## CIP 0055

<pre>
  CIP: CIP 0055
  Title:  Add Bitwave as a Weight 1 SV
  Author: Eric W Saraniecki 
  Status: Final 
  Type:  Governance
  Created: 2025-03-17
  Approved: 2025-05-08
  License: CC0-1.0
  Post-History: https://lists.sync.global/g/cip-discuss/topic/cip_0055_add_bitwave_as_a/111750444
</pre>

## Abstract

* Add Bitwave as a Super Validator with provisional Weight 1.
* Bitwave commits to operate its own Super Validator (waiving the exemption in CIP 0045), enhancing decentralization and auditability.
* Associated rewards will remain unminted until defined milestones are met and verified through the Tokenomics Group review process.

#### Specification

* Grant Bitwave the right to operate a Super Validator node and join the next onboarding group.
* Assign Bitwave a provisional SV weight of 1, with rewards to remain unminted until milestone completion.
* Require Bitwave to formally request the right to mint associated rewards upon demonstrating that defined milestones have been met, subject to approval by the Tokenomics Group.
* Bitwave will collaborate with the Tokenomics Group to define clear milestones and delivery timelines for their contributions.

## Motivation

* **Audit eligible SV Operator**
    * Any network participant which undergoes an annual audit needs an eligible source of data for CC earnings, holdings, and more
    * Auditors will not accept the participant’s node as proof 
    * Auditors strongly prefer to access this data from an authorized provider 
* **Onchain Payments**
    * Canton Network participants would benefit from being able to make Accounts Payable / Intercompany transfer payments in Canton Coin or USDC.  This would 
    * **Lower Transaction Fees** – Compared to traditional payment rails (ACH, paper check, credit cards, bank wires).
    * **Allow Faster Settlements** – Transactions settle within minutes, even cross-border.
    * **Enable 24/7 Availability** – Eliminating reliance on banking hours or intermediaries.
    * **Improve Security and Privacy** – Canton’s privacy unlocks the full potential of on-chain enterprise payments not possible in other ecosystems

## Rationale

Bitwave is Audit Eligible, 

Bitwave will implement Accounts Payable / Intercompany payments

Bitwave will do this in a compliant way, with all the necessary supporting flows:

    * Vendor Onboarding – Bitwave will enable enterprises to seamlessly onboard vendors with integrated Canton Coin and USDC payment capabilities.
    * ERP Integration – Canton Coin and USDC transactions will be embedded into enterprise resource planning (ERP) systems for automated financial management.
    * Accounts Payable Workflow – Enterprises can process and reconcile invoices using on-chain payments, improving efficiency and transparency.
    * Payment Execution – Bitwave will facilitate real-time payments in USDC on Canton and Canton Coin, reducing reliance on traditional banking rails.
    * Remittance Delivery – Automated remittance tracking and reporting will streamline cross-border and domestic enterprise payments.
    * Accounting Automation – Bitwave will simplify reconciliation, tax reporting, and financial compliance with fully automated accounting workflows.

* These commitments will be structured into formal milestones, each subject to review by the Tokenomics Group. Rewards will be minted only upon formal request and successful milestone verification.

* Bitwave is already a member of the GSF and runs their own Validator on the Network and provides core accounting functions for Digital Asset and other Validators on the Network
* Bitwave commits to build and deploy an Enterprise Payments application to allow Accounts Payable (AP) / Intercompany Transfer payments to be made in Canton Coin and USDC on Canton upon the launch of USDC on Canton
    * Bitwave has already enabled this Enterprise Payments application on chains like ETH, BTC, Polygon, Base, Stellar 
    * Coinbase is an early customer of Bitwave’s Enterprise Payments Application and has spoken publicly about making payments to enterprises like EY, WeWork, and Google in stablecoins at [Enterprise Digital Asset Summit](https://www.youtube.com/watch?v=2O0XUR0l5yQ&t=120s)
* Bitwave will make intros to teams at Coinbase and Google within 30 days of signing
    * At least three Bitwave customer intros per year
* Bitwave agrees to a joint press release upon signing and at go-live of Bitwave application



## About Bitwave

* Bitwave is the #1 digital asset subledger and on-chain finance platform for enterprises and institutions. Bitwave automates on-chain accounting workflows, streamlines regulatory compliance, and simplifies tax reporting complexity with a comprehensive, audit-ready platform. 
* Built for enterprises and institutions, Bitwave delivers the reliability, security, and control demanded by today’s leading finance teams. 
* Trusted by Fortune 100 companies and pioneering crypto-native projects alike, Bitwave enables the digital asset economy with scalable financial operations.  
* For more information, visit bitwave.io.

![img](/cip-0055/cip-0055a.png)
![img](/cip-0055/cip-0055b.png)

## Proposed Changes

* Grant Bitwave the right to join the network as a Super Validator with provisional Weight 1, subject to milestone-based reward minting and Tokenomics Group approval.

## Copyright

* This CIP is licensed under CC0-1.0: [Creative Commons CC0 1.0 Universal](https://creativecommons.org/publicdomain/zero/1.0/).

## Changelog

* **2025-03-17:** Initial draft of the proposal.
* **2025-03-18:** Edit and move sections.
* **2025-04-14:** Add provisional minting based on Tokenomics new process.
* **2025-05-08:** Approved