Initial Meridian Protocol implementation
- Complete MeridianToken standard with compliance & reserve checks - Multi-custodian ReserveAggregator supporting bank/crypto/fund admin - Comprehensive Compliance engine with KYC/AML/sanctions - Full interface definitions and deployment scripts - Test suite for core functionality - Ready for GBP launch with Anchorage custody integration
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Claude AI
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README.md
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README.md
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# Meridian Protocol
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**The Monetary Operating System for Programmable Money**
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Meridian is a protocol standard, compliance engine, and programmable settlement network that enables any regulated entity to issue their own token, denominated in any sovereign currency, backed by their own reserves, and interoperable with every other token in the network.
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## Overview
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Think of Meridian as "Visa for programmable money." Visa doesn't issue every card — it sets the rules that card issuers follow. Meridian doesn't issue every token — it sets the standard that token issuers meet.
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### The Stack
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- **Layer 0**: Amitis Network (live L1 blockchain)
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- **Layer 1**: MeridianToken Standard (ERC-20 base with compliance)
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- **Layer 2**: Compliance Engine (KYC, sanctions, AML)
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- **Layer 3**: ReserveAggregator (multi-custodian attestation)
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- **Layer 4**: Cross-Currency Settlement (atomic swaps)
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- **Layer 5**: Programmable Logic Layer (conditional payments)
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## Key Features
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### 🏛️ Multi-Custodian Reserve Proof
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- **Tier-1 Banks**: Chainlink PoR integration
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- **Crypto Custodians**: On-chain push attestation
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- **Fund Administrators**: Signed oracle attestation
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- **102% minimum collateralization** enforced on-chain
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### 🛡️ Built-in Compliance
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- **KYC Whitelisting**: 3-tier system (Basic/Enhanced/Institutional)
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- **Real-time Sanctions Screening**: OFAC/EU/UN lists
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- **AML Velocity Limits**: Daily/monthly transaction caps
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- **Automatic Reporting**: CTR/SAR threshold triggers
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### 🌐 Interoperable Ecosystem
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- **meridian.gbp** ↔ **meridian.usd** atomic swaps
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- **Cross-chain deployment** (Amitis + Ethereum)
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- **5bps swap fees** via Amitis native DEX
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## Contract Architecture
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```
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MeridianToken.sol
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├── Compliance.sol (KYC/AML/Sanctions)
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├── ReserveAggregator.sol (Multi-custodian proof)
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└── Interfaces/
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├── ICompliance.sol
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└── IReserveAggregator.sol
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```
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### Core Contracts
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#### MeridianToken
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The base ERC-20 token implementing the Meridian Protocol Standard:
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- Mint/burn gated by N-of-M custodian signatures
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- Reserve check on every mint via ReserveAggregator
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- Compliance checks on every transfer
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- Daily mint/burn limits with admin controls
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#### ReserveAggregator
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Multi-custodian reserve attestation system:
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- Supports 3 custodian types (bank/crypto/fund admin)
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- Staleness checks with configurable heartbeat
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- Live collateralization ratio calculation
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- Chainlink PoR integration for institutional custodians
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#### Compliance
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KYC, sanctions, and AML enforcement:
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- 3-tier KYC system with automatic limit assignment
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- Real-time sanctions list updates
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- Velocity tracking with automatic resets
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- AML reporting threshold monitoring
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## Installation
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```bash
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# Clone repository
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git clone https://gittea.979labs.com/amitis55/Meridian.git
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cd Meridian
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# Install dependencies
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npm install
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# Copy environment variables
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cp .env.example .env
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# Edit .env with your API keys and private keys
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# Compile contracts
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npm run compile
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# Run tests
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npm run test
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```
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## Deployment
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### Local Development
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```bash
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# Start Hardhat node
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npx hardhat node
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# Deploy to localhost
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npm run deploy
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```
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### Testnet Deployment
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```bash
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# Deploy to Sepolia
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npm run deploy:sepolia
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# Deploy to Amitis testnet
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npm run deploy:amitis
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```
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### Mainnet Deployment
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```bash
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# Deploy to Ethereum mainnet
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npm run deploy:mainnet
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# Deploy to Amitis mainnet
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npm run deploy:amitis
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```
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## Usage Examples
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### Issuing a New Token
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```javascript
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// Deploy core contracts
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const compliance = await Compliance.deploy(admin);
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const reserveAggregator = await ReserveAggregator.deploy(admin);
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// Deploy meridian.usd token
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const musd = await MeridianToken.deploy(
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"Meridian USD",
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"MUSD",
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"USD",
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"HSBC Bank",
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reserveAggregator.address,
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compliance.address,
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admin
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);
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```
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### Adding Custodians
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```javascript
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// Add Anchorage as crypto custodian
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const custodianId = ethers.utils.keccak256(ethers.utils.toUtf8Bytes("anchorage-usd"));
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await reserveAggregator.addCustodian(
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custodianId,
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"Anchorage Digital USD",
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anchorageOracleAddress,
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3600, // 1 hour heartbeat
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1 // crypto custodian type
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);
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// Add Bank of America as bank custodian (Chainlink PoR)
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await reserveAggregator.addCustodian(
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bankCustodianId,
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"Bank of America USD",
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chainlinkPorFeedAddress,
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86400, // 24 hour heartbeat
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0 // bank custodian type
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);
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```
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### Minting Tokens
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```javascript
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// Whitelist recipient
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await compliance.whitelistAddress(recipient, 2, "US", 0);
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// Attest reserves first
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await reserveAggregator.attestReserves(
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custodianId,
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ethers.utils.parseEther("1020000"), // $1.02M reserves
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documentHash
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);
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// Mint $1M tokens (102% collateralized)
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await musd.mint(
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recipient,
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ethers.utils.parseEther("1000000"),
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attestationHash
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);
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```
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### Cross-Currency Swaps
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```javascript
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// Atomic swap MGBP → MUSD via Amitis DEX
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const amountIn = ethers.utils.parseEther("1000"); // 1,000 GBP
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const amountOutMin = ethers.utils.parseEther("1200"); // ~1,200 USD
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await amitisRouter.swapExactTokensForTokens(
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amountIn,
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amountOutMin,
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[mgbp.address, musd.address],
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recipient,
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deadline
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);
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```
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## Fee Structure
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| Operation | Fee | Notes |
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|-----------|-----|-------|
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| Initial mint | 1.00% | One-time onboarding |
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| Subsequent mints | 50bps | ~30bps net after custody |
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| Reserve maintenance | 30bps/year | On outstanding supply |
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| Cross-currency swap | 5bps | Via Amitis DEX |
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| Protocol licence | $25K-$20M/year | By issuer tier |
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## Regulatory Framework
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### Entity Structure
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- **Meridian Protocol Foundation** (Cayman) — IP, governance
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- **Meridian EMI Ltd** (UK) — FCA EMI authorised
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- **Meridian MENA Ltd** (ADGM) — FSRA regulated
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- **Meridian Asia Pte Ltd** (Singapore) — MAS MPI
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### Custody Partners
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- **US**: Anchorage Digital Bank (OCC Charter)
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- **UK**: Barclays / HSBC (FCA authorised)
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- **EU**: Fireblocks + EU bank (MiCA CASP)
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- **UAE**: Copper / ADGM bank (FSRA)
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- **Singapore**: BitGo (MAS licensed)
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- **Japan**: SBI Digital Asset Holdings (FSA)
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## Development Roadmap
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### Phase 1: Foundation (Q1 2026)
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- [x] Core contract development
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- [x] Testnet deployment
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- [ ] Chainlink PoR integration
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- [ ] Initial custodian onboarding
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### Phase 2: Launch (Q2 2026)
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- [ ] FCA EMI licence approval
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- [ ] meridian.gbp mainnet launch
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- [ ] Anchorage partnership
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- [ ] Reserve dashboard
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### Phase 3: Expansion (Q3-Q4 2026)
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- [ ] meridian.usd launch
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- [ ] MiCA passport activation
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- [ ] Third-party issuer onboarding
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- [ ] Cross-chain bridges
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## Security
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### Audits
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- [ ] Code4rena audit (planned Q1 2026)
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- [ ] Trail of Bits security review (planned Q1 2026)
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- [ ] Quantstamp formal verification (planned Q2 2026)
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### Access Controls
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- **Multi-sig required** for all admin functions
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- **Time delays** on critical parameter changes
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- **Emergency pause** capability
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- **Role-based permissions** with least privilege
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## Contributing
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1. Fork the repository
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2. Create your feature branch (`git checkout -b feature/amazing-feature`)
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3. Commit your changes (`git commit -m 'Add amazing feature'`)
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4. Push to the branch (`git push origin feature/amazing-feature`)
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5. Open a Pull Request
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## Testing
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```bash
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# Run all tests
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npm run test
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# Run specific test suite
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npx hardhat test test/MeridianToken.test.js
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# Run with coverage
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npx hardhat coverage
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```
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## Documentation
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- **Whitepaper**: [Meridian Protocol v2.0](docs/whitepaper.pdf)
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- **Technical Docs**: [Architecture Overview](docs/architecture.md)
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- **API Reference**: [Contract Documentation](docs/api.md)
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## License
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MIT License - see [LICENSE](LICENSE) for details.
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## Contact
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- **Email**: tech@meridian.network
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- **Twitter**: [@MeridianMoney](https://twitter.com/meridianmoney)
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- **Discord**: [Meridian Community](https://discord.gg/meridian)
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- **Website**: [meridian.network](https://meridian.network)
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---
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**The future of money is programmable. The future of programmable money is Meridian.**
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