Terms
What ZecBit is
A venue for listing and settling Zcash Shielded Assets. It publishes a catalog of what exists and the hashes that prove it, and it does not publish who holds anything.
What runs where
Assets are currently issued on a ZSA test network. Payments settle in shielded ZEC on Zcash mainnet. A mainnet claim for assets becomes possible when ZSA activates on mainnet; no date for that exists, and none is promised here.
Custody
Settlement passes through an address this venue controls, one per trade, for roughly the length of one block. That is custody, briefly and by necessity: Zcash has no contracts, and atomic asset swaps need ZIP 228, which is a draft. Live exposure is published at /custody.
Fees and royalties
The venue takes a fee in basis points of each sale settled here. Creator royalties are applied by this venue at settlement — they are not enforced by consensus, and no honest party can claim otherwise about shielded transfers.
What cannot be undone
Issuance is permanent. Once a collection is frozen and minted, its descriptors and asset identifiers are fixed on chain and neither ZecBit nor the creator can alter or revoke them.
Ownership is private by default. Prices are known only to the parties involved.