03
The thesis
Ownership needs
a machine-readable definition.
§ 1
Price is not a complete description.
A token’s market price describes demand. It does not establish who can redeem, when transfers are permitted, or which uses are enforceable.
§ 2
Unknown is a meaningful answer.
An eligibility engine should distinguish an explicit permission from an assumption. Missing source terms should trigger review, not a silent approval.
§ 3
Better rights data improves capital decisions.
Collateral managers can price restrictions, evaluate wrappers consistently and explain why the same $100,000 of exposure receives different treatment.