From 1843c3b3159aa7b7ff4eb81b14ec3892282ec054 Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Wed, 10 Jul 2024 19:55:19 -0300 Subject: [PATCH 01/33] Update pitch.md --- pitch.md | 4 +--- 1 file changed, 1 insertion(+), 3 deletions(-) diff --git a/pitch.md b/pitch.md index 889d616..a494b98 100644 --- a/pitch.md +++ b/pitch.md @@ -25,9 +25,7 @@ ## Overview -Technological breakthroughs push entrepreneurs, capital providers, and regulators to create and use new standard financial structures that fit the contours of progress. It isn't a coincidence that [joint-stock companies](https://en.wikipedia.org/wiki/Joint-stock_company) were the defining structure of the mercantile era, that [limiting liability of corporations](https://www.jstor.org/stable/764920) played the same role during the Industrial Revolution, or that today's Silicon Valley startups are defined by the use of broad-based equity compensation like [Y-Combinator's Safe financing documents](https://www.ycombinator.com/documents/).[^1] - -This decade has seen major progress across many technological domains. Some of these domains, like genomics, are well-served by traditional corporate-stock models. For other internet-native businesses, especially AI and crypto projects who champion open source and are innovating on internet-native concepts, traditional models have clear shortcomings for entrepreneurs, consumers, and capital providers. +Dominant organizational and financial models have always suited the technologies of their respective eras. In this era of internet-native businesses – AI, crypto, and social networks who champion open source and are innovating on internet-native concepts – corporate-stock models of organization have become anachronistic for entrepreneurs, capital providers, and consumers alike. We think revnets will emerge as the standard for internet businesses and economies. Revnets are a new financial structure made for capitalizing and growing internet-native money relationships. Blackrock CEO Larry Finck says the necessary and inevitable tokenization of everything will enhance the landscape of finance, we think revnets will participate by being the most productive structure for both large organizations and small businesses to tokenize revenues and fundraises throughout the globe. Revnets are the SAFE and C-Corp agreements of this economy but 100x better. From 8d221ac6f57815228d7c27cc89b9bb46b19d570c Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Tue, 16 Jul 2024 16:13:14 -0300 Subject: [PATCH 02/33] Update pitch.md intro --- pitch.md | 8 ++++++-- 1 file changed, 6 insertions(+), 2 deletions(-) diff --git a/pitch.md b/pitch.md index a494b98..3cee6ad 100644 --- a/pitch.md +++ b/pitch.md @@ -25,9 +25,13 @@ ## Overview -Dominant organizational and financial models have always suited the technologies of their respective eras. In this era of internet-native businesses – AI, crypto, and social networks who champion open source and are innovating on internet-native concepts – corporate-stock models of organization have become anachronistic for entrepreneurs, capital providers, and consumers alike. +Dominant organizational and financial models have always suited the technologies of their respective eras. It isn't a coincidence that [joint-stock companies](https://en.wikipedia.org/wiki/Joint-stock_company) were the defining structure of the mercantile era, that [limited liability corporations](https://www.jstor.org/stable/764920) played the same role during the Industrial Revolution, or that today's Silicon Valley startups are defined by the use of broad-based equity compensation like [Y-Combinator's Safe financing documents](https://www.ycombinator.com/documents/).[^1] -We think revnets will emerge as the standard for internet businesses and economies. Revnets are a new financial structure made for capitalizing and growing internet-native money relationships. Blackrock CEO Larry Finck says the necessary and inevitable tokenization of everything will enhance the landscape of finance, we think revnets will participate by being the most productive structure for both large organizations and small businesses to tokenize revenues and fundraises throughout the globe. Revnets are the SAFE and C-Corp agreements of this economy but 100x better. +In this era of internet-native businesses – AI, social, and crypto networks who champion open source and are publicly innovating on internet-native concepts – corporate-stock models of organization are anachronistic for entrepreneurs, capital providers, and consumers alike. + +We think revnets will emerge as the standard for internet businesses and economies. Revnets are a new financial structure made for capitalizing and growing internet-native money relationships. Blackrock CEO Larry Finck says the necessary and inevitable tokenization of everything will enhance the landscape of finance, we agree and think revnets will participate by being the most productive structure for both large organizations and small businesses to tokenize revenues and fundraises throughout the globe. Revnets are the SAFE and C-Corp agreements of this economy but 100x better. + +The $REV network itself runs as a revnet, and captures 2.5% of all outflows from raised funds and revenues. The potential market spans from indy shopify stores and patreons, to corporate finance. ## Context From 66ac693a6d8e19018a83d03abf642951287195b3 Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Tue, 16 Jul 2024 17:33:28 -0300 Subject: [PATCH 03/33] Update pitch.md --- pitch.md | 19 +++++++++++++------ 1 file changed, 13 insertions(+), 6 deletions(-) diff --git a/pitch.md b/pitch.md index 3cee6ad..591b8fd 100644 --- a/pitch.md +++ b/pitch.md @@ -27,19 +27,26 @@ Dominant organizational and financial models have always suited the technologies of their respective eras. It isn't a coincidence that [joint-stock companies](https://en.wikipedia.org/wiki/Joint-stock_company) were the defining structure of the mercantile era, that [limited liability corporations](https://www.jstor.org/stable/764920) played the same role during the Industrial Revolution, or that today's Silicon Valley startups are defined by the use of broad-based equity compensation like [Y-Combinator's Safe financing documents](https://www.ycombinator.com/documents/).[^1] -In this era of internet-native businesses – AI, social, and crypto networks who champion open source and are publicly innovating on internet-native concepts – corporate-stock models of organization are anachronistic for entrepreneurs, capital providers, and consumers alike. +In this era of internet-native businesses – AI, social, and crypto networks who champion open source and are publicly innovating on internet-native concepts – corporate-stock models of organization are anachronistic for entrepreneurs, capital providers, and consumers alike. We think revnets will emerge as the standard for internet businesses and economies. -We think revnets will emerge as the standard for internet businesses and economies. Revnets are a new financial structure made for capitalizing and growing internet-native money relationships. Blackrock CEO Larry Finck says the necessary and inevitable tokenization of everything will enhance the landscape of finance, we agree and think revnets will participate by being the most productive structure for both large organizations and small businesses to tokenize revenues and fundraises throughout the globe. Revnets are the SAFE and C-Corp agreements of this economy but 100x better. +Revnets are a new financial structure made for capitalizing and growing internet-native money relationships. Think of it like Bitcoin's halvening rule – once deployed, its issuance policy leads to a guarenteed 21m supply over time. Instead of a fixed supply with periodic supply shocks, revnets enforce a certain other set of guarentees that promote enterprise growth, unchangeable after being deployed. -The $REV network itself runs as a revnet, and captures 2.5% of all outflows from raised funds and revenues. The potential market spans from indy shopify stores and patreons, to corporate finance. +Blackrock CEO Larry Finck and prominant others say the necessary and inevitable tokenization of everything will enhance the landscape of finance. We've been saying this for years, and now think revnets will participate in Larry's vision by being the most productive structure for both large organizations and small businesses to tokenize revenues and fundraises throughout the globe. Revnets are the SAFE and C-Corp agreements of this economy but 100x better. + +Revnets can make all kinds of modern financial engagements more efficient, from indy shopify stores, patreons, donation, all the way to corporate finance and high net worth brand management. The $REV network itself runs as a revnet, and captures 2.5% of each revnet's outflows from raised funds and revenues. ## Context -When planning the upcoming release of several revenue-forward projects of ours, it was clear organizing with traditional models would have clear shortcomings for us as entrepreneurs, for our consumers, and for those interested in allocating capital productively. We've also been observing major crypto players Uniswap, ENS, Maker, Arbitrum, Compound to name a few – try to address these shortcomings by combining standard for-profit companies with tradable tokens and experimental govrenance structures like DAOs. We've noticed that in practice, decentralized governance and capital allocation is hard and often leads to vulnerabilities, inefficiencies, and power struggles. [^2] +Those of us developing revnets have been contributors to the Ethereum ecosystem over the past 4 years, most notably having deployed and progressed the Juicebox protocol, the juicebox.money app, and the Juicebox DAO community driven by the $JBX network. + +This is the same Juicebox with which Constitution DAO, Assage DAO, Shark DAO, Moon DAO, Cryo DAO, Juicebox DAO, the tornado cash developer legal defence fundraiser, and 1,331 other projects were established, facilitating over $185 million in ETH payments. We've been experiencing the demand for tokenized fundraising and revenue first hand, we know the tradeoffs of the tools at our disposal intimately well, and we know the culture and our role in it. We've been consistently one step ahead of the curve and steadfast with our values. + +Juicebox is public infrastructure that gives us a tokenized language for expressing various organizational finanial guarentees. It's evolution from V1 to V4 over the years has been a journey of refinement towards its current robust-yet-extensible form. Revnets are now the next step, a particular expression of this Juicebox language designed to reliably align interests between entrepreneurs, capital allocators, and retail customers alike. -We sought a better way given the tools we knew well. Revnets are expressed using the upcoming Juicebox V4 protocol, which is built in large part by the team behind revnets. The team comes from having deployed and progressed the Juicebox protocol over the past 4 years, the juicebox.money app, and the Juicebox DAO community driven by the $JBX network. +This team also understands the legal moment we are in when it comes to growing onchain organizations. We made revnets in part as a pre-requisite for many of our own upcoming projects in need of a tokenized financial engine that allows us to push forward with confidence. It is clear to us that: -This is the same Juicebox that facilitated Constitution DAO, Assage DAO, Shark DAO, Moon DAO, Cryo DAO, the fundraisor for the legal defense of the the tornado cash developers, and payments to 1,331 other projects, facilitating over $185 million in ETH payments. We've witnessed the demand for tokenized fundraising and revenue first hand, we know the tradeoffs of the tools at our disposal intimately well, and we understand the legal moment when it comes to growing onchain organizations using various types of agreement. +1. We don't want to lean exclusively on traditional models which inevitably create misguided incentives for the types of internet-native networks we're working on. +2. We don't want to lean on governance-based DAOs. Major crypto players – Uniswap, ENS, Maker, Arbitrum, Compound to name a few – try to address these shortcomings by combining standard for-profit companies with tradable tokens and experimental govrenance structures. We've noticed that in practice, decentralized governance and capital allocation is hard and often leads to vulnerabilities, inefficiencies, and power struggles. [^2]. We also don't want to manage more lawless revenue-generating governance-based DAO's like $JBX, one is gracious plenty. Revnets are a **fully pre-configured** financial structure – although they can evolve over time, they do so according to rules which are set in place at the time of their creation. Think of it like a fancy Bitcoin halvening rule. This means: From 96efe1ce846df8c5367b36c9b752283e373d0fc6 Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Tue, 16 Jul 2024 17:35:39 -0300 Subject: [PATCH 04/33] Update pitch.md --- pitch.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/pitch.md b/pitch.md index 591b8fd..211ce84 100644 --- a/pitch.md +++ b/pitch.md @@ -33,7 +33,7 @@ Revnets are a new financial structure made for capitalizing and growing internet Blackrock CEO Larry Finck and prominant others say the necessary and inevitable tokenization of everything will enhance the landscape of finance. We've been saying this for years, and now think revnets will participate in Larry's vision by being the most productive structure for both large organizations and small businesses to tokenize revenues and fundraises throughout the globe. Revnets are the SAFE and C-Corp agreements of this economy but 100x better. -Revnets can make all kinds of modern financial engagements more efficient, from indy shopify stores, patreons, donation, all the way to corporate finance and high net worth brand management. The $REV network itself runs as a revnet, and captures 2.5% of each revnet's outflows from raised funds and revenues. +Revnets can make all kinds of modern financial engagements more efficient, from indy shopify stores, patreons, donations, all the way to corporate finance and high net worth brand management. The $REV network itself runs as a revnet, and captures 2.5% of each revnet's outflows from raised funds and revenues. ## Context From 2df4068700d1af735f25e874759a8e16aa938040 Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Tue, 16 Jul 2024 17:36:30 -0300 Subject: [PATCH 05/33] Update pitch.md --- pitch.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/pitch.md b/pitch.md index 211ce84..d68dbd2 100644 --- a/pitch.md +++ b/pitch.md @@ -41,7 +41,7 @@ Those of us developing revnets have been contributors to the Ethereum ecosystem This is the same Juicebox with which Constitution DAO, Assage DAO, Shark DAO, Moon DAO, Cryo DAO, Juicebox DAO, the tornado cash developer legal defence fundraiser, and 1,331 other projects were established, facilitating over $185 million in ETH payments. We've been experiencing the demand for tokenized fundraising and revenue first hand, we know the tradeoffs of the tools at our disposal intimately well, and we know the culture and our role in it. We've been consistently one step ahead of the curve and steadfast with our values. -Juicebox is public infrastructure that gives us a tokenized language for expressing various organizational finanial guarentees. It's evolution from V1 to V4 over the years has been a journey of refinement towards its current robust-yet-extensible form. Revnets are now the next step, a particular expression of this Juicebox language designed to reliably align interests between entrepreneurs, capital allocators, and retail customers alike. +Juicebox is revenue-generating public infrastructure that gives us a tokenized language for expressing various organizational finanial guarentees. It's evolution from V1 to V4 over the years has been a journey of refinement towards its current robust-yet-extensible form. Revnets are now the next step, a particular expression of this Juicebox language designed to reliably align interests between entrepreneurs, capital allocators, and retail customers alike. This team also understands the legal moment we are in when it comes to growing onchain organizations. We made revnets in part as a pre-requisite for many of our own upcoming projects in need of a tokenized financial engine that allows us to push forward with confidence. It is clear to us that: From 96441e565fdabdf3a098f83a8f91b05d6b2c024b Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Tue, 16 Jul 2024 17:37:20 -0300 Subject: [PATCH 06/33] Update pitch.md --- pitch.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/pitch.md b/pitch.md index d68dbd2..073b40e 100644 --- a/pitch.md +++ b/pitch.md @@ -48,7 +48,7 @@ This team also understands the legal moment we are in when it comes to growing o 1. We don't want to lean exclusively on traditional models which inevitably create misguided incentives for the types of internet-native networks we're working on. 2. We don't want to lean on governance-based DAOs. Major crypto players – Uniswap, ENS, Maker, Arbitrum, Compound to name a few – try to address these shortcomings by combining standard for-profit companies with tradable tokens and experimental govrenance structures. We've noticed that in practice, decentralized governance and capital allocation is hard and often leads to vulnerabilities, inefficiencies, and power struggles. [^2]. We also don't want to manage more lawless revenue-generating governance-based DAO's like $JBX, one is gracious plenty. -Revnets are a **fully pre-configured** financial structure – although they can evolve over time, they do so according to rules which are set in place at the time of their creation. Think of it like a fancy Bitcoin halvening rule. This means: +Revnets are a **fully pre-configured** financial structure – although they can evolve over time, they do so according to rules which are set in place at the time of their creation. This means: - **Governance-free**: Governance inefficiencies and takeovers of funds – among the most common failure modes for DAOs – are impossible. - **Management-free**: Revnets operate autonomously, according to their pre-configured rules. From 1eda504e1520bf38f877bb02835404338dc145b2 Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Tue, 16 Jul 2024 17:38:08 -0300 Subject: [PATCH 07/33] Update pitch.md --- pitch.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/pitch.md b/pitch.md index 073b40e..ee30cf3 100644 --- a/pitch.md +++ b/pitch.md @@ -33,7 +33,7 @@ Revnets are a new financial structure made for capitalizing and growing internet Blackrock CEO Larry Finck and prominant others say the necessary and inevitable tokenization of everything will enhance the landscape of finance. We've been saying this for years, and now think revnets will participate in Larry's vision by being the most productive structure for both large organizations and small businesses to tokenize revenues and fundraises throughout the globe. Revnets are the SAFE and C-Corp agreements of this economy but 100x better. -Revnets can make all kinds of modern financial engagements more efficient, from indy shopify stores, patreons, donations, all the way to corporate finance and high net worth brand management. The $REV network itself runs as a revnet, and captures 2.5% of each revnet's outflows from raised funds and revenues. +Revnets can power all kinds of modern financial engagements to greater efficiency, from indy shopify stores, patreons, donations, all the way to corporate finance and high net worth brand management. The $REV network itself runs as a revnet, and captures 2.5% of each revnet's outflows from raised funds and revenues. ## Context From 9e76a38155bbb5bd76948d69941a3407068ec1d8 Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Tue, 16 Jul 2024 17:39:30 -0300 Subject: [PATCH 08/33] Update pitch.md --- pitch.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/pitch.md b/pitch.md index ee30cf3..25e9b5c 100644 --- a/pitch.md +++ b/pitch.md @@ -81,7 +81,7 @@ We think it's important for RRG to set an example of how a corporate entity can Encourage the growth and sustainability of open internet economies – large and small – through revnets. We're shooting for $1 billion of assets locked in revnets in 4 years. -In the short term, we've got 10 game changing projects ready to use revnets, including the fee-collecting project of the Juicebox V4 protocol. We need to make sure they are all wildly successful, delivering revnets as the clear vision of how wealth will be most productively created and distributed in our future characterized by digital networks and cryptographic identities. +In the short term, we've got 10 game changing projects ready to use revnets. We need to make sure they are all wildly successful, delivering revnets as the clear vision of how wealth will be most productively created and distributed in our future characterized by digital networks and cryptographic identities. ### Bottom line From 8ed16d05323c13bb68e53ad612a7e1e9e6d17634 Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Tue, 16 Jul 2024 17:52:16 -0300 Subject: [PATCH 09/33] Update pitch.md --- pitch.md | 16 +++++++++------- 1 file changed, 9 insertions(+), 7 deletions(-) diff --git a/pitch.md b/pitch.md index 25e9b5c..8b00f62 100644 --- a/pitch.md +++ b/pitch.md @@ -31,7 +31,7 @@ In this era of internet-native businesses – AI, social, and crypto networks wh Revnets are a new financial structure made for capitalizing and growing internet-native money relationships. Think of it like Bitcoin's halvening rule – once deployed, its issuance policy leads to a guarenteed 21m supply over time. Instead of a fixed supply with periodic supply shocks, revnets enforce a certain other set of guarentees that promote enterprise growth, unchangeable after being deployed. -Blackrock CEO Larry Finck and prominant others say the necessary and inevitable tokenization of everything will enhance the landscape of finance. We've been saying this for years, and now think revnets will participate in Larry's vision by being the most productive structure for both large organizations and small businesses to tokenize revenues and fundraises throughout the globe. Revnets are the SAFE and C-Corp agreements of this economy but 100x better. +Blackrock CEO Larry Finck and prominant others say the necessary and inevitable tokenization of everything will enhance the landscape of finance. We've known this for years, and now think revnets will participate in Larry's vision by being the most productive structure for both large organizations and small businesses to tokenize revenues and fundraises throughout the globe. Revnets are the SAFE and C-Corp agreements of this economy but 100x better. Revnets can power all kinds of modern financial engagements to greater efficiency, from indy shopify stores, patreons, donations, all the way to corporate finance and high net worth brand management. The $REV network itself runs as a revnet, and captures 2.5% of each revnet's outflows from raised funds and revenues. @@ -55,14 +55,16 @@ Revnets are a **fully pre-configured** financial structure – although they can - **Deterministic**: Investors, builders, community, and customers know that each revnet's rules will be enforced programmatically from start to finish. - **Familiar**: Transparency and diligence are simple. Once one revnet's workings makes sense, all revnets make sense. -Revnets also inherit the best properties of the Juicebox V4 smart contracts: +Revnets also inherit the best properties of Ethereum and Juicebox V4: -- **Immediacy**: They encode sophisticated financial relationships between global participants which would be impractical to manage with traditional contracts. -- **Clarity**: They allow for ownership and access rules that can't be subjectively misinterpretted. -- **Certainty**: They express clearly scheduled rules which cannot be broken. -- **Auditability**: They are impossible to hide, simplifying diligence for all participants. -- **Everywhere**: They allow organizations to tokenize their revenue and fundraises on any EVM blockchain, expanding to new ones as they emerge and prove their legitimacy. +- **Immediacy**: Encode sophisticated financial relationships between global participants which would be impractical to manage with traditional contracts. +- **Clarity**: Allow for ownership and access rules that can't be subjectively misinterpretted. +- **Certainty**: Express clearly scheduled rules which cannot be broken. +- **Auditability**: Impossible to hide, simplifying diligence for all participants. +- **Everywhere**: Allow organizations to tokenize their revenue and fundraises on any EVM blockchain, expanding to new ones as they emerge and prove their legitimacy. +Ethereum is one of a kind, we have incredible respect and gratitude for the work of our peers that make what we do possible. + ## Thesis Revnets can power millions of startups to become global movements, high net-worth interconnected economies, and retail-owned brands that outcompete traditional private alternatives. From 632f175f5816fac9a4c74d0d2f54c6aca00938c7 Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Tue, 16 Jul 2024 17:53:32 -0300 Subject: [PATCH 10/33] Update pitch.md --- pitch.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/pitch.md b/pitch.md index 8b00f62..04169a4 100644 --- a/pitch.md +++ b/pitch.md @@ -27,7 +27,7 @@ Dominant organizational and financial models have always suited the technologies of their respective eras. It isn't a coincidence that [joint-stock companies](https://en.wikipedia.org/wiki/Joint-stock_company) were the defining structure of the mercantile era, that [limited liability corporations](https://www.jstor.org/stable/764920) played the same role during the Industrial Revolution, or that today's Silicon Valley startups are defined by the use of broad-based equity compensation like [Y-Combinator's Safe financing documents](https://www.ycombinator.com/documents/).[^1] -In this era of internet-native businesses – AI, social, and crypto networks who champion open source and are publicly innovating on internet-native concepts – corporate-stock models of organization are anachronistic for entrepreneurs, capital providers, and consumers alike. We think revnets will emerge as the standard for internet businesses and economies. +In this era of internet-native businesses – AI, social, and crypto networks who champion open source and are publicly innovating on internet-native concepts – corporate-stock models of organization are anachronistic for entrepreneurs, capital providers, and consumers alike. We think revnets will emerge as the standard for internet businesses and online economies. Revnets are a new financial structure made for capitalizing and growing internet-native money relationships. Think of it like Bitcoin's halvening rule – once deployed, its issuance policy leads to a guarenteed 21m supply over time. Instead of a fixed supply with periodic supply shocks, revnets enforce a certain other set of guarentees that promote enterprise growth, unchangeable after being deployed. From bac1297e8e84548e3f342861578422e4c7722beb Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Tue, 16 Jul 2024 17:54:33 -0300 Subject: [PATCH 11/33] Update pitch.md --- pitch.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/pitch.md b/pitch.md index 04169a4..7aa447e 100644 --- a/pitch.md +++ b/pitch.md @@ -31,7 +31,7 @@ In this era of internet-native businesses – AI, social, and crypto networks wh Revnets are a new financial structure made for capitalizing and growing internet-native money relationships. Think of it like Bitcoin's halvening rule – once deployed, its issuance policy leads to a guarenteed 21m supply over time. Instead of a fixed supply with periodic supply shocks, revnets enforce a certain other set of guarentees that promote enterprise growth, unchangeable after being deployed. -Blackrock CEO Larry Finck and prominant others say the necessary and inevitable tokenization of everything will enhance the landscape of finance. We've known this for years, and now think revnets will participate in Larry's vision by being the most productive structure for both large organizations and small businesses to tokenize revenues and fundraises throughout the globe. Revnets are the SAFE and C-Corp agreements of this economy but 100x better. +Blackrock CEO Larry Finck and prominant others say the necessary and inevitable tokenization of everything will enhance the landscape of finance. We've known this for years, and now think revnets will participate in the mainstream's vision by being the most productive structure for both large organizations and small businesses to tokenize revenues and fundraises throughout the globe. Revnets are the SAFE and C-Corp agreements of this economy but 100x better. Revnets can power all kinds of modern financial engagements to greater efficiency, from indy shopify stores, patreons, donations, all the way to corporate finance and high net worth brand management. The $REV network itself runs as a revnet, and captures 2.5% of each revnet's outflows from raised funds and revenues. From c61ae32351598532540940276a803802eda3bbe1 Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Tue, 16 Jul 2024 17:55:58 -0300 Subject: [PATCH 12/33] Update pitch.md --- pitch.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/pitch.md b/pitch.md index 7aa447e..c83b0b0 100644 --- a/pitch.md +++ b/pitch.md @@ -39,7 +39,7 @@ Revnets can power all kinds of modern financial engagements to greater efficienc Those of us developing revnets have been contributors to the Ethereum ecosystem over the past 4 years, most notably having deployed and progressed the Juicebox protocol, the juicebox.money app, and the Juicebox DAO community driven by the $JBX network. -This is the same Juicebox with which Constitution DAO, Assage DAO, Shark DAO, Moon DAO, Cryo DAO, Juicebox DAO, the tornado cash developer legal defence fundraiser, and 1,331 other projects were established, facilitating over $185 million in ETH payments. We've been experiencing the demand for tokenized fundraising and revenue first hand, we know the tradeoffs of the tools at our disposal intimately well, and we know the culture and our role in it. We've been consistently one step ahead of the curve and steadfast with our values. +This is the same Juicebox with which Constitution DAO, Assage DAO, Shark DAO, Moon DAO, Cryo DAO, Juicebox DAO, the tornado cash developer legal defence fundraiser, and 1,331 other projects were established, facilitating over $185 million in ETH payments. We've been experiencing the demand for tokenized fundraising and revenue first hand, we know the tradeoffs of the tools at our disposal intimately well, and we know the culture and our role in it. We've been consistently one step ahead of the curve and steadfast in our values. Juicebox is revenue-generating public infrastructure that gives us a tokenized language for expressing various organizational finanial guarentees. It's evolution from V1 to V4 over the years has been a journey of refinement towards its current robust-yet-extensible form. Revnets are now the next step, a particular expression of this Juicebox language designed to reliably align interests between entrepreneurs, capital allocators, and retail customers alike. From b9b5bc446208190391b5c14da07a3986ca47a991 Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Tue, 16 Jul 2024 17:57:38 -0300 Subject: [PATCH 13/33] Update pitch.md --- pitch.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/pitch.md b/pitch.md index c83b0b0..470b829 100644 --- a/pitch.md +++ b/pitch.md @@ -246,7 +246,7 @@ There are three core entities in play: $REV, RRG LLC, and JuiceboxDAO ($JBX). Ac ### What are the risks I should be aware of? -**Smart contract risk**: Revnets are built using the Juicebox V4 protocol which can exists across multiple EVM blockchains. Though it is a fork and iteration of Juicebox V3 that has secures tens of millions of dollars in locked value on Ethereum mainnet, there is the possibility of smart contract bugs that cause the system to collapse. JuiceboxDAO has spent the better part of the last year's time and budget on testing, documentation, and hiring third party auditors, though is always encouraging more eyes on the open source code base. Ultimately, smart contract security comes from production lindiness while managing funds at risk. +**Smart contract risk**: Revnets are built using the Juicebox V4 protocol which can exists across multiple EVM blockchains. Though it is a fork and iteration of Juicebox V3 that secures tens of millions of dollars in locked value on Ethereum mainnet, there is the possibility of smart contract bugs that cause the system to collapse. JuiceboxDAO has spent the better part of the last year's time and budget on testing, documentation, and hiring third party auditors, though is always encouraging more eyes on the open source code base. Ultimately, smart contract security comes from production lindiness while managing funds at risk. **Organizational risk**: $REV runs on its own and has no organizational risk. RRG and $JBX on the other hand, do have organizational risks exposed through the same governance means that affords them certain flexibilities to persue emergent opportunities. Engaging in either RRG or $JBX should warrent due diligence to understand how decisions have been made and how they'll likely continue to be made within those organizations. From 6a04fc5d357d840bfa4b0537d396cd09151516a6 Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Tue, 16 Jul 2024 17:58:41 -0300 Subject: [PATCH 14/33] Update pitch.md --- pitch.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/pitch.md b/pitch.md index 470b829..76a57d4 100644 --- a/pitch.md +++ b/pitch.md @@ -46,7 +46,7 @@ Juicebox is revenue-generating public infrastructure that gives us a tokenized l This team also understands the legal moment we are in when it comes to growing onchain organizations. We made revnets in part as a pre-requisite for many of our own upcoming projects in need of a tokenized financial engine that allows us to push forward with confidence. It is clear to us that: 1. We don't want to lean exclusively on traditional models which inevitably create misguided incentives for the types of internet-native networks we're working on. -2. We don't want to lean on governance-based DAOs. Major crypto players – Uniswap, ENS, Maker, Arbitrum, Compound to name a few – try to address these shortcomings by combining standard for-profit companies with tradable tokens and experimental govrenance structures. We've noticed that in practice, decentralized governance and capital allocation is hard and often leads to vulnerabilities, inefficiencies, and power struggles. [^2]. We also don't want to manage more lawless revenue-generating governance-based DAO's like $JBX, one is gracious plenty. +2. We don't want to lean on governance-based DAOs. Major crypto players – Uniswap, ENS, Maker, Arbitrum, Compound to name a few – try to address these shortcomings by combining standard for-profit companies with tradable tokens and experimental governance structures. We've noticed that in practice, decentralized governance and capital allocation is hard and often leads to vulnerabilities, inefficiencies, and power struggles. [^2]. We also don't want to manage more lawless revenue-generating governance-based DAO's like $JBX, one is gracious plenty. Revnets are a **fully pre-configured** financial structure – although they can evolve over time, they do so according to rules which are set in place at the time of their creation. This means: From 058523369c918bcd640f5b204ed6bd9c61974207 Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Tue, 16 Jul 2024 18:04:02 -0300 Subject: [PATCH 15/33] Update pitch.md --- pitch.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/pitch.md b/pitch.md index 76a57d4..3f62959 100644 --- a/pitch.md +++ b/pitch.md @@ -29,7 +29,7 @@ Dominant organizational and financial models have always suited the technologies In this era of internet-native businesses – AI, social, and crypto networks who champion open source and are publicly innovating on internet-native concepts – corporate-stock models of organization are anachronistic for entrepreneurs, capital providers, and consumers alike. We think revnets will emerge as the standard for internet businesses and online economies. -Revnets are a new financial structure made for capitalizing and growing internet-native money relationships. Think of it like Bitcoin's halvening rule – once deployed, its issuance policy leads to a guarenteed 21m supply over time. Instead of a fixed supply with periodic supply shocks, revnets enforce a certain other set of guarentees that promote enterprise growth, unchangeable after being deployed. +Revnets are a new tokenized financial structure made for capitalizing and growing internet-native money relationships, while avoiding governance, liquidity, and management risks altogether. Think of it like Bitcoin's halvening rule – once deployed, its issuance policy leads to a guarenteed 21m supply over time. Instead of a fixed supply with periodic supply shocks, revnets enforce a certain other set of guarentees that promote enterprise growth, unchangeable after being deployed. Blackrock CEO Larry Finck and prominant others say the necessary and inevitable tokenization of everything will enhance the landscape of finance. We've known this for years, and now think revnets will participate in the mainstream's vision by being the most productive structure for both large organizations and small businesses to tokenize revenues and fundraises throughout the globe. Revnets are the SAFE and C-Corp agreements of this economy but 100x better. From 7dfb249f7fef1e20fbefb0b25f1f26258df56d40 Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Tue, 16 Jul 2024 18:05:42 -0300 Subject: [PATCH 16/33] Update pitch.md --- pitch.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/pitch.md b/pitch.md index 3f62959..115695d 100644 --- a/pitch.md +++ b/pitch.md @@ -33,7 +33,7 @@ Revnets are a new tokenized financial structure made for capitalizing and growin Blackrock CEO Larry Finck and prominant others say the necessary and inevitable tokenization of everything will enhance the landscape of finance. We've known this for years, and now think revnets will participate in the mainstream's vision by being the most productive structure for both large organizations and small businesses to tokenize revenues and fundraises throughout the globe. Revnets are the SAFE and C-Corp agreements of this economy but 100x better. -Revnets can power all kinds of modern financial engagements to greater efficiency, from indy shopify stores, patreons, donations, all the way to corporate finance and high net worth brand management. The $REV network itself runs as a revnet, and captures 2.5% of each revnet's outflows from raised funds and revenues. +Revnets can power all kinds of modern financial engagements to greater efficiency, from indy shopify stores, patreons, donations, up to corporate finance and high net worth brand management. The $REV network itself runs as a revnet, and captures 2.5% of each revnet's outflows from raised funds and revenues. ## Context From 8546ac5d524eef0b6fcc5e76a0e162f8398bc0e5 Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Tue, 16 Jul 2024 18:21:46 -0300 Subject: [PATCH 17/33] Update pitch.md --- pitch.md | 3 ++- 1 file changed, 2 insertions(+), 1 deletion(-) diff --git a/pitch.md b/pitch.md index 115695d..2ed5e24 100644 --- a/pitch.md +++ b/pitch.md @@ -51,7 +51,8 @@ This team also understands the legal moment we are in when it comes to growing o Revnets are a **fully pre-configured** financial structure – although they can evolve over time, they do so according to rules which are set in place at the time of their creation. This means: - **Governance-free**: Governance inefficiencies and takeovers of funds – among the most common failure modes for DAOs – are impossible. -- **Management-free**: Revnets operate autonomously, according to their pre-configured rules. +- **Management-free**: Revnets operate autonomously according to their pre-configured rules, making rug pulls and overreach impossible. +- **Liquid**: Revnets work with the open market to make and take liquidity, helping startups bootstrap growth and making market manipulation unfavorable. - **Deterministic**: Investors, builders, community, and customers know that each revnet's rules will be enforced programmatically from start to finish. - **Familiar**: Transparency and diligence are simple. Once one revnet's workings makes sense, all revnets make sense. From 0247fe156271ab688c936dc8605f603e4124929e Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Tue, 16 Jul 2024 19:08:06 -0300 Subject: [PATCH 18/33] Update pitch.md tyos --- pitch.md | 14 +++++++------- 1 file changed, 7 insertions(+), 7 deletions(-) diff --git a/pitch.md b/pitch.md index 2ed5e24..1463569 100644 --- a/pitch.md +++ b/pitch.md @@ -29,9 +29,9 @@ Dominant organizational and financial models have always suited the technologies In this era of internet-native businesses – AI, social, and crypto networks who champion open source and are publicly innovating on internet-native concepts – corporate-stock models of organization are anachronistic for entrepreneurs, capital providers, and consumers alike. We think revnets will emerge as the standard for internet businesses and online economies. -Revnets are a new tokenized financial structure made for capitalizing and growing internet-native money relationships, while avoiding governance, liquidity, and management risks altogether. Think of it like Bitcoin's halvening rule – once deployed, its issuance policy leads to a guarenteed 21m supply over time. Instead of a fixed supply with periodic supply shocks, revnets enforce a certain other set of guarentees that promote enterprise growth, unchangeable after being deployed. +Revnets are a new tokenized financial structure made for capitalizing and growing internet-native money relationships, while avoiding governance, liquidity, and management risks altogether. Think of it like Bitcoin's halvening rule – once deployed, its issuance policy leads to a guaranteed 21m supply over time. Instead of a fixed supply with periodic supply shocks, revnets enforce a certain other set of guarantees that promote enterprise growth, unchangeable after being deployed. -Blackrock CEO Larry Finck and prominant others say the necessary and inevitable tokenization of everything will enhance the landscape of finance. We've known this for years, and now think revnets will participate in the mainstream's vision by being the most productive structure for both large organizations and small businesses to tokenize revenues and fundraises throughout the globe. Revnets are the SAFE and C-Corp agreements of this economy but 100x better. +Blackrock CEO Larry Fink and prominent others say the necessary and inevitable tokenization of everything will enhance the landscape of finance. We've known this for years, and now think revnets will participate in the mainstream's vision by being the most productive structure for both large organizations and small businesses to tokenize revenues and fundraises throughout the globe. Revnets are the SAFE and C-Corp agreements of this economy but 100x better. Revnets can power all kinds of modern financial engagements to greater efficiency, from indy shopify stores, patreons, donations, up to corporate finance and high net worth brand management. The $REV network itself runs as a revnet, and captures 2.5% of each revnet's outflows from raised funds and revenues. @@ -39,9 +39,9 @@ Revnets can power all kinds of modern financial engagements to greater efficienc Those of us developing revnets have been contributors to the Ethereum ecosystem over the past 4 years, most notably having deployed and progressed the Juicebox protocol, the juicebox.money app, and the Juicebox DAO community driven by the $JBX network. -This is the same Juicebox with which Constitution DAO, Assage DAO, Shark DAO, Moon DAO, Cryo DAO, Juicebox DAO, the tornado cash developer legal defence fundraiser, and 1,331 other projects were established, facilitating over $185 million in ETH payments. We've been experiencing the demand for tokenized fundraising and revenue first hand, we know the tradeoffs of the tools at our disposal intimately well, and we know the culture and our role in it. We've been consistently one step ahead of the curve and steadfast in our values. +This is the same Juicebox with which Constitution DAO, Assage DAO, Shark DAO, Moon DAO, Cryo DAO, Juicebox DAO, the tornado cash developer legal defense fundraiser, and 1,331 other projects were established, facilitating over $185 million in ETH payments. We've been experiencing the demand for tokenized fundraising and revenue first hand, we know the tradeoffs of the tools at our disposal intimately well, and we know the culture and our role in it. We've been consistently one step ahead of the curve and steadfast in our values. -Juicebox is revenue-generating public infrastructure that gives us a tokenized language for expressing various organizational finanial guarentees. It's evolution from V1 to V4 over the years has been a journey of refinement towards its current robust-yet-extensible form. Revnets are now the next step, a particular expression of this Juicebox language designed to reliably align interests between entrepreneurs, capital allocators, and retail customers alike. +Juicebox is revenue-generating public infrastructure that gives us a tokenized language for expressing various organizational finanial guarantees. It's evolution from V1 to V4 over the years has been a journey of refinement towards its current robust-yet-extensible form. Revnets are now the next step, a particular expression of this Juicebox language designed to reliably align interests between entrepreneurs, capital allocators, and retail customers alike. This team also understands the legal moment we are in when it comes to growing onchain organizations. We made revnets in part as a pre-requisite for many of our own upcoming projects in need of a tokenized financial engine that allows us to push forward with confidence. It is clear to us that: @@ -59,7 +59,7 @@ Revnets are a **fully pre-configured** financial structure – although they can Revnets also inherit the best properties of Ethereum and Juicebox V4: - **Immediacy**: Encode sophisticated financial relationships between global participants which would be impractical to manage with traditional contracts. -- **Clarity**: Allow for ownership and access rules that can't be subjectively misinterpretted. +- **Clarity**: Allow for ownership and access rules that can't be subjectively misinterpreted. - **Certainty**: Express clearly scheduled rules which cannot be broken. - **Auditability**: Impossible to hide, simplifying diligence for all participants. - **Everywhere**: Allow organizations to tokenize their revenue and fundraises on any EVM blockchain, expanding to new ones as they emerge and prove their legitimacy. @@ -135,7 +135,7 @@ Robert Leonhard is the co-founder of [Open Esquire](https://openesq.tech), a gro Anyone is welcome, though we want to especially encourage partners who want to help with growth strategies and could see themselves using revnets in other areas of their portfolio. We (folks from around the Juicebox community) are about to deploy Juicebox v4 and the first [cohort of production revnets](#examples-of-revnets). We're looking for partners who believe in the mission, believe in the team, and can help make this launch chapter successful. -We want to invite both token-confortable people to interact directly from their favorite EVM blockchain, and token-curious people to interact through RRG. +We want to invite both token-comfortable people to interact directly from their favorite EVM blockchain, and token-curious people to interact through RRG. ### Roadmap @@ -249,7 +249,7 @@ There are three core entities in play: $REV, RRG LLC, and JuiceboxDAO ($JBX). Ac **Smart contract risk**: Revnets are built using the Juicebox V4 protocol which can exists across multiple EVM blockchains. Though it is a fork and iteration of Juicebox V3 that secures tens of millions of dollars in locked value on Ethereum mainnet, there is the possibility of smart contract bugs that cause the system to collapse. JuiceboxDAO has spent the better part of the last year's time and budget on testing, documentation, and hiring third party auditors, though is always encouraging more eyes on the open source code base. Ultimately, smart contract security comes from production lindiness while managing funds at risk. -**Organizational risk**: $REV runs on its own and has no organizational risk. RRG and $JBX on the other hand, do have organizational risks exposed through the same governance means that affords them certain flexibilities to persue emergent opportunities. Engaging in either RRG or $JBX should warrent due diligence to understand how decisions have been made and how they'll likely continue to be made within those organizations. +**Organizational risk**: $REV runs on its own and has no organizational risk. RRG and $JBX on the other hand, do have organizational risks exposed through the same governance means that affords them certain flexibilities to pursue emergent opportunities. Engaging in either RRG or $JBX should warrant due diligence to understand how decisions have been made and how they'll likely continue to be made within those organizations. **Market risk**: RRG is a for-profit organization that will look to build its $REV exposure and harness its specialization in revnets to become successful. We believe revnets are marketable and can outcompete alternative organizational structures, but this is an unproven thesis with projects outside of our own. Choosing an organizational token structure is a big decisions that each project tends to make only once and stick to forever afterward. It's hard to become the standard structure, but once the standard is set it tends to stick. At first, the revnet sales cycle will likely be long, we'll want to observe how the structure provides value both as a supportive component of already-existing organizations, and as the core piece of new orgs starting up. We'll lead the way with great examples of successful revnets folks can look up, starting with $REV, whose energy will help us reach critical mass. From 0312062e8062065ae4ee015bc9cd25c6799e5197 Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Tue, 16 Jul 2024 23:24:49 -0300 Subject: [PATCH 19/33] Update pitch.md --- pitch.md | 107 ++++++++++++++++++++++++++++--------------------------- 1 file changed, 55 insertions(+), 52 deletions(-) diff --git a/pitch.md b/pitch.md index 1463569..9fb44ca 100644 --- a/pitch.md +++ b/pitch.md @@ -1,8 +1,9 @@ ## Contents -1. [Overview](#overview) -2. [Context](#context) -3. [Thesis](#thesis) -4. [Revnet Research Group (RRG)](#revnet-research-group-rrg) +1. [TLDR](#tldr) +2. [Overview](#overview) +3. [Context](#context) +4. [Thesis](#thesis) +5. [Revnet Research Group (RRG)](#revnet-research-group-rrg) - [RRG Mission](#rrg-mission) - [Bottom line](#bottom-line) - [Pitch to investors](#pitch-to-investors) @@ -12,79 +13,96 @@ - [Ideal partners](#ideal-partners) - [Roadmap](#roadmap) - [Spend](#spend) -5. [$REV](#rev) +6. [$REV](#rev) - [Anatomy of a revnet](#anatomy-of-a-revnet) - [$REV stage 1](#rev-stage-1) - [$REV stage 2](#rev-stage-2) - [$REV stage 3](#rev-stage-3) -6. [Legal](#legal) -7. [Examples of revnets](#examples-of-revnets) -8. [Investor FAQ](#investor-faq) +7. [Legal](#legal) +8. [Examples of revnets](#examples-of-revnets) +9. [Investor FAQ](#investor-faq) - [Should I invest in RRG, $REV, or...?](#should-i-invest-in-rrg-rev-or) - [What are the risks I should be aware of?](#what-are-the-risks-i-should-be-aware-of) +## TLDR + +Internet-native organizations structured as tokenized revnets will outcompete C-Corps, DAOs, and other governance-based financial structures by better lawfully encouraging growth-based alignment between leaders, workers, investors, and yesterday's customers that helped make today possible, while removing common causes for disputes between them. + ## Overview Dominant organizational and financial models have always suited the technologies of their respective eras. It isn't a coincidence that [joint-stock companies](https://en.wikipedia.org/wiki/Joint-stock_company) were the defining structure of the mercantile era, that [limited liability corporations](https://www.jstor.org/stable/764920) played the same role during the Industrial Revolution, or that today's Silicon Valley startups are defined by the use of broad-based equity compensation like [Y-Combinator's Safe financing documents](https://www.ycombinator.com/documents/).[^1] -In this era of internet-native businesses – AI, social, and crypto networks who champion open source and are publicly innovating on internet-native concepts – corporate-stock models of organization are anachronistic for entrepreneurs, capital providers, and consumers alike. We think revnets will emerge as the standard for internet businesses and online economies. +In this era of AI, social, and crypto networks who champion open source and are publicly innovating on internet-native concepts, corporate-stock models of organization are anachronistic for entrepreneurs, capital providers, and consumers alike. We think revnets – a tokenized financial structure made for capitalizing and growing online money relationships – will emerge as the new standard for financing internet businesses, from startup to scale. -Revnets are a new tokenized financial structure made for capitalizing and growing internet-native money relationships, while avoiding governance, liquidity, and management risks altogether. Think of it like Bitcoin's halvening rule – once deployed, its issuance policy leads to a guaranteed 21m supply over time. Instead of a fixed supply with periodic supply shocks, revnets enforce a certain other set of guarantees that promote enterprise growth, unchangeable after being deployed. +Think of revnets like Bitcoin's halvening rule – once deployed, a its issuance policy leads to a guaranteed 21m supply over time. Instead of a fixed supply with periodic supply shocks like bitcoin, revnets enforce a certain other set of guarantees that determine where tokens go when it is paid and under what conditions tokens can be cashed out. Revnets are a **fully pre-configured** financial structure – although they can evolve over time, they do so according to rules which are set in place at the time of their creation. This means: + +- **Governance-free**: Governance inefficiencies and takeovers of funds – among the most common failure modes for DAOs – are impossible. +- **Management-free**: Revnets operate autonomously according to their pre-configured rules, making rug pulls and overreach impossible. +- **Liquid**: Revnets work with the open market to make and take liquidity, helping startups bootstrap growth and making market manipulation unfavorable. +- **Deterministic**: Investors, builders, community, and customers each act within a revnet's known rules, enforced programmatically from start to finish. +- **Familiar**: Transparency and diligence are simple. Once one revnet's workings makes sense, all revnets make sense. + +Revnets also inherit the best properties of Ethereum: + +- **Immediacy**: Encode sophisticated financial relationships between global participants which would be impractical to manage with traditional contracts. +- **Clarity**: Allow for ownership and access rules that can't be subjectively misinterpreted. +- **Certainty**: Express clearly scheduled rules which cannot be broken. +- **Auditability**: Impossible to hide, simplifying diligence for all participants. +- **Connectivity**: Easy, reliable, and open access to and from other smart contracts, including other revnets for composable accounting schemas. +- **Everywhere**: Allow organizations to tokenize their revenue and fundraises on any EVM blockchain, expanding to new ones as they emerge and prove their legitimacy. -Blackrock CEO Larry Fink and prominent others say the necessary and inevitable tokenization of everything will enhance the landscape of finance. We've known this for years, and now think revnets will participate in the mainstream's vision by being the most productive structure for both large organizations and small businesses to tokenize revenues and fundraises throughout the globe. Revnets are the SAFE and C-Corp agreements of this economy but 100x better. +Blackrock CEO Larry Fink and prominent others say the necessary and inevitable tokenization of everything will enhance the landscape of finance. We've known this for years. We think revnets will participate in the mainstream's vision by being the most productive structure for both large organizations and small businesses to tokenize revenues, fundraises, and financial partnerships throughout the globe. Revnets are the SAFE and C-Corp agreements of this economy but 100x better. -Revnets can power all kinds of modern financial engagements to greater efficiency, from indy shopify stores, patreons, donations, up to corporate finance and high net worth brand management. The $REV network itself runs as a revnet, and captures 2.5% of each revnet's outflows from raised funds and revenues. +The $REV network itself runs as a revnet, and earns 2.5% of each revnet's outflows from raised funds and revenues. ## Context -Those of us developing revnets have been contributors to the Ethereum ecosystem over the past 4 years, most notably having deployed and progressed the Juicebox protocol, the juicebox.money app, and the Juicebox DAO community driven by the $JBX network. +Those of us developing revnets have been contributors to the Ethereum ecosystem over the past 4 years, most notably having helped build the Juicebox protocol, the juicebox.money app, and the Juicebox DAO community driven by the $JBX network. -This is the same Juicebox with which Constitution DAO, Assage DAO, Shark DAO, Moon DAO, Cryo DAO, Juicebox DAO, the tornado cash developer legal defense fundraiser, and 1,331 other projects were established, facilitating over $185 million in ETH payments. We've been experiencing the demand for tokenized fundraising and revenue first hand, we know the tradeoffs of the tools at our disposal intimately well, and we know the culture and our role in it. We've been consistently one step ahead of the curve and steadfast in our values. +Juicebox is public infrastructure that gives us a tokenized language for expressing various organizational finanial guarantees. It's been used by Constitution DAO, Assage DAO, Shark DAO, Moon DAO, Cryo DAO, Juicebox DAO, the tornado cash developer legal defense fundraiser, and 1,331 other projects, facilitating over $185 million in ETH payments. -Juicebox is revenue-generating public infrastructure that gives us a tokenized language for expressing various organizational finanial guarantees. It's evolution from V1 to V4 over the years has been a journey of refinement towards its current robust-yet-extensible form. Revnets are now the next step, a particular expression of this Juicebox language designed to reliably align interests between entrepreneurs, capital allocators, and retail customers alike. +Revnets are now the next step, a particular expression of this Juicebox language. We've been experiencing the demand for tokenized fundraising and revenue first hand, we know the tradeoffs of the tokenization tools at our disposal intimately well, and we know how cultural narratives around tokens work. We know what's needed from us to help realize the so-called tokenization of everything, we've been consistently one step ahead of the curve and steadfast in our values. This team also understands the legal moment we are in when it comes to growing onchain organizations. We made revnets in part as a pre-requisite for many of our own upcoming projects in need of a tokenized financial engine that allows us to push forward with confidence. It is clear to us that: 1. We don't want to lean exclusively on traditional models which inevitably create misguided incentives for the types of internet-native networks we're working on. 2. We don't want to lean on governance-based DAOs. Major crypto players – Uniswap, ENS, Maker, Arbitrum, Compound to name a few – try to address these shortcomings by combining standard for-profit companies with tradable tokens and experimental governance structures. We've noticed that in practice, decentralized governance and capital allocation is hard and often leads to vulnerabilities, inefficiencies, and power struggles. [^2]. We also don't want to manage more lawless revenue-generating governance-based DAO's like $JBX, one is gracious plenty. -Revnets are a **fully pre-configured** financial structure – although they can evolve over time, they do so according to rules which are set in place at the time of their creation. This means: +### Anatomy of a revnet -- **Governance-free**: Governance inefficiencies and takeovers of funds – among the most common failure modes for DAOs – are impossible. -- **Management-free**: Revnets operate autonomously according to their pre-configured rules, making rug pulls and overreach impossible. -- **Liquid**: Revnets work with the open market to make and take liquidity, helping startups bootstrap growth and making market manipulation unfavorable. -- **Deterministic**: Investors, builders, community, and customers know that each revnet's rules will be enforced programmatically from start to finish. -- **Familiar**: Transparency and diligence are simple. Once one revnet's workings makes sense, all revnets make sense. +Each revnet has a token and is defined in stages. Each stage specifies five rules which dictate how the revent operates: -Revnets also inherit the best properties of Ethereum and Juicebox V4: +- **Duration:** How long does the stage last? A revnet’s final stage lasts forever. +- **Price:** + - **Starting price:** How much does it cost to buy a single token when the stage begins? The payment's value stays within the revnet and can only be accessed by token holders who cash out. + - **Price increase:** How frequently, and by how much, does the token's price increase within the stage? +- **Split:** What percentage of token issuance (and buybacks) are set aside for a list of recipients, and which address is the split operator? The split operator can add, remove, or modify recipients from that list, changing how the split is allocated within the fixed percent set for the stage. +- **Automint:** How many tokens get minted to a list of recipients at the start of the stage? This functions like a "pre-mint" only accessible once the stage has started. +- **Cash out tax:** How much does the revnet's next potential cash out value increase each time a token holder cashes out? -- **Immediacy**: Encode sophisticated financial relationships between global participants which would be impractical to manage with traditional contracts. -- **Clarity**: Allow for ownership and access rules that can't be subjectively misinterpreted. -- **Certainty**: Express clearly scheduled rules which cannot be broken. -- **Auditability**: Impossible to hide, simplifying diligence for all participants. -- **Everywhere**: Allow organizations to tokenize their revenue and fundraises on any EVM blockchain, expanding to new ones as they emerge and prove their legitimacy. +If token holders add liquidity to an [AMM](https://docs.uniswap.org/concepts/uniswap-protocol#order-book-vs-amm) and it offers a better price than the revnet, the revnet will route incoming payments to that market instead of issuing new tokens. The revnet's split is applied to these buybacks as well. + +Built using Juicebox v4, revnets can grow to accept money on new [EVM-compatible networks](https://ethereum.org/en/developers/docs/evm/) as they emerge, and also offer cash outs on those networks. Holders can move their tokens between chains, and when they do, the revnet automatically moves funds to back those tokens to maintain those tokens' value. -Ethereum is one of a kind, we have incredible respect and gratitude for the work of our peers that make what we do possible. - ## Thesis Revnets can power millions of startups to become global movements, high net-worth interconnected economies, and retail-owned brands that outcompete traditional private alternatives. With revnets, the open internet will win _because_ it best serves creatives, builders, investors, and consumers alike. -We're open to partners who can help propel this thesis forward. +We're calling on partners who believe in a revenue-forward version of the open internet to join the $REV network. ## Revnet Research Group (RRG) -We're starting a dedicated Revnet Research Group (RRG) LLC to support the revnet ecosystem and help it interface with conventional tech and finance sectors. +We'll use an LLC named Revnet Research Group (RRG) to support the revnet ecosystem and help it interface with conventional tech and finance sectors. -We think it's important for RRG to set an example of how a corporate entity can be successful as a scoped subcomponent of a public onchain revnet structure, in this case [$REV (see below)](#rev). +We think it's important for RRG to set an example of how a corporate partnership can be successful as a scoped subcomponent of a public onchain revnet structure, in this case $REV. ### RRG Mission -Encourage the growth and sustainability of open internet economies – large and small – through revnets. We're shooting for $1 billion of assets locked in revnets in 4 years. +RRG will serve the growth and sustainability of open internet economies through revnets. We're shooting for $1 billion of assets locked in revnets in 4 years. -In the short term, we've got 10 game changing projects ready to use revnets. We need to make sure they are all wildly successful, delivering revnets as the clear vision of how wealth will be most productively created and distributed in our future characterized by digital networks and cryptographic identities. +In the short term, we've got 10 curated projects ready to use revnets. We need to make sure they are all wildly successful, delivering revnets as the clear vision of how wealth will be most productively created and distributed in our future characterized by digital networks and cryptographic identities. ### Bottom line @@ -100,8 +118,6 @@ We encourage investors to participate directly in the $REV revnet from their fav For those investors who prefer interacting with a corporation in fiat instead of accessing $REV directly, RRG can facilitate access while also charging a 1% management fee per year of management, paid in $REV. - - ### Structure RRG is an LLC owned by Jango, Filip, Aeolian, KMac, and Rob. RRG is a [$REV](#rev) token holder alongside other holders. @@ -151,22 +167,6 @@ RRG will use the bulk of the $REV it earns to support the launch, security, and $REV runs on its own as a revnet according to the rules below – there is no governance. RRG is a token holder alongside other token holders and has no special powers. Anyone can participate in $REV at any time. -### Anatomy of a revnet - -Each revnet has a token and is defined in stages. Each stage specifies five rules which dictate how the revent operates: - -- **Duration:** How long does the stage last? A revnet’s final stage lasts forever. -- **Price:** - - **Starting price:** How much does it cost to buy a single token when the stage begins? The payment's value stays within the revnet and can only be accessed by token holders who cash out. - - **Price increase:** How frequently, and by how much, does the token's price increase within the stage? -- **Split:** What percentage of token issuance (and buybacks) are set aside for a list of recipients, and which address is the split operator? The split operator can add, remove, or modify recipients from that list, changing how the split is allocated within the fixed percent set for the stage. -- **Automint:** How many tokens get minted to a list of recipients at the start of the stage? This functions like a "pre-mint" only accessible once the stage has started. -- **Cash out tax:** How much does the revnet's next potential cash out value increase each time a token holder cashes out? - -If token holders add liquidity to an [AMM](https://docs.uniswap.org/concepts/uniswap-protocol#order-book-vs-amm) and it offers a better price than the revnet, the revnet will route incoming payments to that market instead of issuing new tokens. The revnet's split is applied to these buybacks as well. - -Built using Juicebox v4, revnets can grow to accept money on new [EVM-compatible networks](https://ethereum.org/en/developers/docs/evm/) as they emerge, and also offer cash outs on those networks. Holders can move their tokens between chains, and when they do, the revnet automatically moves funds to back those tokens to maintain those tokens' value. - ### $REV stage 1 _Inaugural 90 day $REV sale ⏩. Your payments are worth 2.5x what they'll be worth in stage 2. Mint the first of two batches of tokens to honor pre-launch work._ @@ -258,3 +258,6 @@ There are three core entities in play: $REV, RRG LLC, and JuiceboxDAO ($JBX). Ac [^1]: Other recent examples: the gig economy, DAOs, and remote work. [^2]: [Uniswap](https://docs.uniswap.org/concepts/overview) raises funds and employs developers under the for-profit Uniswap Labs, but the Uniswap protocol is governed by $UNI token voting. The competing interests of token holders and Uniswap Labs have led to a number of controversial decisions over Uniswap's fee switch, source code licensing, and cross-chain deployments. Other projects have faced similar controversies when the interests of token holders and developers have diverged. +--- + +Ethereum is one of a kind. We have incredible respect and gratitude for the work of our peers that make our contributions possible. From d3c153909c3a296b2061b843f66143b84521f26c Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Tue, 16 Jul 2024 23:25:17 -0300 Subject: [PATCH 20/33] Update pitch.md --- pitch.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/pitch.md b/pitch.md index 9fb44ca..9fea1b0 100644 --- a/pitch.md +++ b/pitch.md @@ -26,7 +26,7 @@ ## TLDR -Internet-native organizations structured as tokenized revnets will outcompete C-Corps, DAOs, and other governance-based financial structures by better lawfully encouraging growth-based alignment between leaders, workers, investors, and yesterday's customers that helped make today possible, while removing common causes for disputes between them. +Internet-native organizations structured as tokenized revnets will outcompete C-Corps, DAOs, and other governance-based financial structures by better encouraging growth-based alignment between leaders, workers, investors, and yesterday's customers that helped make today possible, while removing common causes for disputes between them. ## Overview From e51b97e534dfc85ab278ad46683a165aa4bc029d Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Tue, 16 Jul 2024 23:30:20 -0300 Subject: [PATCH 21/33] Update pitch.md --- pitch.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/pitch.md b/pitch.md index 9fea1b0..087db74 100644 --- a/pitch.md +++ b/pitch.md @@ -61,7 +61,7 @@ Those of us developing revnets have been contributors to the Ethereum ecosystem Juicebox is public infrastructure that gives us a tokenized language for expressing various organizational finanial guarantees. It's been used by Constitution DAO, Assage DAO, Shark DAO, Moon DAO, Cryo DAO, Juicebox DAO, the tornado cash developer legal defense fundraiser, and 1,331 other projects, facilitating over $185 million in ETH payments. -Revnets are now the next step, a particular expression of this Juicebox language. We've been experiencing the demand for tokenized fundraising and revenue first hand, we know the tradeoffs of the tokenization tools at our disposal intimately well, and we know how cultural narratives around tokens work. We know what's needed from us to help realize the so-called tokenization of everything, we've been consistently one step ahead of the curve and steadfast in our values. +Revnets are now the next step, a particular expression of this Juicebox language. We've been experiencing the demand for tokenized fundraising and revenue first hand, we know the tradeoffs of the tokenization tools at our disposal intimately well, and we know how cultural narratives around tokens work. We've been consistently one step ahead of the curve and steadfast in our values. This team also understands the legal moment we are in when it comes to growing onchain organizations. We made revnets in part as a pre-requisite for many of our own upcoming projects in need of a tokenized financial engine that allows us to push forward with confidence. It is clear to us that: From 5d81c9ab6581fa3abfe5b281686ef5ca5782386a Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Tue, 16 Jul 2024 23:45:05 -0300 Subject: [PATCH 22/33] Update pitch.md --- pitch.md | 6 ++++-- 1 file changed, 4 insertions(+), 2 deletions(-) diff --git a/pitch.md b/pitch.md index 087db74..46227a4 100644 --- a/pitch.md +++ b/pitch.md @@ -68,7 +68,9 @@ This team also understands the legal moment we are in when it comes to growing o 1. We don't want to lean exclusively on traditional models which inevitably create misguided incentives for the types of internet-native networks we're working on. 2. We don't want to lean on governance-based DAOs. Major crypto players – Uniswap, ENS, Maker, Arbitrum, Compound to name a few – try to address these shortcomings by combining standard for-profit companies with tradable tokens and experimental governance structures. We've noticed that in practice, decentralized governance and capital allocation is hard and often leads to vulnerabilities, inefficiencies, and power struggles. [^2]. We also don't want to manage more lawless revenue-generating governance-based DAO's like $JBX, one is gracious plenty. -### Anatomy of a revnet +Revnets are the tool we need to hit the gas without incumbant tradeoffs. + +## Anatomy of a revnet Each revnet has a token and is defined in stages. Each stage specifies five rules which dictate how the revent operates: @@ -147,7 +149,7 @@ Offchain management of the corporation will be led by Jango, Filip, Aeolian, KMa Robert Leonhard is the co-founder of [Open Esquire](https://openesq.tech), a group of legal engineers serving Ethereum projects and many Juicebox projects. -### Ideal partners +### Ideal investors Anyone is welcome, though we want to especially encourage partners who want to help with growth strategies and could see themselves using revnets in other areas of their portfolio. We (folks from around the Juicebox community) are about to deploy Juicebox v4 and the first [cohort of production revnets](#examples-of-revnets). We're looking for partners who believe in the mission, believe in the team, and can help make this launch chapter successful. From a9cfd301f6a7d5a7b2a7db0c5e4ac6b343496d5e Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Tue, 16 Jul 2024 23:46:45 -0300 Subject: [PATCH 23/33] Update pitch.md --- pitch.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/pitch.md b/pitch.md index 46227a4..45fb3cb 100644 --- a/pitch.md +++ b/pitch.md @@ -68,7 +68,7 @@ This team also understands the legal moment we are in when it comes to growing o 1. We don't want to lean exclusively on traditional models which inevitably create misguided incentives for the types of internet-native networks we're working on. 2. We don't want to lean on governance-based DAOs. Major crypto players – Uniswap, ENS, Maker, Arbitrum, Compound to name a few – try to address these shortcomings by combining standard for-profit companies with tradable tokens and experimental governance structures. We've noticed that in practice, decentralized governance and capital allocation is hard and often leads to vulnerabilities, inefficiencies, and power struggles. [^2]. We also don't want to manage more lawless revenue-generating governance-based DAO's like $JBX, one is gracious plenty. -Revnets are the tool we need to hit the gas without incumbant tradeoffs. +Revnets are the tool we need to encourage more projects to hit the gas without incumbant tradeoffs. ## Anatomy of a revnet From 31bae686edd1e7057249ecf221196b7516c3cf03 Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Tue, 16 Jul 2024 23:47:04 -0300 Subject: [PATCH 24/33] Update pitch.md --- pitch.md | 14 +++++++------- 1 file changed, 7 insertions(+), 7 deletions(-) diff --git a/pitch.md b/pitch.md index 45fb3cb..633b99c 100644 --- a/pitch.md +++ b/pitch.md @@ -2,8 +2,9 @@ 1. [TLDR](#tldr) 2. [Overview](#overview) 3. [Context](#context) -4. [Thesis](#thesis) -5. [Revnet Research Group (RRG)](#revnet-research-group-rrg) +4. [Anatomy of a revnet](#anatomy-of-a-revnet) +5. [Thesis](#thesis) +6. [Revnet Research Group (RRG)](#revnet-research-group-rrg) - [RRG Mission](#rrg-mission) - [Bottom line](#bottom-line) - [Pitch to investors](#pitch-to-investors) @@ -13,14 +14,13 @@ - [Ideal partners](#ideal-partners) - [Roadmap](#roadmap) - [Spend](#spend) -6. [$REV](#rev) - - [Anatomy of a revnet](#anatomy-of-a-revnet) +7. [$REV](#rev) - [$REV stage 1](#rev-stage-1) - [$REV stage 2](#rev-stage-2) - [$REV stage 3](#rev-stage-3) -7. [Legal](#legal) -8. [Examples of revnets](#examples-of-revnets) -9. [Investor FAQ](#investor-faq) +8. [Legal](#legal) +9. [Examples of revnets](#examples-of-revnets) +10. [Investor FAQ](#investor-faq) - [Should I invest in RRG, $REV, or...?](#should-i-invest-in-rrg-rev-or) - [What are the risks I should be aware of?](#what-are-the-risks-i-should-be-aware-of) From a11d4a905654a9357fe2efbdd74b442ce5b0e2f0 Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Tue, 16 Jul 2024 23:50:08 -0300 Subject: [PATCH 25/33] Update pitch.md --- pitch.md | 26 +++++++++++++------------- 1 file changed, 13 insertions(+), 13 deletions(-) diff --git a/pitch.md b/pitch.md index 633b99c..ffe9fb4 100644 --- a/pitch.md +++ b/pitch.md @@ -3,24 +3,24 @@ 2. [Overview](#overview) 3. [Context](#context) 4. [Anatomy of a revnet](#anatomy-of-a-revnet) -5. [Thesis](#thesis) -6. [Revnet Research Group (RRG)](#revnet-research-group-rrg) +5. [Thesis](#thesis) +6. [Pitch to investors](#pitch-to-investors) +7. [Revnet Research Group (RRG)](#revnet-research-group-rrg) - [RRG Mission](#rrg-mission) - [Bottom line](#bottom-line) - - [Pitch to investors](#pitch-to-investors) - [Structure](#structure) - [Onchain management](#onchain-management) - [Offchain management](#offchain-management) - [Ideal partners](#ideal-partners) - [Roadmap](#roadmap) - [Spend](#spend) -7. [$REV](#rev) +8. [$REV](#rev) - [$REV stage 1](#rev-stage-1) - [$REV stage 2](#rev-stage-2) - [$REV stage 3](#rev-stage-3) -8. [Legal](#legal) -9. [Examples of revnets](#examples-of-revnets) -10. [Investor FAQ](#investor-faq) +9. [Legal](#legal) +10. [Examples of revnets](#examples-of-revnets) +11. [Investor FAQ](#investor-faq) - [Should I invest in RRG, $REV, or...?](#should-i-invest-in-rrg-rev-or) - [What are the risks I should be aware of?](#what-are-the-risks-i-should-be-aware-of) @@ -94,6 +94,12 @@ With revnets, the open internet will win _because_ it best serves creatives, bui We're calling on partners who believe in a revenue-forward version of the open internet to join the $REV network. +## Pitch to investors + +We encourage investors to participate directly in the $REV revnet from their favorite EVM chain, see [below](#rev) for details. The first 90 days of revnet will favor grassroots investors. + +For those investors who prefer interacting with a corporation in fiat instead of accessing $REV directly, RRG can facilitate access while also charging a 1% management fee per year of management, paid in $REV. + ## Revnet Research Group (RRG) We'll use an LLC named Revnet Research Group (RRG) to support the revnet ecosystem and help it interface with conventional tech and finance sectors. @@ -114,12 +120,6 @@ While doing so, RRG will accumulate $REV. The $REV revnet receives a 2.5% networ RRG will also have leverage to charge fees when facilitating access to revnets for traditional institutions. -### Pitch to investors - -We encourage investors to participate directly in the $REV revnet from their favorite EVM chain, see [below](#rev) for details. The first 90 days of revnet will favor grassroots investors. - -For those investors who prefer interacting with a corporation in fiat instead of accessing $REV directly, RRG can facilitate access while also charging a 1% management fee per year of management, paid in $REV. - ### Structure RRG is an LLC owned by Jango, Filip, Aeolian, KMac, and Rob. RRG is a [$REV](#rev) token holder alongside other holders. From 0534cf1b7057942d221921edaacf8b6df1c4d719 Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Wed, 17 Jul 2024 17:24:01 -0300 Subject: [PATCH 26/33] Update pitch.md --- pitch.md | 6 +++--- 1 file changed, 3 insertions(+), 3 deletions(-) diff --git a/pitch.md b/pitch.md index ffe9fb4..af1ba86 100644 --- a/pitch.md +++ b/pitch.md @@ -65,10 +65,10 @@ Revnets are now the next step, a particular expression of this Juicebox language This team also understands the legal moment we are in when it comes to growing onchain organizations. We made revnets in part as a pre-requisite for many of our own upcoming projects in need of a tokenized financial engine that allows us to push forward with confidence. It is clear to us that: -1. We don't want to lean exclusively on traditional models which inevitably create misguided incentives for the types of internet-native networks we're working on. -2. We don't want to lean on governance-based DAOs. Major crypto players – Uniswap, ENS, Maker, Arbitrum, Compound to name a few – try to address these shortcomings by combining standard for-profit companies with tradable tokens and experimental governance structures. We've noticed that in practice, decentralized governance and capital allocation is hard and often leads to vulnerabilities, inefficiencies, and power struggles. [^2]. We also don't want to manage more lawless revenue-generating governance-based DAO's like $JBX, one is gracious plenty. +1. We don't want to lean exclusively on traditional models which inevitably create misguided incentives for the types of internet-native networks the future will increasingly demand. +2. We don't want to lean on governance-based DAOs. Major crypto players – Uniswap, ENS, Maker, Arbitrum, Compound to name a few – try to address legal uncertainty by combining standard for-profit companies with tradable tokens and experimental governance structures. We've noticed that in practice, decentralized governance and capital allocation is hard and often leads to vulnerabilities, inefficiencies, and power struggles. [^2]. We also don't want to manage more lawless revenue-generating governance-based DAO's like $JBX, one is gracious plenty. -Revnets are the tool we need to encourage more projects to hit the gas without incumbant tradeoffs. +Revnets are the tool we need to encourage more projects to hit the gas without incumbant tradeoffs. Their time is now – they would be too fragile to exist if a rent-seeking feduciary facilitating the handling of money and rules was required, and can only outcompete as an encoded contract between network participants enforced by the blockchain protocols of today. ## Anatomy of a revnet From 4dc4367cf6bf5aff784ca946805c4416a3d790bb Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Wed, 17 Jul 2024 17:29:05 -0300 Subject: [PATCH 27/33] Update pitch.md --- pitch.md | 10 +++++----- 1 file changed, 5 insertions(+), 5 deletions(-) diff --git a/pitch.md b/pitch.md index af1ba86..291d9cb 100644 --- a/pitch.md +++ b/pitch.md @@ -34,7 +34,7 @@ Dominant organizational and financial models have always suited the technologies In this era of AI, social, and crypto networks who champion open source and are publicly innovating on internet-native concepts, corporate-stock models of organization are anachronistic for entrepreneurs, capital providers, and consumers alike. We think revnets – a tokenized financial structure made for capitalizing and growing online money relationships – will emerge as the new standard for financing internet businesses, from startup to scale. -Think of revnets like Bitcoin's halvening rule – once deployed, a its issuance policy leads to a guaranteed 21m supply over time. Instead of a fixed supply with periodic supply shocks like bitcoin, revnets enforce a certain other set of guarantees that determine where tokens go when it is paid and under what conditions tokens can be cashed out. Revnets are a **fully pre-configured** financial structure – although they can evolve over time, they do so according to rules which are set in place at the time of their creation. This means: +Think of revnets like Bitcoin's halvening rule – once deployed, its issuance policy leads to a guaranteed 21m supply over time. Instead of a fixed supply with periodic supply shocks like bitcoin, revnets enforce a certain other set of guarantees that determine where tokens go when it is paid and under what conditions tokens can be cashed out. Revnets are a **fully pre-configured** financial structure – although they can evolve over time, they do so according to rules which are set in place at the time of their creation. This means: - **Governance-free**: Governance inefficiencies and takeovers of funds – among the most common failure modes for DAOs – are impossible. - **Management-free**: Revnets operate autonomously according to their pre-configured rules, making rug pulls and overreach impossible. @@ -59,7 +59,7 @@ The $REV network itself runs as a revnet, and earns 2.5% of each revnet's outflo Those of us developing revnets have been contributors to the Ethereum ecosystem over the past 4 years, most notably having helped build the Juicebox protocol, the juicebox.money app, and the Juicebox DAO community driven by the $JBX network. -Juicebox is public infrastructure that gives us a tokenized language for expressing various organizational finanial guarantees. It's been used by Constitution DAO, Assage DAO, Shark DAO, Moon DAO, Cryo DAO, Juicebox DAO, the tornado cash developer legal defense fundraiser, and 1,331 other projects, facilitating over $185 million in ETH payments. +Juicebox is public infrastructure that gives us a tokenized language for expressing various organizational financial guarantees. It's been used by Constitution DAO, Assage DAO, Shark DAO, Moon DAO, Cryo DAO, Juicebox DAO, the tornado cash developer legal defense fundraiser, and 1,331 other projects, facilitating over $185 million in ETH payments. Revnets are now the next step, a particular expression of this Juicebox language. We've been experiencing the demand for tokenized fundraising and revenue first hand, we know the tradeoffs of the tokenization tools at our disposal intimately well, and we know how cultural narratives around tokens work. We've been consistently one step ahead of the curve and steadfast in our values. @@ -68,7 +68,7 @@ This team also understands the legal moment we are in when it comes to growing o 1. We don't want to lean exclusively on traditional models which inevitably create misguided incentives for the types of internet-native networks the future will increasingly demand. 2. We don't want to lean on governance-based DAOs. Major crypto players – Uniswap, ENS, Maker, Arbitrum, Compound to name a few – try to address legal uncertainty by combining standard for-profit companies with tradable tokens and experimental governance structures. We've noticed that in practice, decentralized governance and capital allocation is hard and often leads to vulnerabilities, inefficiencies, and power struggles. [^2]. We also don't want to manage more lawless revenue-generating governance-based DAO's like $JBX, one is gracious plenty. -Revnets are the tool we need to encourage more projects to hit the gas without incumbant tradeoffs. Their time is now – they would be too fragile to exist if a rent-seeking feduciary facilitating the handling of money and rules was required, and can only outcompete as an encoded contract between network participants enforced by the blockchain protocols of today. +Revnets are the tool we need to encourage more projects to hit the gas without incumbent tradeoffs. Their time is now – they would be too fragile to exist if a rent-seeking fiduciary facilitating the handling of money and rules was required, and can only outcompete as an encoded contract between network participants enforced by the blockchain protocols of today. ## Anatomy of a revnet @@ -84,7 +84,7 @@ Each revnet has a token and is defined in stages. Each stage specifies five rule If token holders add liquidity to an [AMM](https://docs.uniswap.org/concepts/uniswap-protocol#order-book-vs-amm) and it offers a better price than the revnet, the revnet will route incoming payments to that market instead of issuing new tokens. The revnet's split is applied to these buybacks as well. -Built using Juicebox v4, revnets can grow to accept money on new [EVM-compatible networks](https://ethereum.org/en/developers/docs/evm/) as they emerge, and also offer cash outs on those networks. Holders can move their tokens between chains, and when they do, the revnet automatically moves funds to back those tokens to maintain those tokens' value. +Built using Juicebox v4, revnets can grow to accept money on new [EVM-compatible networks](https://ethereum.org/en/developers/docs/evm/) as they emerge, and also offer cash outs on those networks. Holders can move their tokens between chains; when they do, the revnet automatically moves funds to back those tokens to maintain those tokens' value. ## Thesis @@ -249,7 +249,7 @@ There are three core entities in play: $REV, RRG LLC, and JuiceboxDAO ($JBX). Ac ### What are the risks I should be aware of? -**Smart contract risk**: Revnets are built using the Juicebox V4 protocol which can exists across multiple EVM blockchains. Though it is a fork and iteration of Juicebox V3 that secures tens of millions of dollars in locked value on Ethereum mainnet, there is the possibility of smart contract bugs that cause the system to collapse. JuiceboxDAO has spent the better part of the last year's time and budget on testing, documentation, and hiring third party auditors, though is always encouraging more eyes on the open source code base. Ultimately, smart contract security comes from production lindiness while managing funds at risk. +**Smart contract risk**: Revnets are built using the Juicebox V4 protocol which can exist across multiple EVM blockchains. Though it is a fork and iteration of Juicebox V3 that secures tens of millions of dollars in locked value on Ethereum mainnet, there is the possibility of smart contract bugs that cause the system to collapse. JuiceboxDAO has spent the better part of the last year's time and budget on testing, documentation, and hiring third party auditors, though is always encouraging more eyes on the open source code base. Ultimately, smart contract security comes from production lindiness while managing funds at risk. **Organizational risk**: $REV runs on its own and has no organizational risk. RRG and $JBX on the other hand, do have organizational risks exposed through the same governance means that affords them certain flexibilities to pursue emergent opportunities. Engaging in either RRG or $JBX should warrant due diligence to understand how decisions have been made and how they'll likely continue to be made within those organizations. From 4c659095ab931049ebdfd99c3f2cf3a41b27ebb0 Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Wed, 17 Jul 2024 17:31:34 -0300 Subject: [PATCH 28/33] Update pitch.md --- pitch.md | 10 +++++----- 1 file changed, 5 insertions(+), 5 deletions(-) diff --git a/pitch.md b/pitch.md index 291d9cb..d8efd5a 100644 --- a/pitch.md +++ b/pitch.md @@ -59,7 +59,7 @@ The $REV network itself runs as a revnet, and earns 2.5% of each revnet's outflo Those of us developing revnets have been contributors to the Ethereum ecosystem over the past 4 years, most notably having helped build the Juicebox protocol, the juicebox.money app, and the Juicebox DAO community driven by the $JBX network. -Juicebox is public infrastructure that gives us a tokenized language for expressing various organizational financial guarantees. It's been used by Constitution DAO, Assage DAO, Shark DAO, Moon DAO, Cryo DAO, Juicebox DAO, the tornado cash developer legal defense fundraiser, and 1,331 other projects, facilitating over $185 million in ETH payments. +Juicebox is public infrastructure that gives us a tokenized language for expressing various organizational financial guarantees. It has been used by Constitution DAO, Assage DAO, Shark DAO, Moon DAO, Cryo DAO, Juicebox DAO, the tornado cash developer legal defense fundraiser, and 1,331 other projects, facilitating over $185 million in ETH payments. Revnets are now the next step, a particular expression of this Juicebox language. We've been experiencing the demand for tokenized fundraising and revenue first hand, we know the tradeoffs of the tokenization tools at our disposal intimately well, and we know how cultural narratives around tokens work. We've been consistently one step ahead of the curve and steadfast in our values. @@ -102,7 +102,7 @@ For those investors who prefer interacting with a corporation in fiat instead of ## Revnet Research Group (RRG) -We'll use an LLC named Revnet Research Group (RRG) to support the revnet ecosystem and help it interface with conventional tech and finance sectors. +We'll use an LLC named RRG to support the revnet ecosystem and help it interface with conventional tech and finance sectors. We think it's important for RRG to set an example of how a corporate partnership can be successful as a scoped subcomponent of a public onchain revnet structure, in this case $REV. @@ -218,7 +218,7 @@ Each revnet’s rules are defined up front, and all transactions are public. Onc Now is the time to learn from the legal outcomes of the past few years and bet on deterministic mechanisms where no entity can change or control the rules once deployed, and where all information is publicly auditable. -RRG has it's own managerial efforts and is therefore selling structured access to a C corporation through a SAFE, but only engages with the $REV economy as a token holder. +RRG has it's own managerial efforts and is therefore selling structured access to a C corporation through a SAFE, and only engages with the $REV economy as a token holder. @@ -253,9 +253,9 @@ There are three core entities in play: $REV, RRG LLC, and JuiceboxDAO ($JBX). Ac **Organizational risk**: $REV runs on its own and has no organizational risk. RRG and $JBX on the other hand, do have organizational risks exposed through the same governance means that affords them certain flexibilities to pursue emergent opportunities. Engaging in either RRG or $JBX should warrant due diligence to understand how decisions have been made and how they'll likely continue to be made within those organizations. -**Market risk**: RRG is a for-profit organization that will look to build its $REV exposure and harness its specialization in revnets to become successful. We believe revnets are marketable and can outcompete alternative organizational structures, but this is an unproven thesis with projects outside of our own. Choosing an organizational token structure is a big decisions that each project tends to make only once and stick to forever afterward. It's hard to become the standard structure, but once the standard is set it tends to stick. At first, the revnet sales cycle will likely be long, we'll want to observe how the structure provides value both as a supportive component of already-existing organizations, and as the core piece of new orgs starting up. We'll lead the way with great examples of successful revnets folks can look up, starting with $REV, whose energy will help us reach critical mass. +**Market risk**: RRG is a for-profit organization that will look to build its $REV exposure and harness its specialization in revnets to become successful. We believe revnets are marketable and can outcompete alternative organizational structures, but this is an unproven thesis with projects outside of our own. Choosing an organizational token structure is a big decision that each project tends to make only once and stick to forever afterward. It's hard to become the standard structure, but once the standard is set it tends to stick. At first, the revnet sales cycle will likely be long, we'll want to observe how the structure provides value both as a supportive component of already-existing organizations, and as the core piece of new orgs starting up. We'll lead the way with great examples of successful revnets folks can look up, starting with $REV, whose energy will help us reach critical mass. -**Immutability risk**: Though a revnet's immutability is its core value prop, some might also view this as a risk. A revnet is impossible to course correct once deployed and legitimacy has been established. Mainly, the $REV specification that determines issuance policy could turn out to not motivate activity as much as intended. A perfect revnet configuration is hard to know ahead of time, and there aren't many levers that expose control within its ruleset – like bitcoin, the hardcoded rules can only teleologically be deemed productive if the network proves itself in competition with forked alternatives. The two variables that do offer control and flexibility within the $REV revnet specs are the 38% split that rrg.rev.eth will operate, and the autominted tokens. RRG can play a part in reorienting priorities using the split in order to stimulate some desired behavior, and can reasonably expect the autominted token holders to act in the best interest of the network's growth. +**Immutability risk**: Though a revnet's immutability is its core value proposition, some might also view this as a risk. A revnet is impossible to course correct once deployed and legitimacy has been established. Mainly, the $REV specification that determines issuance policy could turn out to not motivate activity as much as intended. A perfect revnet configuration is hard to know ahead of time, and there aren't many levers that expose control within its ruleset – like bitcoin, the hardcoded rules can only teleologically be deemed productive if the network proves itself in competition with forked alternatives. The two variables that do offer control and flexibility within the $REV revnet specs are the 38% split that rrg.rev.eth will operate, and the autominted tokens. RRG can play a part in reorienting priorities using the split in order to stimulate some desired behavior, and can reasonably expect the autominted token holders to act in the best interest of the network's growth. [^1]: Other recent examples: the gig economy, DAOs, and remote work. [^2]: [Uniswap](https://docs.uniswap.org/concepts/overview) raises funds and employs developers under the for-profit Uniswap Labs, but the Uniswap protocol is governed by $UNI token voting. The competing interests of token holders and Uniswap Labs have led to a number of controversial decisions over Uniswap's fee switch, source code licensing, and cross-chain deployments. Other projects have faced similar controversies when the interests of token holders and developers have diverged. From 8ca827d3509417ac0d523ed76df1dfb180ea1f24 Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Wed, 17 Jul 2024 17:35:55 -0300 Subject: [PATCH 29/33] Update pitch.md --- pitch.md | 16 ++++++++-------- 1 file changed, 8 insertions(+), 8 deletions(-) diff --git a/pitch.md b/pitch.md index d8efd5a..1dddc5b 100644 --- a/pitch.md +++ b/pitch.md @@ -28,18 +28,20 @@ Internet-native organizations structured as tokenized revnets will outcompete C-Corps, DAOs, and other governance-based financial structures by better encouraging growth-based alignment between leaders, workers, investors, and yesterday's customers that helped make today possible, while removing common causes for disputes between them. +The $REV network itself runs as a revnet, and earns 2.5% of each revnet's outflows from raised funds and revenues. + ## Overview Dominant organizational and financial models have always suited the technologies of their respective eras. It isn't a coincidence that [joint-stock companies](https://en.wikipedia.org/wiki/Joint-stock_company) were the defining structure of the mercantile era, that [limited liability corporations](https://www.jstor.org/stable/764920) played the same role during the Industrial Revolution, or that today's Silicon Valley startups are defined by the use of broad-based equity compensation like [Y-Combinator's Safe financing documents](https://www.ycombinator.com/documents/).[^1] -In this era of AI, social, and crypto networks who champion open source and are publicly innovating on internet-native concepts, corporate-stock models of organization are anachronistic for entrepreneurs, capital providers, and consumers alike. We think revnets – a tokenized financial structure made for capitalizing and growing online money relationships – will emerge as the new standard for financing internet businesses, from startup to scale. +In this era of AI, social, and crypto networks who champion open source and are publicly innovating on internet-native concepts, corporate-stock models of organization are anachronistic, leaving much to be desired for entrepreneurs, capital providers, and consumers alike. We think revnets – a tokenized financial structure made for capitalizing and growing online money relationships – will emerge as the new standard for financing internet businesses, from startup to scale. Think of revnets like Bitcoin's halvening rule – once deployed, its issuance policy leads to a guaranteed 21m supply over time. Instead of a fixed supply with periodic supply shocks like bitcoin, revnets enforce a certain other set of guarantees that determine where tokens go when it is paid and under what conditions tokens can be cashed out. Revnets are a **fully pre-configured** financial structure – although they can evolve over time, they do so according to rules which are set in place at the time of their creation. This means: - **Governance-free**: Governance inefficiencies and takeovers of funds – among the most common failure modes for DAOs – are impossible. - **Management-free**: Revnets operate autonomously according to their pre-configured rules, making rug pulls and overreach impossible. - **Liquid**: Revnets work with the open market to make and take liquidity, helping startups bootstrap growth and making market manipulation unfavorable. -- **Deterministic**: Investors, builders, community, and customers each act within a revnet's known rules, enforced programmatically from start to finish. +- **Deterministic**: Investors, builders, community, and customers each act within a revnet's known rules, which are enforced programmatically from start to finish. - **Familiar**: Transparency and diligence are simple. Once one revnet's workings makes sense, all revnets make sense. Revnets also inherit the best properties of Ethereum: @@ -53,15 +55,13 @@ Revnets also inherit the best properties of Ethereum: Blackrock CEO Larry Fink and prominent others say the necessary and inevitable tokenization of everything will enhance the landscape of finance. We've known this for years. We think revnets will participate in the mainstream's vision by being the most productive structure for both large organizations and small businesses to tokenize revenues, fundraises, and financial partnerships throughout the globe. Revnets are the SAFE and C-Corp agreements of this economy but 100x better. -The $REV network itself runs as a revnet, and earns 2.5% of each revnet's outflows from raised funds and revenues. - ## Context Those of us developing revnets have been contributors to the Ethereum ecosystem over the past 4 years, most notably having helped build the Juicebox protocol, the juicebox.money app, and the Juicebox DAO community driven by the $JBX network. -Juicebox is public infrastructure that gives us a tokenized language for expressing various organizational financial guarantees. It has been used by Constitution DAO, Assage DAO, Shark DAO, Moon DAO, Cryo DAO, Juicebox DAO, the tornado cash developer legal defense fundraiser, and 1,331 other projects, facilitating over $185 million in ETH payments. +Juicebox is public infrastructure that gives us a tokenized language for expressing various organizational financial guarantees. It has been used by Constitution DAO, Assange DAO, Shark DAO, Moon DAO, Cryo DAO, Juicebox DAO, the tornado cash developer legal defense fundraiser, and 1,331 other projects, facilitating over $185 million in ETH payments. -Revnets are now the next step, a particular expression of this Juicebox language. We've been experiencing the demand for tokenized fundraising and revenue first hand, we know the tradeoffs of the tokenization tools at our disposal intimately well, and we know how cultural narratives around tokens work. We've been consistently one step ahead of the curve and steadfast in our values. +Revnets are now the next step, a particular expression of the Juicebox language. We've been experiencing the demand for tokenized fundraising and revenue first hand, we know the tradeoffs of the tokenization tools at our disposal intimately well, and we know how cultural narratives around tokens work. We've been consistently one step ahead of the curve and steadfast in our values. This team also understands the legal moment we are in when it comes to growing onchain organizations. We made revnets in part as a pre-requisite for many of our own upcoming projects in need of a tokenized financial engine that allows us to push forward with confidence. It is clear to us that: @@ -84,7 +84,7 @@ Each revnet has a token and is defined in stages. Each stage specifies five rule If token holders add liquidity to an [AMM](https://docs.uniswap.org/concepts/uniswap-protocol#order-book-vs-amm) and it offers a better price than the revnet, the revnet will route incoming payments to that market instead of issuing new tokens. The revnet's split is applied to these buybacks as well. -Built using Juicebox v4, revnets can grow to accept money on new [EVM-compatible networks](https://ethereum.org/en/developers/docs/evm/) as they emerge, and also offer cash outs on those networks. Holders can move their tokens between chains; when they do, the revnet automatically moves funds to back those tokens to maintain those tokens' value. +Built using Juicebox v4, revnets can grow to accept money on new [EVM-compatible networks](https://ethereum.org/en/developers/docs/evm/) as they emerge, and also offer cash outs on those networks. Holders can move their tokens between chains. When they do, the revnet automatically moves funds to back those tokens to maintain those tokens' value. ## Thesis @@ -241,7 +241,7 @@ Learn more and reach us from RRG at [rev.eth.sucks](https://rev.eth.sucks). ### Should I invest in RRG, $REV, or...? -There are three core entities in play: $REV, RRG LLC, and JuiceboxDAO ($JBX). According to the $REV specs above, RRG and JuiceboxDAO are both expected to receive a split of $REV issuance and buybacks, making them great proxies to build ongoing exposure to $REV's revenue growth – albeit subject to the risks associated with each entities' governance process. +There are three core entities in play: $REV, RRG LLC, and JuiceboxDAO ($JBX). According to the $REV specs above, RRG and JuiceboxDAO are both expected to receive a split of $REV issuance and buybacks, making them great proxies to build ongoing exposure to $REV's revenue growth – albeit subject to the risks associated with each entity's governance process. - The only current way to access the ecosystem for participants who don't want to access tokens directly onchain is through RRG. RRG will facilitate revnet interactions on traditional investors' behalf, albeit for a management fee. RRG is not investible directly. - For those comfortable accessing tokens onchain, $JBX is a fixed-supply governance token which has been on the market for several years, now utilizing its treasury to build out the Juicebox ecosystem – the revnet project and several others were informally incubated from within JuiceboxDAO. You can learn more [here](https://docs.juicebox.money/dao/). From 5bf653fc46dd19bd4b095bfc445fa71815c42392 Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Wed, 17 Jul 2024 17:40:27 -0300 Subject: [PATCH 30/33] Update pitch.md --- pitch.md | 6 +++--- 1 file changed, 3 insertions(+), 3 deletions(-) diff --git a/pitch.md b/pitch.md index 1dddc5b..3b7c83d 100644 --- a/pitch.md +++ b/pitch.md @@ -34,14 +34,14 @@ The $REV network itself runs as a revnet, and earns 2.5% of each revnet's outflo Dominant organizational and financial models have always suited the technologies of their respective eras. It isn't a coincidence that [joint-stock companies](https://en.wikipedia.org/wiki/Joint-stock_company) were the defining structure of the mercantile era, that [limited liability corporations](https://www.jstor.org/stable/764920) played the same role during the Industrial Revolution, or that today's Silicon Valley startups are defined by the use of broad-based equity compensation like [Y-Combinator's Safe financing documents](https://www.ycombinator.com/documents/).[^1] -In this era of AI, social, and crypto networks who champion open source and are publicly innovating on internet-native concepts, corporate-stock models of organization are anachronistic, leaving much to be desired for entrepreneurs, capital providers, and consumers alike. We think revnets – a tokenized financial structure made for capitalizing and growing online money relationships – will emerge as the new standard for financing internet businesses, from startup to scale. +n this era of AI, social, and crypto networks that champion open source and publicly innovate on internet-native concepts, corporate-stock models of organization are anachronistic, leaving much to be desired for entrepreneurs, capital providers, and consumers alike. We think revnets – a tokenized financial structure made for capitalizing and growing online money relationships – will emerge as the new standard for financing internet businesses, from startup to scale. Think of revnets like Bitcoin's halvening rule – once deployed, its issuance policy leads to a guaranteed 21m supply over time. Instead of a fixed supply with periodic supply shocks like bitcoin, revnets enforce a certain other set of guarantees that determine where tokens go when it is paid and under what conditions tokens can be cashed out. Revnets are a **fully pre-configured** financial structure – although they can evolve over time, they do so according to rules which are set in place at the time of their creation. This means: - **Governance-free**: Governance inefficiencies and takeovers of funds – among the most common failure modes for DAOs – are impossible. - **Management-free**: Revnets operate autonomously according to their pre-configured rules, making rug pulls and overreach impossible. - **Liquid**: Revnets work with the open market to make and take liquidity, helping startups bootstrap growth and making market manipulation unfavorable. -- **Deterministic**: Investors, builders, community, and customers each act within a revnet's known rules, which are enforced programmatically from start to finish. +- **Deterministic**: Investors, builders, community, and customers each acts within a revnet's known rules, enforced programmatically from start to finish. - **Familiar**: Transparency and diligence are simple. Once one revnet's workings makes sense, all revnets make sense. Revnets also inherit the best properties of Ethereum: @@ -59,7 +59,7 @@ Blackrock CEO Larry Fink and prominent others say the necessary and inevitable t Those of us developing revnets have been contributors to the Ethereum ecosystem over the past 4 years, most notably having helped build the Juicebox protocol, the juicebox.money app, and the Juicebox DAO community driven by the $JBX network. -Juicebox is public infrastructure that gives us a tokenized language for expressing various organizational financial guarantees. It has been used by Constitution DAO, Assange DAO, Shark DAO, Moon DAO, Cryo DAO, Juicebox DAO, the tornado cash developer legal defense fundraiser, and 1,331 other projects, facilitating over $185 million in ETH payments. +Juicebox is public infrastructure that provides a tokenized language for expressing various organizational financial guarantees. It has been used by Constitution DAO, Assange DAO, Shark DAO, Moon DAO, Cryo DAO, Juicebox DAO, the tornado cash developer legal defense fundraiser, and 1,331 other projects, facilitating over $185 million in ETH payments. Revnets are now the next step, a particular expression of the Juicebox language. We've been experiencing the demand for tokenized fundraising and revenue first hand, we know the tradeoffs of the tokenization tools at our disposal intimately well, and we know how cultural narratives around tokens work. We've been consistently one step ahead of the curve and steadfast in our values. From 2e12e42c87faa6c987d0c04384090e7f4091c407 Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Wed, 17 Jul 2024 17:55:41 -0300 Subject: [PATCH 31/33] Update pitch.md --- pitch.md | 5 +++-- 1 file changed, 3 insertions(+), 2 deletions(-) diff --git a/pitch.md b/pitch.md index 3b7c83d..ffaac91 100644 --- a/pitch.md +++ b/pitch.md @@ -63,12 +63,13 @@ Juicebox is public infrastructure that provides a tokenized language for express Revnets are now the next step, a particular expression of the Juicebox language. We've been experiencing the demand for tokenized fundraising and revenue first hand, we know the tradeoffs of the tokenization tools at our disposal intimately well, and we know how cultural narratives around tokens work. We've been consistently one step ahead of the curve and steadfast in our values. -This team also understands the legal moment we are in when it comes to growing onchain organizations. We made revnets in part as a pre-requisite for many of our own upcoming projects in need of a tokenized financial engine that allows us to push forward with confidence. It is clear to us that: +This team also understands the legal moment we are in when it comes to growing onchain organizations. We made revnets in part as a pre-requisite for many of our own upcoming projects in need of a tokenized financial engine that specifically allows us to push our revenue-seeking concepts forward with confidence. It is clear to us that: 1. We don't want to lean exclusively on traditional models which inevitably create misguided incentives for the types of internet-native networks the future will increasingly demand. 2. We don't want to lean on governance-based DAOs. Major crypto players – Uniswap, ENS, Maker, Arbitrum, Compound to name a few – try to address legal uncertainty by combining standard for-profit companies with tradable tokens and experimental governance structures. We've noticed that in practice, decentralized governance and capital allocation is hard and often leads to vulnerabilities, inefficiencies, and power struggles. [^2]. We also don't want to manage more lawless revenue-generating governance-based DAO's like $JBX, one is gracious plenty. +3. We don't want to live off grants and donations from so-called public goods funding initiatives, common in today's onchain open source landscape. We believe revenue-forward open source products can be more desired than free-to-use copycats, so long as there is collective confidence in their underlying financial structure's productivity. -Revnets are the tool we need to encourage more projects to hit the gas without incumbent tradeoffs. Their time is now – they would be too fragile to exist if a rent-seeking fiduciary facilitating the handling of money and rules was required, and can only outcompete as an encoded contract between network participants enforced by the blockchain protocols of today. +Revnets are the tool we need to encourage more projects to hit the gas without incumbent tradeoffs. Their time is now – revnets would be too fragile to exist if a rent-seeking fiduciary facilitating the handling of money and rules was required, and can only outcompete as an encoded contract between network participants enforced by the blockchain protocols of today. ## Anatomy of a revnet From 902eb2a82119e3adb3880a43d5961fdd5ada285a Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Wed, 17 Jul 2024 19:12:59 -0300 Subject: [PATCH 32/33] Update pitch.md --- pitch.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/pitch.md b/pitch.md index ffaac91..18e3910 100644 --- a/pitch.md +++ b/pitch.md @@ -34,7 +34,7 @@ The $REV network itself runs as a revnet, and earns 2.5% of each revnet's outflo Dominant organizational and financial models have always suited the technologies of their respective eras. It isn't a coincidence that [joint-stock companies](https://en.wikipedia.org/wiki/Joint-stock_company) were the defining structure of the mercantile era, that [limited liability corporations](https://www.jstor.org/stable/764920) played the same role during the Industrial Revolution, or that today's Silicon Valley startups are defined by the use of broad-based equity compensation like [Y-Combinator's Safe financing documents](https://www.ycombinator.com/documents/).[^1] -n this era of AI, social, and crypto networks that champion open source and publicly innovate on internet-native concepts, corporate-stock models of organization are anachronistic, leaving much to be desired for entrepreneurs, capital providers, and consumers alike. We think revnets – a tokenized financial structure made for capitalizing and growing online money relationships – will emerge as the new standard for financing internet businesses, from startup to scale. +In this era of AI, social, and crypto networks that champion open source and publicly innovate on internet-native concepts, corporate-stock models of organization are anachronistic, leaving much to be desired for entrepreneurs, capital providers, and consumers alike. We think revnets – a tokenized financial structure made for capitalizing and growing online money relationships – will emerge as the new standard for financing internet businesses, from startup to scale. Think of revnets like Bitcoin's halvening rule – once deployed, its issuance policy leads to a guaranteed 21m supply over time. Instead of a fixed supply with periodic supply shocks like bitcoin, revnets enforce a certain other set of guarantees that determine where tokens go when it is paid and under what conditions tokens can be cashed out. Revnets are a **fully pre-configured** financial structure – although they can evolve over time, they do so according to rules which are set in place at the time of their creation. This means: From 6c1cd1684f7157578cccce3c0c11d98539c16e06 Mon Sep 17 00:00:00 2001 From: jango <77952627+mejango@users.noreply.github.com> Date: Wed, 17 Jul 2024 19:18:56 -0300 Subject: [PATCH 33/33] Update pitch.md --- pitch.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/pitch.md b/pitch.md index 18e3910..512b28b 100644 --- a/pitch.md +++ b/pitch.md @@ -36,7 +36,7 @@ Dominant organizational and financial models have always suited the technologies In this era of AI, social, and crypto networks that champion open source and publicly innovate on internet-native concepts, corporate-stock models of organization are anachronistic, leaving much to be desired for entrepreneurs, capital providers, and consumers alike. We think revnets – a tokenized financial structure made for capitalizing and growing online money relationships – will emerge as the new standard for financing internet businesses, from startup to scale. -Think of revnets like Bitcoin's halvening rule – once deployed, its issuance policy leads to a guaranteed 21m supply over time. Instead of a fixed supply with periodic supply shocks like bitcoin, revnets enforce a certain other set of guarantees that determine where tokens go when it is paid and under what conditions tokens can be cashed out. Revnets are a **fully pre-configured** financial structure – although they can evolve over time, they do so according to rules which are set in place at the time of their creation. This means: +Think of revnets like bitcoin's halvening rule – once deployed, bitcoin's issuance policy leads to a guaranteed 21m supply over time. Instead of a fixed supply with periodic supply shocks like bitcoin, revnets enforce a certain other set of guarantees that determine where tokens go when it is paid and under what conditions tokens can be cashed out. Revnets are a **fully pre-configured** financial structure – although they can evolve over time, they do so according to rules which are set in place at the time of their creation. This means: - **Governance-free**: Governance inefficiencies and takeovers of funds – among the most common failure modes for DAOs – are impossible. - **Management-free**: Revnets operate autonomously according to their pre-configured rules, making rug pulls and overreach impossible.