A holder is the party that requests a piggy. If a participant requests a piggy, the piggy is in a "virtual" state, it isn't a real piggy yet. The request is parameterized, but has no collateral inside. The holder is broadcasting interest that she is willing to pay someone else to create this piggy and pay a premium to do so. The holder of a request can then auction the request-for-piggy (RFP), associating the RFP with a premium, and whomever fulfills that request, by putting collateral inside that RFP, will gain the premium. This RFP moves from a request to a real piggy, and is now identical to a piggy created in the process detailed in the previous paragraph. An RFP initially has a holder, but no writer. Once the RFP is filled, the fulfiller becomes the writer, and the holder remains unchanged.