The Case for a Crypto-Portfolio Management Tool
This document explores problems faced by crypto-investors for managing their investments.
It argues in favor of a portfolio management tool, Brane, describes its required functionalities and set a road map for future extensions.
Copyright (C) Simon J. Castano. Permission is granted to copy, distribute and/or modify this document under the terms of the GNU Free Documentation License, Version 1.3 or any later version published by the Free Software Foundation; with no Invariant Sections, no Front-Cover Texts, and no Back-Cover Texts. A copy of the license is included in the section entitled "GNU Free Documentation License".
Table of Contents
- Problem Statement
- Proposed Solution
- Additional Resources
Bitcoin did successfully manage to remove trust in central authority that was so far required for any currency to be valued and used. Its ecosystem has developed over the years with the birth of hundreds different cryptocurrencies and a financial system being a pale copy of the fiat financial system with exchanges and funds all being handled by a third party which users have to blindly trust.
While exchanges do greatly help to enhance market liquidity and cannot be overlooked by investors, funds or ETF simply shade away market complexity and operations, acting as a simple facade for investors.
The below describes the complexity of investing in cryptocurrencies and solution that investors could use to easily manage their investments without scarifying ease of use for third party risk.
The crypto market offers a lot of investment options with more than sixteen hundreds crypto assets and any wannabee investor will have to do his home work before entering the market. In most cases, Bitcoin will be the first, default crypto-currency selected to build a portfolio - Bitcoin is just the original crypto-currency, with the most capitalization, etc.
Regardless of the above, building a proper portfolio will require a quantitative analysis of available options so that assets can be selected and added to a portfolio if appropriate. It is assumed that "investors are risk averse, meaning that given two portfolios that offer the same expected return, investors will prefer the less risky one. Thus, an investor will take on increased risk only if compensated by higher expected returns. Conversely, an investor who wants higher expected returns must accept more risk."
To begin with, investors have to understand what they are investing in and may start with classifying crypto-assets. Exhibiting a wide range of use cases associated with different markets, similar assets will tend to behave similarly in given market conditions and their classification will help investor to diversify.
For example and according to P. Kravchenko, classification could be done on five processes which may have at least three states (centralized, decentralized, not possible), and which can be managed by one or separate roles:
- Issuance and distribution
- Transaction processing
Different combinations of the ways these processes are managed lead to hundred twenty five possible different types of digital assets and markets from which investors can pick to build a portfolio, including but not limited to crypto currencies, digital currencies, commodity-backed tokens, equity tokens, utility tokens, digital collectibles, etc.
In parallel of classification, assets should be analyzed and rated individually by aggregating some key data such as the below. Classification combined with rating methodology will allow investors to compare assets quantitatively, on a common basis.
- Risk Index
- Reward Index
- Technology Index
- Adoption Index
Note that while to first two indexes can be extracted and calculated from market data, the last ones follow a rather manual process and will also be subjective to investor values and believes.
Investors are then able to optimize risk and return for their portfolio using rating and classification data collected previously. With their ideal portfolio distribution at hand, investors can enter and/or exit markets to balance their actual portfolio distribution against benchmark and time their trades to get the most reward out of it.
Overall, investors will keep on repeating the following processes, to adapt to market conditions and maximize return:
- Rating assets
- Optimizing portfolio
- Timing trades
Last and not least, investors could very well select and use a single exchange and have all their asset stored and traded there, that would be convenient but would also be very bad if that exchange goes Mt Gox... Thus, investors are better off spreading their risk over multiple parties and wallets and give away some convenience; as the saying goes: don't put all your eggs in the same basket.
Regardless of how investors build their portfolio, following and managing the later is a manual process involving multiple parameters. Even though services or software are available to ease some parts of the process such as rating, optimization and timing, none do cover the whole repetitive process of rating, optimizing and timing at once.
Investors are thus required to handle data manually at some point in time of the process. Considering investors should keep track of multiple parameters of multiple crypto asset held at multiple third parties, complexity and reporting is growing exponentially with each new element added to a portfolio, which can quickly become hard to manage manually.
New crypto ETF keep coming to the market with more the hundred and fifty active as off April 2018 and while they do cover the need for a service, shading away the complexity of managing a crypto portfolio, investors do have to trust a single third party going against what cryptocurrencies have made possible: getting rid of the trusted third party.
 150+ funds according to Bloomberg
Investors clearly need a tool to get rid of this middle man by providing all functionalities needed to manage crypto-portfolios through a single, unified software than can run from home.
It must allow investors to easily manage portfolio made of assets held at various exchanges and wallets, de facto reducing third party risk, but must also provide various service made possible by being at the core of portfolio operations such as financial reporting, market and performance analyses, automated trading, data intelligence. It will ideally connect to decentralized exchanges to truly decentralize investments.
The first and logical step to get rid of third party risk is to spread assets over multiple parties while managing all operation through a facade that standardize operations. This will consequently reduce investors' risk without giving away ease of use. And this will be the main function of the proposed solution: Brane.
Being at the core of all portfolio operations Brane will be able to provide a range of added functionalities naturally building on each other.
For the sake of transparency and audit-ability Brane will be release under the terms of the GNU General Public License as published by the Free Software Foundation, either version 3 of the License, or any later version, allowing anyone to audit, contribute, fork or copy its code.
It will be designed using the Julia language, mainly for its dynamic nature and high productivity and performance for both financial analytics and infrastructure.
Interactions with services will be standardized to allow investors to use external services without having to worry about the various API specifics. It will just simplify the management of multiple parties by unifying query constructs.
Leveraging the unified trading API language, Brane will allow investors to connect to multiple exchanges and wallets to retrieve both market and investor's trade data over multiple assets. It will provide both live connection and construct for querying past data from multiple sources.
The above naturally implies securely storing investor's credential for private API calls.
All data acquired through the external data service will be stored in persistive local databases split in categories: e.g. market data, portfolio data, asset rating, etc.
The financial statements module will provide information about the financial position, financial performance, and cash flows of a portfolio, following International Accounting Standards. To meet that objective, financial statements will include:
- a statement of financial position (balance sheet) at the end of the period
- a statement of profit or loss
- a statement of cash flows for the period
In other words, this module will simply query and concatenate local data in predefined (or user-defined) formats.
The market analyses module will provide investors with markets' technical indicators. Brane will provide a library of indicators and allow investors to create and use their very own indicators.
To avoid re-computing information, indicators' value will be stored by the local data service in a specific category for later access or analyses.
The portfolio analyses module will provide investors with the ability to select, rate and calculate weight of assets that will make up a portfolio, depending on its selected characteristics. It will consist of several sub-modules including:
- Portfolio characteristics definition including asset type, horizon, risk tolerance
- Assets rating, on the basis of both data feed from the market analyses module and data entered manually by investors
- Portfolio optimization following the (post) modern portfolio theory, Black-Litterman model, or any relevant optimization model.
Algorithmic trading will rely on Brane's analyses modules to provide investors with a wide range of indicators. These indicators will in turn be used to trigger buy or sell orders according to conditions defined by investor.
It will also allow investors to back test strategy, run it in simulation mode a.k.a. paper trade and restrict trading to portfolio portions only.
Brane is first intended to be used by tech-savvy investors that have basic knowledge in scripting and operating servers. In the longer term though, Brane will develop GUI to facilitate user interactions.
Other modules will be investigated, aiming at distributing trading data, intelligence and computing, further described here after. These later modules combined with a friendly GUI would allow any investor to use Brane, purchasing strategy, computing and/or data from investor to investor.
Brane will allow users to reduce or backup local data by distributing whats non critical over multiple nodes. It will also create a decentralized data market in which each and every node is free to participate.
This will be an automated system in which market data beyond date ranges used to calculate indicators, will be stored in a distributed database.
Ideally, data distribution would be similar to torrents but before being added publicly, data will have to be signed for correctness by multiple users. While market data will easily be verifiable, indicators will require multiple computation to ensure correctness. On the other hand, this data would need to be calculated and verified only once, allowing later investor to simply retrieve it.
This module will allow investors to trade their strategies with other investors by comparing respective performances and signaling investors of possible strategy deal.
Strategy data will have to be signed by investor before publication to a strategy market. Such signature will be taking in account market data from the distributed market data to allow anyone to verify for strategy performance without revealing strategy. A strategy buyer would receive strategy private key against a fee for decryption of the later.
Strategy market will be an automated system, matching best strategy for investors depending on their risk profiles, preferences and views on crypto market.
Calculating indicators and optimizing portfolio might end up being resource intensive and we could imagine some investors willing to use resources from other nodes to speed up computation, optimization. This will require some sort of proof of work system in which result would be provided to requester only. And instead of being competitive, result would be delivered by a collaborative distributed computation network.
This could allow investors to develop and test trading strategy using deep learning algorithm while allowing others to rent their spare computing capabilities. Other setup, combined with the distributed strategy market could give birth to collaborative funds in which investors having similar profile and objectives would mutualize resources.
A dedicated hardware running Brane along with 100% free software will be developed in the longer term to facilitate deployment. This will allow investor to simply plug it, go through configuration and have their personal crypto fund running within the hour.
With its core modules interacting with each others, i.e. data service, reporting, analyses and algorithmic trading, Brane will offer all the tools necessary to private investors to manage their crypto fund with a simple internet connection and computer. On top of the later, investors will be able to freely exclude any third party or asset they deem non trustworthy, following their very own analyses or belief, and vice versa.
In the longer term Brane, will not only connect investors and create a decentralized market for data and computing resources but will also allow anyone with limited knowledge in crypto investment to participate in this market and delegate management to Brane which will retrieve and run best proven strategies matching investor's profile.
Please refer to Brane Project Web Site
Brane is originally thought to be used with decentralized exchange which will hopefully replace the classic centralized exchanges. As soon as this becomes a reality, Brane will make most sense by allowing investor to remain in total control of their funds, providing a range of functionalities, expendables by means of modules.
Version 1.3, 3 November 2008
Copyright (C) 2000, 2001, 2002, 2007, 2008 Free Software Foundation, Inc. https://fsf.org/
Everyone is permitted to copy and distribute verbatim copies of this license document, but changing it is not allowed.
The purpose of this License is to make a manual, textbook, or other functional and useful document "free" in the sense of freedom: to assure everyone the effective freedom to copy and redistribute it, with or without modifying it, either commercially or noncommercially. Secondarily, this License preserves for the author and publisher a way to get credit for their work, while not being considered responsible for modifications made by others.
This License is a kind of "copyleft", which means that derivative works of the document must themselves be free in the same sense. It complements the GNU General Public License, which is a copyleft license designed for free software.
We have designed this License in order to use it for manuals for free software, because free software needs free documentation: a free program should come with manuals providing the same freedoms that the software does. But this License is not limited to software manuals; it can be used for any textual work, regardless of subject matter or whether it is published as a printed book. We recommend this License principally for works whose purpose is instruction or reference.
1. APPLICABILITY AND DEFINITIONS
This License applies to any manual or other work, in any medium, that contains a notice placed by the copyright holder saying it can be distributed under the terms of this License. Such a notice grants a world-wide, royalty-free license, unlimited in duration, to use that work under the conditions stated herein. The "Document", below, refers to any such manual or work. Any member of the public is a licensee, and is addressed as "you". You accept the license if you copy, modify or distribute the work in a way requiring permission under copyright law.
A "Modified Version" of the Document means any work containing the Document or a portion of it, either copied verbatim, or with modifications and/or translated into another language.
A "Secondary Section" is a named appendix or a front-matter section of the Document that deals exclusively with the relationship of the publishers or authors of the Document to the Document's overall subject (or to related matters) and contains nothing that could fall directly within that overall subject. (Thus, if the Document is in part a textbook of mathematics, a Secondary Section may not explain any mathematics.) The relationship could be a matter of historical connection with the subject or with related matters, or of legal, commercial, philosophical, ethical or political position regarding them.
The "Invariant Sections" are certain Secondary Sections whose titles are designated, as being those of Invariant Sections, in the notice that says that the Document is released under this License. If a section does not fit the above definition of Secondary then it is not allowed to be designated as Invariant. The Document may contain zero Invariant Sections. If the Document does not identify any Invariant Sections then there are none.
The "Cover Texts" are certain short passages of text that are listed, as Front-Cover Texts or Back-Cover Texts, in the notice that says that the Document is released under this License. A Front-Cover Text may be at most 5 words, and a Back-Cover Text may be at most 25 words.
A "Transparent" copy of the Document means a machine-readable copy, represented in a format whose specification is available to the general public, that is suitable for revising the document straightforwardly with generic text editors or (for images composed of pixels) generic paint programs or (for drawings) some widely available drawing editor, and that is suitable for input to text formatters or for automatic translation to a variety of formats suitable for input to text formatters. A copy made in an otherwise Transparent file format whose markup, or absence of markup, has been arranged to thwart or discourage subsequent modification by readers is not Transparent. An image format is not Transparent if used for any substantial amount of text. A copy that is not "Transparent" is called "Opaque".
Examples of suitable formats for Transparent copies include plain ASCII without markup, Texinfo input format, LaTeX input format, SGML or XML using a publicly available DTD, and standard-conforming simple HTML, PostScript or PDF designed for human modification. Examples of transparent image formats include PNG, XCF and JPG. Opaque formats include proprietary formats that can be read and edited only by proprietary word processors, SGML or XML for which the DTD and/or processing tools are not generally available, and the machine-generated HTML, PostScript or PDF produced by some word processors for output purposes only.
The "Title Page" means, for a printed book, the title page itself, plus such following pages as are needed to hold, legibly, the material this License requires to appear in the title page. For works in formats which do not have any title page as such, "Title Page" means the text near the most prominent appearance of the work's title, preceding the beginning of the body of the text.
The "publisher" means any person or entity that distributes copies of the Document to the public.
A section "Entitled XYZ" means a named subunit of the Document whose title either is precisely XYZ or contains XYZ in parentheses following text that translates XYZ in another language. (Here XYZ stands for a specific section name mentioned below, such as "Acknowledgements", "Dedications", "Endorsements", or "History".) To "Preserve the Title" of such a section when you modify the Document means that it remains a section "Entitled XYZ" according to this definition.
The Document may include Warranty Disclaimers next to the notice which states that this License applies to the Document. These Warranty Disclaimers are considered to be included by reference in this License, but only as regards disclaiming warranties: any other implication that these Warranty Disclaimers may have is void and has no effect on the meaning of this License.
2. VERBATIM COPYING
You may copy and distribute the Document in any medium, either commercially or noncommercially, provided that this License, the copyright notices, and the license notice saying this License applies to the Document are reproduced in all copies, and that you add no other conditions whatsoever to those of this License. You may not use technical measures to obstruct or control the reading or further copying of the copies you make or distribute. However, you may accept compensation in exchange for copies. If you distribute a large enough number of copies you must also follow the conditions in section 3.
You may also lend copies, under the same conditions stated above, and you may publicly display copies.
3. COPYING IN QUANTITY
If you publish printed copies (or copies in media that commonly have printed covers) of the Document, numbering more than 100, and the Document's license notice requires Cover Texts, you must enclose the copies in covers that carry, clearly and legibly, all these Cover Texts: Front-Cover Texts on the front cover, and Back-Cover Texts on the back cover. Both covers must also clearly and legibly identify you as the publisher of these copies. The front cover must present the full title with all words of the title equally prominent and visible. You may add other material on the covers in addition. Copying with changes limited to the covers, as long as they preserve the title of the Document and satisfy these conditions, can be treated as verbatim copying in other respects.
If the required texts for either cover are too voluminous to fit legibly, you should put the first ones listed (as many as fit reasonably) on the actual cover, and continue the rest onto adjacent pages.
If you publish or distribute Opaque copies of the Document numbering more than 100, you must either include a machine-readable Transparent copy along with each Opaque copy, or state in or with each Opaque copy a computer-network location from which the general network-using public has access to download using public-standard network protocols a complete Transparent copy of the Document, free of added material. If you use the latter option, you must take reasonably prudent steps, when you begin distribution of Opaque copies in quantity, to ensure that this Transparent copy will remain thus accessible at the stated location until at least one year after the last time you distribute an Opaque copy (directly or through your agents or retailers) of that edition to the public.
It is requested, but not required, that you contact the authors of the Document well before redistributing any large number of copies, to give them a chance to provide you with an updated version of the Document.
You may copy and distribute a Modified Version of the Document under the conditions of sections 2 and 3 above, provided that you release the Modified Version under precisely this License, with the Modified Version filling the role of the Document, thus licensing distribution and modification of the Modified Version to whoever possesses a copy of it. In addition, you must do these things in the Modified Version:
- A. Use in the Title Page (and on the covers, if any) a title distinct from that of the Document, and from those of previous versions (which should, if there were any, be listed in the History section of the Document). You may use the same title as a previous version if the original publisher of that version gives permission.
- B. List on the Title Page, as authors, one or more persons or entities responsible for authorship of the modifications in the Modified Version, together with at least five of the principal authors of the Document (all of its principal authors, if it has fewer than five), unless they release you from this requirement.
- C. State on the Title page the name of the publisher of the Modified Version, as the publisher.
- D. Preserve all the copyright notices of the Document.
- E. Add an appropriate copyright notice for your modifications adjacent to the other copyright notices.
- F. Include, immediately after the copyright notices, a license notice giving the public permission to use the Modified Version under the terms of this License, in the form shown in the Addendum below.
- G. Preserve in that license notice the full lists of Invariant Sections and required Cover Texts given in the Document's license notice.
- H. Include an unaltered copy of this License.
- I. Preserve the section Entitled "History", Preserve its Title, and add to it an item stating at least the title, year, new authors, and publisher of the Modified Version as given on the Title Page. If there is no section Entitled "History" in the Document, create one stating the title, year, authors, and publisher of the Document as given on its Title Page, then add an item describing the Modified Version as stated in the previous sentence.
- J. Preserve the network location, if any, given in the Document for public access to a Transparent copy of the Document, and likewise the network locations given in the Document for previous versions it was based on. These may be placed in the "History" section. You may omit a network location for a work that was published at least four years before the Document itself, or if the original publisher of the version it refers to gives permission.
- K. For any section Entitled "Acknowledgements" or "Dedications", Preserve the Title of the section, and preserve in the section all the substance and tone of each of the contributor acknowledgements and/or dedications given therein.
- L. Preserve all the Invariant Sections of the Document, unaltered in their text and in their titles. Section numbers or the equivalent are not considered part of the section titles.
- M. Delete any section Entitled "Endorsements". Such a section may not be included in the Modified Version.
- N. Do not retitle any existing section to be Entitled "Endorsements" or to conflict in title with any Invariant Section.
- O. Preserve any Warranty Disclaimers.
If the Modified Version includes new front-matter sections or appendices that qualify as Secondary Sections and contain no material copied from the Document, you may at your option designate some or all of these sections as invariant. To do this, add their titles to the list of Invariant Sections in the Modified Version's license notice. These titles must be distinct from any other section titles.
You may add a section Entitled "Endorsements", provided it contains nothing but endorsements of your Modified Version by various parties—for example, statements of peer review or that the text has been approved by an organization as the authoritative definition of a standard.
You may add a passage of up to five words as a Front-Cover Text, and a passage of up to 25 words as a Back-Cover Text, to the end of the list of Cover Texts in the Modified Version. Only one passage of Front-Cover Text and one of Back-Cover Text may be added by (or through arrangements made by) any one entity. If the Document already includes a cover text for the same cover, previously added by you or by arrangement made by the same entity you are acting on behalf of, you may not add another; but you may replace the old one, on explicit permission from the previous publisher that added the old one.
The author(s) and publisher(s) of the Document do not by this License give permission to use their names for publicity for or to assert or imply endorsement of any Modified Version.
5. COMBINING DOCUMENTS
You may combine the Document with other documents released under this License, under the terms defined in section 4 above for modified versions, provided that you include in the combination all of the Invariant Sections of all of the original documents, unmodified, and list them all as Invariant Sections of your combined work in its license notice, and that you preserve all their Warranty Disclaimers.
The combined work need only contain one copy of this License, and multiple identical Invariant Sections may be replaced with a single copy. If there are multiple Invariant Sections with the same name but different contents, make the title of each such section unique by adding at the end of it, in parentheses, the name of the original author or publisher of that section if known, or else a unique number. Make the same adjustment to the section titles in the list of Invariant Sections in the license notice of the combined work.
In the combination, you must combine any sections Entitled "History" in the various original documents, forming one section Entitled "History"; likewise combine any sections Entitled "Acknowledgements", and any sections Entitled "Dedications". You must delete all sections Entitled "Endorsements".
6. COLLECTIONS OF DOCUMENTS
You may make a collection consisting of the Document and other documents released under this License, and replace the individual copies of this License in the various documents with a single copy that is included in the collection, provided that you follow the rules of this License for verbatim copying of each of the documents in all other respects.
You may extract a single document from such a collection, and distribute it individually under this License, provided you insert a copy of this License into the extracted document, and follow this License in all other respects regarding verbatim copying of that document.
7. AGGREGATION WITH INDEPENDENT WORKS
A compilation of the Document or its derivatives with other separate and independent documents or works, in or on a volume of a storage or distribution medium, is called an "aggregate" if the copyright resulting from the compilation is not used to limit the legal rights of the compilation's users beyond what the individual works permit. When the Document is included in an aggregate, this License does not apply to the other works in the aggregate which are not themselves derivative works of the Document.
If the Cover Text requirement of section 3 is applicable to these copies of the Document, then if the Document is less than one half of the entire aggregate, the Document's Cover Texts may be placed on covers that bracket the Document within the aggregate, or the electronic equivalent of covers if the Document is in electronic form. Otherwise they must appear on printed covers that bracket the whole aggregate.
Translation is considered a kind of modification, so you may distribute translations of the Document under the terms of section 4. Replacing Invariant Sections with translations requires special permission from their copyright holders, but you may include translations of some or all Invariant Sections in addition to the original versions of these Invariant Sections. You may include a translation of this License, and all the license notices in the Document, and any Warranty Disclaimers, provided that you also include the original English version of this License and the original versions of those notices and disclaimers. In case of a disagreement between the translation and the original version of this License or a notice or disclaimer, the original version will prevail.
If a section in the Document is Entitled "Acknowledgements", "Dedications", or "History", the requirement (section 4) to Preserve its Title (section 1) will typically require changing the actual title.
You may not copy, modify, sublicense, or distribute the Document except as expressly provided under this License. Any attempt otherwise to copy, modify, sublicense, or distribute it is void, and will automatically terminate your rights under this License.
However, if you cease all violation of this License, then your license from a particular copyright holder is reinstated (a) provisionally, unless and until the copyright holder explicitly and finally terminates your license, and (b) permanently, if the copyright holder fails to notify you of the violation by some reasonable means prior to 60 days after the cessation.
Moreover, your license from a particular copyright holder is reinstated permanently if the copyright holder notifies you of the violation by some reasonable means, this is the first time you have received notice of violation of this License (for any work) from that copyright holder, and you cure the violation prior to 30 days after your receipt of the notice.
Termination of your rights under this section does not terminate the licenses of parties who have received copies or rights from you under this License. If your rights have been terminated and not permanently reinstated, receipt of a copy of some or all of the same material does not give you any rights to use it.
10. FUTURE REVISIONS OF THIS LICENSE
The Free Software Foundation may publish new, revised versions of the GNU Free Documentation License from time to time. Such new versions will be similar in spirit to the present version, but may differ in detail to address new problems or concerns. See https://www.gnu.org/licenses/.
Each version of the License is given a distinguishing version number. If the Document specifies that a particular numbered version of this License "or any later version" applies to it, you have the option of following the terms and conditions either of that specified version or of any later version that has been published (not as a draft) by the Free Software Foundation. If the Document does not specify a version number of this License, you may choose any version ever published (not as a draft) by the Free Software Foundation. If the Document specifies that a proxy can decide which future versions of this License can be used, that proxy's public statement of acceptance of a version permanently authorizes you to choose that version for the Document.
"Massive Multiauthor Collaboration Site" (or "MMC Site") means any World Wide Web server that publishes copyrightable works and also provides prominent facilities for anybody to edit those works. A public wiki that anybody can edit is an example of such a server. A "Massive Multiauthor Collaboration" (or "MMC") contained in the site means any set of copyrightable works thus published on the MMC site.
"CC-BY-SA" means the Creative Commons Attribution-Share Alike 3.0 license published by Creative Commons Corporation, a not-for-profit corporation with a principal place of business in San Francisco, California, as well as future copyleft versions of that license published by that same organization.
"Incorporate" means to publish or republish a Document, in whole or in part, as part of another Document.
An MMC is "eligible for relicensing" if it is licensed under this License, and if all works that were first published under this License somewhere other than this MMC, and subsequently incorporated in whole or in part into the MMC, (1) had no cover texts or invariant sections, and (2) were thus incorporated prior to November 1, 2008.
The operator of an MMC Site may republish an MMC contained in the site under CC-BY-SA on the same site at any time before August 1, 2009, provided the MMC is eligible for relicensing.