Under era law an engine is superseded, never revoked: credentials verify forever against the era that judged them, and a changed judge is a new judge by definition. Several fields below therefore cannot arrive quietly — they require a published engine era with its own diff and review.
LIVE TODAY
Trial count N · exposures · regimes · costs · out-of-sample · sealed path · the chainThe trial count is the leaf count of a committed ledger, and the credential states plainly when a given credential does not bind one. Exposure and regime panels are derived in-circuit from the same position series the P&L compounds.
LIVE TODAY
Holder record — the denominatorEvery credential a holder has ever minted, passes and refusals together, computed from the append-only registry. Opt-in and permanent once chosen; a holder who has not elected shows exactly that. The mechanism shipped 2026-08-29.
NEEDS AN ERA
Breadth · velocity floor · book tier · extended regressors · regime floors · short-vol payoff · scaleAll require changes inside the guest circuit — a new image, re-proving, and a published review. They will ship as one governed era release rather than as quiet edits.
NEEDS THE WORLD
Adherence — did they trade what they provedRequires a counterparty willing to sign a position file: a prop firm, a pod platform or a prime broker. No amount of cryptography substitutes for someone attesting to what was actually traded. Until one exists, the field reads not attested — never inferred.
NEEDS VOLUME
Percentiles — comparability across booksMeaningful only once enough books share one hash-pinned gate, identical cost treatment and identical drawdown marking. The comparison set must stay public and independently recomputable, or the percentile is void.
RESEARCH
Correlation to the allocator's own book, in zero knowledgeThe allocator commits their return series locally; the holder proves correlation below a threshold the allocator chooses. Neither counterparty — nor MIZAN — learns the other's data. A research-grade engineering project, and the second impossible pair in this industry.
NEVER
Capacity · crowding · book management · custody · counterparty competenceThese depend on future liquidity, on people, and on everyone else in the trade. No proof system reaches them and no MIZAN credential will imply it does. They are printed on the artifact as refusals so that everything above them can be believed.
Why publish an unfinished specification. Because a standard other people are meant to build on cannot be a surprise, and because the fastest way to get this right is to be corrected early. If your own screen carries a criterion missing from this page, we would rather hear it than guess — that is precisely how the list was written.
Tell us what we left out.
