Coupon day is when “simple” bonds stop being simple. You sold the token last night. Your friend bought it this morn. Who gets paid? The answer is the record date - the freeze-frame moment the market uses to lock in who counts. Dusk’s whitepaper is basically built for this exact pain: rules you can trust, data you don’t have to spill. I keep thinking about that one awkward minute before a record date. You know it. Trades are still flying, but the bond needs a clean list. Who owns it right now? Off-chain, you get handoffs, files, “we’ll match it later,” and a lot of quiet doubt. On-chain, the bond can act like a clock and a camera at once. The smart contract can read block time or height, then take a snapshot when the record moment hits. Dusk’s stack is meant for on-chain rules with strong “done is done” settlement, not endless maybe-states. Dusk leans into security tokens on purpose. The whitepaper says Zedger was made to fit rule needs for security token life stuff, and it sets tight rules like: one account per user, only allowed users can act, the receiver must approve a transfer, and the account must log each balance change. That last part matters. It means the system can answer, later, “what did the holder set look like at the snapshot?” without vibes or guesswork. It even calls out that an operator-picked party must be able to rebuild the cap table (the owner list) for any snapshot point. That’s your record date, in plain form. Now the coupon. A bond coupon is just a set cash pay, on set dates. Dusk doesn’t say “coupon” here, but it does spell out a built-in flow for pushing payouts: Zedger tracks a “dividend-ok” balance and includes a PUSH DIVIDEND action for eligible users. Think of it like a mail drop that only goes to names on the list, at the frozen moment. And the privacy angle is not hand-wavy: Zedger uses a private account memory where changes can be logged, while only a root hash is shown out in the open. So the rule can be checked, without turning every holder into a public poster. Not financial advice.
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