Read
From the chain, not from us
Positions are reconstructed from the contract’s own anchored history. Nothing in our database is used as an input.
Reconciliation
Two records. One answer.
A register kept in one database can be changed by whoever owns the database, and you would not know. So we keep a second record that we cannot reach.
Why a single database is not enough
Every cap-table product in the market is one database with permissions on it. The company that runs it can change any row and reprint the report, and the new report looks exactly like the old one. That is not an accusation about anybody in particular. It is a property of the design.
A register is supposed to be evidence. Evidence that can be edited without leaving a mark is not evidence.
J-0190
9f3c…a21e
J-0191
1b7d…44c0
J-0192
c50a…8e17
J-0193
72ef…d9b3
Bitcoin
block 913,204
The comparison
Position by position.
Where an issuer’s restricted shares are mirrored in a Bitcoin-anchored contract, we read the positions from the chain, line them up against the book, and compare quantities holder by holder.
When a line does not agree, we do not adjust the book to match the chain or the chain to match the book. The difference is opened, dated, sized, and carried on the open list until somebody with authority resolves it.
The book
Compare
The contract
C-00011,250,000
1,250,000
C-0002600,000
600,000
C-00033,400,000
3,400,000
C-00043,020,000
3,020,000
C-0005400,000
375,000
Record difference of 25,000 shares, opened 2 days ago, reportable at thirty days
C-0006245,000
245,000
The evidence
Twelve positions, rebuilt from the chain alone.
The reconciler runs today against a live SCL contract on Bitcoin mainnet. Given only the contract, it rebuilds all twelve positions from the anchored calls and compares them to our book. That is the test we would want run against us, so it is the one we run.
Compare
Quantity by quantity
Each on-chain position is matched to a registered holder and the quantities are compared exactly. No tolerance, no rounding.
Report
Aged, valued, disclosed
An unresolved difference is carried with its first-seen date and its value, and it appears on the issuer’s report while it is open.
Reconciliation applies to issuers whose securities are mirrored on-chain. Where they are not, the register is kept and audited the same way, without the chain comparison.
The four recordsHave the chain checked against your book.
Ask for a reconciliationBring the contract address