IOHK | WHY WE ARE BUILDING CARDANO | 06/28/2017    computation layer. Furthermore, the computation layer would gain certainty that all users transacting are authenticated and legitimate. This paradigm also allows for customer portability between regulated entities. Exchanges could transfer balances and accounts for customers instantly through these safe channels and also — where policies permit — share data with regulators. We expect our first beta test of this technology to be conducted in mid-2018 with an aim towards Cardano integration in late-2018 to early 2019 pending research results. This timeline also assumes the ability to collaborate with ARM and Intel in order to get code signed to run on their hardware . 31 Marketplace DAOs The two previous sections covered the generation and movement of information assuming the existence of some external system. To ensure legacy interoperability, these features will always be necessary, but they do not address blockchain based regulation. Smart contracts enable a completely new kind of commercial system where relationships are deterministic, self-enforcing and free of ambiguity. They can in turn be used to create rules for marketplaces including arbitrarily complex structures such as arbitration, event driven refunds, and revelation of facts given special conditions. We call these smart contract enforced structures Marketplace DAOs. They do not require special protocol support nor mutability to be embedded in the ledger. In fact, they can be totally constructed using a collection of interdependent smart contracts. The architectural concept is to design a collection of commercial templates inspired from contract law and business best practices. These templates can be wired into a developer’s smart contract to enforce specific standards upon the marketplace. For example, say a developer wants to issue an ERC20 token on CCL to conduct a crowdsale. A Marketplace DAO could be established specifically for crowdsales and its terms and conditions parameterized or even enforced by volunteer or legal standards. Things such as refunds, reallocation of funds or freezing of payment could be inherited in the developer’s ERC20 contract. 31 See Intel SGX Commercial License Policy WHY WE ARE BUILDING CARDANO  Creative Commons Attribution 4.0 International License Page 39 of 44