> 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/reference/common-questions.md).

# Common questions

Short answers for the companies, investors, employees and developers who work with Selcier.

## Issuers

**Who counts as the issuer in an issuer-sponsored token?** The company does. It sets the rules, signs off on each sensitive action and decides who may hold its shares. A company that has not onboarded will never have a token created for it by Selcier. Background is in [Tokenized equity, explained](/start-here/tokenized-equity-explained.md).

**How much time should we allow for onboarding?** Under four weeks from signed agreement to mainnet is typical for most companies, and reconciling the cap table tends to take the longest. For the full sequence, see [Bring a company on-chain](/walkthroughs/onboard-a-company.md).

**Must all our share classes go on-chain?** They need not. Classes are separate tokens, so you can add each one when the time is right. A common starting point is common stock plus one preferred series.

**Do we get a say in who acquires our shares?** You do. Your [compliance modules](/fundamentals/compliance-modules.md) check each transfer. Regions, eligibility requirements, holding periods, the holder cap and per-holder maximum ownership are all your decisions, as is whether transfers are limited to windows you open.

**Is 24-hour trading required?** Not unless you choose it. Periodic [Liquidity Windows](/markets-and-capital/scheduled-windows.md) are where most companies begin, with [RFQ trading](/markets-and-capital/quote-based-trading.md) or [permissioned pools](/markets-and-capital/gated-pools.md) coming later.

**A holder can no longer reach their wallet. What now?** The first step is re-verification of the holder's identity, which leads to a scheduled recovery. The issuer, the registrar and Selcier form the approving group, two of the three must agree, and a 72 hour timelock then has to elapse. For that whole period, the pending recovery is visible on-chain. See [Access control](/under-the-hood/access-control.md).

**Could Selcier move tokens belonging to our holders?** It could not. Submitting transactions and sponsoring gas is what the `OPERATOR` role does, and moving holder tokens unaided is beyond it. A recovery also requires the issuer or the registrar, and the timelock lets everyone notice it.

**What is the mechanism for a stock split?** ERC-8056 defines a `uiMultiplier`, and splits run through it. Pools and integrations are unaffected because raw balances stay as they were. [Shareholder events](/fundamentals/shareholder-events.md) has the details.

**How do tokens end at an IPO or a sale of the company?** An IPO leaves two options, since the tokens may keep going as a tokenized program or else become the listed security. With an acquisition, the `DistributionVault` pays out the consideration and the tokens get burned.

## Investors and employees

**Will I need a background in crypto?** You won't. Portfolio is able to set up an embedded wallet for you, and because Selcier sponsors gas, ETH is never required. Investing does take USDG, and sale proceeds arrive in USDG.

**Does the blockchain store my personal details?** It does not. Off-chain is where your name and documents stay. What goes on-chain are signed claims saying a check passed and when that result expires. [Data visibility](/fundamentals/data-visibility.md) explains the split.

**Why is part of my balance unavailable to sell?** Certain lots may not have vested yet, or may be inside a holding period. Your unlocked balance is displayed in Portfolio, together with each lot's unlock date.

**How is my price set in a Liquidity Window?** Filled orders all receive one clearing price. The minimum you enter only determines whether your order makes it in.

**What if an offering falls short of its minimum?** No shares are issued, and calling `refund` returns your entire deposit. Until you do so, the money remains in on-chain escrow.

**Can I confirm that a document is authentic?** Yes. The hash of each document is anchored in the company's `DisclosureRegistry`, and both Portfolio and the Explorer display that hash alongside the file.

**Will I have a vote?** You will, whenever the company puts a proposal to holders of your class. The snapshot block fixes your weight, which is the balance you held then. [Shareholder voting](/fundamentals/shareholder-voting.md) goes into more depth.

**How are dividends paid out to me?** Portfolio is where you claim your portion after the company puts up the funds. To see the company's side of the process, read [Send a payout to holders](/walkthroughs/send-a-payout.md).

**May I keep shares with a custodian of my choice?** You may. Custodial wallets register against your identity the same way as any other wallet.

## Developers

**Do you offer a test environment?** We do. Point `sk_test_` keys at `https://api.sandbox.selcier.xyz/v1`, which runs on Robinhood Chain testnet (chain ID `46630`). [Keys and environments](/build-on-selcier/keys-and-environments.md) has more.

**What is the way to predict a transfer's outcome?** Either call `POST /v1/transfers/check` or call `canTransfer(from, to, amount)` on the share token. You get a reason code from both. The list is in [Transfer outcome codes](/build-on-selcier/transfer-outcomes.md).

**Is standard ERC-20 tooling compatible?** It is. These are 18-decimal ERC-20 tokens, though a transfer that fails a rule reverts with a reason code, so run the check beforehand. Read [Supporting Selcier tokens](/build-on-selcier/supporting-selcier-tokens.md).

**What are the sources for contract addresses?** The [Explorer](https://explorer.selcier.xyz) publishes them, and `GET /v1/contracts` returns them. You can also follow `CompanyDeployed` events from `SelcierFactory` to trace the contracts of any company.

**What should I read to price a Selcier token?** The company's `ValuationOracle`. Chainlink-compatible consumers can use its `latestRoundData`, and `latestValuation` supplies the source and date. See [How a valuation gets on-chain](/fundamentals/valuation-publishing.md).

**What protects webhook deliveries?** An HMAC-SHA256 signature made with your endpoint secret, sent in the `Selcier-Signature` header of each delivery. Read [Event delivery](/build-on-selcier/event-delivery.md).

**Where should vulnerability reports go?** Send them to <security@selcier.xyz>. The bug bounty is described in [Security model](/under-the-hood/security-model.md).


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