Core is the programmable layer between applications, banks, issuers, custodians and tokenized assets. It takes intent, applies policy, writes balanced postings, nets obligations, reconciles external books and issues proof — and nothing else.
Applications call the public API; banks, issuers and LPs connect through versioned, signed adapters. Simulator and production adapters share one contract, so replacing a simulator changes no state machine.
Every committed transaction balances per asset; append-only journal; balances rebuild from history.
AUTHORIZED, CAPTURED, GUARANTEED, SETTLED and RECONCILED are distinct, tracked states.
Sanctions, address, velocity and limits over the whole route; verdict and version stored with the decision.
Generic issuance authority with backing evidence and ceilings — no balance-patch supply.
Merchant and participant netting are reproducible layers; payout confirmation closes liability.
External books reconcile to the ledger; receipts, PoR and daily roots anchored on Universa.
U:RAIL does not become a custodian, issuer, bank or liquidity provider just because it orchestrates their actions.
| Core does | Core does not |
|---|---|
| Tenant / account / asset registry | Own the customer relationship |
| Ledger, holds, fees, splits, netting | Hold fiat or digital assets |
| Policies, state machines, approvals | Issue licences or verdicts in its own name |
| Settlement, reconciliation, proof | Provide liquidity by default |