receipts checks public claims against the Solana chain. Send the link to a statement, its text and the coin's mint. The sentence is broken into claims a chain can answer, the keeper looks for the transactions, and the case gets one of four words.
A verdict of No receipts or Cap is not published at once: the project gets six hours to send the transactions, and the reply is checked the same way.
What receipts cannot do: it cannot read a promise about the future, it cannot find a wallet nobody published, and a parser can read a sentence wrong. Every claim is shown separately so it can be argued with, and a verdict is corrected, with a mark, when transactions turn up later.
When a verdict goes out, the sha256 of the claims, their states and their signatures is written into a memo transaction, so it cannot be quietly rewritten afterwards.