Merit on Stellar: how an introduction becomes a private payout Diagram

What the chain shows

Who introduced whom, by code and account
How much each investor subscribed
Vesting, paid and reversed, as events anyone can read

What stays private

The adviser's rate: in the fund's own systems, never on chain
The fee: computed off chain and paid by confidential transfer, amount absent from ledger and events
Investor identity: the portal's KYC; the chain holds an account, not a name

Who signs what

The investor's passkey authorises subscribe; the host verifies the WebAuthn assertion with secp256r1
The relayer pays fees and deploys accounts; it holds no passkey, so it can authorise nothing
The issuer signs settle and recover; vesting needs no signature at all

Honest limits

The verifier accepts non-zero-knowledge UltraHonk proofs today; the amount is absent, the proof carries no privacy guarantee yet
Confidential settlement ran by script against a separate deployment from the one the portal reads
Compliance flags are off on the testnet issuer; the identity check is simulated
Testnet, fictional fund, play money