Exists today
A specification and a model
A written state machine specification, a browser-based model of the release logic, and this documentation site. That is the complete list.
Status Overview
Status
An honest inventory of where this project actually is. If something is not listed under "exists today", assume it does not exist.
Does not exist
Everything operational
No backend service, no API, no user accounts, no banking partner, no legal entity, no regulatory permissions, no customers, and no pilot.
Organization
Leadership & Development
Founded and led by Russell Boyd. Based in California, Sendy-Wave focuses on automating trade documentation workflows and conditional settlement logic. Reachable at support@sendy-wave.bond.
Direction
What comes next
Milestone-driven roadmap. Rather than publishing arbitrary launch dates while technical specifications and legal parameters are in review, our progress is structured around sequential engineering dependencies.
Now
Specification and public model
Pin down the state machine, publish it, and build a model people can interrogate without needing an account or a conversation.
- State transition specification, including the HELD path
- Client-side model of tranche release and holds
- Public write-up of the design and its known weaknesses
Next
Reference implementation
Move the logic out of the browser into a testable service, with the event log as the primary artefact rather than an afterthought.
- Server-side state machine with a property-based test suite
- Append-only event log with deterministic replay
- Signature verification and key registration against a real crypto library
Later
External validation
Before any operational step: find out from qualified people whether this is legal, whether an institution would act on these instructions, and whether traders want it.
- Written legal assessment of regulatory perimeter in one target jurisdiction
- Structured interviews with freight forwarders and customs brokers
- Exploratory conversations with trust companies and payment institutions
Conditional
Controlled trial
Only if the validation work supports it, and only with a licensed partner holding the funds. There is no date attached to this and it may not happen.
- Formal incorporation and the regulatory permissions identified
- Independent security review before handling third-party production data
- A single low-value contract with counterparties who understand the risk
Changelog
Recent changes
Site rebuilt. Removed simulated status indicators and non-functional access controls that implied infrastructure which does not exist. Added this status page, an open problems section, and legal pages. The contact form now actually delivers mail.
HELD state added to the specification. The previous model assumed milestones were either met or pending, with no way for a counterparty to object before release. Disputes are now a first-class state with no automatic exit.
Attestation binding tightened. Signatures are now specified over the document digest and milestone identifier together, closing a replay path where a valid attestation for one milestone could be resubmitted against another.
Monetary amounts changed to decimal strings. The draft message format used JSON numbers, which cannot represent all decimal values exactly. Amounts are now strings with an explicit currency code.
Custody separation made explicit. The design was ambiguous about whether the system might hold balances. It will not; funds remain with a licensed partner and the software only emits instructions.