17. REGISTRY MECHANICS: SNAPSHOTS, RECORD DATES, AND TRANSFERS

The Swiss Registry: Source of Truth

Remember: The Swiss registry (maintained by Fuchs Treuhand AG) is the legal source of truth for HPOT holdings.

Blockchain is a mirror:

• Convenient for queries, transfers, transparency
• But in disputes: Registry wins

Why this matters:

• Legal enforceability: Swiss courts recognize Registerwertrechte (registry-recorded rights)
• Creditor protection: Registry determines who gets paid in liquidation scenarios
• Distribution authorization: Fiduciary uses registry snapshots (not blockchain) to calculate payments

How the Registry Works

Registry Structure

Database fields (per HPOT series):

Registry is timestamped and tamper-proof:

• Every entry signed cryptographically (by fiduciary)
• Historical snapshots preserved (immutable audit trail)
• Changes require fiduciary authorization (not editable by participants or operator)

Registry Updates

When registry is updated:

• Initial issuance (via HAFS)
• New participant onboarded
• Payment confirmed
• Registry entry created: Wallet 0xABC... now holds 20,000 HPOT-A
• Transfer (peer-to-peer or secondary market)
• HPOT transferred on blockchain (Wallet A → Wallet B)
• Registry notified (automated alert to fiduciary)
• Registry updated (typically within 24 hours)
• Distribution claim (quarterly)
• Participant claims distribution via smart contract
• Registry consulted (who held HPOT on record date?)
• Payment authorized based on registry snapshot
• Lock-up expiry
• 90 days after issuance
• Registry updates: "Transferable = true"

Record Dates: The Snapshot Mechanism

What Is a Record Date?

Record date = the snapshot date when registry is checked to determine who holds what.

Similar to stock "ex-dividend date":

• If you hold HPOT on record date → you get the distribution
• If you sell before record date → buyer gets the distribution

How Record Dates Work

Quarterly distribution cycle:

Step 1: Record Date Announced (T-30 days)

• Fiduciary announces: "Q1 distribution record date: March 31, 2027"
• HPOT holders notified (email, dashboard)

Step 2: Record Date (T+0)

• March 31, 2027, 11:59 PM UTC → Registry snapshot taken
• Frozen snapshot: Who held how much HPOT at that exact moment

Step 3: Distribution Calculation (T+1 to T+7)

• Fiduciary calculates distributable amount (NOI - reserves - fees)
• Per-HPOT amount: $562,100 / 10,000,000 HPOT = $0.05621 per HPOT

Step 4: Payment Date Announced (T+10)

• "Payment date: May 10, 2027"
• Participants can claim anytime after this date

Step 5: Distribution Payment (T+40)

• May 10, 2027: Distributions available for claim
• HPOT holders call claimDistribution() on smart contract
• Payment sent (USDC or USD wire)

Example: Transfer Around Record Date

Scenario:

• You hold: 50,000 HPOT-A
• Record date: March 31, 2027
• You sell 10,000 HPOT on March 25, 2027 (before record date)

Who gets the distribution on those 10,000 HPOT?

Answer: Buyer (because they held on record date)

Distribution breakdown:

• You: 40,000 HPOT × $0.05621 = $2,248.40
• Buyer: 10,000 HPOT × $0.05621 = $562.10

If you sold AFTER record date (e.g., April 5):

• You still get distribution on full 50,000 HPOT (you held on March 31)
• Buyer gets nothing for Q1 (will receive Q2 distribution if they hold through June 30 record date)

"Buying the Distribution" Risk

Problem: Someone buys HPOT right before record date, claims distribution, then immediately sells.

Example:

• March 30 (1 day before record date): Speculator buys 100,000 HPOT at $0.95 each = $95,000
• March 31 (record date): Snapshot taken → speculator holds 100,000 HPOT
• May 10 (payment date): Speculator claims $5,621 distribution
• May 11: Speculator sells 100,000 HPOT at $0.94 each = $94,000
• Profit: $5,621 (distribution) - $1,000 (price drop) = $4,621

This is called "distribution arbitrage" or "dividend capture."

Mitigation: Lock-Up on Secondary Purchases

Some series implement:

• Minimum holding period: Must hold 30 days before/after record date to claim distribution
• Smart contract enforcement: If you bought <30 days before record date, claimDistribution() reverts

Trade-off:

• ✅ Prevents short-term arbitrage
• ❌ Reduces liquidity (can't trade freely around record dates)

Not all series use this (check asset factsheet).

Transfer Mechanics

On-Chain Transfer (Blockchain)

Standard BEP-20 transfer:

function transfer(address to, uint256 amount)

What happens:

• You call transfer() on HPOT-A contract
• Your balance decreases: 50,000 → 40,000 HPOT
• Recipient's balance increases: 0 → 10,000 HPOT
• Event emitted: Transfer(from, to, amount)
• Transaction confirmed on BSC blockchain (~3 seconds)

Instant and permissionless (no one can block the transfer).

Registry Notification (Off-Chain Sync)

After on-chain transfer:

Step 1: Automated detection

• Oracle monitors HPOT contract for Transfer events
• Detects: "Wallet 0x7d8f... sent 10,000 HPOT-A to 0x92a3..."

Step 2: Notification to fiduciary

• Oracle sends update to Fuchs Treuhand AG
• Payload: {from: 0x7d8f..., to: 0x92a3..., amount: 10000, tx_hash: 0xabc123...}

Step 3: Fiduciary validation

• Verify transaction on BSC (check tx_hash on block explorer)
• Confirm: Not a smart contract exploit, legitimate transfer

Step 4: Registry update

• Old entry:
• 0x7d8f... → 50,000 HPOT-A
• New entries:
• 0x7d8f... → 40,000 HPOT-A
• 0x92a3... → 10,000 HPOT-A

Timeline: Typically 24 hours from on-chain transfer to registry update.

What If Blockchain and Registry Disagree?

Scenario: Hacker exploits smart contract bug, steals 10,000 HPOT on-chain (but can't update registry).

On-chain state:

• Hacker: 10,000 HPOT-A
• Victim: 40,000 HPOT-A (reduced from 50,000)

Registry state:

• Victim: Still shows 50,000 HPOT-A (registry not updated because transfer was unauthorized)

Distribution time:

• Fiduciary uses registry (not blockchain) to determine payments
• Victim receives: Distribution for 50,000 HPOT (based on registry)
• Hacker receives: $0 (not in registry)

Dispute resolution:

• Victim reports theft
• Fiduciary investigates (confirms exploit)
• Registry preserved (hacker doesn't benefit)
• On-chain state corrected (smart contract upgraded, stolen tokens burned or returned)

This is why registry is source of truth.

Secondary Market Transfers

Peer-to-Peer (Direct)

How it works:

• You and buyer agree on price (e.g., $0.95 per HPOT)
• Buyer sends payment (wire transfer, crypto)
• You transfer HPOT on-chain (using wallet)
• Registry updates automatically

No intermediary needed (decentralized).

Risk: Counterparty risk (buyer doesn't pay, or you don't transfer).

Solution: Use escrow (smart contract holds HPOT until payment confirmed).

Via Secondary Marketplace (Coming Q4 2026)

Homeunity internal marketplace:

Features:

• Order book: Bids and asks (like stock exchange)
• Automatic matching: Best bid meets best ask → trade executes
• Escrow: Smart contract holds HPOT until payment settles
• Registry sync: Automatic notification to fiduciary

Example:

• You list: "Sell 10,000 HPOT-A at $0.97 each"
• Buyer places: "Buy 10,000 HPOT-A at $0.96 each"
• No match (price gap)
• Another buyer: "Buy at $0.97"
• Match! Trade executes
• Buyer pays: $9,700 (USDC via smart contract)
• You receive: $9,700 (minus 0.5% platform fee = $9,651.50)
• HPOT transferred automatically

Benefits over peer-to-peer:

• ✅ Liquidity (many buyers/sellers)
• ✅ Price discovery (transparent order book)
• ✅ Trust (escrow eliminates counterparty risk)
• ✅ Convenience (one-click trading)

External DEX Trading (PancakeSwap, etc.)

HPOT can also trade on decentralized exchanges (if liquidity pools exist).

How it works:

• Liquidity provider creates pool (e.g., HPOT-A / USDC)
• Deposits: 100,000 HPOT-A + $95,000 USDC
• You trade: Swap USDC → HPOT-A (or vice versa)
• Price determined by AMM formula (constant product: x × y = k)

Pros:

• ✅ 24/7 trading (no marketplace downtime)
• ✅ Permissionless (anyone can trade)

Cons:

• ❌ Slippage (large trades move price significantly)
• ❌ Impermanent loss (for liquidity providers)
• ❌ Complexity (need to understand DEX mechanics)

Registry still updates (DEX trades trigger Transfer events → fiduciary notified).

Lock-Up Period Enforcement

How Lock-Ups Work

Series with 90-day lock-up:

Smart contract logic:

mapping(address => uint256) public lockupExpiry; function transfer(address to, uint256 amount) public { require(block.timestamp >= lockupExpiry[msg.sender], "Tokens locked"); // ... rest of transfer logic }

When you receive HPOT (via HAFS):

• Acquisition date: Feb 15, 2027
• Lock-up expiry: May 15, 2027 (90 days later)
• lockupExpiry[yourAddress] = May 15, 2027 (Unix timestamp)

If you try to transfer before May 15:

• Smart contract: require(block.timestamp >= lockupExpiry) → FAILS
• Transaction reverts (transfer blocked)

After May 15:

• block.timestamp >= lockupExpiry → TRUE
• Transfer succeeds ✅

Exceptions to Lock-Up

Lock-up does NOT apply to:

• ✅ Claiming distributions (you still receive quarterly payments during lock-up)
• ✅ Voting (governance rights active immediately)
• ✅ Viewing dashboard (information access unrestricted)

Lock-up ONLY blocks:

• ❌ Transfers (can't send HPOT to another wallet)
• ❌ Sales (can't sell on secondary market or DEX)

Registry Fees

Transfer Recording Fee

Fuchs Treuhand AG may charge:

• Fee: $10-25 per registry update (transfer notification)
• Who pays: Typically the seller (deducted from proceeds)

Example:

• You sell 10,000 HPOT-A at $0.95 = $9,500
• Platform fee (0.5%): $47.50
• Registry fee: $15
• Net proceeds: $9,437.50

Fee structure varies by series (check asset factsheet).

Lost or Stolen Wallets

What Happens If You Lose Access

Scenario: You lose your wallet private key (hardware wallet broken, seed phrase lost).

On-chain:

• HPOT still exists at your wallet address
• But you can't access (no private key = can't sign transactions)

Registry:

• Still shows you as holder
• Distributions continue (sent to your wallet address)
• But you can't claim them (need private key to call claimDistribution())

Recovery options:

Option 1: Wallet Recovery (If Possible)

• Use backup seed phrase (if you have it)
• Hardware wallet recovery (if device can be restored)

Option 2: Registry-Based Recovery (Emergency Process)

• Prove identity to fiduciary (KYC docs, legal affidavit)
• Court order (in some jurisdictions, required for registry changes)
• Fiduciary creates new registry entry at different wallet address
• Old wallet HPOT burned (smart contract admin function)
• New wallet HPOT minted (same amount)

Timeline: 90-180 days (legal process is slow)

Cost: $5,000-15,000 (legal fees, fiduciary administrative costs)

This is why: Back up your seed phrase. Store in multiple secure locations.

Stolen Wallet (Hacker Access)

Scenario: Hacker steals your private key, transfers HPOT to their wallet.

On-chain:

• Transfer appears legitimate (signed with your valid private key)
• Hacker now holds HPOT

Registry:

• Automatically updates (transfer detected, registry synced)
• Hacker becomes registered holder

Can you recover?

Unlikely. Blockchain transactions are irreversible.

Only hope:

• Immediate detection (within minutes of theft)
• Contact fiduciary (request emergency freeze)
• If fiduciary acts fast: Registry update blocked (before auto-sync)
• Smart contract pause (if admin can pause transfers in time)

Realistically: If hacker moves HPOT quickly (to DEX, mixer), recovery is near-impossible.

Protection:

• ✅ Hardware wallet (Ledger, Trezor — private keys never online)
• ✅ Multi-signature (require 2-of-3 keys to transfer)
• ✅ Whitelisted addresses (only allow transfers to pre-approved wallets)

Summary: Registry as Anchor

Swiss registry is the legal foundation:

• ✅ Source of truth for distributions (fiduciary pays based on registry, not blockchain)
• ✅ Legal enforceability (Swiss courts recognize Registerwertrechte)
• ✅ Dispute resolution (registry wins if blockchain disagrees)

Blockchain is the operational layer:

• ✅ Convenient transfers (instant, permissionless)
• ✅ Transparency (all transactions publicly visible)
• ✅ Automation (smart contracts calculate distributions)

Record dates create snapshot fairness:

• ✅ Clear rules (hold on record date → get distribution)
• ✅ Prevents gaming (lock-ups discourage short-term arbitrage)

Transfers are flexible but tracked:

• ✅ On-chain freedom (transfer anytime after lock-up)
• ✅ Registry sync (fiduciary updates within 24 hours)
• ✅ Secondary markets (peer-to-peer, marketplace, DEX)

Next: Exit options — secondary markets and disposition.