Noves Development Fund proposal submitted November 11, 2026. Source.
Noves has requested 5.25 million CC from the Canton Development Fund to build and maintain open-source accounting software for organisations using the network.
The proposed subledger would turn authorised Canton transaction data into detailed accounting records that feed a company’s main books. Finance teams could check balances, approve entries, close a reporting period and export the results to their accounting system.
The November 11 request replaces Noves’ earlier 3.5 million CC proposal. It is one revised funding request, not two awards, and has not been approved.
From wallet activity to company accounts
A wallet balance tells a company how much of an asset it holds. Closing the books requires more: what changed, why it changed, how it was valued and who approved the record.
For example, a company using Canton might receive rewards, pay network fees and move tokens between its own accounts. Those events need to be classified correctly. Moving money between accounts is not automatically revenue, and an unexplained difference cannot simply be ignored.
Noves proposes a workflow that would:
- Read permitted data. The organisation chooses its Canton identities and grants revocable, read-only access.
- Create and check entries. The software applies the organisation’s accounting rules and compares recorded balances with its authorised view of holdings.
- Approve and close. Separate preparer and approver roles help resolve outstanding items before a reporting period is closed.
- Export the evidence. Accounting entries and supporting records can be passed to the main accounting system and an auditor.
Reconciliation is the balance-checking step. A journal entry records an accounting event. A period close finalises the records for a reporting period, such as a month.
Where the funding would go
The 5.25 million CC request has three parts:
- 1.8 million CC for engineering and release: data ingestion, accounting logic, the finance application and a complete public release.
- 2.45 million CC for verified adoption: independent organisations using the software to close real reporting periods.
- 1 million CC for maintenance: twelve months of compatibility work, fixes and documentation, paid in quarterly instalments after acceptance.
Funding requested in Noves’ November 11 proposal.
The first adoption milestone calls for four independent organisations to complete a qualifying close, including at least one importing the entries into its production accounting system. The later milestone raises the target to ten organisations, with at least four completing three consecutive monthly closes.
These are future conditions for payment. They are not current customer counts for the proposed subledger.
Keeping the evidence attached
The design links entries to their source transactions and records the rules used to classify them. Once a period closes, the software would preserve the journals, balance checks and configuration, along with a history of approvals and later adjustments.
An organisation could also choose to record an individual entry or a summary commitment on Canton. A commitment is a digital reference that can be checked against the underlying evidence package. The proposal leaves disclosure under the organisation’s control; it does not require publishing its private books.
Planned exports include QuickBooks formats, Xero and general-purpose CSV files. The software would be released under the Apache 2.0 open-source licence so operators and service providers could deploy it independently.
What happens next
Noves’ existing data infrastructure provides the starting point. The company says the new accounting workflow would build on transaction data already used in production.
The proposed schedule targets the full public release eight weeks after grant approval, with adoption milestones at six and twelve months. Those are estimates. The committed deadline for each delivery or adoption milestone is two calendar months after its estimated date, and payment follows committee acceptance.
The useful test is whether a finance team can trace a finished set of books back to its Canton activity and repeat that process each month. A substantial part of the proposed funding depends on organisations doing exactly that.
Official links: Noves Data App · Noves on X · CantonNews project profile.
Sources: New subledger proposal · Replacement of the earlier request.
