This annex gathers the current operational parameters that sustain the seed economy. The Constitution fixes the principles. This document fixes the numbers. Modification of any parameter requires tricameral agreement in accordance with Article IV.
Waqf Corpus composition
The Waqf Corpus described in Article II decomposes into three complementary reserves. The current distribution for version 0.2 of the document is the following:
| Reserve | Target proportion | Primary function |
|---|---|---|
| Redemption reserve | 50% | Backing of the seed redemption floor |
| Continuity reserve | 35% | Minimum operational coverage during 12 months |
| Dissolution reserve | 15% | Guarantee of the Article XIV procedure |
The target proportion is indicative and is reviewed annually in accordance with the real activity of the system. Temporary deviations of up to five percentage points per reserve remain within the normal operational range. Larger deviations activate review by the management council and, if they persist, require an adjustment proposal to the three chambers.
Initial corpus capitalization
The initial capitalization of the corpus for the operation in Lima during Phase 1 is described in general terms. Exact figures, subject to finalization of institutional agreements and investment commitments, will be published in the first quarterly corpus report following the constitutional ratification of Phase 1B.
The initial capitalization comes from three complementary sources:
- Founding contribution by Saphi International Holding Corp.
- Institutional commitments with corporate partners and government agencies in accordance with Article XII.
- Allocation of a portion of revenue from implementation services that Saphi provides to other cities in accordance with Article XIII.
Redemption floor
The redemption floor guarantees the minimum value of a seed at the moment of its redemption by an Aliado. For version 0.2 of the document, the redemption floor is established in the following terms:
- Nominal unit. One seed equals one Peruvian Sol at the moment of emission.
- Demurrage adjustment. The effective value of a seed decays over time in accordance with the demurrage table described below.
- Minimum guarantee. At the moment of redemption, the Aliado receives transfer equivalent to the seed minus accumulated demurrage, charged to the redemption reserve of the corpus.
The exchange rate between seeds and fiat prices within each Aliado is established in the corresponding operational agreement. The nominal band is one Sol per seed. Aliados may adjust within a range of ten percent above or below the nominal band according to the characteristics of their operation.
Emission rate
Seed emission responds to five operational conditions. The rate for version 0.2 is the following.
For Vigías
| Event | Typical emission |
|---|---|
| Validated simple observation | 5 seeds |
| Validated observation with expert validation | 12 seeds |
| Validated observation with extended verification chain | 25 seeds |
| Validated counter-observation | 8 seeds |
| Completed training module | 3 seeds |
| Approved first supervised observation | 15 seeds |
For Expertos
| Event | Typical emission |
|---|---|
| Expert validation of simple observation | 3 seeds |
| Expert validation of complex observation | 8 seeds |
| Participation in chamber session | 10 seeds |
| Participation in counter-observation review | 5 seeds |
For Aliados
| Event | Typical emission |
|---|---|
| Complete network incorporation | 50 seeds |
| Annual anniversary of active operation | 25 seeds |
Anniversary emissions are credited automatically at cycle close. Event emissions are credited within the forty-eight hours following validation.
Demurrage rate
The demurrage described in Article IX operates with the following parameters for version 0.2:
| Parameter | Current value |
|---|---|
| Nominal monthly rate | 2% on resting balances |
| Grace period for newly issued seeds | 30 days |
| Minimum activity threshold | One redemption every 90 days |
| Application frequency | Daily computation, monthly discount |
| Destination of eroded value | Continuity reserve of the Waqf Corpus |
A seed in active circulation (understood as a seed redeemed or internally transferred at least once every ninety days) maintains its full value. A seed that remains at rest beyond the threshold begins to accumulate decay at the rate described.
The computation is daily so that decay distributes continuously, without abrupt jumps at month close. Effective application (balance discount) occurs once a month, on the first business day, together with the monthly report of the seed circuit.
Transfer timeframes to Aliados
The timeframe between the redemption of a seed at an Aliado and the transfer of corresponding fiat currency varies according to the volume and seniority of the Aliado:
| Aliado category | Transfer timeframe |
|---|---|
| More than 6 months of operation, high volume | Daily, night hours |
| 3 to 6 months of operation | Weekly, Mondays in the morning |
| Less than 3 months of operation | Biweekly, Mondays 1st and 15th |
The high volume criterion is updated quarterly. For version 0.2 it is established at least fifty validated redemptions during the previous quarter.
Reporting calendar
The financial transparency of Article XII operates with the following publication calendar:
| Report | Periodicity | Publication day |
|---|---|---|
| Seed circuit report | Monthly | First business Monday of the month |
| Waqf Corpus composition | Quarterly | First business Monday of January, April, July, October |
| Registry of institutional agreements | Continuous | Updated every time an agreement is signed or modified |
| Annual external audit | Annual | First business Monday of February of the following year |
| Institutional report | Annual | First business Monday of March of the following year |
Reports remain accessible from a dedicated section of the public site, in readable format (HTML) and in auditable format (CSV or JSON as appropriate).
Review mechanisms
The parameters described in this annex are reviewed in accordance with the following calendar:
- Annually. Emission rate per event, demurrage rate, nominal redemption floor band, Aliado category criteria.
- Biennially. Target proportions of the three reserves of the corpus.
- By exception. When the health of the circuit requires it (for example, a sustained drop in activity or explosive growth that stresses the floor), the management council may propose extraordinary review.
Any modification of a parameter passes through the procedure described in Article IV, with public proposal, comment period, chamber deliberation, voting and ratification.