A real asset has to survive distributions, splits, transfer restrictions and audits.

One hull, one company, one share class

Each vessel sits inside her own special-purpose company, and equity in that company is issued as a permissioned token. Holding it means holding registered equity in the entity that owns the hull — not an IOU, not a synthetic, not a pointer to somebody else’s balance sheet.

Distributions and splits without a rebase

Corporate actions are applied through a multiplier rather than a rebase, using the scaled-balance extension. Raw balances never move, so every integration stays consistent — and any scheduled change is readable before it takes effect.

It follows that anything displaying your holding must read the scaled balance, balanceOfUI(), and never the raw balanceOf(). Read the raw figure and you silently misreport after every distribution and every split.

Eligibility enforced by the asset itself

Transfers run through a permissioned layer with onchain identity, so only verified and eligible holders can receive a share. The rule is enforced by the contract at the moment of transfer — not by a spreadsheet somebody reconciles on a Friday afternoon.

Valued by survey, published by oracle

Each hull is valued by independent marine survey and by her own charter book, and that valuation is published onchain through a price feed read at eight decimals. The published figure already carries the corporate-action multiplier — applying it a second time is the classic integration error, so we do not.

Why Robinhood Chain

An Arbitrum dedicated chain that settles to Ethereum, with account abstraction and first-come-first-served sequencing — order is arrival time at the sequencer, so nobody can outbid you on gas to get in front of your transaction. For an asset that distributes on a schedule and must leave a clean audit trail, deterministic and unexciting is precisely the right property.