On this page

Currencies and exchange rates DRAFT 0.3.0

Plain-words text · Technical specification · All documents

English text rendered from the project's source documents. The Slovene original is on lananostr.site. Where this text and the definitions differ, the definitions win.

Precedence: where this document and definitions 0.3.0 differ, the definitions (docs/bsa-records-0.3.0.json) win; the difference is a mistake in this document, to be fixed.

Foundation. Transparent, decentralised infrastructure is the basis of our development, and nothing is ever hidden. All transactions are public and stored on the relays, so the ledger can be restored from them at any moment. Applications only read from the relays, check and show. The six development principles: docs/nacela-razvoja.md.

What changed on 23 October 2026 carries a label: [Decided 23 Oct 2026, E-n] (the owner's decision), [Proposal] (my proposal, waiting for the owner's yes) or [Consequence] (follows from decisions, needs no new decision).

The essence#

Every circle has one currency, for example EURB, USDB or GBPB. The sum of all balances in each circle's ledger is always exactly zero.
Currencies meet only between circles. When a member of an EURB circle pays a member of a USDB circle, the amount is converted at the border between the two circles.
The seller's circle quotes the rate. That is the circle of the one who receives the payment. It chooses its rate source itself: an external service, or one day a record on the relays.
The buyer decides. The app shows the converted price. If it is fine, the buyer signs the payment with both amounts. If not, the buyer does not pay. Nobody can change the signed amounts afterwards.
A rate quote is a public signed record. The seller's circle's node signs it. It carries the source, the rate, the time and how long it is valid. Both circles' ledgers carry both amounts and point to the quote.
To start with (decided): the source is the European Central Bank's daily reference rate. It is public and free and covers EUR, USD and GBP. The circle's node reads it once a day. The app always shows the rate's date. A quote is valid for 10 minutes.
Every circle sets its own time limits [Decided 23 Oct 2026, E-1]. How long a rate quote is valid (10 minutes by default), how long a payment note is valid (10 minutes by default) and after how many days the payer's circle looks into the other circle's ledger itself (7 days by default) are circle settings. The Circle Heart changes them within the bounds of the definitions, with public notice and never retroactively. The world rules record is gone. Between two circles each applies its own values to what it books itself; if they do not match, the payment can only be refused, and the payer gets the amount back (below, "When the two circles have different settings").
A circle changes its source at any time, by an act of the Circle Heart (proposal; since 23 Oct 2026 the "stewards" are called the Circle Heart, E-2).
Nobody pays for a payment that hangs (decided). If the receiver's circle neither books nor refuses a payment, the payer's circle looks into its public ledger itself after 7 days (by default). If the payment is not there, the payer gets the held amount back.
The owner's rate key is no longer needed. This design replaces the owner's earlier decision that the owner's key signs the rate for every circle every hour. The owner's key can one day be one of the sources a circle chooses.
Rates do not come from the Lana System Parameters record (38888). The values in 38888 are LANA prices and have nothing to do with exchange between currencies. From 38888 we read only the list of root relays.
A payment between currencies is public in both ledgers. Circle A's ledger shows that Ana paid, circle B's ledger that Bojan received. The two entries point to each other and to the rate quote. This follows from the owner's principle "everything is public".
Exchange never creates money. Every amount is rounded down. There is no deduction on exchange.

Where currencies meet#

Ana is in circle A, which keeps EURB. Bojan is in circle B, which keeps USDB.

in circle A's ledger: Ana → circle A's world account, 100 EURB;
in circle B's ledger: circle B's world account → Bojan, 110 USDB.

Each ledger still adds up to zero. The purchase counts against circle A's step outward, in its currency: Ana uses 100 EURB of circle A's step outward. A circle raises its step outward through a project, like any other project (decided): when the project is full, the step rises by its amount.

Both entries are public, each in its own circle's ledger, on that circle's relays. Circle A also keeps on its own relays a copy of Bojan's receipt from circle B's ledger and the rate quote the payment used. So every circle restores its ledger by itself, without the other circle.

The world account has no key. Nobody can spend it. The money on it moves only through payments between circles, by public rules that the witnesses check. The same holds for the step-outward account, the project wallets and the reserve (decided, question 8 and point 8i).

When this switches on: payments between currencies switch on by themselves as soon as two circles with different currencies exist. Until then there is nothing to switch on.

How a payment into another currency works#

Decided 16 October 2026 (question 7; the starting source and the 10 minutes in the afternoon of the same day).

Ana wants to pay Bojan. Her app takes circle B's valid rate quote from circle B's relays. If there is none, it asks circle B's node for one. The node makes a new quote from the newest rate of its source, publishes it on circle B's relays and gives it to the app.
The app shows Ana the converted price: "you pay 100.00 EURB, Bojan receives 110.00 USDB". It also shows the source, the source's date for the rate, and until when the quote is valid.
If it is fine for Ana, she signs the payment in her browser. It carries both amounts and the quote's id. Her key goes nowhere. If it is not fine, she does not pay.
Circle A checks that Ana has enough, that circle A's step outward is not used up, and that the quote is genuine and still valid, exactly as circle B will check it. If the quote runs out before the payment is booked, the payment does not count and nothing is held; the app shows a new price and Ana signs again. Otherwise circle A books a hold: 100 EURB go to circle A's world account. Whether the rate is a good one, circle A does not judge.
Circle B checks that the quote is its own, that it was still valid when circle A booked the payment, and that 110 USDB is exactly what the quote gives. Then it books the receipt: circle B's world account → Bojan, 110 USDB.
If the quote or the amount still does not match, circle B refuses the payment in public and states the reason. Circle A returns the 100 EURB to Ana in public. The app shows a new converted price.
Circle A books that circle B accepted the payment once it sees that circle B booked exactly 110 USDB for the same payment. Otherwise it counts as a refusal. Ana sees "paid · public on N of M relays".

Each of these entries counts once a majority of its circle's witnesses (3 of 4) have confirmed it and at least three relays hold it (question 1, decided). If circle B does not answer at all, the rule below applies, "When the receiver's circle does not answer".

In everyday terms: like a market abroad. The seller has the rate on a board, with where it comes from. You work out what you pay and decide. If it is fine, you write both amounts on the slip and sign it. The seller accepts the slip or hands it back, but cannot change the numbers on it. The board is good for a few minutes; then the seller writes a new one.

To be honest:

If the rate is bad for the buyer, the buyer does not pay. If it is too good for the buyer, buyers from other circles buy cheaply from circle B. Circle B carries that difference, since it chose the source itself. Because every quote is public, anyone can see it.
A stolen node key can sign a wrong quote. The payer sees it in the converted price, and anyone can compare it with the source.
The daily rate changes once a day, the market all day. Someone who notices can gain at most the move within the day, and only within their circle's step outward.
If two circles use different sources, someone paying there and back can gain the gap between the sources, again only within the steps outward. So it is good for circles to use the same or a similar source.

When the receiver's circle does not answer#

Decided in the afternoon of 16 October 2026 (point 8j). It applies to every payment into another circle, in the same or in another currency.

A payment hangs when circle A holds Ana's amount but circle B neither books nor refuses the payment. A hold is never undone by itself.
Every signed payment note has a deadline of at most 10 minutes (by default; every circle has its own setting). After the note's deadline no circle can book it any more, circle B included. If circle B gets the note too late, it refuses it in public and Ana gets the amount back at once.
If circle B does not answer at all, after 7 days (by default, circle A's setting) circle A looks into circle B's public ledger on circle B's relays itself:
- the payment is not there, and circle B's daily seals cover the whole time up to the note's deadline: the held amount goes back to Ana, and the entry names circle B's seals as its evidence, together with the seal just before them; every witness checks those seals against circle B's blocks, not only its seals. Only a block signed by a majority of circle B's witnesses counts; a block that no majority of the witnesses in office at the time signed (for example one signed only by an old or stolen key) is ignored, so it cannot stop the refund. Two blocks with one number, each signed by such a majority, are a fork, so the evidence is not used; a key that was itself that majority at the time (for example the only witness of a one-witness circle, whose key was later stolen) can still make such a fork. A change of key or witnesses in circle B does not stop the check. Which blocks count here (the witnesses' majority, a fork, a key change) is a proposal. That no block was left out is shown by circle B's next block, booked after the last seal's morning. If circle B has booked nothing since, its next daily seal shows it instead; before using it, the witness confirms on at least two of circle B's relays that no new block exists. If any of this is missing, nothing is booked; if circle B has stopped working, the amount stays held.
- the payment is there: the payment stands; Bojan has received it;
- circle B's ledger cannot be read, or its seals do not yet reach the note's deadline: circle A waits and looks again. It never guesses, and meanwhile it goes on booking everything else.
Every witness of circle A checks this by itself, from circle B's ledger on the relays.
Nobody pays a refund. Ana gets back her own held amount, not community money and not money from the reserve. The earlier rule, under which the community paid the refund by public decision, goes.
To be honest: if circle B is down and does not answer at all, Ana waits 7 days (by default) for her amount, or longer, until circle B's ledger can be read.

In everyday terms: like a transfer to another bank that hangs. After a week your bank looks into the other bank's public statement itself. If the transfer is not there, and it can no longer be booked after its deadline, you get your money back. If it is there, it is paid. If the statement cannot be had, your bank waits.

When the two circles have different settings#

A proposal with the decision of 23 Oct 2026 (E-1): every circle sets its own time limits.

Every circle has its own time limits. In a payment into another circle each circle applies its own to what it books itself. What happens when they do not match:

The note's validity (10 minutes by default): circle A judges it when it holds the amount, circle B when it receives the payment, each by its own setting. If circle B's validity is shorter, circle B refuses the note in public, and circle A returns the held amount to Ana. So the app signs by the shorter of the two.
The quote's validity (10 minutes by default): the quote is circle B's, so both circles judge it by circle B's validity. Circle A reads that validity in circle B's ledger, as it reads the node and the source. If circle A read an old value, it refuses the payment itself (nothing is held), or circle B refuses it and circle A returns the held amount.
The 7-day wait (by default): only circle A uses it, for its own holds; when it ends is written down at the hold. A wait that is too short can only find that the evidence is not complete yet (circle B's seals do not yet reach past the note's deadline): nothing is booked, and the check repeats. There is no early return.

In everyday terms: a mismatch can only end in a refusal and a return to the payer. Nothing is lost, and the sum in both ledgers stays zero. At most the payer signs again.

The rate quote#

Who gives it: the node of the circle that receives the payment. It signs with its own key. That key is never public anywhere.
What it carries: the circle, the source, the rate, the source's date for the rate, the time of the quote and until when it is valid. The circle is named by its circle id: the fingerprint of the found act its founder signs, the circle's name for ever (decided 17 Oct 2026, C5).
How long it is valid: at most as long as the setting of the circle that gives it says (10 minutes by default) [Decided 23 Oct 2026, E-1]. If its Circle Heart changes it, the new value applies only after public notice, and never retroactively. Both circles judge the quote by the validity of the circle that gave it [Proposal].
When it is made: when someone needs it. The node has one valid quote at a time, used by every payer during that time. When it expires, the node makes a new one if someone needs it again. On a day without payments from other currencies there is no quote at all.
Where it lives: the node publishes every quote on its circle's relays before giving it to anyone. The payer's circle also keeps the quote a payment used on its own relays. So every circle restores by itself.
Quotes are never overwritten. Every new quote is a new record and points to the previous one. So a missing or planted quote stands out at once. A quote may also never go back to an older rate of the same source. The daily check tests both and reports a fault in public.
Size: about half a kilobyte per quote. At most about 180 a day per circle, if payments from other currencies come in all day.

The rate source#

The circle chooses its source itself (the owner's decision). It can be an external service, or one day a record on the relays.
Proposal: the Circle Heart changes it at any time, by a public signed act that three of the four Heart members sign. The new source applies from the next quote on. Old payments stay valid. The live circle has four Heart members: the founder and three other Heart members (decided; the name Circle Heart: decided 23 Oct 2026, E-2).
To start with (decided in the afternoon of 16 October): the European Central Bank's daily reference rate. It is published once per working day, around 16:00. The node reads it once a day. The app always shows the rate's date. A quote is valid for 10 minutes. To be honest: the bank itself says its daily rates are for information only and should not be used for transactions. We use them all the same, because they are public and free, and the rate's date is always visible.
"The last rate stays valid" now means: the circle quotes from the newest rate its source gave. At weekends and on holidays that is the last working day's rate. The app shows the rate's date.
"History is never overwritten" now means: every quote used is in both circles' ledgers. Which source a circle used and when stays in its ledger for good.
The circle's witnesses do not read the source. They check only that the quote is correctly signed and still valid.

When the source goes quiet or is wrong#

If the source gives no new rate for some days, the circle quotes from the last one it has. The app shows the rate's date, and the payer decides. The Circle Heart is alerted when the rate is too old (proposal: older than 120 hours; over holidays a daily rate can be 4 to 5 days old).
A circle that has not yet received any rate from its source gives no quote. Payments from other currencies wait until then.
There is never a fallback to 38888 or to a hard-coded rate.
A wrong quote stays on the relays, visible to all. Payments already made stand, because the payer saw and signed both amounts. The Circle Heart can change the source.
Anyone can compare any quote with the rate the source published that day. Whoever finds a difference can say so in public with a signed statement. Payments do not stop by themselves because of it, since there is no threshold for unusual rate moves (the owner's decision).

How a rate is checked years later#

The payment carries both amounts the payer signed, and the rate quote's id.
Both circles' ledgers are public on their relays: the hold, the receipt and the confirmation can be seen.
Each circle's daily seal locks in the list of rate quotes that the payments in its ledger relied on that day.
The full signed quotes are on both circles' relays. They are never overwritten. The circle's relays refuse deletion of these records.
Anyone can recompute the amount from the quote for any payment and check that the receiver's circle decided correctly. They can also compare the quote with the source's public history.
Every block carries the circle's settings in force at the time, and every seal names the height from which they are in force. So even years later anyone knows how long a quote and a note could be valid at the time [Consequence of E-1].

When the rate moves#

Nobody's balance changes. Every member, every project and the reserve have exactly as much as before, in their own currency. Only the worth of what the two circles' world accounts recorded when money crossed the border changes. That amount belongs to no one. The world account has no key and nobody can spend it. There are no payouts and no money deposits in BSA.

In the daily seal#

the balance of the circle's world account and step outward, in the circle's currency;
the three numbers of the step outward: the step, how much of it is used, and how much the members have built. Other circles see the whole ledger, but these three numbers are what they decide by;
a fingerprint of the list of rate quotes that the payments in the circle's ledger relied on that day. The quotes themselves are on the circle's relays;
the balance of the circle's reserve;
the balance of every account in the circle, public and without any secret addition;
the height from which the circle's settings are in force (the settings are in every block's state).

Decided#

The six development principles (the project owner, 16 October 2026). The whole ledger is kept only through the relays, nothing is truly local, and applications only read from the relays. Nothing is ever hidden. The four Lana relays will not carry 100 billion payments, so the system must be scalable.
What follows from them without a new decision: every payment, including a payment between currencies, is on the relays, with the balances after it, in both circles' ledgers. The secret addition and the 20-account threshold go. When publishing is switched on, the whole history goes to the relays. A new relay gets the whole history. Nothing stays on a server that cannot be rebuilt from the relays, and that is checked every morning.
The seller's circle quotes the rate, the buyer accepts it (the project owner, 16 October 2026, question 7). In the owner's words: "the seller's circle proposes the exchange rate and the buyer accepts it ... The circle chooses the source itself, or it is an external service, and one day it may also be a record on the relays". A rate quote is a public signed record of the seller's circle's node, with a validity window. The payer signs both amounts. Both circles' ledgers carry both amounts and point to the quote. This openly replaces the owner's earlier decision of the same day that the owner's key signs a market rate for every circle every hour, that the last rate stays valid and that rate history is never overwritten. It also replaces my proposal of a panel of publishers and a rate in the middle, with all its details (the allowed deviation, the label "rate from one publisher"). What remains has a new meaning: "the last rate stays valid" means the circle quotes from the newest rate of its source; "history is never overwritten" means every quote used is in the ledger and is never overwritten.
When a payment counts (the project owner, 16 October 2026, question 1: "yes"). Every leg of a payment between currencies, too, counts when a majority of its circle's witnesses (3 of 4) have confirmed it and at least three relays hold it. The app shows "paid · public on N of M relays".
The circle's relays (the project owner, 16 October 2026, question 2: "yes"). From day one every circle has its own relay in the box, and together at least four relays with at least three owners. Rate quotes are on the relays of the circle that gave them and of the circle that relied on them. The Lana relays in 38888 stay the root directory for good and a borrowed home for small circles with limited space. The rule "relays only from 38888" applies to the root relays, not to circles' ledgers.
Witnesses (the project owner, 16 October 2026, question 3: "yes, as the assistant proposes, no money cap"). A circle starts with one witness, and the app shows "not yet decentralised" in public. There is no money cap. Then four witnesses with four different owners, three of whom must agree.
The live circle has four Heart members (formerly "stewards"): the founder and three other Heart members (the project owner, 16 October 2026, question 4, and in the afternoon, point 4a: "I am then add a fourth person too"). A project is approved by three of the four (since 23 Oct 2026 they vote for it, item 28). Proposal: three of the four also change the rate source.
There is no bank data, there are no payouts and there are no money deposits in BSA (the project owner, 16 October 2026, question 6: "the funds are never paid out", and in the afternoon, point 6a: "Forget deposits in money, that is a completely different system"). So a payment's cover no longer deducts an amount held for payouts, and the world account cannot be paid out. A wave grows only from what is received.
Community money always goes to projects (the project owner, 16 October 2026, question 8, details in the afternoon). Project wallets and the reserve have no key. When circle B books a receipt from another circle, the counter-booking of the wave growth goes to the wallet of the project that is receiving, or to the reserve, as for every receipt. The inflow goes to the projects in order, the oldest first; for now without limits (point 8b).
The starting rate source (the project owner, in the afternoon of 16 October 2026): the European Central Bank's daily reference rate. The app always shows the rate's date. A quote is valid for 10 minutes.
A payment into another circle that hangs (the project owner, in the afternoon of 16 October 2026, point 8j: "ok", after the explanation). Nobody pays for it. After 7 days the payer's circle looks into the receiving circle's public ledger itself. If the payment is not there and that circle's daily seals cover the whole time up to the note's deadline, the held amount goes back to the payer. If it is there, the payment stands. If the ledger cannot be read, the payer's circle waits. This openly replaces the earlier rule that after 7 days the community pays a refund by public decision (10 and 15 October 2026), and my proposal that the reserve pays it.
Raising the step outward is a project like any other (the project owner, in the afternoon of 16 October 2026, point 8j). A member proposes it, three Heart members approve it, nobody objects (since 23 Oct 2026: a vote, item 28); it fills from gravity and new steps. When it is full, the circle's step rises by its amount.
The world account and the step-outward account have no key (the project owner, in the afternoon of 16 October 2026, point 8i).
Root relays are only the Lana relays in 38888; from 38888 we read only the relay list (14 Sep 2026). The currency values in 38888 are LANA prices, not exchange rates (15 Oct 2026).
Every circle has one currency; there are no exchange accounts inside a circle (16 Oct 2026).
Payments between currencies switch on by themselves when two circles with different currencies exist (16 Oct 2026).
No deduction on exchange and no threshold for unusual rate moves (16 Oct 2026).
The step outward limits how much a circle buys from other circles in total (10 and 15 Oct 2026).
Every circle has its own app (circle in a box), never one master app for several circles (16 Oct 2026).
Private keys, the node key that signs rate quotes included, never go anywhere (principles, 16 Oct 2026).
Nothing goes to the relays without the owner's yes (16 Oct 2026).
The other earlier decisions (the BSA ID in HEX, never npub; a minimal Lana profile; the mandatory member home; one seal a day; whoever creates a circle founds it, with no personal approval; circles start on borrowed Lana relays; 72 hours of public notice, a default circle setting since 23 Oct 2026, item 26) are listed in the document "World relay network".
The time limits are the same for every circle, in a world-wide record of rules (the project owner, 17 October 2026, C1). In the owner's words: "YES - store the parameters in a special KIND, so that when we change it world-wide they change in all applications", and after the explanation: "You can do it all together in phase D". How long a rate quote is valid (10 minutes), how long a payment note is valid (10 minutes), after how many days the payer's circle looks into the receiving circle's ledger (7 days) and how many Heart members approve a project (three, a step-raise project included) are written in one world-wide record of rules with a KIND of its own, the BSA Rules (43920). It is signed by the same key that publishes the definitions on lananostr.site. No circle can change these values. A change counts only from the day written in the record, at least 7 days after it is published, and never retroactively. Every block and every seal names the rules version it was made under, so a restore from the relays always gives the same result. Later several signatures (for example 3 of 5) can be required. To be honest: until then one key changes values for the whole world, which the principle "no central authorities" asks us to avoid; so it is bounded by the notice, by "never retroactively", by a fixed list of values and by bounds for each value (the bounds are a proposal, below). Replaced on 23 Oct 2026 by E-1 (item 26): the time limits are circle settings; there is no world rules record any more.
Which refusals go into the ledger (the project owner, 17 October 2026, C3: "YES"). Refusals of keys that are neither members of the circle nor applicants are only answered and never booked. Refusals of members and applicants are booked, at most 20 refusals of one key a day. A signed act is valid 7 days: what is not booked by then no longer counts. In a payment into another circle, Ana is a stranger to circle B, but circle B still refuses her late or wrong payment in public in its own ledger (an exception the definitions add; not part of decision C3), because a booked block of circle A brought it. So circle A gives Ana her held amount back at once.
A circle's name is its circle id (the project owner, 17 October 2026, C5). In the owner's words: "I don't understand why you don't do this right away", and after the explanation: "You can do it all together in phase D". The circle id is the fingerprint of the found act the founder signs; it never changes. A rate quote names its circle by it. A payment note into another circle names by it the circle it comes from and the circle it goes to. The circle key is not part of the circle's name, so it can be replaced: a stolen or lost circle key is replaced by three of the four Heart members with 72 hours of public notice (a default setting since 23 Oct 2026, item 26), and the witnesses book the change. The circle key does not sign rate quotes; the node key does. Proposal: the circle key signs only the circle's record in the directory and, once, the found act in block 1.
The time limits are circle settings (the project owner, 23 October 2026, E-1; in the owner's words: »Dejmo da lahko upravitelji spreminjajo svetovna pra vila zase, ker na koncu edino kar je pomembno je balance«, "Let the stewards change the world rules for themselves, because in the end the only thing that matters is the balance", and »72 ur ne more biti fiksno to je lahko default nastavitev, ki jo lahko spremeinijo«, "72 hours cannot be fixed; it can be a default setting that they can change"). Every circle sets its own time limits; the values in the definitions are only default settings, which the Circle Heart changes within the bounds of the definitions. The world rules record (43920) and its signer are gone; this replaces item 23. In this document: a quote's validity (10 minutes by default), a note's validity (10 minutes by default), the wait for a payment that hangs (7 days by default) and the number of Heart votes for a project (3 by default, never fewer). The same for every circle: the computation of money and gravity; the conversion between currencies is part of the money computation [Consequence]. Proposal: a change counts only after the current time has run out, and never retroactively; between circles each circle applies its own values (above, "When the two circles have different settings").
The Circle Heart (the project owner, 23 October 2026, E-2; in the owner's words: »Upravitelji bodo po novem Srce kroga, tako se bo njihova postavitev imenovala«, "From now on the stewards will be the Circle Heart; that is what their seat will be called"). The stewards are now called the Circle Heart, and one person in it a Heart member. The Circle Heart changes the rate source (proposal, above).
A vote instead of an approval (the project owner, 23 October 2026, E-5). Raising the step outward is decided by a vote like any project: nobody against and at least three Heart members for (a circle setting). There are no objections any more.
Exclusion, leaving and settling between circles (the project owner, 23 October 2026, E-3 and E-9). An excluded member may send their plus to another circle, never the wave [E-3]; so may whoever has left [Proposal]. Anyone may settle the debt on the account of a member who left or is excluded, from another circle too, but never above 0 [E-9; the shape: Proposal]. These are payments between circles like all others, with the same rate quote and the same rules.
The step goes with the person (the project owner, 23 October 2026, E-9 (b); in the owner's words: »… potem mu lahko drugi krog pošlje tej skupnosti ta denarki ga je dobil od tega člana ki ga je ustanovil nov korak.. in se zadeva izniči«, "… then the other circle can send this community the money it got from this member who founded a new step.. and it cancels out"). The new circle opens the same step for the newcomer as the reference states and sends the same amount to the old circle's community; the old circle closes the account and returns exactly that amount to its origin. Across currencies the amount is converted under the old circle's rate quote and rounded up, so that the old circle receives at least the whole wave [Proposal: the bookings and the rounding]. [Proposal, safety] The amount counts against the new circle's step outward; whoever no longer fits waits on the waiting list (a question for the owner).

Proposals and questions waiting for the owner's yes#

Proposal: changing the rate source. A circle changes its source at any time, by a public act of the Circle Heart. Three of the four Heart members sign it. The new source applies from the next quote; old payments stay. Under question 7 only "the circle chooses the source itself" is decided.
Proposal: an alert when the rate is old. The Circle Heart is alerted when the rate is older than 120 hours. The bank publishes the rate once per working day around 16:00, so a morning rate is the previous working day's, and over holidays it can be 4 to 5 days old. So the limit must not be shorter.
Proposal: when a payment between circles is still unclear after 7 days, the payer's circle looks into the receiving circle's ledger again once a day until it is clear.
Question 10: 38888 as the directory. Proposal: 38888 stays the starting directory, as the project owner decided, but no circle depends on the root relays to restore or to work. Rate quotes already live on the circles' relays.
Question 18: a new letter to the relay owner. For rates the letter changes: the Lana relays should accept rate quotes only from the nodes of circles that borrow them, within their limited space. Records of a single rate key no longer exist.
Proposal P5, a sales limit per partner circle, stays a proposal.
Proposal P7: one yes per definitions version and one yes for switching on each kind of record, rate quotes included.
Proposal: the bounds of the time limits in the circle's settings (formerly in the world record of rules). A quote's validity may be from 5 minutes to 1 hour, a payment note's from 1 minute to 1 hour, the wait for a payment that hangs from 1 to 30 days; by default both validities are 10 minutes and the wait 7 days. A circle checks a quote and a note by the settings in force at the booking. The 7-day wait for a payment that hangs, however, already runs from the hold, so it keeps the length in force at the hold (clarification, 17 Oct 2026 (D1 review)). While a change is announced but not yet in force, apps sign with the stricter of the two values. A change of a time limit counts only after the current time has run out. Decided is that every circle sets its own time limits and that nothing counts retroactively (E-1).
Proposal: different settings between circles. Each circle applies its own time limits to what it books itself; a mismatch ends only in a refusal and a return to the payer (above, "When the two circles have different settings"). The app signs a note by the shorter of the two validities.
Proposal: the plus and settling between circles. Whoever has left may send their plus to another circle, like an excluded member (E-3). A payment from another circle that settles the debt on the account of a member who left or is excluded does not grow the wave and goes at most up to 0 (E-9).

The other open points (3a, 8g, 8h) do not touch rates. Nor does decision 6c (the project owner, 16 October 2026: »6c, da«; at founding the reserve gets one start of 1,000 in the circle's currency), because it stays in the circle's currency. The decisions of 23 October 2026 E-4, E-6, E-7 and E-8 (OWN processes, admitting members, witnesses, founding) do not touch rates; E-3 and E-9 only as item 29 (above, among the decisions) and proposal 10 say. When a member moves to another circle (E-9 (b), item 30), the amount of their step goes from the new circle to the old one as a payment between circles, at the old circle's rate. All of this is in the documents "New circle: circle in a box" and "The ledger on the relays".