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1. The minter chooses an agent from the publicly available [agent list](/fassets/overview#agents).
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The choice is based on the minting fee or the amount of free collateral, which must be enough to back the amount to be minted.
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2. The minter sends to the Asset Manager contract a collateral reservation transaction (CRT). The CRT includes:
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### 1. Reserving Collateral
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The minter chooses an agent from the publicly available [agent list](/fassets/overview#agents).
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The choice is based on the minting fee or the amount of free collateral, which must be enough to back the amount to be minted.
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- The address of the chosen agent.
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- The amount to mint, which must be a whole number of [lots](/fassets/minting#lots).
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- The [collateral reservation fee (CRF)](#fees) to compensate for the locked collateral.
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- The executor's address, if the minter is not the executor.
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- The executor's fee, if the minter is not the executor.
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The minter sends to the Asset Manager contract a collateral reservation transaction (CRT). The CRT includes:
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3. The Asset Manager contract locks the agent's collateral in the amount needed to back the whole minting until the underlying payment is proved or disproved.
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The collateral reservation response is an event issued by the contract, which includes:
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- The address of the chosen agent.
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- The amount to mint, which must be a whole number of [lots](/fassets/minting#lots).
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- The [collateral reservation fee (CRF)](#fees) to compensate for the locked collateral.
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- The executor's address, if the minter is not the executor.
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- The executor's fee, if the minter is not the executor.
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- The agent's address to which the minter must send funds on the underlying chain.
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- The amount to be paid on the underlying chain, which corresponds to the amount to be minted plus the agent's fee.
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- The payment reference, which is a unique 32-byte number the minter must include as a memo in the payment on the underlying chain.
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- The last underlying block and the last underlying timestamp to pay.
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Valid payments occur either before the last block or before the last timestamp, both inclusive.
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- The executor's address, if the minter is not the executor.
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- The executor's fee, if the minter is not the executor.
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The Asset Manager contract locks the agent's collateral in the amount needed to back the whole minting until the underlying payment is proved or disproved.
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The collateral reservation response is an event issued by the contract, which includes:
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- The agent's address to which the minter must send funds on the underlying chain.
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- The amount to be paid on the underlying chain, which corresponds to the amount to be minted plus the agent's fee.
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- The payment reference, which is a unique 32-byte number the minter must include as a memo in the payment on the underlying chain.
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- The last underlying block and the last underlying timestamp to pay.
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Valid payments occur either before the last block or before the last timestamp, both inclusive.
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- The executor's address, if the minter is not the executor.
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- The executor's fee, if the minter is not the executor.
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The time to pay is measured both in the underlying chain's block numbers and block times because the underlying chain might halt for a long time.
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In this situation, the block numbers do not increment but the block timestamps do.
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4. After this event is emitted, the minter must pay the full underlying amount plus the fee to the agent on the underlying chain in a certain amount of time.
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5. Using the Data Connector, the minter or executor proves the payment on Flare.
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6. After the payment is proved, the minter or executor executes the minting process, which sends FAssets to the minter's account.
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### 2. Underlying Payment
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After this event is emitted, the minter must pay the full underlying amount plus the fee to the agent on the underlying chain in a certain amount of time.
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### 3. Payment Proof
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Using the [Flare Data Connector](/fdc/overview), the minter or executor proves the payment on Flare network.
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### 4. Minting Execution
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After the payment is proved, the minter or executor executes the minting process, which sends FAssets to the minter's account.
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When minting is executed, the [minting fee](#fees) is split between the agent and the pool:
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@@ -49,7 +71,7 @@ When minting is executed, the [minting fee](#fees) is split between the agent an
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After minting is complete, the Asset Manager creates a [redemption ticket](#redemption-tickets-and-the-redemption-queue), which includes the mint amount and the name of the agent backing the minting.
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###Executor Role
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## Executor Role
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The execution of the minting process can be performed by an **executor**, an external actor such as a bot or service that monitors pending minting requests.
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Executors are incentivized to act quickly and correctly, but they hold no special permissions.
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