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What is the correct procedure to configure a minter on a USD Coin smart contract?

I have a USDC smart contract deployed and initialized on a local geth node. I want to mint some tokens with the ‘mint’ function but I am guessing that configuring the minter first with the ‘configureMinter’ function is the correct next step. Prior to calling ‘configureMinter’ I am sending some wei to the ‘minter address’::Listen

I have a USDC smart contract deployed and initialized on a local geth node. I want to mint some tokens with the ‘mint’ function but I am guessing that configuring the minter first with the ‘configureMinter’ function is the correct next step. Prior to calling ‘configureMinter’ I am sending some wei to the ‘minter address’ for the contract. When I call ‘configureMinter’ the response I get is ‘gas required exceeds allowance`.

Here’s the function form the contract I’m using :

/**      * @dev Function to add/update a new minter      * @param minter The address of the minter      * @param minterAllowedAmount The minting amount allowed for the minter      * @return True if the operation was successful.     */     function configureMinter(address minter, uint256 minterAllowedAmount) whenNotPaused onlyMasterMinter public returns (bool) {         minters[minter] = true;         minterAllowed[minter] = minterAllowedAmount;         emit MinterConfigured(minter, minterAllowedAmount);         return true;     } 

My guess is that there is a cost to call configureMinter as it involves a change of state in the blockchain. Therefore someone has to pay for that. Probably from one of the addresses associated with the contract. Internally there are 4 addresses associated with this contract: masterMinter / owner / blacklister / pauser. The contract also has an address itself. I’ve tried sending wei to the masterMinter and owner addresses but the configureMinter call still fails.

Not sure what I’ve got wrong. Should wei be sent to a different address prior to the ‘configureMinter’ call?

Here is the whole contract.

/**  *Submitted for verification at Etherscan.io on 2018-08-03 */  pragma solidity ^0.4.24;  // File: contracts/Ownable.sol  /** * Copyright CENTRE SECZ 2018 * * Permission is hereby granted, free of charge, to any person obtaining a copy * of this software and associated documentation files (the "Software"), to deal * in the Software without restriction, including without limitation the rights * to use, copy, modify, merge, publish, distribute, sublicense, and/or sell * copies of the Software, and to permit persons to whom the Software is furnished to * do so, subject to the following conditions: * * The above copyright notice and this permission notice shall be included in all * copies or substantial portions of the Software. * * THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR * IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, * FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE * AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, * WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN * CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE. */  pragma solidity ^0.4.24;  /**  * @title Ownable  * @dev The Ownable contract from https://github.com/zeppelinos/labs/blob/master/upgradeability_ownership/contracts/ownership/Ownable.sol  * branch: master commit: 3887ab77b8adafba4a26ace002f3a684c1a3388b modified to:  * 1) Add emit prefix to OwnershipTransferred event (7/13/18)  * 2) Replace constructor with constructor syntax (7/13/18)  * 3) consolidate OwnableStorage into this contract  */ contract Ownable {      // Owner of the contract     address private _owner;      /**     * @dev Event to show ownership has been transferred     * @param previousOwner representing the address of the previous owner     * @param newOwner representing the address of the new owner     */     event OwnershipTransferred(address previousOwner, address newOwner);      /**     * @dev The constructor sets the original owner of the contract to the sender account.     */     constructor() public {         setOwner(msg.sender);     }      /**    * @dev Tells the address of the owner    * @return the address of the owner    */     function owner() public view returns (address) {         return _owner;     }      /**      * @dev Sets a new owner address      */     function setOwner(address newOwner) internal {         _owner = newOwner;     }      /**     * @dev Throws if called by any account other than the owner.     */     modifier onlyOwner() {         require(msg.sender == owner());         _;     }      /**      * @dev Allows the current owner to transfer control of the contract to a newOwner.      * @param newOwner The address to transfer ownership to.      */     function transferOwnership(address newOwner) public onlyOwner {         require(newOwner != address(0));         emit OwnershipTransferred(owner(), newOwner);         setOwner(newOwner);     } }  // File: contracts/Blacklistable.sol  /** * Copyright CENTRE SECZ 2018 * * Permission is hereby granted, free of charge, to any person obtaining a copy * of this software and associated documentation files (the "Software"), to deal * in the Software without restriction, including without limitation the rights * to use, copy, modify, merge, publish, distribute, sublicense, and/or sell * copies of the Software, and to permit persons to whom the Software is furnished to * do so, subject to the following conditions: * * The above copyright notice and this permission notice shall be included in all * copies or substantial portions of the Software. * * THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR * IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, * FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE * AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, * WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN * CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE. */  pragma solidity ^0.4.24;   /**  * @title Blacklistable Token  * @dev Allows accounts to be blacklisted by a "blacklister" role */ contract Blacklistable is Ownable {      address public blacklister;     mapping(address => bool) internal blacklisted;      event Blacklisted(address indexed _account);     event UnBlacklisted(address indexed _account);     event BlacklisterChanged(address indexed newBlacklister);      /**      * @dev Throws if called by any account other than the blacklister     */     modifier onlyBlacklister() {         require(msg.sender == blacklister);         _;     }      /**      * @dev Throws if argument account is blacklisted      * @param _account The address to check     */     modifier notBlacklisted(address _account) {         require(blacklisted[_account] == false);         _;     }      /**      * @dev Checks if account is blacklisted      * @param _account The address to check     */     function isBlacklisted(address _account) public view returns (bool) {         return blacklisted[_account];     }      /**      * @dev Adds account to blacklist      * @param _account The address to blacklist     */     function blacklist(address _account) public onlyBlacklister {         blacklisted[_account] = true;         emit Blacklisted(_account);     }      /**      * @dev Removes account from blacklist      * @param _account The address to remove from the blacklist     */     function unBlacklist(address _account) public onlyBlacklister {         blacklisted[_account] = false;         emit UnBlacklisted(_account);     }      function updateBlacklister(address _newBlacklister) public onlyOwner {         require(_newBlacklister != address(0));         blacklister = _newBlacklister;         emit BlacklisterChanged(blacklister);     } }  // File: contracts/Pausable.sol  /** * Copyright CENTRE SECZ 2018 * * Permission is hereby granted, free of charge, to any person obtaining a copy * of this software and associated documentation files (the "Software"), to deal * in the Software without restriction, including without limitation the rights * to use, copy, modify, merge, publish, distribute, sublicense, and/or sell * copies of the Software, and to permit persons to whom the Software is furnished to * do so, subject to the following conditions: * * The above copyright notice and this permission notice shall be included in all * copies or substantial portions of the Software. * * THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR * IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, * FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE * AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, * WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN * CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE. */  pragma solidity ^0.4.24;   /**  * @title Pausable  * @dev Base contract which allows children to implement an emergency stop mechanism.  * Based on openzeppelin tag v1.10.0 commit: feb665136c0dae9912e08397c1a21c4af3651ef3  * Modifications:  * 1) Added pauser role, switched pause/unpause to be onlyPauser (6/14/2018)  * 2) Removed whenNotPause/whenPaused from pause/unpause (6/14/2018)  * 3) Removed whenPaused (6/14/2018)  * 4) Switches ownable library to use zeppelinos (7/12/18)  * 5) Remove constructor (7/13/18)  */ contract Pausable is Ownable {     event Pause();     event Unpause();     event PauserChanged(address indexed newAddress);       address public pauser;     bool public paused = false;      /**      * @dev Modifier to make a function callable only when the contract is not paused.      */     modifier whenNotPaused() {         require(!paused);         _;     }      /**      * @dev throws if called by any account other than the pauser      */     modifier onlyPauser() {         require(msg.sender == pauser);         _;     }      /**      * @dev called by the owner to pause, triggers stopped state      */     function pause() onlyPauser public {         paused = true;         emit Pause();     }      /**      * @dev called by the owner to unpause, returns to normal state      */     function unpause() onlyPauser public {         paused = false;         emit Unpause();     }      /**      * @dev update the pauser role      */     function updatePauser(address _newPauser) onlyOwner public {         require(_newPauser != address(0));         pauser = _newPauser;         emit PauserChanged(pauser);     }  }  // File: openzeppelin-solidity/contracts/math/SafeMath.sol  /**  * @title SafeMath  * @dev Math operations with safety checks that throw on error  */ library SafeMath {      /**     * @dev Multiplies two numbers, throws on overflow.     */     function mul(uint256 a, uint256 b) internal pure returns (uint256 c) {         // Gas optimization: this is cheaper than asserting 'a' not being zero, but the         // benefit is lost if 'b' is also tested.         // See: https://github.com/OpenZeppelin/openzeppelin-solidity/pull/522         if (a == 0) {             return 0;         }          c = a * b;         assert(c / a == b);         return c;     }      /**     * @dev Integer division of two numbers, truncating the quotient.     */     function div(uint256 a, uint256 b) internal pure returns (uint256) {         // assert(b > 0); // Solidity automatically throws when dividing by 0         // uint256 c = a / b;         // assert(a == b * c + a % b); // There is no case in which this doesn't hold         return a / b;     }      /**     * @dev Subtracts two numbers, throws on overflow (i.e. if subtrahend is greater than minuend).     */     function sub(uint256 a, uint256 b) internal pure returns (uint256) {         assert(b <= a);         return a - b;     }      /**     * @dev Adds two numbers, throws on overflow.     */     function add(uint256 a, uint256 b) internal pure returns (uint256 c) {         c = a + b;         assert(c >= a);         return c;     } }  // File: openzeppelin-solidity/contracts/token/ERC20/ERC20Basic.sol  /**  * @title ERC20Basic  * @dev Simpler version of ERC20 interface  * See https://github.com/ethereum/EIPs/issues/179  */ contract ERC20Basic {     function totalSupply() public view returns (uint256);     function balanceOf(address who) public view returns (uint256);     function transfer(address to, uint256 value) public returns (bool);     event Transfer(address indexed from, address indexed to, uint256 value); }  // File: openzeppelin-solidity/contracts/token/ERC20/ERC20.sol  /**  * @title ERC20 interface  * @dev see https://github.com/ethereum/EIPs/issues/20  */ contract ERC20 is ERC20Basic {     function allowance(address owner, address spender)     public view returns (uint256);      function transferFrom(address from, address to, uint256 value)     public returns (bool);      function approve(address spender, uint256 value) public returns (bool);     event Approval(         address indexed owner,         address indexed spender,         uint256 value     ); }  // File: contracts/FiatTokenV1.sol  /** * Copyright CENTRE SECZ 2018 * * Permission is hereby granted, free of charge, to any person obtaining a copy * of this software and associated documentation files (the "Software"), to deal * in the Software without restriction, including without limitation the rights * to use, copy, modify, merge, publish, distribute, sublicense, and/or sell * copies of the Software, and to permit persons to whom the Software is furnished to * do so, subject to the following conditions: * * The above copyright notice and this permission notice shall be included in all * copies or substantial portions of the Software. * * THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR * IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, * FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE * AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, * WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN * CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE. */  pragma solidity ^0.4.24;       /**  * @title FiatToken  * @dev ERC20 Token backed by fiat reserves  */ contract FiatTokenV1 is Ownable, ERC20, Pausable, Blacklistable {     using SafeMath for uint256;      string public name;     string public symbol;     uint8 public decimals;     string public currency;     address public masterMinter;     bool internal initialized;      mapping(address => uint256) internal balances;     mapping(address => mapping(address => uint256)) internal allowed;     uint256 internal totalSupply_ = 0;     mapping(address => bool) internal minters;     mapping(address => uint256) internal minterAllowed;      event Mint(address indexed minter, address indexed to, uint256 amount);     event Burn(address indexed burner, uint256 amount);     event MinterConfigured(address indexed minter, uint256 minterAllowedAmount);     event MinterRemoved(address indexed oldMinter);     event MasterMinterChanged(address indexed newMasterMinter);      function initialize(         string _name,         string _symbol,         string _currency,         uint8 _decimals,         address _masterMinter,         address _pauser,         address _blacklister,         address _owner     ) public {         require(!initialized);         require(_masterMinter != address(0));         require(_pauser != address(0));         require(_blacklister != address(0));         require(_owner != address(0));          name = _name;         symbol = _symbol;         currency = _currency;         decimals = _decimals;         masterMinter = _masterMinter;         pauser = _pauser;         blacklister = _blacklister;         setOwner(_owner);         initialized = true;     }      /**      * @dev Throws if called by any account other than a minter     */     modifier onlyMinters() {         require(minters[msg.sender] == true);         _;     }      /**      * @dev Function to mint tokens      * @param _to The address that will receive the minted tokens.      * @param _amount The amount of tokens to mint. Must be less than or equal to the minterAllowance of the caller.      * @return A boolean that indicates if the operation was successful.     */     function mint(address _to, uint256 _amount) whenNotPaused onlyMinters notBlacklisted(msg.sender) notBlacklisted(_to) public returns (bool) {         require(_to != address(0));         require(_amount > 0);          uint256 mintingAllowedAmount = minterAllowed[msg.sender];         require(_amount <= mintingAllowedAmount);          totalSupply_ = totalSupply_.add(_amount);         balances[_to] = balances[_to].add(_amount);         minterAllowed[msg.sender] = mintingAllowedAmount.sub(_amount);         emit Mint(msg.sender, _to, _amount);         emit Transfer(0x0, _to, _amount);         return true;     }      /**      * @dev Throws if called by any account other than the masterMinter     */     modifier onlyMasterMinter() {         require(msg.sender == masterMinter);         _;     }      /**      * @dev Get minter allowance for an account      * @param minter The address of the minter     */     function minterAllowance(address minter) public view returns (uint256) {         return minterAllowed[minter];     }      /**      * @dev Checks if account is a minter      * @param account The address to check     */     function isMinter(address account) public view returns (bool) {         return minters[account];     }      /**      * @dev Get allowed amount for an account      * @param owner address The account owner      * @param spender address The account spender     */     function allowance(address owner, address spender) public view returns (uint256) {         return allowed[owner][spender];     }      /**      * @dev Get totalSupply of token     */     function totalSupply() public view returns (uint256) {         return totalSupply_;     }      /**      * @dev Get token balance of an account      * @param account address The account     */     function balanceOf(address account) public view returns (uint256) {         return balances[account];     }      /**      * @dev Adds blacklisted check to approve      * @return True if the operation was successful.     */     function approve(address _spender, uint256 _value) whenNotPaused notBlacklisted(msg.sender) notBlacklisted(_spender) public returns (bool) {         allowed[msg.sender][_spender] = _value;         emit Approval(msg.sender, _spender, _value);         return true;     }      /**      * @dev Transfer tokens from one address to another.      * @param _from address The address which you want to send tokens from      * @param _to address The address which you want to transfer to      * @param _value uint256 the amount of tokens to be transferred      * @return bool success     */     function transferFrom(address _from, address _to, uint256 _value) whenNotPaused notBlacklisted(_to) notBlacklisted(msg.sender) notBlacklisted(_from) public returns (bool) {         require(_to != address(0));         require(_value <= balances[_from]);         require(_value <= allowed[_from][msg.sender]);          balances[_from] = balances[_from].sub(_value);         balances[_to] = balances[_to].add(_value);         allowed[_from][msg.sender] = allowed[_from][msg.sender].sub(_value);         emit Transfer(_from, _to, _value);         return true;     }      /**      * @dev transfer token for a specified address      * @param _to The address to transfer to.      * @param _value The amount to be transferred.      * @return bool success     */     function transfer(address _to, uint256 _value) whenNotPaused notBlacklisted(msg.sender) notBlacklisted(_to) public returns (bool) {         require(_to != address(0));         require(_value <= balances[msg.sender]);          balances[msg.sender] = balances[msg.sender].sub(_value);         balances[_to] = balances[_to].add(_value);         emit Transfer(msg.sender, _to, _value);         return true;     }      /**      * @dev Function to add/update a new minter      * @param minter The address of the minter      * @param minterAllowedAmount The minting amount allowed for the minter      * @return True if the operation was successful.     */     function configureMinter(address minter, uint256 minterAllowedAmount) whenNotPaused onlyMasterMinter public returns (bool) {         minters[minter] = true;         minterAllowed[minter] = minterAllowedAmount;         emit MinterConfigured(minter, minterAllowedAmount);         return true;     }      /**      * @dev Function to remove a minter      * @param minter The address of the minter to remove      * @return True if the operation was successful.     */     function removeMinter(address minter) onlyMasterMinter public returns (bool) {         minters[minter] = false;         minterAllowed[minter] = 0;         emit MinterRemoved(minter);         return true;     }      /**      * @dev allows a minter to burn some of its own tokens      * Validates that caller is a minter and that sender is not blacklisted      * amount is less than or equal to the minter's account balance      * @param _amount uint256 the amount of tokens to be burned     */     function burn(uint256 _amount) whenNotPaused onlyMinters notBlacklisted(msg.sender) public {         uint256 balance = balances[msg.sender];         require(_amount > 0);         require(balance >= _amount);          totalSupply_ = totalSupply_.sub(_amount);         balances[msg.sender] = balance.sub(_amount);         emit Burn(msg.sender, _amount);         emit Transfer(msg.sender, address(0), _amount);     }      function updateMasterMinter(address _newMasterMinter) onlyOwner public {         require(_newMasterMinter != address(0));         masterMinter = _newMasterMinter;         emit MasterMinterChanged(masterMinter);     } } 

Here are the steps I am taking:

  1. send wei to the deployer address
  2. deploy the contract
  3. initialize the contract
  4. send wei to the master minter address ** all good to here **
  5. call configureMinter with the master minter address and a the number of tokens for the allowance (1000000000) ** this fails with ‘gas required exceeds allowance’ — who’s allowance?
  6. At this point I’m hoping I can mint some USD Coin.Again I’m not sure who pays for the transaction here.

I am confused about the steps that come after deployment and initialization but before minting. I am frequently met with the response ‘gas required exceeds allowance’ but I don’t know which address did not have sufficient wei to pay for the transaction.

What has been standing in the way of a pure-Bitcoin ETF?

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