Protocol economics
Market Lifecycle
DCO → Instrument → Listing → Disclosure → Order / RFQ / Auction → Price Discovery → Trade → Clearing → Settlement → Entitlement → Usage → Derived Output → Economic Consequence
DCO
A Digital Commodity Object can carry identity, origin, controller, provenance, rights, restrictions, licences, evidence, usage/derivative lineage and explicit economic participation.
Trading principle
ENTITY is designed to trade or license rights concerning data rather than pretending a copied byte sequence becomes scarce like a physical certificate.
Integrity
A valid market transition requires the actor's authority and the applicable right. Clearing/settlement should prevent duplicate execution/settlement and preserve the lineage of what right moved and under what terms.
Usage and derivatives
Post-trade usage can generate downstream evidence. A derivative may create a new object/relationship and, when explicit terms require it, an economic consequence for a contributor/originator.