Move governed rights through an economic lifecycle
ENTITY's economic layer does not monetize bytes by declaring them scarce. It models bounded rights and economic state around non-rival information and other governed objects.
1. Start from a real governed right
Before an instrument exists, establish the object controller, authority and underlying right. For a dataset, that might be READ+TRAIN for a purpose/jurisdiction, a COMPUTE_TO_DATA right, a subscription, procurement right or contribution-related economic interest.
2. Choose an instrument class
The exchange implementation includes SPOT_LICENSE, SUBSCRIPTION, COMPUTE_TO_DATA, PROCUREMENT, CONTRIBUTION and SECONDARY_LICENSE.
3. Put the instrument on a venue
Create/publish the instrument and listing, attach disclosure evidence and define venue controls such as lot/tick rules. Venue operation is infrastructure—it does not replace issuer/controller authority.
4. Execute price discovery
| Model | Use |
|---|---|
| ORDER_BOOK | Signed BUY/SELL orders, quantities, prices, time-in-force and cancellations. |
| CALL_AUCTION | Batch/call price discovery under explicit venue policy. |
| RFQ | Signed request, quotes, expiry and explicit quote acceptance. |
The adoption surface documents routes such as POST /instruments, /listings, /orders, /rfq, /auctions and /settlements. Treat these as the adoption API contract unless your deployment actually exposes them as hosted HTTP endpoints.
5. Separate execution from settlement
A valid trade can exist while external payment remains unverified. Settlement evidence must come through the configured settlement mechanism/authorized verifier. Do not set payment settled merely because a trade record exists.
6. Create the entitlement and govern usage
After the appropriate post-trade/settlement conditions, the holder can receive a bounded entitlement. Actual usage remains an event linked to the right/entitlement and can carry quantity, purpose, derivation and other evidence.
7. Apply explicit revenue rules
ENTITY supports revenue rules, rule sets, trade-revenue bindings, treasury/originator participation and obligations. Provenance can inform an allocation, but a royalty or participation right must be explicitly established—it is never retroactively manufactured from lineage alone.
8. Preserve surveillance and cancellation state
Market state includes surveillance, order cancellations, RFQs, quotes, acceptances and settlement-verifier authorizations. These are part of the recoverable economic history, not disposable UI metadata.