The protocol
An open protocol you can read. A certificate with one issuer.
FoC-P, the Fiat-on-Chain Protocol: six primitives, two leg interfaces, four conformance profiles.
The specification
FoC-P is a public specification written against the CPMI-IOSCO Principles for Financial Market Infrastructures. It defines six primitives — liability binding, consistency proof, the settlement leg, identity-attestation reliance, resolution and the supervisor interface — and the interfaces through which any money leg and any asset register plug in.
It imports its identity and policy primitives from L3RS-1, the open Layer-3 Regulated Asset Standard stewarded by an independent foundation, so that cash and assets settle against the same rules — which is what removes the need for a data feed between them.
Fiat-on-Chain Ltd owns and operates each national network, the reference implementation, the shared services and the certification lab. In every jurisdiction a Member Council of issuers, with the central bank as observer, holds binding rights over the rulebook and is consulted on fees under a published formula with a cap.
- Specification
- the v1 outline: invariants, primitives, leg interfaces, PFMI mapping
- Annex A
- message schemas (v1.0-rc) with validated examples
- Annex C
- ISO 20022 mapping: pacs.008, camt.054, pacs.004, camt.053, pacs.009, camt.025
- Annex E
- the jurisdiction pack: every national rule the network enforces, in one signed file
- Annex F
- the network rulebook and Member Council clauses the protocol references
- Conformance profiles
- issuer, participant, asset leg, settlement operator; 1,083 test cases in four harnesses
- Contact
- protocol@fiatonchain.com
Value
The rulebook is free. Here is what you pay for.
Linux is free and enterprises pay Red Hat; ISO 20022 is free and banks pay SWIFT. The standard is the trust device; the network is the product.
The implementation
A built, audited settlement network — gateway, proof service, settlement engine with two central-bank bindings, cross-border escrow, failure handling, the regulator’s screen. Building it yourself: several million and eighteen months, for a single-bank version.
The connector and the certificate
Certified integrations to the core-banking systems that matter, and the one certificate that admits you to the network. A self-built version cannot be certified by the bank and gives your supervisor a node it must trust rather than one it already runs.
The network and the operations
Settling with other banks in central bank money, onboarding on other banks’ identity attestations, London and the securities register — none exists in a build of your own. Someone runs the ledger at three in the morning and is replaceable if they fail.
Request the document set.
The specification, the annexes and the conformance corpus, with the certification criteria for each profile.