The Window
Hand over a tokenized stock and take back a share of the vault that holds it. The share count you receive never moves again. What moves is what one share is worth, and it moves every time Robinhood applies a dividend to the stock underneath — because that dividend was never distributed, it was multiplied in, and this vault is the only accounting on the chain that reads it.
Reading the counter…
No transfer agent stands behind this window and no countersignature is required, because there is nothing to countersign: the factory has no owner, the vaults have no fee, no pause and no proxy, and the seed that opens a ticker is unreachable by everyone including the person who paid it. What the contracts do on the day they are deployed is what they will do on every day after.