> For the complete documentation index, see [llms.txt](https://docs.selcier.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.selcier.xyz/fundamentals/data-visibility.md).

# Data visibility

The records Selcier makes public on Robinhood Chain, the data it keeps restricted, and the steps anyone can follow to check a company's history independently.

One idea shapes what Selcier exposes: **what happened** is open for anyone to verify, while **who it happened to** is open only to authorized parties. Robinhood Chain, which settles to Ethereum, is where issuances and transfers are logged, along with corporate actions and rule changes. Personal data stays off-chain without exception.

## Where each kind of data sits

| Open to everyone, on-chain                                                                | Restricted by access control                                                               |
| ----------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------ |
| Each share class's total supply and holder count                                          | Names, contact details and other personal details                                          |
| Terms of each offering, the sum raised and how it was allocated                           | Verification documents, and the evidence supporting each claim                             |
| Records of mints, burns, transfers, freezes, recoveries and pauses, each with a reference | The cap table with identities, which only the company and its registrar can view           |
| Orders, clearing prices and volumes from each Liquidity Window                            | Financial statements, limited to verified holders unless a company chooses to publish them |
| Corporate actions, and the multiplier's entire history                                    | What anchored documents actually say                                                       |
| The hash of each anchored document                                                        | Claim values, apart from topic and validity                                                |
| How every rule module is configured                                                       |                                                                                            |
| Results of proposals, plus a by-wallet record of ballots                                  |                                                                                            |

## What can be learned from a wallet

Anyone can see a Robinhood Chain wallet address and its token balance. Who controls that address is the part the chain leaves out. The `IdentityRegistry` points the wallet to an identity contract, and the signed claims there hold items like a two-letter country code, an eligibility tier or a screening timestamp, none of which singles out a person by itself.

The connection from identity to human being rests with the verifier that issued the claims and, if necessary, in Selcier's access-controlled systems. A company and its registrar can look up who holds their shares, and members of the public cannot.

## Private documents, public fingerprints

A document's contents remain private even as its fingerprint is published. Anchoring one in the `DisclosureRegistry` writes the following record.

| Field       | Contents                                       |
| ----------- | ---------------------------------------------- |
| `kind`      | The document type, from the list below         |
| `hash`      | The file's SHA-256 digest                      |
| `uri`       | The location verified holders retrieve it from |
| `timestamp` | The time of anchoring                          |

Six values are accepted for `kind`:

* `SHARE_CLASS_TERMS`
* `OFFERING_DOCUMENT`
* `FINANCIAL_STATEMENT`
* `COMPANY_UPDATE`
* `BOARD_RESOLUTION`
* `VALUATION_REPORT`

`DocumentAnchored(documentId, kind, hash, uri)` confirms the anchor. Anyone who downloads the file in [Portfolio](/the-platform/holder-portfolio.md) can hash it and compare the result with the on-chain record, and a match proves the file is unchanged since anchoring. A company is free to publish selected documents, company updates being a common choice.

## Auditing a company on your own

Selcier's interface is not needed for any of this. A Robinhood Chain node or the public block explorer at robinhoodchain.blockscout.com will confirm every step below.

1. **Locate the contracts.** Deployments come from the `SelcierFactory`, whose `CompanyDeployed` and `ShareClassDeployed` events give every contract's address. You can also find addresses in the [Explorer](/the-platform/public-explorer.md) or through `GET /v1/contracts`.
2. **Reconcile supply.** Take a share token's `SharesIssued` total, subtract `SharesRedeemed`, and confirm you land on `totalSupply()`.
3. **Inspect the rules.** Read the enabled modules from the `RuleEngine`, read each configuration, and check them against the `ModuleAdded`, `ModuleRemoved` and `ModuleConfigured` events.
4. **Look for pending actions.** Ahead of their effect, queued upgrades appear in the `IssuerTimelock`, and pending recoveries and multiplier changes appear on the share token through `recoveryOf` and `pendingMultiplier`.
5. **Compare prices.** Line up `ValuationPublished` events from the `ValuationOracle` with the `WindowCleared` events from `LiquidityWindow`.
6. **Test a document.** Hash a copy you received and look for the corresponding `DocumentAnchored` event.

## Conditions under continuous watch

On-chain monitors at Selcier raise an alert if any condition below is violated, and public data is enough for anyone to repeat these checks.

* `SharesIssued` less `SharesRedeemed` always matches total supply.
* At the block of any transfer, the wallets on both sides have a valid identity.
* While a token is paused, none of its transfers settle.
* Recoveries wait for their delay to expire before executing.
* A multiplier can only move by way of a scheduled `MultiplierScheduled` action.

{% hint style="success" %}
Zero transfers in breach of a company's configured rules is the goal, and on-chain events alone can prove it. Should you discover a counterexample, send it to <security@selcier.xyz>.
{% endhint %}


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