Roles

D-ASA defines custom roles and permissions for the entities involved in the debt instrument.

The D-ASA MUST define contract roles \([CNTRL]\).

The contract roles MUST be identified with a role ID (uint8).

The contract roles MUST be associated with Algorand Addresses through a role key of the form:

[R||<role ID>||#||<role address>]

Where || denotes concatenation.

📎 EXAMPLE

Let’s have a D-ASA role ID 42 associated with the Algorand Address XYZ. The corresponding role key is 42#XYZ.

Issuer (Borrower)

Issuers are individuals, companies, institutions, governments, or other entities who borrow capital by issuing a debt.

An Issuer \([CRID]\) is an entity that owes a debt issued as D-ASA.

The Issuer role MUST be identified with the reserved ID 1 \([RPL]\).

Arranger

Arrangers are legal entities authorized to arrange debt instruments on behalf of the issuers.

The Arranger owns an Algorand Address.

The Arranger role MUST be identified with the reserved ID 20.

The Arranger SHALL configure the D-ASA using the asset_config method.

The Arranger MAY configure the D-ASA role-based access control with the OPTIONAL assign_role and revoke_role methods.

Investor (Lender)

Investors are lenders providing capital to borrowers with the expectation of a financial return, defined by debt instruments.

Investors \([CPID]\) own D-ASA accounts, characterized by a pair of Algorand Addresses:

• Holding Address: address that owns D-ASA units with the right to future payments;
• Payment Address: address that receives D-ASA payments.

The Payment Address MAY be different from the Holding Address.

D-ASA units can be in custody with a third party or temporarily deposited on an order book (Holding Address). At the same time, payments are always executed towards the investor (on the Payment Address).

The right to open and close investor accounts can be granted to different entities, such as KYC providers or banks.

The Investor role MUST be identified with the reserved ID 30.

Debt instruments may have an order of repayment in the event of a sale or default of the issuer, based on investors' seniority.

Investors with the same seniority are treated equally.

The Investors MAY have different seniority \([SEN]\).

Open Account

The D-ASA accounts SHALL be opened using the open_account method.

The D-ASA accounts MUST NOT be opened if the D-ASA is suspended (see Suspension section).

The D-ASA accounts MUST NOT be opened if the D-ASA is in default (see Default section).

Close Account

The D-ASA accounts MAY be closed using the close_account method.

The D-ASA accounts MUST NOT be closed if the D-ASA is in default (see Default section).

Oracles

Debt instruments may rely on external data, such as interest rates, covenant breaches, etc., provided by trusted oracles.

An Oracle \([MOC]\) is an external entity that provides trusted data to the D-ASA.

A D-ASA MAY have multiple oracles.

The Oracle roles MUST be identified with the reserved IDs between 80 - 100.