Provenance Blockchain

Provenance began in 2018 around financial-market workflows associated with Figure. Its current code is an open Cosmos SDK chain using CometBFT, and the public pio-mainnet-1 started on 2021-04-20. Figure remains a major application builder, holder and protocol supporter, but its own filing says it does not control the blockchain.

The Foundation occupies a different layer. It coordinates core development, validator monitoring, infrastructure, upgrades, advocacy and grants. Validators propose and attest blocks with stake-weighted power. HASH connects these actors: it pays execution, bonds economic security and supplies governance weight without making its holder a shareholder of either organization.

One HASH contains one billion nhash. Published tokenomics quotes network costs in USD and converts them to HASH, directing 60% to validators and 40% to HASH Market. Settlement fees are described as going entirely to that auction pool. A bidder may spend HASH for pooled assets, and a winning HASH bid is burned rather than paid pro rata to passive holders.

Delegators choose a validator, accept its commission and enter a 21-day unbonding period. Their stake adds to consensus power and shares validator fault exposure. In governance, active stake is the vote: a delegator can override its validator, but silence lets the validator carry that delegated weight.

Upgrades therefore combine code and coordination. Proposal 111 approved forsythia v1.30.0 at height 33,094,666; validators then had to run the compatible binary. Foundation engineering can prepare a release, but an announced roadmap is not current chain behavior until governance and validator execution make it so.

Current Foundation pages still present a 100-billion allocation baseline and describe adaptive inflation from 1% at a 60% bonded ratio to 52.5% at zero stake. The live mint endpoint tells a narrower present-tense story: both inflation bounds are zero. A published economic model and an active mint parameter are different evidence.

Proposal 106 supplies the clearest state change. It passed a request to reduce supply by five billion HASH when voting ended 2026-05-01. The current bank endpoint reports 95 billion HASH. Governance changed the monetary ledger directly; any future inflation or auction burn should likewise be verified on-chain rather than inferred from a diagram.

Provenance markers can be ordinary coins or restricted assets. Each can have a manager, access grants, supply controls, required attributes and, where configured, forced-transfer authority. A security or loan recorded through those modules derives holder rights from its issuer documents and asset configuration—not from possession of the network's fee coin.

This is the limit behind the RWA slogan. HASH holders may vote on base-chain parameters and software, but they do not automatically receive loan payments, collateral, shareholder votes or redemption from every asset using the chain. Figure controls its applications and assets; issuers control their markers; the Foundation coordinates infrastructure; validators control consensus execution. Those powers overlap without becoming one right.