network
1.1

Instructs required deposit of funds onto the network to principal member

Underlying

Client

   
1.2 Funds transferred from client bank account to principal members dedicated network account

Underlying

Client

   
1.3 Underlying client confirms transfer & amount to principal member

Underlying

Client

  SLA 1 Start
1.4 Principal member validates underlying client transfer against accounts

Principal

Member

   
1.5 Is the transfer correct?
  • If yes, follow step 1.6
  • If no, follow step 1.12

Principal

Member

   
1.6 Principal member confirms receipt of correct funds within dedicated network account

Principal

Member

   
1.7 Moves funds from dedicated network account to ION subaccount

Principal

Member

   
1.8 PM creates & signs minting transaction for corresponding currency

Principal

Member

   
1.9 Principal member sends newly minted assets to underlying clients vault address

Principal

Member

   
1.10 Client receives assets on vault address

Principal

Member

  SLA 1 Finish
1.11 Notifies underlying client of asset transaction

Underlying

Client

   
Incorrect Transfer      
1.12 Document discrepancy in transaction

Principal

Member

   
1.13 Feedback to underlying client

Principal

Member

   
1.14 Update transfer request

Underlying

Client

   

 

5.1c Depositing into the io.network - SLA's 

SLA Ref. Process Step ProcessStep Start & End Duration Owner
1.1 Time taken from underlying clients confirming a deposit to the principal members omnibus account, until the principal member confirms the deposit into aligned vault address 1.3 - 1.10 8 business hours Underlying Client & Principal Member 

 

5.2 Withdrawing from the io.network

If your underlying client would like to withdraw funds from the io.network, the following steps should be completed;

5.2a Withdrawing from the io.network - Process

Screenshot_2023-04-26_at_10.40.10_AM.png

5.2b Withdrawing from the io.network - Procedure

Process Ref. Process Step Owner Duration Aligned SLA
Withdrawing from the io.network
1.1 Instructs required withdrawal of funds to principal member

Underlying

Client

   
1.2 Funds / tokens transferred from "underlying client" vault account to principal member specified network withdrawal vault

Underlying

Client

   
1.3

Confirms withdrawal transfer & amount to principal member

Underlying

Client

  SLA 1 Start
1.4 Validates underlying client transfer against accounts

Principal

Member

   
1.5 Transfer correct?
  • If yes, follow step 1.6
  • If no, follow step 1.12

Principal

Member

   
1.6 Principal member confirms receipt of correct funds within Network withdrawal account

Principal

Member

   
1.7 Principal member creates & signs burning transaction for corresponding currency tokens

Principal

Member

   
1.8 Principal member moves funds from ION sub-account to dedicated network account

Principal

Member

   
1.9 Principal member transfers assets from omnibus account to client account

Principal

Member

   
1.10 Notifies underlying client of asset transaction

Principal

Member

  SLA 1 Finish
1.11 Underlying client receives assets in their PM bank account

Underlying

Client

   
Incorrect Transfer      
1.12 Document discrepancy in transaction

Principal

Member

   
1.13 Feedback to underlying client

Principal

Member

   
1.14 Update transfer request

Underlying

Client

   

 

5.2c Withdrawing from the io.network - SLA's

 

SLA Ref. Process Step Process Step Start & End Duration Owner
1.1 Time taken from underlying clients confirming a withdrawal from the network, until the principal member confirms the withdrawal into aligned account

1.3 - 1.10

 

Underlying client & Principal

member

 

 

5.3 Intra-Network Transactions

If your underlying client requires to transact with another underlying client within the io.network, the following steps need to be completed;

Please note: You, as a principal member, will have no part within the communication or process of the transaction. You will however be able to see / monitor all client-to-client transactions within your aligned network, this will be via the network explorer application.

5.3a Client to Client - Process 

Screenshot_2023-04-26_at_2.19.04_PM.png

 

5.3b Client to Client - Procedure

Process Ref. Process Step Owner Duration Aligned SLA
Standard Process
1.1 Required transfer of funds to underlying client 2 Underlying Client 1    
1.2 Underlying client 1 requests io.vault deposit address from underlying client 2 Underlying Client 1    
1.3 Underlying client 2 provides io.vault deposit address to underlying client Underlying Client 2    
1.4 Client 1 creates and signs transaction request to Client 2 ION deposit address Underlying Client 1    
1.5 Confirms transfer amount and time to underlying client 2 Underlying Client 1    
1.6 Transfer received? - If yes, follow step 1.7 - If no, follow step 1.10 Underlying Client 2    
 1.7 Validates underlying client 1 transfer against accounts Underlying Client 2    
1.8 Transfer correct? - If yes, follow step 1.9 - If no, follow step 1.17 Underlying Client 2    
1.9 Underlying client 2 proceeds to use / withdraw currency Underlying Client 2    
Transfer not received
1.10 What is the issue?
  • If not received, follow step 1.11
  • If network issue, follow step 1.15
Underlying Client 2    
1.11 Inform underlying client 1 of the transaction not being received Underlying Client 2    
1.12 Investigate why the transaction didn't work Underlying Client 2    
1.13 Aligned Issue?
  • If incorrect address, follow step 1.16
  • If network issue, follow step 1.14
Underlying Client 2    
1.14 Re-raise the transaction to underlying client 2 Underlying Client 1    
Network issue
1.15 Issue seen on the network, follow step 1.11 Underlying Client 2    
Incorrect address
1.16 Initiate the principal member issue escalation process Underlying Client 1    

Incorrect Transfer

1.17 Document discrepancy in transaction Underlying Client 2    
1.18 Feedback to client 1 Underlying Client 2    
1.19 Update transfer request and re-process Underlying Client 1    

 

5.3d Client to Client - SLA's

SLA Ref. Process Step Process Step Start & End Duration Owner
1.1 Time taken from underlying client 1 confirming transfer amount and time, until the underlying client 2 validates transfer amount

1.5-1.7

  Underlying client 1 & Underlying client 2

 

 

5.4 Adding a New Vault Address to the allow list

If your underlying client would like to use an io.network address to interact with your administered assets for the first time you must add it to the allowlist smart contract. This is accomplished by submitting and signing an allow address request using the io.network PM dashboard and signing with the io.vault mobile application.

5.4a Adding a New Vault Address - Process

Screenshot_2023-04-26_at_2.20.38_PM.png

5.4b Adding a New Vault Address - Procedure

Process Ref. Process Step Owner Duration Aligned SLA
Standard Process
1.1 Create new vault/s that are required for the business

Underlying

Client

   
1.2 Share new vault/s details / address with principal member via email

Underlying

Client

  SLA 1 Finish
1.3 Add new underlying clients vault address/s to internal database

Principal

Member

   
1.4

Add new underlying client address/s to smart contract allowlist

• Share details with 10 Customer office

Principal

Member

   
1.5 Notify underlying client of address/s added to allowlist

Principal

Member

  SLA 1 Finish
1.6 Client now able to create transactions via the new vault/s

Underlying

Client

   

 

5.4c Adding a New Vault Address - SLA's

 

SLA Ref. Process Step Process Step Start & End Duration Owner
1.1 Time taken from the underlying client raising the new vault addresses to them being added onto the smart contract allow list

1.2-1.5

 

Underlying

Client & Principal

member

 

5.5 Removing a Vault Address from the allow list

If for any reason you would like to prevent an address from transacting further with PM administered assets, the following steps need to be completed to disable the underlying client address;

5.5a Removing a Vault Address - Process

Screenshot_2023-04-26_at_2.21.24_PM.png

5.5b Removing a Vault Address - Procedure

Process Ref. Process Step Owner Duration Aligned SLA

Standard Process

1.1 Principal member questions or wants to investigate a transaction

Principal

Member

   
1.2 Investigate the transaction

Principal

Member

   
1.3

Issue with Transaction?            

  • If yes, follow step 1.4                        
  • If no, follow step 1.10

Principal

Member

   
1.4 Block Address via io.network dashboard

Principal

Member

   
1.5 Principal member performs further investigation

Principal

Member

   
1.6 Transaction resolved?
  • If yes, follow step 1.7
  • If no, follow step 1.11

Principal

Member

   
1.7 Add vault address back to the smart contract allow list

Principal

Member

   
1.8 Informs underlying client of transaction review complete and not further action

Principal

Member

   
1.9 Gain confirmation via email

Underlying

Client

   
Transaction issue
1.10 Principal member closes investigation

Principal

Member

   

 

5.5c Removing a Vault Address - SLA's

SLA Ref. Process Step Process Step Start & End Duration Owner
1 No aligned SLA's

 

   

 

5.6 Minting/Burning a token

5.6a Minting a token

To mint a token on io.network, please follow the below process;

Process Ref.         Process Step
1 Open the web dashboard, select the "mint" button
2 Once selected, choose the aligned asset and the amount you wish to mint in USD
3 Select submit for approval
4 Once submitted, continue via vault transaction approval or rejection process (all aligned signing party will be prompted to approve this transaction via your assigned mobile device)
5 Once approved, you will see the updated balance in the aligned Vault

 

Please Note - Each io.network transaction (minting, burning, allowing, or removing) can have different levels of user signing parties, user signing power or vault thresholds

Please Note - The vault threshold must be reached by any combination of users with devices that have sufficient signing power to approve the transaction

 

5.6b Burning a token

To burn a token on io.network, please follow the below process;

Process Ref.         Process Step
1 Open the web dashboard, select the "burn" button
2 Once selected, choose the aligned asset and the amount you wish to burn in USD
3 Select submit for approval
4 Once submitted, continue via vault transaction approval or rejection process (all aligned signing party will be prompted to approve this transaction via your assigned mobile device)
5 Once approved, you will see the updated balance in the aligned Vault
Please Note - Each io.network transaction (minting, burning, allowing, or removing) can have different levels of user signing parties, user signing power or vault thresholds

 

5.7 Asset Management Dashboard on io.network

As a principal member within io.network, you will want to utilize the asset management dashboard to review underlying clients deposits, transactions and withdrawals, along with a lot more data insights.

  1. Credentials - Login credentials will be provided by the IO Customer Office team directly to your io.network user/s via the onboarding email. Once you receive your login details, you will be required to reset your password upon logging in for the first time.

Please Note - Administrators are documented during your on-boarding with io.finnet.

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