@hyperscale0/udl 2.6.0 → 3.0.0

package/src/finance.ts

@@ -1,1164 +1,324 @@
-import type { UdlBinding } from "./schema.js";
-import { UDL_LIMITS } from "./limits.js";
-import type { UdlIssueCode } from "./diagnostics.js";
+import type {
+  UdlAction,
+  UdlDocument,
+  UdlInstrument,
+  UdlValue,
+} from "./schema.js";
 
 export interface FinanceIssue {
-  readonly code: UdlIssueCode;
-  readonly message: string;
-  readonly path: readonly PropertyKey[];
-}
-
-export interface FinanceOptions {
-  readonly penaltyMayBeNonzero?: boolean;
-}
-
-interface FinancialStep {
-  readonly operation: string;
-  readonly bind: Readonly<Record<string, UdlBinding>>;
-  readonly capture?: Readonly<Record<string, string>> | undefined;
-}
-
-interface FinancialMove extends FinancialStep {
-  readonly key: string;
-}
-
-export interface FinancialPartition {
-  readonly totalField: string;
-  readonly pieceFields: readonly string[];
-}
-
-export interface FinancialContribution {
-  readonly field: string;
-  readonly amountKey: string;
-  readonly accountKey: string;
-  readonly totalField: string;
-}
-
-export interface FinancialContributionStage {
-  readonly stage: "fund" | "refund";
-  readonly accountPath: string;
-}
-
-export interface FinancialInstrument {
-  readonly lifecycle: {
-    readonly initial: string;
-    readonly states: readonly string[];
-    readonly transitions: Readonly<
-      Record<string, { readonly from: readonly string[]; readonly to: string }>
-    >;
-  };
-  readonly parties?:
-    | {
-        readonly beneficiary?: string | undefined;
-        readonly payer?: string | undefined;
-        readonly subjectHolder?: string | undefined;
-      }
-    | undefined;
-  readonly partitions?: readonly FinancialPartition[] | undefined;
-  readonly contributions?: FinancialContribution | undefined;
-  readonly actions: Readonly<
-    Record<
-      string,
-      {
-        readonly commit?: string | undefined;
-        readonly moves?: readonly FinancialMove[];
-        readonly quote?:
-          | {
-              readonly baseField: string;
-              readonly chargeRef: string;
-              readonly chargeRetainedBy?:
-                | "payer"
-                | "beneficiary"
-                | "subjectHolder"
-                | undefined;
-              readonly charges: readonly { readonly bps: number }[];
-              readonly netRef: string;
-            }
-          | undefined;
-        readonly steps: readonly FinancialStep[];
-        readonly contributionStage?: FinancialContributionStage | undefined;
-      }
-    >
-  >;
-}
-
-/**
- * One quote-commit pair, flattened for the typestate. The quoting action prices
- * `baseField` into the charge and the net; the committing action spends the net
- * out of the account that funded the base.
- */
-interface QuoteFacts {
-  readonly baseField: string;
-  readonly chargeRef: string;
-  readonly chargeRetainedBy?:
-    | "payer"
-    | "beneficiary"
-    | "subjectHolder"
-    | undefined;
-  readonly chargeCanBeNonzero: boolean;
-  readonly commit: string;
-  readonly netRef: string;
-  readonly quoting: string;
-}
-
-type Balance =
-  | { readonly kind: "empty" }
-  | { readonly kind: "funded"; readonly amounts: readonly string[] }
-  | { readonly kind: "penalty" }
-  | { readonly kind: "unknown" };
-
-interface AccountState {
-  readonly balance: Balance;
-  readonly holds: Readonly<Record<string, Balance>>;
-  readonly exchanged?: boolean | undefined;
-}
-
-interface Reservation {
-  readonly amount: string;
-  readonly destination?: string;
-  readonly source?: string;
-}
-
-interface Effect {
-  readonly amount: string;
-  /** The quoted base a refund effect returns; absent on every other kind. */
-  readonly refundable?: string;
-  readonly kind:
-    | "credit"
-    | "debit"
-    | "dynamic_debit"
-    | "incoming_reserve"
-    | "outgoing_reserve"
-    | "penalty_debit"
-    | "post"
-    | "refund"
-    | "void";
-  readonly path: readonly PropertyKey[];
-  readonly reservation?: string;
-}
-
-const EMPTY: Balance = { kind: "empty" };
-
-const UNKNOWN: Balance = { kind: "unknown" };
-
-// A funded balance is the exact set of amount identities currently held.
-// Distinct identities stack (a partitioned funding); re-crediting an identity
-// already present degrades to unknown, which keeps the state space finite.
-function funded(amounts: readonly string[]): Balance {
-  if (amounts.length === 0) return EMPTY;
-  return { kind: "funded", amounts: [...amounts].sort() };
-}
-
-function withoutPiece(
-  amounts: readonly string[],
-  amount: string,
-): readonly string[] {
-  const index = amounts.indexOf(amount);
-  return amounts.filter((_, position) => position !== index);
-}
-
-/**
- * One financial typestate owner for canonical UDL and static instrument contracts.
- * It proves a tracked escrow account holds an exact set of funded amounts,
- * models held transfers through reserve/post/void, consumes every direct
- * debit piece by piece, and makes the quoted refund's sole remainder an
- * exactly-once penalty payout.
- */
-export function analyzeInstrumentFinance(
-  instrument: FinancialInstrument,
-  options: FinanceOptions = {},
-): readonly FinanceIssue[] {
-  const issues: FinanceIssue[] = [];
-  const seenIssues = new Set<string>();
-  const add = (
-    path: readonly PropertyKey[],
-    message: string,
-    code: UdlIssueCode = "UDL4001",
-  ): void => {
-    const key = `${path.join(".")}\0${message}`;
-    if (seenIssues.has(key)) return;
-    seenIssues.add(key);
-    issues.push({ code, message, path });
-  };
-
-  const admissionProblem = financeAdmissionProblem(instrument);
-  if (admissionProblem) {
-    add(["lifecycle"], admissionProblem, "UDL1004");
-    return issues;
-  }
-
-  const trackedAccounts = productEscrowAccounts(instrument);
-  const quotes = quoteFacts(instrument, options);
-  const refundSources = new Map<string, string>();
-  for (const quote of quotes) {
-    const commitTransfer = instrument.actions[quote.commit]?.moves?.filter(
-      (move) => move.operation === "internal_transfer.create",
-    )[0];
-    const source = canonicalAccount(
-      instrument,
-      commitTransfer?.bind.sourceAccountId,
-    );
-    if (!source) continue;
-    refundSources.set(quote.commit, source);
-    trackedAccounts.add(source);
-  }
-  const refundSourceAccounts = new Set(refundSources.values());
-  for (const quote of quotes) {
-    validateChargePayout(
-      instrument,
-      quote,
-      refundSources.get(quote.commit),
-      add,
-    );
-  }
-  if (trackedAccounts.size === 0) return issues;
-  if (trackedAccounts.size > UDL_LIMITS.financeAccounts) {
-    add(
-      ["actions"],
-      `financial analysis exceeds ${UDL_LIMITS.financeAccounts} tracked accounts`,
-      "UDL1004",
-    );
-    return issues;
+  path: string;
+  message: string;
+}
+type Sum = Map<string, bigint>;
+type Balance = Sum | null;
+interface Hold {
+  from: string;
+  to: string;
+  amount: Balance;
+}
+interface State {
+  status: string;
+  balances: Map<string, Balance>;
+  holds: Map<string, Hold>;
+}
+const add = (a: Balance, b: Balance, sign = 1n): Balance => {
+  if (a === null || b === null) return null;
+  const result = new Map(a);
+  for (const [key, value] of b) {
+    const next = (result.get(key) ?? 0n) + value * sign;
+    if (next) result.set(key, next);
+    else result.delete(key);
   }
-
-  const reservations = reservationsByKey(instrument);
-
-  let pathVariants = 0;
-  let work = 0;
-  for (const account of trackedAccounts) {
-    const effects = effectsByAction(instrument, account, reservations, quotes);
-    const createEffects = effects.get("create") ?? [];
-    work += 1 + createEffects.length;
-    if (work > UDL_LIMITS.financeWork) {
-      add(
-        ["lifecycle"],
-        `financial analysis exceeds ${UDL_LIMITS.financeWork} deterministic work units`,
-        "UDL1004",
+  return result;
+};
+const show = (sum: Balance): string =>
+  sum === null
+    ? "unknown"
+    : JSON.stringify(
+        [...sum]
+          .sort(([a], [b]) => (a < b ? -1 : a > b ? 1 : 0))
+          .map(([key, value]) => [key, String(value)]),
       );
-      return issues;
-    }
-    const initial = applyEffects(
-      instrument,
-      account,
-      "create",
-      { balance: EMPTY, holds: {} },
-      createEffects,
-      reservations,
-      refundSourceAccounts.has(account),
-      add,
-    );
-    const states = new Map<string, Map<string, AccountState>>([
-      [instrument.lifecycle.initial, new Map([[stateKey(initial), initial]])],
-    ]);
-    pathVariants += 1;
-    const pending = [instrument.lifecycle.initial];
-    while (pending.length > 0) {
-      const from = pending.shift() as string;
-      const sourceStates = states.get(from);
-      if (!sourceStates) continue;
-      for (const [action, transition] of Object.entries(
-        instrument.lifecycle.transitions,
-      )) {
-        if (!transition.from.includes(from)) continue;
-        const targetStates = states.get(transition.to) ?? new Map();
-        states.set(transition.to, targetStates);
-        let grew = false;
-        for (const sourceState of sourceStates.values()) {
-          const transitionEffects = effects.get(action) ?? [];
-          work += 1 + transitionEffects.length;
-          if (work > UDL_LIMITS.financeWork) {
-            add(
-              ["lifecycle"],
-              `financial analysis exceeds ${UDL_LIMITS.financeWork} deterministic work units`,
-              "UDL1004",
-            );
-            return issues;
-          }
-          const targetState = applyEffects(
-            instrument,
-            account,
-            action,
-            sourceState,
-            transitionEffects,
-            reservations,
-            refundSourceAccounts.has(account),
-            add,
-          );
-          const key = stateKey(targetState);
-          if (targetStates.has(key)) continue;
-          targetStates.set(key, targetState);
-          pathVariants += 1;
-          if (pathVariants > UDL_LIMITS.financePathVariants) {
-            add(
-              ["lifecycle"],
-              `financial analysis exceeds ${UDL_LIMITS.financePathVariants} distinct path variants`,
-              "UDL1004",
-            );
-            return issues;
-          }
-          grew = true;
-        }
-        if (grew && !pending.includes(transition.to))
-          pending.push(transition.to);
-      }
-    }
-    const nonterminalStates = new Set(
-      Object.values(instrument.lifecycle.transitions).flatMap(
-        (transition) => transition.from,
-      ),
-    );
-    if (account.startsWith("ref:")) {
-      for (const [state, variants] of states) {
-        if (nonterminalStates.has(state)) continue;
-        for (const variant of variants.values()) {
-          if (
-            variant.balance.kind === "empty" &&
-            Object.keys(variant.holds).length === 0
-          ) {
-            continue;
-          }
-          add(
-            ["lifecycle", "states", instrument.lifecycle.states.indexOf(state)],
-            `terminal state ${state} can strand value in ${formatAccount(account)}`,
-          );
-        }
-      }
-    }
-  }
-
-  return issues;
-}
+const same = (a: Balance, b: Balance) => show(a) === show(b);
 
-export function financeAdmissionProblem(
-  instrument: FinancialInstrument,
-): string | undefined {
-  if (instrument.lifecycle.states.length > UDL_LIMITS.financeStates) {
-    return `financial analysis exceeds ${UDL_LIMITS.financeStates} lifecycle states`;
-  }
-  let transitionCount = 0;
-  let transitionEdges = 0;
-  for (const name in instrument.lifecycle.transitions) {
-    if (!Object.hasOwn(instrument.lifecycle.transitions, name)) continue;
-    transitionCount += 1;
-    if (transitionCount > UDL_LIMITS.financeTransitions) {
-      return `financial analysis exceeds ${UDL_LIMITS.financeTransitions} lifecycle transitions`;
-    }
-    transitionEdges += instrument.lifecycle.transitions[name]?.from.length ?? 0;
-    if (transitionEdges > UDL_LIMITS.financeTransitionEdges) {
-      return `financial analysis exceeds ${UDL_LIMITS.financeTransitionEdges} lifecycle transition edges`;
-    }
+/** Join loop balances conservatively; a balance equality proves an unknown balance empty. */
+export function analyzeInstrumentFinance(
+  instrument: UdlInstrument,
+  document?: UdlDocument,
+): FinanceIssue[] {
+  const owned = new Set(
+    instrument.fields
+      .filter((f) => f.type === "account" && f.owner === "self")
+      .map((f) => `self.${f.name}`),
+  );
+  const shared = new Set<string>();
+  for (const owner of document?.instruments ?? []) {
+    if (owner.id === instrument.id) continue;
+    for (const action of Object.values(owner.actions))
+      for (const move of action.moves)
+        if ("amount" in move)
+          for (const endpoint of [move.from, move.to]) {
+            const parts = endpoint.split(".");
+            if (parts.shift() !== "self") continue;
+            let targets = [owner];
+            while (parts.length > 1) {
+              const key = parts.shift();
+              targets = targets.flatMap((target) => {
+                const reference = target.fields.find(
+                  (field) => field.name === key,
+                );
+                if (reference?.type !== "ref") return [];
+                const ids =
+                  typeof reference.target === "string"
+                    ? [reference.target]
+                    : reference.target;
+                return (
+                  document?.instruments.filter((candidate) =>
+                    ids.includes(candidate.id),
+                  ) ?? []
+                );
+              });
+            }
+            if (
+              parts.length === 1 &&
+              targets.some((target) => target.id === instrument.id) &&
+              owned.has(`self.${parts[0]}`)
+            )
+              shared.add(`self.${parts[0]}`);
+          }
   }
-  let actionCount = 0;
-  let effectCount = 0;
-  for (const name in instrument.actions) {
-    if (!Object.hasOwn(instrument.actions, name)) continue;
-    actionCount += 1;
-    if (actionCount > UDL_LIMITS.financeActions) {
-      return `financial analysis exceeds ${UDL_LIMITS.financeActions} actions`;
-    }
-    const action = instrument.actions[name];
-    effectCount += (action?.steps.length ?? 0) + (action?.moves?.length ?? 0);
-    if (effectCount > UDL_LIMITS.financeEffects) {
-      return `financial analysis exceeds ${UDL_LIMITS.financeEffects} kernel effects`;
+  const problems: FinanceIssue[] = [];
+  const report = (message: string) =>
+    problems.push({ path: ".actions", message });
+  const equations = new Map<string, Sum>();
+  for (const field of instrument.fields)
+    if (field.type === "money" && field.value !== undefined)
+      equations.set(
+        `self.${field.name}`,
+        new Map([["#", BigInt(field.value)]]),
+      );
+  for (const calc of instrument.calculate) {
+    if (calc.op === "sum" || calc.op === "subtract") {
+      const terms =
+        calc.op === "sum"
+          ? calc.values.map((v) => [v, 1n] as const)
+          : [
+              [calc.base, 1n] as const,
+              ...calc.subtract.map((v) => [v, -1n] as const),
+            ];
+      let result: Balance = new Map();
+      for (const [value, sign] of terms)
+        result = add(result, raw(value, "create"), sign);
+      equations.set(`self.${calc.target}`, result!);
     }
   }
-  return undefined;
-}
-
-function productEscrowAccounts(instrument: FinancialInstrument): Set<string> {
-  const accounts = new Set<string>();
-  for (const action of Object.values(instrument.actions)) {
-    for (const step of action.steps) {
-      // This operation fixes the escrow role; an omitted redundant binding
-      // must not exempt its captured account from the conservation proof.
-      if (step.operation !== "account.escrow.provision") continue;
-      for (const [key, result] of Object.entries(step.capture ?? {})) {
-        if (result === "accountId") accounts.add(`ref:${key}`);
-      }
-    }
+  function raw(value: UdlValue, invocation: string): Sum {
+    return "field" in value
+      ? new Map([
+          [
+            value.field.startsWith("input.")
+              ? `${invocation}:${value.field}`
+              : value.field,
+            1n,
+          ],
+        ])
+      : new Map([["#", BigInt(String(value.literal))]]);
   }
-
-  // `product_escrow` also backs open-ended balance products such as wallets.
-  // Only instance-bound amounts claim static conservation; caller-sized flows
-  // remain runtime balance checks. Commit sources are added separately above.
-  return new Set(
-    [...accounts].filter((account) =>
-      Object.values(instrument.actions).some((action) => {
-        if (
-          action.contributionStage &&
-          canonicalAccountPath(
-            instrument,
-            action.contributionStage.accountPath,
-          ) === account
-        ) {
-          return true;
-        }
-        return (action.moves ?? []).some((step) => {
-          if (
-            (step.operation !== "internal_transfer.create" &&
-              step.operation !== "internal_transfer.reserve") ||
-            step.bind.amount?.from !== "instance"
-          ) {
-            return false;
-          }
-          return (
-            canonicalAccount(instrument, step.bind.sourceAccountId) ===
-              account ||
-            canonicalAccount(instrument, step.bind.destinationAccountId) ===
-              account
-          );
-        });
-      }),
-    ),
-  );
-}
-
-function reservationsByKey(
-  instrument: FinancialInstrument,
-): ReadonlyMap<string, Reservation> {
-  const reservations = new Map<string, Reservation>();
-  for (const action of Object.values(instrument.actions)) {
-    for (const step of action.moves ?? []) {
-      if (step.operation !== "internal_transfer.reserve") continue;
-      const source = canonicalAccount(instrument, step.bind.sourceAccountId);
-      const destination = canonicalAccount(
-        instrument,
-        step.bind.destinationAccountId,
+  function expand(sum: Sum, seen = new Set<string>()): Sum {
+    let result: Balance = new Map();
+    for (const [key, coefficient] of sum) {
+      const equation = equations.get(key);
+      result = add(
+        result,
+        equation && !seen.has(key)
+          ? expand(equation, new Set([...seen, key]))
+          : new Map([[key, 1n]]),
+        coefficient,
       );
-      const amount = amountIdentity(step.bind.amount);
-      for (const [key, result] of Object.entries(step.capture ?? {})) {
-        if (result === "transferId") {
-          reservations.set(key, {
-            amount,
-            ...(destination ? { destination } : {}),
-            ...(source ? { source } : {}),
-          });
-        }
-      }
     }
+    return result!;
   }
-  return reservations;
-}
-
-function effectsByAction(
-  instrument: FinancialInstrument,
-  account: string,
-  reservations: ReadonlyMap<string, Reservation>,
-  quotes: readonly QuoteFacts[],
-): ReadonlyMap<string, readonly Effect[]> {
-  const quoteByCommit = new Map(quotes.map((quote) => [quote.commit, quote]));
-  const chargePaths = new Map(
-    quotes.map((quote) => [`refs.${quote.chargeRef}`, quote]),
-  );
-  return new Map(
-    Object.entries(instrument.actions).map(([actionName, action]) => {
-      const stageEffects: Effect[] = [];
-      if (action.contributionStage && instrument.contributions) {
-        const stage = action.contributionStage;
-        const stageAccount = canonicalAccountPath(
-          instrument,
-          stage.accountPath,
-        );
+  let invocation = 0;
+  const apply = (state: State, action: UdlAction, name: string): void => {
+    const scope = `${name}#${invocation++}`;
+    const calculated = new Map<string, Balance>();
+    const local = new Map(
+      (action.calculate ?? []).map((c) => [`self.${c.target}`, c]),
+    );
+    const amount = (value: UdlValue, seen = new Set<string>()): Balance => {
+      if ("field" in value) {
+        if (calculated.has(value.field)) return calculated.get(value.field)!;
         if (
-          stageAccount &&
-          accountsMayAlias(instrument, stageAccount, account)
-        ) {
-          const path = ["actions", actionName, "contributionStage"] as const;
-          const totalAmount = `fields.${instrument.contributions.totalField}`;
-          if (stage.stage === "fund") {
-            stageEffects.push({
-              amount: totalAmount,
-              kind: "credit",
-              path,
-            });
-          } else if (stage.stage === "refund") {
-            stageEffects.push({
-              amount: totalAmount,
-              kind: "debit",
-              path,
-            });
-          }
+          value.field.endsWith(".balance") &&
+          owned.has(value.field.slice(0, -8))
+        )
+          return state.balances.get(value.field.slice(0, -8)) ?? null;
+        const calculation = local.get(value.field);
+        if (calculation && !seen.has(value.field)) {
+          const next = new Set([...seen, value.field]);
+          if (calculation.op === "sum")
+            return calculation.values.reduce<Balance>(
+              (sum, value) => add(sum, amount(value, next)),
+              new Map(),
+            );
+          if (calculation.op === "subtract")
+            return calculation.subtract.reduce<Balance>(
+              (sum, value) => add(sum, amount(value, next), -1n),
+              amount(calculation.base, next),
+            );
+          return new Map([[`${scope}:${value.field}`, 1n]]);
         }
       }
-
-      const moveEffects = (action.moves ?? []).flatMap((step, stepIndex) => {
-        const path = [
-          "actions",
-          actionName,
-          "moves",
-          stepIndex,
-          "bind",
-        ] as const;
-        if (step.operation === "internal_transfer.create") {
-          const effects: Effect[] = [];
-          const amount = amountIdentity(step.bind.amount);
-          if (
-            canonicalAccount(instrument, step.bind.destinationAccountId) ===
-            account
-          ) {
-            effects.push({ amount, kind: "credit", path });
-          }
-          const source = canonicalAccount(
-            instrument,
-            step.bind.sourceAccountId,
-          );
-          if (source && accountsMayAlias(instrument, source, account)) {
-            const committed = quoteByCommit.get(actionName);
-            const amountPath =
-              step.bind.amount?.from === "instance"
-                ? step.bind.amount.path
-                : undefined;
-            const refunded =
-              committed && amountPath === `refs.${committed.netRef}`
-                ? committed
-                : undefined;
-            const charged = amountPath
-              ? chargePaths.get(amountPath)
-              : undefined;
-            const kind = refunded
-              ? "refund"
-              : charged
-                ? "penalty_debit"
-                : amountPath !== undefined
-                  ? "debit"
-                  : "dynamic_debit";
-            effects.push({
-              amount:
-                refunded && !refunded.chargeCanBeNonzero
-                  ? "refund_without_penalty"
-                  : amount,
-              kind,
-              path,
-              ...(refunded ? { refundable: refunded.baseField } : {}),
-            });
-          }
-          return effects;
-        }
-        if (step.operation === "internal_transfer.reserve") {
-          const reservation =
-            transferRefKey(step) ?? `${actionName}:${stepIndex}`;
-          const effects: Effect[] = [];
-          const source = canonicalAccount(
-            instrument,
-            step.bind.sourceAccountId,
-          );
-          if (source && accountsMayAlias(instrument, source, account)) {
-            effects.push({
-              amount: amountIdentity(step.bind.amount),
-              kind: "outgoing_reserve",
-              path,
-              reservation,
-            });
-          }
-          if (
-            canonicalAccount(instrument, step.bind.destinationAccountId) ===
-            account
-          ) {
-            effects.push({
-              amount: amountIdentity(step.bind.amount),
-              kind: "incoming_reserve",
-              path,
-              reservation,
-            });
-          }
-          return effects;
-        }
-        if (
-          step.operation === "internal_transfer.post" ||
-          step.operation === "internal_transfer.void"
-        ) {
-          const reservation = boundTransferRefKey(step);
-          if (!reservation) return [];
-          const reserved = reservations.get(reservation);
-          if (
-            !reserved ||
-            (!(
-              reserved.source &&
-              accountsMayAlias(instrument, reserved.source, account)
-            ) &&
-              reserved.destination !== account)
-          ) {
-            return [];
+      return expand(raw(value, scope));
+    };
+    for (const requirement of action.requires)
+      if (requirement.kind === "compare" && requirement.operator === "==") {
+        for (const [left, right] of [
+          [requirement.left, requirement.right],
+          [requirement.right, requirement.left],
+        ] as const) {
+          if ("field" in left && left.field.endsWith(".balance")) {
+            const account = left.field.slice(0, -8);
+            if (owned.has(account)) state.balances.set(account, amount(right));
           }
-          return [
-            {
-              amount: reserved.amount,
-              kind:
-                step.operation === "internal_transfer.post" ? "post" : "void",
-              path,
-              reservation,
-            } satisfies Effect,
-          ];
-        }
-        return [];
-      });
-      return [actionName, [...stageEffects, ...moveEffects]];
-    }),
-  );
-}
-
-interface NormalizedPartition {
-  readonly total: string;
-  readonly pieces: readonly string[];
-}
-
-function getInstrumentPartitions(
-  instrument: FinancialInstrument,
-): readonly NormalizedPartition[] {
-  if (!instrument.partitions) return [];
-  const partitions: NormalizedPartition[] = [];
-  for (const p of instrument.partitions) {
-    if (!p.totalField || !p.pieceFields || p.pieceFields.length === 0) continue;
-    const total = `fields.${p.totalField}`;
-    const pieces = p.pieceFields.map((f) => `fields.${f}`);
-    if (new Set(pieces).size !== pieces.length) continue;
-    if (pieces.includes(total) && pieces.length > 1) continue;
-    partitions.push({ total, pieces });
-  }
-  return partitions;
-}
-
-function tryPartitionSubstitution(
-  instrument: FinancialInstrument,
-  balance: Balance,
-  holds: Readonly<Record<string, Balance>>,
-  exchanged: boolean,
-  targetAmount: string,
-): Balance | null {
-  if (exchanged) return null;
-  if (balance.kind !== "funded") return null;
-  if (Object.keys(holds).length > 0) return null;
-
-  const declaredPartitions = getInstrumentPartitions(instrument);
-  if (declaredPartitions.length === 0) return null;
-
-  for (const pOut of declaredPartitions) {
-    const total = pOut.total;
-
-    let candidateOutPieces: readonly string[] | null = null;
-    if (pOut.pieces.includes(targetAmount)) {
-      candidateOutPieces = pOut.pieces;
-    } else if (targetAmount === total) {
-      candidateOutPieces = [total];
-    }
-    if (!candidateOutPieces) continue;
-
-    if (candidateOutPieces.length === 0) continue;
-    if (new Set(candidateOutPieces).size !== candidateOutPieces.length)
-      continue;
-
-    const incomingCandidates: (readonly string[])[] = [];
-
-    if (balance.amounts.includes(total)) {
-      incomingCandidates.push([total]);
-    }
-
-    for (const pIn of declaredPartitions) {
-      if (pIn.total !== total) continue;
-      if (pIn.pieces.every((piece) => balance.amounts.includes(piece))) {
-        incomingCandidates.push(pIn.pieces);
-      }
-    }
-
-    for (const candidateInPieces of incomingCandidates) {
-      if (
-        candidateInPieces.length === candidateOutPieces.length &&
-        candidateInPieces.every((piece) => candidateOutPieces!.includes(piece))
-      ) {
-        continue;
-      }
-
-      if (
-        balance.amounts.length === candidateInPieces.length &&
-        candidateInPieces.every((piece) => balance.amounts.includes(piece))
-      ) {
-        return funded(candidateOutPieces);
-      }
-    }
-  }
-
-  return null;
-}
-
-function applyEffects(
-  instrument: FinancialInstrument,
-  account: string,
-  action: string,
-  input: AccountState,
-  effects: readonly Effect[],
-  reservations: ReadonlyMap<string, Reservation>,
-  exactBalance: boolean,
-  add: (path: readonly PropertyKey[], message: string) => void,
-): AccountState {
-  let balance = input.balance;
-  const holds = { ...input.holds };
-  let exchanged = input.exchanged ?? false;
-  const accountLabel = formatAccount(account);
-  for (const effect of effects) {
-    const fail = (message: string): void =>
-      add([...effect.path, "sourceAccountId"], `action ${action} ${message}`);
-    if (effect.kind === "credit") {
-      if (
-        exactBalance &&
-        (balance.kind !== "empty" || Object.keys(holds).length > 0)
-      ) {
-        add(
-          [...effect.path, "destinationAccountId"],
-          `action ${action} funds ${accountLabel} while earlier value may remain; quoted funding must establish exactly one refundable balance`,
-        );
-        balance = UNKNOWN;
-        continue;
-      }
-      const pieces = balance.kind === "funded" ? balance.amounts : [];
-      const stacks =
-        (balance.kind === "empty" || balance.kind === "funded") &&
-        !pieces.includes(effect.amount);
-      balance = stacks ? funded([...pieces, effect.amount]) : UNKNOWN;
-      continue;
-    }
-    if (effect.kind === "incoming_reserve") continue;
-    if (effect.kind === "outgoing_reserve") {
-      let held =
-        balance.kind === "funded" && balance.amounts.includes(effect.amount);
-      if (!held && balance.kind === "funded") {
-        const substituted = tryPartitionSubstitution(
-          instrument,
-          balance,
-          holds,
-          exchanged,
-          effect.amount,
-        );
-        if (substituted !== null) {
-          exchanged = true;
-          balance = substituted;
-          held =
-            balance.kind === "funded" &&
-            balance.amounts.includes(effect.amount);
         }
       }
-      if (!held) {
-        fail(
-          `cannot reserve ${effect.amount} from ${accountLabel}; that exact balance is not guaranteed`,
+    for (const key of local.keys()) calculated.set(key, amount({ field: key }));
+    const debit = (account: string, value: Balance) => {
+      if (owned.has(account))
+        state.balances.set(
+          account,
+          add(
+            state.balances.has(account)
+              ? state.balances.get(account)!
+              : new Map(),
+            value,
+            -1n,
+          ),
         );
-      }
-      holds[effect.reservation as string] = held
-        ? { kind: "funded", amounts: [effect.amount] }
-        : UNKNOWN;
-      balance =
-        held && balance.kind === "funded"
-          ? funded(withoutPiece(balance.amounts, effect.amount))
-          : EMPTY;
-      continue;
-    }
-    if (effect.kind === "post" || effect.kind === "void") {
-      const key = effect.reservation as string;
-      const reservation = reservations.get(key);
-      if (
-        reservation?.source &&
-        accountsMayAlias(instrument, reservation.source, account)
-      ) {
-        const held = holds[key];
-        delete holds[key];
-        if (effect.kind === "void" && held) {
-          const pieces = balance.kind === "funded" ? balance.amounts : [];
-          const restorable =
-            held.kind === "funded" &&
-            (balance.kind === "empty" ||
-              (balance.kind === "funded" &&
-                held.amounts.every((piece) => !pieces.includes(piece))));
-          if (restorable && held.kind === "funded") {
-            balance = funded([...pieces, ...held.amounts]);
-          } else if (balance.kind === "empty") {
-            balance = held;
-          } else {
-            add(
-              [...effect.path, "transferId"],
-              `action ${action} restores a held ${accountLabel} balance on top of existing value`,
-            );
-            balance = UNKNOWN;
-          }
-        }
-      }
-      if (effect.kind === "post" && reservation?.destination === account) {
-        if (balance.kind !== "empty" || Object.keys(holds).length > 0) {
+    };
+    const credit = (account: string, value: Balance) => {
+      if (owned.has(account))
+        state.balances.set(
+          account,
           add(
-            [...effect.path, "transferId"],
-            `action ${action} posts funding into ${accountLabel} while earlier value may remain`,
-          );
-          balance = UNKNOWN;
-        } else {
-          balance = { kind: "funded", amounts: [effect.amount] };
-        }
-      }
-      continue;
-    }
-    if (effect.kind === "refund") {
-      const refundable = `fields.${effect.refundable ?? ""}`;
-      if (
-        balance.kind !== "funded" ||
-        balance.amounts.length !== 1 ||
-        balance.amounts[0] !== refundable
-      ) {
-        fail(
-          `cannot refund ${refundable} from ${accountLabel}; that exact balance is not guaranteed`,
+            state.balances.has(account)
+              ? state.balances.get(account)!
+              : new Map(),
+            value,
+          ),
         );
-        balance = UNKNOWN;
+    };
+    for (const move of action.moves) {
+      if ("amount" in move) {
+        const value = amount(move.amount);
+        debit(move.from, value);
+        if (move.operation === "internal_transfer.reserve") {
+          const key = `self.${move.capture}`;
+          if (state.holds.has(key))
+            report(`${move.capture} overwrites a live reservation`);
+          state.holds.set(key, { from: move.from, to: move.to, amount: value });
+        } else credit(move.to, value);
       } else {
-        balance =
-          effect.amount === "refund_without_penalty"
-            ? EMPTY
-            : { kind: "penalty" };
-      }
-      continue;
-    }
-    if (effect.kind === "penalty_debit") {
-      if (balance.kind !== "penalty") {
-        fail(
-          `cannot pay the quoted charge from ${accountLabel} before the refund leaves that exact remainder`,
+        const hold = state.holds.get(move.transfer);
+        if (!hold) {
+          report(`${move.key} consumes a missing reservation ${move.transfer}`);
+          continue;
+        }
+        credit(
+          move.operation === "internal_transfer.post" ? hold.to : hold.from,
+          hold.amount,
         );
+        state.holds.delete(move.transfer);
       }
-      balance = EMPTY;
-      continue;
     }
-    if (effect.kind === "dynamic_debit") {
-      if (balance.kind === "empty") {
-        fail(`can debit unfunded ${accountLabel}`);
-      } else if (balance.kind === "penalty") {
-        fail(
-          `can debit ${accountLabel} after its refund left only the quoted charge`,
-        );
-      }
-      balance = balance.kind === "empty" ? EMPTY : { kind: "unknown" };
-      continue;
+    if (
+      Object.keys(action.set ?? {}).some((key) =>
+        instrument.fields.some((f) => f.name === key && f.type === "money"),
+      )
+    ) {
+      for (const account of owned) state.balances.set(account, null);
     }
-    if (balance.kind === "funded") {
-      if (balance.amounts.includes(effect.amount)) {
-        balance = funded(withoutPiece(balance.amounts, effect.amount));
-        continue;
-      }
-      const substituted = tryPartitionSubstitution(
-        instrument,
-        balance,
-        holds,
-        exchanged,
-        effect.amount,
-      );
-      if (substituted !== null) {
-        exchanged = true;
-        balance = substituted;
-        if (
-          balance.kind === "funded" &&
-          balance.amounts.includes(effect.amount)
-        ) {
-          balance = funded(withoutPiece(balance.amounts, effect.amount));
-          continue;
+  };
+  const initial: State = {
+    status: instrument.lifecycle.initial,
+    balances: new Map([...owned].map((key) => [key, new Map()])),
+    holds: new Map(),
+  };
+  if (instrument.actions.create)
+    apply(initial, instrument.actions.create, "create");
+  const pending = [initial];
+  const reached = new Map<string, State>();
+  const copy = (state: State): State => ({
+    status: state.status,
+    balances: new Map(state.balances),
+    holds: new Map([...state.holds].map(([key, hold]) => [key, { ...hold }])),
+  });
+  let work = 0;
+  while (pending.length && !problems.length) {
+    if (++work > 4096) {
+      report("owned proof exceeds its finite work budget");
+      break;
+    }
+    let state = pending.pop()!;
+    const key = JSON.stringify([state.status, [...state.holds.keys()].sort()]);
+    const previous = reached.get(key);
+    if (previous) {
+      const joined = copy(previous);
+      let changed = false;
+      for (const account of owned) {
+        const before = previous.balances.has(account)
+          ? previous.balances.get(account)!
+          : new Map();
+        const after = state.balances.has(account)
+          ? state.balances.get(account)!
+          : new Map();
+        if (before !== null && !same(before, after)) {
+          joined.balances.set(account, null);
+          changed = true;
         }
       }
-    }
-    if (balance.kind === "empty") {
-      fail(
-        exchanged
-          ? `cannot prove ${effect.amount} is available after the substituted partition was spent from ${accountLabel}`
-          : `can debit unfunded ${accountLabel}`,
-      );
-    } else if (balance.kind === "penalty") {
-      fail(
-        `can debit ${accountLabel} after its refund left only the quoted charge`,
-      );
-    } else if (balance.kind === "funded" || exactBalance) {
-      fail(
-        `cannot prove ${effect.amount} is the exact available balance of ${accountLabel}`,
-      );
-    }
-    balance = EMPTY;
-  }
-  // A held account permits at most one equal-partition substitution per funded
-  // balance, preventing cycles, duplicate minting, and double spending. When an
-  // account is completely drained to empty with no active holds, the exchange
-  // record resets for any distinct subsequent funding.
-  if (balance.kind === "empty" && Object.keys(holds).length === 0) {
-    exchanged = false;
-  }
-  return { balance, holds, exchanged };
-}
-
-/**
- * Flattens every quote-commit pair the instrument declares. A quoting action
- * with no committing action, or a commit naming a non-quoting action, is a
- * validator failure rather than a typestate one, so it is simply skipped here.
- */
-function quoteFacts(
-  instrument: FinancialInstrument,
-  options: FinanceOptions,
-): readonly QuoteFacts[] {
-  const facts: QuoteFacts[] = [];
-  for (const [quoting, action] of Object.entries(instrument.actions)) {
-    const quote = action.quote;
-    if (!quote) continue;
-    const commit = Object.entries(instrument.actions).find(
-      ([, candidate]) => candidate.commit === quoting,
-    )?.[0];
-    if (commit === undefined) continue;
-    const chargePath = `refs.${quote.chargeRef}`;
-    const declaresChargePayout = Object.values(instrument.actions).some(
-      (candidate) =>
-        (candidate.moves ?? []).some((move) =>
-          Object.values(move.bind).some(
-            (binding) =>
-              binding.from === "instance" && binding.path === chargePath,
-          ),
-        ),
-    );
-    facts.push({
-      baseField: quote.baseField,
-      chargeCanBeNonzero:
-        options.penaltyMayBeNonzero === true ||
-        declaresChargePayout ||
-        quote.charges.some((tier) => tier.bps > 0),
-      chargeRef: quote.chargeRef,
-      chargeRetainedBy: quote.chargeRetainedBy,
-      commit,
-      netRef: quote.netRef,
-      quoting,
-    });
-  }
-  return facts;
-}
-
-/**
- * The quoted charge is the exact remainder the commit leaves behind, so it may
- * fund one transfer, out of the same account the refund left, in its own
- * one-way action directly after the commit.
- */
-function validateChargePayout(
-  instrument: FinancialInstrument,
-  quote: QuoteFacts,
-  refundSource: string | undefined,
-  add: (path: readonly PropertyKey[], message: string) => void,
-): void {
-  const chargePath = `refs.${quote.chargeRef}`;
-  const uses = Object.entries(instrument.actions).flatMap(
-    ([actionName, action]) =>
-      (action.moves ?? []).flatMap((step, stepIndex) =>
-        Object.entries(step.bind).flatMap(([target, binding]) =>
-          binding.from === "instance" && binding.path === chargePath
-            ? [{ binding, step, stepIndex, target, action, actionName }]
-            : [],
-        ),
-      ),
-  );
-
-  if (quote.chargeRetainedBy !== undefined) {
-    const role = quote.chargeRetainedBy;
-    const partyField = Object.hasOwn(instrument.parties ?? {}, role)
-      ? instrument.parties?.[
-          role as keyof NonNullable<FinancialInstrument["parties"]>
-        ]
-      : undefined;
-    if (!partyField) {
-      add(
-        ["actions", quote.quoting, "quote", "chargeRetainedBy"],
-        `quoting action ${quote.quoting} retains charge by undeclared party role ${role}`,
-      );
-    } else {
-      const expectedSource = `field:${partyField}`;
-      if (refundSource === undefined) {
-        add(
-          ["actions", quote.commit, "moves"],
-          `commit action ${quote.commit} refund source cannot be resolved to charge-retaining party field ${partyField}`,
-        );
-      } else if (refundSource !== expectedSource) {
-        if (refundSource.startsWith("ref:")) {
-          add(
-            ["actions", quote.commit, "moves"],
-            `commit action ${quote.commit} refund source cannot be a product escrow ref for a retained quote`,
-          );
-        } else {
-          add(
-            ["actions", quote.commit, "moves"],
-            `commit action ${quote.commit} refund source ${refundSource} does not match charge-retaining party field ${partyField}`,
-          );
+      for (const [name, hold] of joined.holds) {
+        const next = state.holds.get(name)!;
+        if (hold.from !== next.from || hold.to !== next.to) {
+          report(`${name} changes reservation endpoints across paths`);
+          break;
+        }
+        if (hold.amount !== null && !same(hold.amount, next.amount)) {
+          hold.amount = null;
+          changed = true;
         }
       }
+      if (!changed) continue;
+      state = joined;
     }
-    if (uses.length > 0) {
-      add(
-        ["actions"],
-        `${chargePath} is retained by ${role} and cannot be consumed by an action`,
-      );
-      for (const use of uses) {
-        add(
-          [
-            "actions",
-            use.actionName,
-            "moves",
-            use.stepIndex,
-            "bind",
-            use.target,
-          ],
-          `${chargePath} is retained by ${role} and cannot be consumed by an action`,
-        );
-      }
+    if (reached.size >= 256 && !previous) {
+      report("owned proof exceeds 256 state and reservation combinations");
+      break;
     }
-    return;
-  }
-
-  if (quote.chargeCanBeNonzero && uses.length !== 1) {
-    add(
-      ["actions"],
-      `${chargePath} is consumed ${uses.length} times; a nonzero charge schedule requires exactly one payout`,
+    reached.set(key, copy(state));
+    const edges = Object.entries(instrument.lifecycle.transitions).filter(
+      ([, edge]) => edge.from.includes(state.status),
     );
-  }
-  if (uses.length === 0) return;
-  if (uses.length !== 1) {
-    if (!quote.chargeCanBeNonzero) {
-      add(
-        ["actions"],
-        `${chargePath} is consumed ${uses.length} times; it may fund at most one payout`,
+    if (
+      !edges.length &&
+      ([...state.balances].some(
+        ([account, balance]) =>
+          !shared.has(account) && (balance === null || balance.size > 0),
+      ) ||
+        state.holds.size)
+    )
+      report(
+        `terminal state ${state.status} may strand owned money or an open reservation`,
       );
-    }
-    return;
-  }
-
-  const use = uses[0] as (typeof uses)[number];
-  const payoutTransition = instrument.lifecycle.transitions[use.actionName];
-  const commitTarget = instrument.lifecycle.transitions[quote.commit]?.to;
-  const source = canonicalAccount(instrument, use.step.bind.sourceAccountId);
-  const destination = canonicalAccount(
-    instrument,
-    use.step.bind.destinationAccountId,
-  );
-  const directAfterCommit =
-    commitTarget !== undefined &&
-    payoutTransition?.from.length === 1 &&
-    payoutTransition.from[0] === commitTarget;
-  const oneWay =
-    payoutTransition !== undefined &&
-    payoutTransition.to !== commitTarget &&
-    !stateCanReach(instrument, payoutTransition.to, commitTarget);
-  const valid =
-    use.target === "amount" &&
-    use.step.operation === "internal_transfer.create" &&
-    (use.action.moves?.length ?? 0) === 1 &&
-    directAfterCommit &&
-    oneWay &&
-    source !== undefined &&
-    source === refundSource &&
-    destination !== undefined &&
-    !accountsMayAlias(instrument, source, destination);
-  if (!valid) {
-    add(
-      ["actions", use.actionName, "moves", use.stepIndex, "bind", use.target],
-      `${chargePath} must be the amount of one internal transfer from the quoted refund source to a different account, in its own one-way action directly after ${quote.commit}`,
-    );
-  }
-}
-
-function canonicalAccount(
-  instrument: FinancialInstrument,
-  binding: UdlBinding | undefined,
-): string | undefined {
-  if (binding?.from !== "instance") return undefined;
-  return canonicalAccountPath(instrument, binding.path);
-}
-
-function canonicalAccountPath(
-  instrument: FinancialInstrument,
-  path: string,
-): string | undefined {
-  const [root, key, extra] = path.split(".");
-  if (!key || extra !== undefined) return undefined;
-  if (root === "fields") return `field:${key}`;
-  if (root === "refs") return `ref:${key}`;
-  if (root === "party") {
-    const field =
-      instrument.parties?.[
-        key as keyof NonNullable<FinancialInstrument["parties"]>
-      ];
-    return field ? `field:${field}` : undefined;
-  }
-  return undefined;
-}
-
-function accountsMayAlias(
-  instrument: FinancialInstrument,
-  left: string,
-  right: string,
-): boolean {
-  if (left === right) return true;
-  if (left.startsWith("field:") && right.startsWith("field:")) {
-    const leftField = left.slice("field:".length);
-    const rightField = right.slice("field:".length);
-    if (leftField === rightField) return true;
-    if (instrument.parties) {
-      const leftParty = Object.entries(instrument.parties).find(
-        ([, field]) => field === leftField,
-      )?.[0];
-      const rightParty = Object.entries(instrument.parties).find(
-        ([, field]) => field === rightField,
-      )?.[0];
-      if (
-        leftParty !== undefined &&
-        rightParty !== undefined &&
-        leftParty !== rightParty
-      ) {
-        return false;
-      }
-    }
-    return true;
-  }
-  return false;
-}
-
-function amountIdentity(binding: UdlBinding | undefined): string {
-  if (binding?.from === "instance") return binding.path;
-  return binding?.from === "const" ? `const:${binding.value}` : "dynamic";
-}
-
-function transferRefKey(step: FinancialStep): string | undefined {
-  return Object.entries(step.capture ?? {}).find(
-    ([, result]) => result === "transferId",
-  )?.[0];
-}
-
-function boundTransferRefKey(step: FinancialStep): string | undefined {
-  const binding = step.bind.transferId;
-  return binding?.from === "instance" && binding.path.startsWith("refs.")
-    ? binding.path.slice("refs.".length)
-    : undefined;
-}
-
-function stateCanReach(
-  instrument: FinancialInstrument,
-  start: string,
-  target: string | undefined,
-): boolean {
-  if (!target) return false;
-  const seen = new Set([start]);
-  const pending = [start];
-  while (pending.length > 0) {
-    const state = pending.shift() as string;
-    if (state === target) return true;
-    for (const transition of Object.values(instrument.lifecycle.transitions)) {
-      if (!transition.from.includes(state) || seen.has(transition.to)) continue;
-      seen.add(transition.to);
-      pending.push(transition.to);
+    for (const [name, edge] of edges) {
+      const action = instrument.actions[name];
+      if (!action) continue;
+      const next = copy(state);
+      next.status = edge.to;
+      apply(next, action, name);
+      pending.push(next);
     }
   }
-  return false;
-}
-
-function stateKey(state: AccountState): string {
-  return JSON.stringify({
-    balance: state.balance,
-    holds: Object.fromEntries(
-      Object.entries(state.holds).sort(([a], [b]) => a.localeCompare(b)),
-    ),
-    exchanged: state.exchanged ?? false,
-  });
-}
-
-function formatAccount(account: string): string {
-  const [kind, key] = account.split(":");
-  return `${kind === "field" ? "fields" : "refs"}.${key}`;
+  return problems;
 }