Proof

Structure is public. Identities are private.

The system is in full view at the level of its mechanics, and closed at the level of the individual.

Public

The custody stack, the loss order, and the settlement path are public.

They are described on this surface and in the documentation, in full and without qualification.

Anyone can read how a position is held, how loss is absorbed, and how a cycle is verified and paid.

On-chain

A periodic Merkle root of the ledger is anchored on-chain, and proof-of-reserve sits beneath it.

The published state can be checked against the anchor without trust in any party — the chain carries the proof, not the positions.

What the proof does and does not cover

The on-chain anchor proves that the published ledger state is internally consistent and unaltered behind the root. Proof-of-reserve shows that the buffer holds what it claims to hold at the point it is attested.

What the chain cannot prove on its own is the off-chain revenue that backs the state. That is established by verification — revenue is verified each cycle before it is paid (see Lifecycle) — and, for qualified diligence, by the gated record below. The chain proves the ledger is honest about itself; the verification proves the ledger is honest about the world.

Gated

Binding contracts, legal opinions, and performance verification are released to qualified diligence under NDA.

What is gated is the operating detail behind the structure, not the structure itself; the mechanics on this surface are complete without it.

Private

Privacy is for the people, not the system.

The identities behind the revenue are protected; the structure that holds it is not.

The two do not trade against each other — the system stays in full view precisely so the individual does not have to be.