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Who holds your money — in publicKdo drži tvoj denar — javno
A wave is not a number in a database. It is a wave certificate signed by a money holder (custodian): "I hold 1 000 EUR for this key." Your wave is the sum of such certificates, and everyone can see which custodian stands behind which wave. Custodians are listed in a public registry, publish reserve attestations (money held ≥ certificates issued, with the evidence linked; signed by the custodian itself or by an auditor it names — until an auditor signs, it is the custodian's own word), and a wave can move from one custodian to another. A computer cannot prove that a custodian has the money — that is why everything about them is public and checkable, so trust rests on evidence, not on a name.
Val ni številka v bazi. Je potrdilo vala, ki ga podpiše hranitelj denarja: »Držim 1 000 EUR za ta ključ.« Tvoj val je vsota takih potrdil in vsak vidi, kateri hranitelj stoji za katerim valom. Hranitelji so v javnem registru, objavljajo potrdila o rezervi (denar na računu ≥ izdana potrdila, s priloženim dokazom; podpiše jih hranitelj sam ali revizor, ki ga imenuje — dokler jih ne podpiše revizor, je to hraniteljeva lastna beseda), val pa se lahko preseli k drugemu hranitelju. Računalnik ne more dokazati, da hranitelj denar res ima — zato je vse o njem javno in preverljivo, da zaupanje sloni na dokazih, ne na imenu.