How It Works

CrossSecurities
infrastructure

The complete platform: Wyoming DAO LLC structure, CrossSecurities on Solana with CrossConversion to bankable ISIN format, OTC broker network, smart contracts, and Melusina OS operating system. Everything needed to raise capital on your own terms.

Contents

1

Overview

The five layers that make it work

2

Legal Structure

Wyoming DAO LLC and Series isolation

3

Issuance

How new securities are created

4

Trading

OTC broker network and settlement

5

CrossConversion

Between on-chain and bankable forms

6

Fees

Complete fee structure breakdown

7

Smart Contracts

16 contracts enforcing the system

8

Melusina OS

The operating system layer

1. Platform Overview

Sails CrossSecurities are built on five layers. Each layer solves a specific problem; together they enable compliant, transparent, automated securities operations:

flowchart TB subgraph Layer1[Layer 1: Issuer] LLC[🏢 Issuer DAO Series LLC
Your legal entity] end subgraph Layer2[Layer 2: Trust & Intermediaries] TRUST[🔐 Operational Trust
Escrow & distributions] BROKERS[🏦 Licensed Brokers
Distribution & trading] end subgraph Layer3[Layer 3: Smart Contracts] RULES[⚙️ Automated Rules
Permissions & compliance] end subgraph Layer4[Layer 4: Infrastructure] SOL[⚡ Solana
Settlement & credentials] end subgraph Layer5[Layer 5: Bankable Form] CLEAR[📄 Clearstream
ISIN-identified holdings] end Layer1 --> Layer2 Layer2 --> Layer3 Layer3 --> Layer4 Layer1 -.->|CrossConversion| Layer5 style Layer1 fill:#805ad5,color:#fff,stroke:#6b46c1,stroke-width:2px style Layer2 fill:#d69e2e,color:#fff,stroke:#c05621,stroke-width:2px style Layer3 fill:#38a169,color:#fff,stroke:#276749,stroke-width:2px style Layer4 fill:#3182ce,color:#fff,stroke:#1e40af,stroke-width:2px style Layer5 fill:#ed8936,color:#fff,stroke:#c05621,stroke-width:2px

The Five Participants

Every transaction involves five types of participants, each with a specific role:

Player What They Do
Issuers (You) Companies that raise capital: you create your own DAO Series LLC as the legal entity that anchors issuance and control
Investors KYC'd Professional Investors who purchase securities through licensed brokers
Licensed Brokers Licensed firms that perform compliance checks, maintain client relationships, distribute offerings, and handle secondary trading
Operational Trust Licensed fiduciary that holds funds in escrow during issuance and distributes payments to investors after
Standards Layer Publishes protocol standards and reference software that enables interoperability
⚠️ Important: Only KYC'd Professional Investors may participate, subject to jurisdictional requirements. Offerings may set a minimum investment amount (a typical minimum is $150,000). Eligibility and investor classification depend on jurisdiction and verification standards. US investors are typically verified as accredited investors under Regulation D. Non-US investors typically participate under Regulation S.

This is a general framework and not legal advice; offering terms may vary.

2. Your Legal Structure

When you raise capital through Sails.to, you get a bundle of Series specific to your offering within a Wyoming DAO LLC (Decentralized Autonomous Organization). Wyoming's DAO framework legally recognizes corporate actions executed through smart contracts as valid. What would traditionally require a complex multi-section SPV structure and mountains of paperwork to execute becomes a smart-contract-governed entity. The Platform controls both the SPV administration and the issuance itself, both as on-chain smart contracts linked to the legal DAO entity.

The default option is:

Wyoming DAO LLC: New Series (Free)

Instant provision of isolated new series inside existing structure. Includes Reg S/Reg D compliance and fiat rails at no cost. This is the fastest and most cost-effective option for most issuers.

Optional Upgrades

  • Own Standalone Wyoming DAO LLC (at extra cost): ~1 day setup
  • ISIN + Clearstream (~$4k, does not require own entity): Traditional settlement rails
  • ISIN + Clearstream + ViennaMTF (~$3k additional, does not require own entity): Public listing on exchange

Your securities are issued within your Series. You control them. Securities can be settled:

  • P2P (peer-to-peer on Solana)
  • OTC network (optional, via licensed brokers)
  • Traditional fiat rails (optional, via Clearstream)

A DAO is a governance model where rules can be executed by smart contracts. The legal entity is the DAO Series LLC (or equivalent) that adopts this governance.

Series Structure

Each bundle of Series within the DAO LLC contains legally separate containers with their own assets and liabilities:

Self-Custody, Self-Control

Your securities live within Series you control. You are not handing assets to a platform or relying on a third party to custody your tokens. No third-party crypto custodian is required for the on-chain token: the issuer controls custody via the legal structure. The DAO LLC recognizes smart contract governance, so investor rights can be enforced automatically on-chain.

Issuers, trustees, paying agent banks, auditors, legal counsel, and administrators operate through a single coordinated platform.

flowchart TD DAO[🏢 Your Master DAO LLC
Wyoming] subgraph Series[Separate Series Within Your LLC] S1[💼 Operating
Cashflow & Pledges] S5[📊 Revenue
Income Collection] S6[🔒 Deposit
Security Deposit] S2[💰 Treasury
Token Reserves] S3[🔄 CrossConversion
On-Chain ↔ Bankable ISIN] S4[📄 Future Offerings] end DAO --> S1 DAO --> S5 DAO --> S6 DAO --> S2 DAO --> S3 DAO --> S4 S1 --> T1[🪙 Security Tokens] S5 --> WATER[Investor-First Waterfall] S2 --> TRUST[Trust Oversight] S3 --> ISIN[ISIN-Bearing Securities] style DAO fill:#805ad5,color:#fff style S1 fill:#9f7aea,color:#fff style S5 fill:#319795,color:#fff style S6 fill:#718096,color:#fff style S2 fill:#d69e2e,color:#fff style S3 fill:#38a169,color:#fff style S4 fill:#9f7aea,color:#fff style T1 fill:#38a169,color:#fff style WATER fill:#319795,color:#fff style TRUST fill:#d69e2e,color:#fff style ISIN fill:#3182ce,color:#fff
Series Purpose Who Controls
Operating Series Cashflow, pledges, and underlying assets for a specific offering Issuer operates, Trust authenticates
Revenue Series Collected income (royalties, interest, dividends). Investors paid first (waterfall priority), balance to other interest holders Issuer initiates, Trust authenticates
Deposit Series 3% security deposit reserved from proceeds. Backs orderly wind-down and trustee remedies Issuer + Trust (both access, trust authenticates use)
Treasury Series Token reserves, un-issued tokens, and unclaimed distributions (legal series, not an on-chain wallet) Trust oversight
CrossConversion Series On-chain token ↔ bankable ISIN-identified security conversion. Any token holder can request CrossConversion for 0.75% of nominal value. (see Section 5) Issuer requests, Trust authenticates

Optional Level-Ups for Bankable Form

ISIN + Clearstream Registration: An ISIN is a security identifier that enables CrossConversion to bankable form. When required, issuers can register an ISIN and enable settlement via Clearstream (at cost, approximately <$4k). The CrossConversion Series handles the 1:1 relationship between on-chain tokens and bankable holdings.

ViennaMTF Public Listing: If you require your CrossSecurities to be publicly listed on an exchange, ViennaMTF registration is available (at cost, approximately <$3k).

Sails.to supports the workflow and required data for these optional services; registration is completed through the appropriate traditional infrastructure partners.

3. How CrossSecurities Are Created

The Fundraising System

Every offering has three parameters and two pricing phases:

Term What It Means
Soft Cap The minimum amount that must be raised for the deal to happen
Hard Cap The maximum amount that can be raised
Duration Maximum time the offering stays open

Early Bird (Optional Discount)

From opening until the soft cap is reached, you can offer an optional discount to early investors. This incentivizes people to commit early and helps reach the soft cap faster.

Full Price

Once the soft cap is reached, the discount ends. Additional investments up to the hard cap are at full price until the offering ends.

stateDiagram-v2 [*] --> DueDiligence: You Apply DueDiligence --> EarlyBird: All docs signed, pledges secured EarlyBird --> ZeroCoupon: Duration Expires, Soft Cap Not Met EarlyBird --> FullPrice: Soft Cap Reached → Funds Released FullPrice --> DistContinues: More investors join (up to hard cap) FullPrice --> Closed: Hard Cap Met OR Duration Expires DistContinues --> Closed: Hard Cap Met OR Duration Expires Closed --> Matured: Project Complete ZeroCoupon --> [*]: Principal Returned (minus minimal fees) Matured --> [*]: Complete note right of DueDiligence: Agreement, KYC, pledges note right of EarlyBird: Optional discount available note right of FullPrice: Funds flowing to you note right of Closed: Secondary trading opens

When Does the Offering End?

The offering closes when either of these happens first:

  • Hard cap is met: maximum funding reached, offering closes immediately
  • Duration expires: the offering period you set passes, offering closes at current level

Once soft cap is reached, the project is live and funds flow to you. Additional investors can still join until the offering ends.

Token Minting: Created Upfront

When the offering launches, tokens equal to the hard cap are minted and held in issuer-controlled accounts. Tokens flow to investors through three distribution channels; funds flow to the Trust escrow (then to the issuer after soft cap).

flowchart TD MINT[🏭 Tokens Minted
Amount = Hard Cap] -->|held in| TREASURY[Issuer Treasury Account] TREASURY -->|direct to
referral investors| CH1[📋 Channel 1
Direct Sales] TREASURY -->|via licensed
brokers| CH2[🏦 Channel 2
Broker Network] TREASURY -->|crossed for
bankable rails| CH3[🌐 Channel 3
ISIN / Clearstream] CH1 -->|on-chain| INV1[Partners &
Co-investors] CH2 -->|on-chain| INV2[KYC'd Professional
Investors] CH3 -->|locked| WRAP[CrossConversion Series] WRAP -->|1:1 crossed| ISIN[Bankable ISIN Security
via Clearstream] ISIN -->|distributed by| BANK[Paying Agent Bank] BANK -->|Clearstream| INV3[Bankable-Preferred
Investors] style MINT fill:#2c5282,color:#fff style TREASURY fill:#3182ce,color:#fff style CH1 fill:#38a169,color:#fff style CH2 fill:#38a169,color:#fff style CH3 fill:#805ad5,color:#fff style INV1 fill:#48bb78,color:#fff style INV2 fill:#48bb78,color:#fff style INV3 fill:#9f7aea,color:#fff style WRAP fill:#b794f4,color:#fff style ISIN fill:#9f7aea,color:#fff style BANK fill:#9f7aea,color:#fff

The Three Distribution Channels

Channel Who Sells Who Buys Settlement
1. Direct Sales Issuer directly Existing network (partners, contacts) On-chain (Solana)
2. Broker Network Licensed brokers KYC'd Professional Investors On-chain (Solana)
3. ISIN / Clearstream Paying agent bank Bankable-preferred/institutional investors Clearstream (bankable rails)

How Channel 3 Works (CrossConversion)

Some investors only work with bankable securities infrastructure. Channel 3 is the TradFi bridge — via CrossConversion:

  1. You lock tokens in your CrossConversion Series
  2. Tokens are crossed 1:1 into bankable ISIN-identified securities
  3. Your paying agent bank distributes them via Clearstream

The same CrossSecurity, accessible through bankable rails, under your control.

Fees

Fees depend on how the investor is sourced, tracked via referral codes. Investors brought in by your own network cost less than those sourced through the broker network. See the Fee Structure section for full details.

The Three Stages of an Offering

Every security you issue goes through three stages:

flowchart TB STAGE1["Stage 1: Escrow
Investors buying in • Early Bird discount may apply • Funds held in Trust escrow"] STAGE2["Stage 2: Funding
Funds released to you • Full price, distribution continues • Still only you sell"] STAGE3["Stage 3: Live
Offering closed • Secondary trading open • Conversions open to KYC'd holders"] REFUND["Zero-Coupon Redemption"] STAGE1 -->|Soft cap reached| STAGE2 STAGE2 -->|Hard cap OR duration expires| STAGE3 STAGE1 -->|Soft cap NOT reached| REFUND style STAGE1 fill:#ebf8ff,stroke:#3182ce,stroke-width:2px style STAGE2 fill:#f0fff4,stroke:#38a169,stroke-width:2px style STAGE3 fill:#faf5ff,stroke:#805ad5,stroke-width:2px style REFUND fill:#fff5f5,stroke:#e53e3e,stroke-width:2px
Aspect Stage 1: Escrow Stage 2: Funding Stage 3: Live
When Until soft cap reached Soft cap → hard cap or timeout After offering closes
Funds Held in Trust escrow Released to you as received Distribution complete
Returns None: project not yet funded May begin per agreement Per agreement (coupons, profit share, etc.)
Primary Distribution Yes, via all 3 channels Continues via all 3 channels Closed: unsold tokens burned
Secondary Trading No: only you can sell No: only you can sell Open to all KYC'd Professional Investors
CrossConversions (On-Chain ↔ Bankable) You only You only Open to all KYC'd Professional Investors
Token Status Minted, in escrow distribution In live distribution Fully issued, tradeable

⚠️ What Happens If Soft Cap Is NOT Reached

If your offering fails to reach soft cap, the security becomes a zero-coupon bond that immediately redeems:

  • Each investor receives back their full invested capital (the actual amount they paid)
  • Discounts are respected: if they paid a discounted price, they get back what they paid, not face value
  • Fees are deferred during soft cap phase and only charged once soft cap is reached:
    • Brokerage fee (0.5%) — deferred, deducted from proceeds at soft cap
    • Distribution fees (1%/6%) — deferred, deducted from proceeds at soft cap
    • If soft cap fails, no platform fees are charged
    • Only Clearstream fees apply (if Channel 3 was used), charged at cost regardless
  • This enables a smooth full refund if soft cap fails

The security legally existed, was purchased, and is now being redeemed at par value of investment. This is not a cancellation. It is an early maturity with full principal return.

The Issuance Process Step-by-Step

Key Insight: Tokenizing an Existing Agreement

Unlike a typical fundraise where capital is collected first and then a deal is made, Sails.to works in reverse: all legal agreements and security pledges must be in place BEFORE tokens are minted. The tokens represent an already-signed agreement. This is why funds can be released as soon as soft cap is reached.

Note: "Project" here can be structured as a traditional loan, zero-coupon instrument, profit-sharing arrangement, or other security types.

Pre-Issuance: Due Diligence (1-2 days typical)

Before any tokens are created, you must complete comprehensive verification:

Requirement Details
Financial Statements 1-3 years of CPA-prepared or audited financial statements
KYC/AML & Biometric Identification on Principals All officers and beneficial owners verified (on-platform, self-hosted, integrated - no data leaks)
Letters of Comfort From your bank, accountant, and lawyer confirming standing
Certified Asset/Liability Info Pledges, outstanding loans, cashflow, assets, and liabilities disclosed
Business Plan Detailed plan for the project being funded
Use of Funds Clear breakdown of how raised capital will be deployed
Method of Reimbursement How investors will be repaid (coupon schedule, profit distribution, maturity redemption, etc.)
Legal Opinion Letter Lawyer confirms you can legally receive funds from your DAO LLC
Project Agreement Signed Full investment documents executed between you and your DAO LLC Series
Collateral/Pledges Secured All security interests perfected and pledges received by the Operating Series
✅ Only after ALL of the above is complete can tokens be minted. The token issuance represents a real, legally-binding project agreement that already exists.

Token Distribution (Stages 1-3)

Step What Happens Pricing Where Capital Goes
1. DAO LLC Established You create your Wyoming DAO Series LLC; agree to terms: caps, return structure, duration, and optional early-bird discount n/a n/a
2. Mint Tokens All tokens minted upfront (amount = hard cap), held in your treasury. Project is now tokenized. n/a n/a
3. Early Bird Opens Distribution begins across all three channels Discounted (if you enabled) Into Trust escrow
4a. Soft Cap Reached Minimum funding achieved: funds released to you, Full Price period begins Full price from now on Released to you
4b. Soft Cap NOT Reached Duration expires: security redeems at par (zero-coupon redemption) n/a Principal returned to investors in full (no platform fees charged; only Clearstream fees at cost, if Channel 3 was used)
5. Distribution Continues Additional investment up to hard cap OR duration expires Full price Released to you as received
6. Offering Closes Unsold tokens burned, final circulating supply set n/a n/a
7. Live Investors receive returns per agreement (coupons, profit distributions, etc.) n/a Returns flow from you to Trust to token holders
⚠️ Note on unsold tokens: Any tokens not sold by the time the offering closes are burned (permanently destroyed). The final circulating supply equals actual investment received, not the hard cap.

4. How Trading Works

The OTC Broker Network

Securities require controlled access. Trading happens through licensed brokers who verify eligibility. "OTC" stands for "Over-The-Counter." Trades happen through licensed brokers, not on a public order book. Each broker has their own investor clients, and brokers trade directly with each other when their clients want to buy or sell.

sequenceDiagram participant Seller as Seller (Investor) participant BrokerA as Seller's Broker participant BrokerB as Buyer's Broker participant Buyer as Buyer (Investor) Seller->>BrokerA: "I want to sell 2 tokens" BrokerA->>BrokerB: Posts availability / contacts broker Buyer->>BrokerB: "I want to buy 2 tokens" BrokerB->>BrokerA: "My client wants to buy" Note over BrokerA,BrokerB: Brokers negotiate
price and terms rect rgb(240, 255, 240) Note over BrokerA,BrokerB: ⚡ Atomic Settlement on Solana BrokerA->>BrokerB: Tokens transferred BrokerB->>BrokerA: Payment transferred end BrokerA->>Seller: Sale complete BrokerB->>Buyer: Tokens delivered Note over Seller,Buyer: 0.5% brokerage fee: ⅓ platform, ⅓ buy-side broker, ⅓ sell-side broker

Atomic Settlement

All parts of the trade happen in one atomic transaction on Solana:

  • Token transfer from seller's broker to buyer's broker
  • Payment transfer in the opposite direction
  • Fee distribution automatically

Either everything succeeds together, or nothing happens. No counterparty risk, no partial fills stuck in limbo.

Multi-Broker Fills

A single buy request can be filled by multiple sellers from different brokers. If someone wants to buy 10 tokens:

  • Broker A might have 4 available from their client
  • Broker B might have 4 from theirs
  • Broker C contributes the remaining 2

Brokers coordinate, and all partial fills settle atomically in one transaction.

Key Trading Rules

Rule Why It Exists
Investors trade through brokers, not directly with each other Brokers ensure both parties are eligible and compliant
All transfers check KYC credentials on-chain Tokens can only go to verified, eligible wallets
No secondary trading until your offering closes Ensures orderly primary distribution; only you sell during distribution period
Settlement is atomic on Solana No counterparty risk: either the whole trade happens or nothing does

5. CrossConversion: Between On-Chain & Bankable Forms

The same CrossSecurity can exist in two forms: an on-chain Solana token or a bankable ISIN-identified security held via Clearstream. The CrossConversion Series handles the conversion. Any Solana token holder can request CrossConversion for 0.75% of nominal value.

flowchart LR subgraph Solana ST["🪙 CrossSecurity
On-Chain Form"] end subgraph IssuerLLC["CrossConversion Series"] LOCK["🔒 Tokens locked
1:1 backing"] end subgraph Clearstream ISIN["📄 CrossSecurity
Bankable ISIN Form"] end ST -->|Cross to Bankable: Lock tokens| LOCK LOCK -->|Issue| ISIN ISIN -->|Cross to On-Chain: Redeem| LOCK LOCK -->|Release tokens| ST

Who Can CrossConvert

The CrossConversion Series is a Series within the DAO LLC. Any on-chain token holder can request CrossConversion for 0.75% of nominal value. During initial placement, the issuer typically handles CrossConversions to distribute via Channel 3. After the offering closes, any eligible holder may initiate CrossConversion in either direction.

When tokens are locked, bankable ISIN-identified securities are issued via Clearstream. When those securities are redeemed, tokens are released. Always 1:1.

No third-party crypto custodian required for the on-chain token. The issuer controls custody via its own legal structure.

Note: If CrossConversion fees occur during soft cap phase and soft cap is not reached, fees will be rebilled at actual cost + 20%.

The Single Source of Truth

The on-chain Solana token is the canonical (original) CrossSecurity. The bankable ISIN-identified security is a representation: essentially a receipt that says "the issuer's lockbox is holding X tokens backing this."

Critical rule: Bankable ISIN-identified securities outstanding can never exceed tokens locked in the lockbox. The system is always 1:1 backed.

The issuer sets the CrossConversion policy; when enabled, eligible holders may initiate CrossConversions.

Why Would Someone CrossConvert?

Scenario Direction Why
Fund manager with mandate restrictions On-Chain → Bankable Their rules require holding ISIN-identified securities
Crypto-native investor wants self-custody Bankable → On-Chain Wants to hold in their own wallet, not through a broker
Selling to a buyer who only uses bankable rails On-Chain → Bankable Buyer's bank can only settle via Clearstream

6. The Fee Structure

Fees are based on how the investor is sourced, not which channel they use:

Fee Type Amount When Charged Who Pays Split
Brokerage Fee 0.5% Secondary trades and post-soft-cap primary purchases
⚡ Waived during soft cap phase		 Buyer ⅓ Platform + ⅓ Buy-side Broker + ⅓ Sell-side Broker
Distribution Fee 6% OR 1% Deducted from soft cap amount when reached
⚡ Not charged until soft cap is reached		 Issuer (from proceeds) See details below
→ General Distribution Investors 6% Investors who find the offering organically—existing platform users, word-of-mouth, or general notoriety (not via issuer's referral code or broker placement) Issuer (from proceeds) Brokers + Sails.to
→ Referral Investors 1% Investors using issuer's referral code Issuer (from proceeds) Sails.to
During soft cap: 0% fees (brokerage waived, distribution deferred). After soft cap reached: 1.5% for referral investors (0.5% + 1%) OR 6.5% for general distribution (0.5% + 6%).
Trust & Administration Fee 1% annual Ongoing (annually on nominal value) Issuer Trust + Sails.to
Security Deposit 3% of issuance At issuance, reserved under trust Issuer (from proceeds) Reserved for fees, legal, and winding down
Clearstream Fees Variable Channel 3 transactions (even if soft cap fails) Investor Clearstream
CrossConversion Fee 0.75% When crossing On-Chain ↔ Bankable forms Requester Sails.to + Trust

Soft Cap Phase: Fee-Free Period

During the soft cap phase, no brokerage or distribution fees are charged. This enables smooth, full refunds if the offering fails:

  • 0.5% brokerage fee: waived during soft cap phase
  • Distribution fees (1%/6%): only deducted from soft cap amount when reached
  • Clearstream fees: if Channel 3 was used (charged at cost)

After soft cap is reached: a partner broker handles additional distribution at normal fee rates. This two-phase approach ensures investors risk nothing if soft cap fails.

7. All the Smart Contracts

The system runs on a suite of 16 smart contracts deployed on Solana. These contracts enforce all the rules automatically: permissions, trading restrictions, fee distribution, and more. Contracts are modular; deployments may vary by offering.

Category Contracts Key Functions
Governance & Permissions Standards Governance, License Registry, Broker License NFT, Issuer License NFT System standards, license management, access permissions
Identity & KYC Identity Registry, KYC Credential NFT Wallet linking, investor verification, eligibility checks
Issuance & Securities Series Factory, Subscription Escrow, Security Token Create Series, hold funds, manage tokens
Trading Quote/RFQ Registry, Trade Execution, Broker Pool Registry Post prices, execute trades, track liquidity
Finance & Corporate Actions Fee Splitter, CrossConversion Lockbox, Corporate Actions, Audit Log Distribute fees, handle CrossConversions, process payments

NFT Credential System (Key Differentiator)

Investor eligibility is verified via on-chain KYC Credential NFTs. These are non-transferable tokens that prove an investor has passed verification. The key innovation:

  • Multiple issuers accepted: KYC credentials can be issued by an independent authority, by the issuer directly, or by any licensed broker in the network
  • Portable verification: Once verified with one broker, the credential works across the entire platform - no repeat KYC for each new investment
  • On-chain enforcement: Smart contracts automatically check credentials before any transfer - no unauthorized trades possible
  • Privacy-preserving: The NFT proves eligibility without exposing underlying personal data on-chain

This decentralized credential model means investors aren't locked into a single provider - verification from any trusted authority in the network grants platform-wide access.

8. Melusina OS - The Operating System

Smart contracts handle the blockchain side, but running securities operations requires much more. That is where Melusina OS comes in: a purpose-built operating system integrated with Solana.

Melusina OS is built on infrastructure proven in regulated financial environments.

Melusina handles what smart contracts cannot:

  • Workflow orchestration and document management
  • Audit trails and compliance reporting
  • Payment operations and settlement coordination
  • Permissions management across participants
flowchart TD subgraph Melusina["Melusina OS"] APPS["📦 App Store
10+ regulated finance apps"] PEARLS["🔮 Pearls
Per-issuance containers"] DEPLOY["🏢 Multi-Tenant
Broker & Issuer deployments"] end APPS --> DEPLOY DEPLOY --> PEARLS
Component What It Provides
App Store Pre-built apps: KYC/AML & Biometric Identification (on-platform, self-hosted, no data leaks), Issuance Manager, OTC Dealer Desk, Document Vault, Reporting, and more
Pearls Isolated containers for each of your Series: all docs, investor data, payment schedules in one place
Multi-Tenant Deployments You get your own instance with complete data isolation
Broker Network Connected to licensed brokers for distribution and trading

📖 Full Melusina OS Documentation

For detailed documentation of the operating system, app store, pearl architecture, and security model:

→ View the complete Melusina OS documentation

Summary: How It All Fits Together

flowchart TB subgraph Layer1["Issuer Legal Structure"] LLC["🏢 Issuer DAO Series LLC
Operating · Treasury · CrossConversion"] end subgraph Layer2["Service Providers"] TRUST["🔐 Operational Trust
Escrow & Distributions"] BROKERS["🏦 Licensed Brokers
Distribution & Trading"] end subgraph Layer3["Infrastructure"] FOUND["🏛️ Standards Layer
Protocol Standards"] SOL["⚡ Solana
Settlement & Credentials"] end subgraph Layer4["Bankable Form"] CLEAR["📄 Clearstream
ISIN-Identified Settlement"] end LLC --> TRUST LLC --> BROKERS TRUST --> FOUND BROKERS --> FOUND FOUND --> SOL LLC --> CLEAR style LLC fill:#805ad5,color:#fff style TRUST fill:#d69e2e,color:#fff style BROKERS fill:#2c5282,color:#fff style FOUND fill:#1a365d,color:#fff style SOL fill:#38a169,color:#fff style CLEAR fill:#3182ce,color:#fff

The Big Picture

Sails CrossSecurities provide the infrastructure to raise capital on your own terms:

  • Issuer DAO LLC: Own your legal structure and control your CrossSecurities
  • CrossConversion option: Cross between on-chain and bankable ISIN form when required
  • Licensed brokers: Distribute to their investor networks
  • Trust oversight: Escrow and distributions handled by a licensed fiduciary
  • Solana settlement: Instant, atomic, transparent

The smart contracts enforce the rules automatically. The credentials ensure only eligible parties participate. The CrossConversion system enables CrossSecurities to flow between on-chain and bankable rails. All under issuer control.