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What can the issuer still do to it?
Enter an XRP Ledger issuing account. NOSHASHI reads validated ledger state and reports the authority that issuer has kept over the asset it issues — whether it can freeze you, whether it gave that power up for good, whether one key signs for it, and how concentrated the supply is.
WHAT THIS IS NOT
It is not a score. There is no number out of a hundred and no grade. Seven questions are answered separately and left separate, because a composite invites an argument about the composite instead of about the facts underneath it.
It is not a legal finding. Whether a digital asset is “decentralised”, or is a security, is a determination for the SEC and the CFTC applying statutory criteria. This reports ledger facts that bear on that question. It does not answer it, and nothing here should be quoted as though it did.
WHEN IT REFUSES TO ANSWER
If a read fails, the certificate says so and fails — it never returns a clean result because a request timed out. If the holder walk covers less than 95% of outstanding supply, no concentration figure is reported at all, high or low, because a share measured over two fifths of a supply describes the holders that were seen rather than the issuance.
An abstention is printed as an abstention. It is never printed as a pass.
THE DIGEST
Every certificate carries a SHA-256 digest over the verdict, the issuer, the currency it was scoped to, the ledger index, where the holder distribution was read from, the version of the rule set that decided it and every check with its result. The ledger index is inside the digest deliberately: the same issuer at a later ledger is a different assertion and does not share this one. Keep the digest and the reading can be shown to be the reading that was taken, months later, by anyone holding it.
The rule-set version is in there because the checks can be tightened. Two certificates can carry the same issuer, the same ledger and the same results and still be different claims, if the thresholds those results were decided against moved between them. Binding the version keeps the older reading readable instead of quietly reinterpreted under rules it was never evaluated against.
The source is in there for the same reason. A distribution read from the ledger and one taken from an indexer and reconciled against the ledger's obligations are not the same evidence, and a certificate resting on the second must not be able to carry the digest of one resting on the first.