The VeriNumus API, provided by Moore Hong Kong, empowers issuers of RWA-backed tokens, stablecoins, exchange-traded products, and other assets to enhance on-chain transparency by sharing real-world asset data. This includes critical information regarding fiat backing or precious metals held in custody. Typically, such asset data remains confidential or lacks transparency for token holders and interested parties. However, with the VeriNumus API, issuers can now make multi-chain token liabilities and custodial asset balances accessible to the Chainlink Network, enabling seamless integration with smart contracts on-chain.

The VeriNumus API operates as an automated service, collecting data from various blockchains and external sources such as banks and custodians. This data is then aggregated into a standardised and easily accessible summary format. Node Operators on the Chainlink Network can query this summary information, known as "Balance Data." It encompasses crucial details such as the number of tokens per blockchain, the count and value of real-world assets, the "Ripcord status" of the API, the timestamp of the last update, and any other pertinent information provided by the issuer.

The VeriNumus API works by aggregating real-time data from various sources depending on the nature of the issuer's business and the type of token they offer. These sources include blockchain nodes, financial institutions, banks, trust companies, exchanges, custodians, and pricing feeds. The API queries these sources at defined intervals to provide the most up-to-date information for each endpoint.

We understand the importance of compiling and delivering real-time data to our clients. To achieve this, our VeriNumus API leverages an aggregation process to collect Balance Data from various data sources. The specific data sources utilised by the VeriNumus API depend on the nature of the Issuer's business and the type of token they offer.

Our infrastructure integrates multiple types of data sources, including:

Blockchain Nodes: The VeriNumus API queries relevant blockchain addresses, circulating supplies, locked and frozen token balances, and other transactional data directly from the blockchain or smart contracts.

Financial Institutions, Banks, & Trust Companies: We have established partnerships with banking and escrow partners who provide us with read-only API keys. These keys allow us to query, aggregate, and summarise Balance Data. In some cases, we may also obtain Balance Data from third parties using other messaging technologies or parsing libraries maintained by Moore Hong Kong.

Exchanges and Custodians: Through read-only API keys granted by exchanges and custodians, the VeriNumus API can access and summarise Balance Data from these entities.

Pricing Feeds: To determine the value of assets in fiat denominations, the VeriNumus API aggregates market pricing information and exchange rates as necessary.

These data sources are regularly queried at predefined intervals, with some queries occurring as frequently as every 30 seconds. This ensures that our VeriNumus API endpoints provide the most up-to-date and accurate data for our clients. By utilising these diverse data sources and maintaining a high-frequency querying process, the VeriNumus API delivers real-time Balance Data to empower our clients with the most current information.

The Balance Data accessible to Chainlink Node Operators through the API is subject to a system of Ripcords. Ripcords are conditions or requirements enforced by the code of the VeriNumus system. These conditions must be met in order for new Balance Data to be made available on the VeriNumus API endpoint.

To ensure that the Balance Data is updated for API queries at the next Standard Reporting Interval, all Ripcord conditions must be absent or untriggered. If any Ripcord is triggered, it indicates that a prerequisite for standard updates has not been met in the system. Consequently, new Balance Data will not be accessible, and only the last available Balance Data with its corresponding timestamp will be accessible.

The functionality of the VeriNumus API relies on establishing API connections to retrieve asset balance and liability balance data from multiple on-chain and off-chain sources. This aggregated data is referred to as the Balance Data. It is important to note that since the Balance Data is sourced from third-party providers, there is a possibility of periodic maintenance, downtime, or potential inaccuracies.

Ripcords are implemented to automatically verify the integrity of the aggregated Balance Data and the individual data sources underlying it. These ripcords play a crucial role in controlling the availability of the Balance Data during standard reporting intervals. For instance, in the absence of ripcords, if a bank's API experiences maintenance or becomes unresponsive, which is a common trigger for ripcords within the VeriNumus System's operation, the API might fail to accurately report the assets associated with an asset-backed token.

There are four types of Ripcords: Management, Integrations, Pricing, and Balances. These Ripcords help control the availability of Balance Data and ensure its accuracy.

Management Ripcord: This ripcord is triggered if the Management of the Issuer had un-acknowledged terms of the engagement during the last reporting interval. It can also be triggered if there is an event with a service provider or third-party custodian that will materially affect the Balance Data.

Integrations Ripcord: This ripcord is triggered if the VeriNumus API received an error from a "liability source" or an "asset source" during the last reporting interval. For example, in the case of a fiat-backed stablecoin, the "liability source" would be the smart contract address for the total issued and redeemable tokens, and the "asset source" would be the fiat collateral held in a third-party bank or trust company account.

Pricing Ripcord: This ripcord is triggered if the VeriNumus API received errors or a non-response from the pricing source during the last reporting interval, making it unable to apply a relevant fiat-denominated value to the off-chain assets.

Balances Ripcord: This ripcord is triggered if the VeriNumus API received responses, errors, or non-responses from third-party systems or accounts resulting in the sum total of liabilities being greater than the sum total of the relevant assets. It can be triggered by temporary imbalances seen in normal Issuer operations or due to an actual imbalance of liabilities and corresponding assets. The Balances Ripcord expires after 72 hours.

Note: This ripcord is triggered if the VeriNumus API did not detect any conditions that would trigger the above-detailed Ripcord Conditions during the last reporting interval.

The Standard Reporting Interval of each VeriNumus API is determined by the issuer and is specific to that API. It is based on the availability of information from the least-available data source. For instance, if an issuer settles and reports their cash and cash equivalents balances once a day, the Balance Data in the API will be updated accordingly, even if other information is available more frequently.