The ENTITY Market Fabric
ENTITY is not merely an identity or sovereignty wrapper. Its exchange layer is an implemented rights-based market engine that connects governed objects and authority to venues, instruments, positions, execution, clearing, entitlements, usage, revenue logic and independently evidenced settlement.
End-to-end lifecycle
Implemented market state
Venues
Signed venue records bind operator, jurisdiction, policy and supported execution models. The implementation supports ORDER_BOOK, CALL_AUCTION and RFQ.
Rights-based instruments
Instrument classes include SPOT_LICENSE, SUBSCRIPTION, COMPUTE_TO_DATA, PROCUREMENT, CONTRIBUTION and SECONDARY_LICENSE. The traded scarcity is the bounded right or entitlement, not the bytes themselves.
Balances & positions
Rights-unit balances are maintained per instrument and holder. Economic participation can bind treasury reserve allocations directly to exchange balances while preserving issuer/controller checks.
Listings & disclosures
Listings bind venue, instrument, lot and tick constraints to disclosure evidence. Disclosures carry content hashes without requiring protected source data to be published inside the market record.
Orders & order books
Signed BUY/SELL orders include quantity, remaining quantity, limit price, time-in-force, nonces and receipt time. Cancellation records are separate signed/replay-resistant events.
RFQs, quotes & acceptance
Request-for-quote flows preserve requester, provider, quantity, price, expiry, signatures, nonces and explicit acceptance instead of treating negotiation as an unaudited side channel.
Trades & price discovery
Executed trades bind buyer, seller, instrument, quantity, price and execution model. Execution is distinct from external payment verification.
Clearing & settlement evidence
Clearing state records payer, payee, amount, currency and payment reference. Authorized settlement verifiers can issue payment attestations containing evidence hashes; an attestation remains evidence, not absolute truth.
Entitlements & usage
Trades can result in signed rights entitlements. Usage records bind holder, action and units so exercise of a right can participate in later lineage, revenue or derivative consequence.
Surveillance
Venue/instrument/participant surveillance alerts are first-class market state rather than external operational notes.
Revenue rules
Revenue rules, versioned rule sets and trade-to-rule bindings preserve explicit allocation logic. Allocation cannot silently exceed 10,000 basis points.
Economic participation
Treasuries, reserves, primary participation, secondary royalties, derivative participation, service revenue, obligations and verified settlement evidence are layered onto the exchange without a protocol token or automatic protocol tax.
The five primitives underneath the market
| Primitive | Market role |
|---|---|
ENTITY | Persistent actor/object/instrument identities and controllers. |
AUTHORITY | Who may issue, act, purchase, license, settle, publish or operate. |
RIGHT | What a holder may inspect, read, derive, train, execute, commercialize, control or transfer. |
EVENT | Orders, trades, usage, provenance, attestations and other governed transitions. |
VALUE | Potential, offered, contracted, accrued, settled and realized economic consequence. |
What the market does not infer
- A listing does not create rights the issuer never possessed.
- A trade record does not prove external money moved.
- A payment attestation is evidence from an authorized verifier, not objective truth.
- Provenance does not manufacture ownership, royalties or legal title.
- Custody or venue operation does not become sovereign authority.
- An asserted value is not automatically market value or accounting fair value.