# HUAGUO EXCHANGE 11520 Runtime

**Official Name:** 花果山交易所
**English Name:** Huaguo Mountain Exchange 11520
**Status:** Concept / Prototype Runtime

## 1. Purpose

花果山交易所 11520 是 KGEN 文明金融中心、App Marketplace、土地交易中心、神殿交易中心、AI Marketplace、DNA Marketplace 與文明資產市場。V8.0 先建立 runtime 規格，不代表真實證券交易所或已取得交易所牌照。

## 2. Tradable Types

- Land
- Temple
- Building
- Residence
- Store
- App
- AI
- DNA
- GA Strategy
- Equipment
- Materials
- Civilization Technology
- Real-World Business Twin
- Equity / NFT / Membership Rights as Future Regulated Module

## 3. Asset Listing

Listing requires:

- asset identity
- owner identity
- metadata
- ownership proof
- risk disclosure
- market class A/B/C/D
- legal boundary
- review status

## 4. Order Book / AMM Boundary

| Mode | Description | Boundary |
|---|---|---|
| Order Book | bid/ask order matching | Prototype for game assets |
| AMM | pool-based pricing | Requires smart contract audit for chain assets |
| Fixed Price | seller-defined price | Works for simple game market |
| RFQ | quote request | Useful for real-world services |

V8.0 Demo does not execute real orders.

## 5. Auction

Auction supports English auction, sealed bid concept, reserve price and time window. Real-world goods require consumer, tax and payment compliance.

## 6. Rental

Rental supports land lease, building lease, app rental, AI service rental and store stall rental. Real property mapping requires jurisdiction-specific legal review.

## 7. Escrow and Settlement

Escrow is conceptual in V8.0. Production escrow must define custody, dispute, refund, time lock, signatures and audit trail. KGEN payment can be modeled, but real settlement requires payment compliance.

## 8. Fee Model

- listing fee
- settlement fee
- rental fee
- dispute fee
- review fee
- temple service fee

All fees must disclose whether simulated, on-chain, or real-world.

## 9. Ownership Transfer

Ownership transfer must verify seller rights, buyer eligibility, asset lock state and legal boundary. Regulated assets cannot transfer without approved module.

## 10. Fraud Protection

- duplicate listing detection
- stolen asset flag
- suspicious pricing alert
- unauthorized brand flag
- wash trading alert
- false real-world claim alert

## 11. Listing Review and Delisting

Codex or designated reviewer evaluates listing completeness. Delisting occurs for missing proof, legal risk, fraud signal, owner request, expired listing or regulatory restriction.

## 12. Dispute

Dispute records must include claimant, asset, reason, evidence, status, reviewer and resolution. Public demos use fictional data only.

## 13. Real-World Asset Legal Boundary

Real-world business twin, membership, equity, NFT tokenized rights and securities-like assets are not production tradable in V8.0. They are Future Regulated Modules requiring legal authorization, business agreement, payment compliance, consumer protection and tax compliance.