Five tests a sandbox authority can require before an instant, atomic or tokenised settlement pilot.
Enter the applicant's current and proposed design. The scorecard computes each test from the framework's two results: the rate elasticity of drag equals its collateral share, and faster settlement that destroys netting can cut float cost while raising balance-sheet cost. The assessor then records whether the applicant's evidence meets each test. The default figures are the paper's calibrated T+0 scenario, not observed data.
Proposal design
| Line | Current | Proposed |
|---|---|---|
| Latency to finality τ s | ||
| Locked capital K USD | ||
| Direct fees USD / month | ||
| Risk and fraud reserve USD / month | ||
| Energy and hardware USD / month |
Scientific notation accepted (1.8e11). Default values: the paper's T+0 scenario on the calibrated DTCC seed (τ 1 day to 10 s, locked capital ×10). Inputs stay in your browser.
Computed GvK tests
- Implied η
- 0.254
- Window-basis collateral
- -99.9%
- Carry-basis collateral
- +900.0%
- Drag, carry basis
- 3.67 → 29.37 bps
- Proposed velocity
- 1.00e-1 Hz
Rate stress, proposed design (carry basis)
| Policy rate | Drag (bps) | Collateral share = elasticity |
|---|---|---|
| 0.0% | 0.8143 | 0.0% |
| 5.5% | 30.28 | 97.3% |
Five dimensions · computed flag and assessor evidence
Liquidity and float
Typical failure. Collateral saving claimed on transaction float alone.
Required test. Report collateral cost on the window basis and the 30-day carry basis; state the implied η.
Netting preservation
Typical failure. Atomic delivery-versus-payment removes the netting window, raising gross liquidity needs.
Required test. Document the liquidity-saving mechanism (queues, offsetting, programmable batch netting) and its effect on K.
Security migration
Typical failure. Proof-of-stake presented as near-zero cost because energy use is small.
Required test. Book the opportunity cost of staked or locked capital next to energy and hardware; report the collateral share.
Monetary robustness
Typical failure. Liquidity model tested only at the rate prevailing during the pilot, often near zero.
Required test. Recompute drag across rate regimes; the rate elasticity equals the collateral share (Prop. 1).
Latency value
Typical failure. Hardware and co-location costs justified by sub-millisecond finality.
Required test. Beyond 10³ s⁻¹, show that drag falls (a resource saving), not only that τ falls.