For securities card, based on the block of chain management is the most difficult to understand, in part, based on block chain governance only in our own securities through the special block chain in the world makes sense, and not rely on general block chain like the etheric fang), they must implement different chain governance decisions:
1, add and delete validation/regulatory node
2, the split decision
3, the agreement of modification and roadmap to vote
4, add and delete stock certificate (custody account, settlement center infrastructure node... )
In current ecological systems, not many examples of block chain governance process, from the perspective of the block chain of market operation, Tezos and DFINITY governance model provides us with valuable experience, can be applied to the securities in the scope of the license,
Based on the agreement of governance
Debt, derivatives, swaps, decentralized transfer encryption in areas such as financial agreement will become more relevant in securities on the platform, you can imagine, the next generation of securities through the platform can be combined, such as the Dharma (debt), Airswap (decentralized transfer), dYdX (derivatives) and many other agreement, the agreements can carry out different levels of chain management, and these specific encryption security management is independent of its operation, for example, we can imagine a debt agreement, based on the performance of a specific asset automatically adjust the dividend payments of scrip holders, such a case, there are a few can be solved on the protocol hierarchy of chain governance decisions:
1, the implementation of specific information in the securities through the transfer of privacy
Vote for the agreement to modify 2,
3, involved the buyer and the seller's compliance rules (for example: the buyer and the seller all need to live in the same country)
4, across the block chain stock certificate transfer (if this happens)
Based on the pass card management
Based on the general certificate of governance is the most close to the current version of tong securities card platform chain governance model, compared with the agreement or block chain level, in the level of executive regulation and governance rules seem to be more easy, however, think that all regulatory and governance will be in the level of implementation of the idea of seems to be limited, however, can be enabled through the layers a large number of chain management plan:
1, the authentication
2, through the distribution and life cycle management
3, the financial policy
4, exchange integration
Based on the governance of exchange
Finally, securities exchange will also be responsible for some of the chain, obviously, based on the governance of exchange should be limited to a specific exchange itself related, but that doesn't mean they don't important,
There are several interesting chain governance model can be opening in exchange level:
1, add or remove encryption securities
2, auditing and disclosure
3, the mandatory rules
4, stop and monitor trading
The risk of securities through the chain governance model
Chain management seems to be a good idea, is also an integral part of securities through the development process, but the chain governance model will also have certain risk, programmable control for all kinds of interesting game in securities through the attack opened the door:
1, collusion attack: such attacks represent a set of validators together to manipulate the voting process scene
2, the vote curb attacks: such attacks rely on let verifier cannot vote in the encrypted transfers of securities, make the results more predictability and by aggressive
3, insider and price manipulation attacks: such attacks is dependent on the public and non-critical information encryption to manipulate specific securities prices
Securities through the governance model of the chain there are many other attacks, despite the risks, but the chain management will become an important part of the next generation of securities through the architecture, ignore the chain of securities through the programmable chain of governance and regulation is to ignore block encryption securities, one of the biggest benefits of