Multilateral OTC-derivatives compression on Canton where no party — not even the operator— ever sees another participant's book.
Counterparties tear up offsetting bilateral trades and atomically redistribute counterparty exposure. The operator coordinates the cycle without ever seeing any participant's positions, sensitivities, or trade terms.
| Can see… | Participant A | Participant B | Operator | Regulator (A) |
|---|---|---|---|---|
| A's economic terms | yes | no | no | scoped |
| B's economic terms | no | yes | no | no |
| Cycle topology and validity | own legs | own legs | scoped | no |
What "operator-blind" means — precisely
The operator never sees a participant's cleartext economic terms — positions, sensitivities, notionals, or trade details. Two mechanisms enforce this together: the operator is never a signatory or observer on a position-bearing contract, and every economic field is written on-ledger only as authenticated-encryption ciphertext, with the operator holding no decryption key.
What this is not. The operator does see cycle topology — which participant pairs receive replacement legs. Hiding that as well requires multi-party computation and is on the roadmap, not in this build. This is not zero-knowledge, not fully homomorphic encryption, and not MPC. It does not make replacement trades legally enforceable, and it never takes custody of any asset.