Overview

An on-chain pool structure for human capital, backed by off-chain production revenue.

The ledger is the source of truth; the chain is the proof.

Abstract

Human capital generates power-law revenue: a minority of names produces the surplus that carries the rest.

Held one name at a time, that distribution is a gamble.

Held as structure, it becomes an asset — the downside of each name isolated, so capital can hold the entire curve.

Returns come from the curve, not the bet.

What this document is

A description of the structure: the asset, the architecture that custodies it, the participants that hold it, the pools that price it, and the order in which losses are absorbed.

It is a description of structure, not an offer or a solicitation.

The structure in one paragraph

Capital enters through the Vault into one of two pools — a senior tier that holds the whole book against a baseline, or a junior tier that takes one name directly — with a Reserve standing first against loss behind both.

That capital is deployed to fund the production the pool is drawn against: production spends before it earns, the capital funds it, and the revenue it earns returns to the pools, net of the cost of operating them.

Revenue is earned off-chain and settled in fiat; a double-entry, append-only ledger holds every position, and a periodic root of that ledger is anchored on-chain as proof.

How to read it

The document is one authoritative reading, in order.

The Foundations set the asset and the thesis.

The Architecture and Capital structure set how the asset is custodied, who holds it, and how it is priced.

The Assurance chapter sets what is proven, who governs, and what is at risk.

The Glossary defines every term used along the way.