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Algorand Funding Protocol

The Immersve Flexi Algorand funding protocol allows client applications to fund Immersve cards via simple native Algorand Asset transfers. Depositors can withdraw funds at any time with signed withdrawal approvals. Deposits are scoped to a single Immersve partner application. Depositor funds can only be settled to Immersve's approved settlement address.

Smart Contract

The Flexi Algorand protocol has a Master contract and many partner Partner Channel and Card Fund contracts. Card Fund contracts hold deposits for a cardholder. Partner Channel contracts scope the Card Fund contracts to an Immersve partner application. Partner Channel and Card Fund contracts are managed by the Master Contract.


Deployed Contract Addresses

The Flexi Algorand protocol is designed to work on the Algorand networks. The deployed contract addresses are listed below.

Smart Contract Overview

The Master contract is the main entry point and is a factory for the Partner Channel and Card Fund contracts. Card Fund contracts are the target for depositor native asset transfers that are scoped to an integrated partner application. The Master contract is also used by Immersve for performing settlements and refunds.

The Partner Channel contract is used to identify the partner to which a Card Fund contract belongs. The Partner Channel is provisioned by the Immersve card issuing partner.

The Card Fund contract holds assets for funding a cardholders card. Deposits are made via native token transfers. The Card Fund is provisioned by the cardholder. A Card Fund contract is uniquely identified by the address of the owner (the cardholder's primary algorand address) and the address of the related partner contract.

Algorand smart contract component diagram.

Upon receiving a card payment request, a Card Fund contract will be debited by Immersve. The debited funds move to the Master Contract where they wait to be cleared for settlement.

Algorand funds flow diagram.

Protocol Mechanics


Depositors can send native asset transfers directly to the Card Funds address. The depositor needs to have an Immersve Funding Source registered for each asset supported by their Card Fund. The Funding Source is an off-chain representation of available balance that is connected with the Immersve cardholder account and used to authorize payments.

After an asset transfer transaction is observed by Immersve, the connected Funding Source will be credited with the deposited amount. When a Funding Source is created, any deposits made before the creation of the Funding Source associated with the depositing address will be credited immediately.

The Spending Pre-requisites API can be used to reliably obtain the Algorand transaction parameters for depositing into a Funding Source.

See Card Funding for more details.


Withdrawals are approved by the Immersve platform and executed by calling the cardFundExecuteApprovedWithdrawal() function on the Card Funds contract. The signed withdrawal approval, and all other parameters required for submitting the withdrawal transaction to the Algorand chain, are obtained by calling the Create Withdrawal Intent API endpoint. See Card Funding for more details.

Partner Setup

Creating a Partner Channel Instance

A Partner Channel instance needs to be created for an Immersve partner to start supporting funding on the Algorand network. It only needs to be created once for all depositors. The address of the created Partner Channel will need to be supplied when Creating a Funding Channel.

To create the partner Partner Channel instance, invoke the partnerChannelCreate() function on the Master contract. Find the Master contract address for your target chain from "Contract Addresses" above.

The address of the deployed Partner Channel instance can be discovered from the Algorand transaction logs. In a block explorer, find the PartnerChannelCreated event within the logs for the transaction that created the Partner Channel instance.

Use the created funds storage address as the contractAddress when calling the Create Funding Channel endpoint. A Funding Channel is required for each supported asset.

Creating a Card Funds Instance

A Card Fund instance needs to be created for each partner Cardholder account. To create the Card Fund instance, invoke the cardFundCreate() function on the Master contract. Use the created Card Fund address as the fundingAddress when calling the Create Funding Source endpoint.

The Algorand address that creates the Card Fund address is the owner. There can only be a single Card Fund contract instance per owner address per Partner Channel. Only the owner address can receive withdrawals from a Card Fund address.

The address of a deployed Card Fund instance can be discovered by calling getCardFundByPartner(). The address can also be found in the Algorand transaction event logs. In a block explorer, find the CardFundCreated event within the logs for the transaction that created the Card Fund instance.

Card Fund can support multiple Assets at the same time. They just need to be enabled via cardFundEnableAsset(). Only assets already supported by Immersve can be opted-in. For each opted-in asset, a separate Funding Source needs to be registered.


partnerChannelCreate(mbr, name)

Deploy a new Partner Channel contract.
mbr: PayTxn — The Minimum balance requirement Payment transaction used to store the partner state on the Master contract. The amount can be fetched from getPartnerChannelMbr(string).
name: string — The name of the deployed contract. This is used only for debugging purposes and must be globally unique. Using your app name, and "liveness" in the name are recommended, for example: "Acme Wallet USDC Live".

cardFundCreate(mbr, channel, asset)

Deploy a new Card Fund contract.
(Address) — The created Card Fund address.
mbr (PayTxn) — The payment transaction to supply the minimum balance requirement for creating the Card Fund address. The amount for the MBR transaction can be fetched from getCardFundMbr(AssetID).
channel (Address) — The Partner Channel address. Card Funds are always related to partners
asset (AssetID) — The asset id to initially opt-in. See Supported Tokens for available assets to opt-in.

cardFundEnableAsset(mbr, cardFund, asset)

Opt-in a Card Fund to an additional asset.
mbr: PayTxn — The payment transaction supplying the minimum balance requirement for the asset opt-in. The amount for the MBR transaction can be fetched from getCardFundAssetMbr().
cardFund: Address — The Card Fund address that is opting in to the asset.
asset: AssetID — The asset id to opt-in. See Supported Tokens for available assets to opt-in.

getCardFundByPartner(channel, owner)

Find an existing Card Fund address for a Partner Channel and owner combination.
channel: Address — The address of the Partner Channel contract.
owner: Address — The address of the Card Fund owner.

cardFundExecuteApprovedWithdrawal(cardFund, asset, amount, expiry, nonce, signature)

Execute a withdrawal initiated by calling the Create Withdrawal Intent API.
cardFund: Address — The address of the card being withdrawn from.
asset: AssetID — The id of the asset being withdrawn.
amount: uint64 — The amount of the withdrawal.
expiry: uint64 — The expiry of the withdrawal signature.
nonce: uint64 — The next withdrawal nonce.
signature: bytes64 — The withdrawal signature issued by Immersve.