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chives got me on the same page with his idea of the black chain TA. which I think tad3 is...??? anyways, the way I understood it, is that if an issuer uses block transfer, nothing happens with the Cede count, initially. if someone DRSes, the Cede count drops, and if someone moves shares on chain and then in a cold wallet, it is similar to DRS. it can not be traded, until it is brought back into block transfer, then a P2P transfer can happen and all requisite PII is then documented by BT and the buyer can then migrate into an offline wallet.... |
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Thanks for this one, Bob! I brought it up last night around the 2hr 20min mark, but it was sadly dismissed and brought off topic fairly swiftly. You are right in that nothing happens with the Cede count initially. By extension, yeah, if someone DRSes, the Cede count drops. The shares actually move on-chain from the Cede wallet to the investor wallet. This is an interesting point of implementation, which has a lot of work built behind it in TAD3. I am happy to expand on the nuances here in a future live chat, and I will be outlining the regulatory implications thereof in TAR2. DRS can be what we want to call it, right? Once you're on-chain, it's in your name on the issuer ledger by means of the TA, and it can be in any wallet you want, be it cold, warm, etc. The systems are set up to handle multiple public keys per account, but my thought process on the standard implementation was just a "hot" local-keyed mobile wallet as the main key until hitting technical thresholds. But, generally, all that can be abstracted away and implemented with hardware tech on the front-end, which I've also thought about and experimented with quite a bit. As for trading, this is where things get exciting and quite directly related to the pioneering work on SDEX oversight, which ought to materialize in TAR2. The whole point is that there is no "block transfer" to "bring things back into" as you would expect with other custodial solutions. You can just list a buy offer, sell offer, or down the road even (native) liquidity pool with AMM functions.1 P2P transfers can happen all on-chain, yep! PII documented during the signup flow, right, so it's taken care of from day one. And there are some nice trading frontends right now for the DEX that let you purchase straight into an offline wallet, e.g. StellarTerm. Footnotes
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Apologies that things went off topic! Thanks much for the larger detail provided here. It's something I've touched on with Bob as well. I very much believe people would be extremely excited if they could parse this option. Maybe as a challenge to ourselves - what is the simplest possible way we could explain this? 20 words, 50 words, etc? 20: "TAD3 is a transfer agent protocol which tracks an issuer ledger while providing custodial control to investors using a blockchain." 50: "TAD3 is a transfer agent protocol which tracks an issuer ledger using blockchain while providing complete custodial control of associated private keys to registered investors, and would allow investors to choose between trading within the legacy system or using a decentralized exchange to prioritize P2P trading, settlement, and price discovery." |
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Resolved in the context of this one particular episode, but happy to bring up more questions later on! |
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In the very immediate future, I will answer general questions about TAD3 in (temporary) place of the (backlogged) Syndicate annual meeting stream. Good chance if you'd like to get some preliminary items documented and setup for that convo as a live Q&A. This one will be another X space, but it's by a creator not yet extremely well-known to everyone. 📈
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