Ownership

What the owner is

The owner is the wallet the Coffer contract obeys, the validator’s role in it. It receives the principal of every bond sold, net of the protocol fee. It holds every control on the Coffer’s page, the terms, the funds moves, the redemption of bonds and the exit switch. And it cannot buy bonds from its own Coffer. Ownership moves in two steps, the owner names a new wallet and the new wallet accepts from its own side. It can never be given up, so a Coffer always has an owner.

A transfer touches nothing on the beacon chain. The validator’s withdrawal credentials point at the Coffer contract, not at the owner’s wallet, so the stake, the bonds and the terms stay where they are. Only the wallet that commands the contract changes.

Start a transfer

Open your Coffer, and in the Owner Controls card, under Ownership, press Transfer Ownership. The Transfer ownership panel has one field, New owner address. The line under it reads “Enter a valid address.” for anything that is not an address, “The zero address cannot own a Coffer.” for the zero address, and “This wallet already owns the Coffer.” for your own. The button stays held until the field passes. The note above the button reads “Two-step transfer. New owner must accept it from their wallet before it takes effect. Until then, you keep control.”

Press Change Ownership. The button reads Confirm in wallet while your wallet asks, Processing… while the transaction is in flight and Syncing… until the app shows the pending owner. On the chain the contract records the new wallet as the pending owner and nothing else changes. The toast “Transfer started” appears at the receipt, the panel closes on its own once the sync is through, and the section now reads Revoke Transfer.

While it is pending

While a transfer is pending, the Ownership section shows Revoke Transfer with the note “Transfer pending” in place of the transfer button. Every control is still yours, the principals still come to you, and the pending wallet can do nothing but accept. To name a different wallet, revoke first, since the section offers no second transfer while one is pending.

Press Revoke Transfer. The panel shows Transferring to with the pending wallet’s address, linked to the block explorer, and the note “You have initiated transfer of this coffer. You can still cancel it and return ownership to your address.” Press Revoke Transfer again. The button reads Confirm in wallet, Processing… and Syncing… until the app shows no pending owner. On the chain a revoke is a transfer to nobody, which clears the pending owner. The toast “Transfer revoked” appears at the receipt, the panel closes once the sync is through, and the section reads Transfer Ownership again.

Accept from the new wallet

The transfer takes effect only when the new wallet accepts it. From that wallet, open the Coffer’s page. As the pending owner, and only as the pending owner, you see an Ownership section with Accept Ownership above the Terms card. Press it. The panel shows Transfer from with the current owner’s address, linked to the block explorer, and the note “Two-step transfer. By accepting ownership, you become the new owner of this contract.”

Press Accept Ownership. The button reads Confirm in wallet, Processing… and Syncing… until the app shows the new owner. The toast “Ownership confirmed” appears at the receipt, the panel closes once the sync is through, and the Coffer’s page now shows you the Owner Controls card.

What changes, and what does not

From the accept on, the principal of every bond sold goes to the new wallet. Every owner control belongs to the new wallet and none to the old. The old wallet may now buy bonds from this Coffer, since it is no longer the validator in the contract’s eyes. The Coffer leaves the old wallet’s portfolio and appears in the new one’s, and Browse leaves it out for the new wallet, as it leaves out every Coffer you own. The Owner row at the bottom of the Terms card shows the new address, linked to the block explorer, for anyone who opens the page.

The terms, the bonds, their maturity values, the statuses, the version and the validator’s credentials are untouched. A holder notices nothing but the new address on the Terms card.

If a line appears

“You are not the owner of this contract.” means the wallet is no longer the owner, the transfer was accepted under your open page. “Invalid owner address.” cannot come from the form, which refuses the zero address before sending. And “Transaction confirmed but server sync timed out. Please refresh.” means the transaction landed and the app has not shown it within ten seconds, refresh and it is there.