CIP-0055: Add Bitwave as a Weight 1 SV

CIP-0055

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

• 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.

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.

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