The documentation behind the rail
Market research, with status made clear.
These pages preserve proposed financial architecture, counsel-gated instruments, and older research. They are not a description of current real-money implementation. The interactive product today is the fictional, play-money demo. No real-money instrument, issuance, subscription, or public listing intake is open. /list is a private planning preview, not an application submission.
Proposed instrument research
Future private-market architecture · not live issuance
Instrument
Two-Phase Uncapped Covenant
Preserved historical covenant research using the older Person Token terminology and pool-share examples. The current proposed unit is a Trajectory Unit; no real covenant, conversion or claim is implemented.
Open spec →Instrument
Total Economic Benefit
The comprehensive denominator. Every door an issuer could use to route around a covenant — wage, equity, K-1, non-cash FMV — lives inside the definition. Attestation rails: Plaid, tax filings, on-chain audit trail.
Open spec →Foundation
Human Capital — VHC, eeff, the cap theorem
Research on the mathematical bridge from income (flow) to wealth (stock). Defines VHC, the effective equity rate eeff, and the κ self-valuation ratio. Fixed-unit obligation and reference-pricing semantics remain deferred; older numerical examples are not current implementation truth.
Open spec →Foundation
Raise Mechanism — the auction
Proposed sealed-bid, uniform-price Dutch auction with allocation cap, engine-anchored reserve, AON partial-clearing, and on-chain threshold-encrypted settlement. No live listing or subscription is open; /list is a private planning preview, not issuer intake.
Open spec →Lifecycle
Pre-IPO Lock & IPO Unlock
Three unlock triggers — 4+ income reports, score ≥ 60, funding ≥ 50%. Why each threshold exists, what Phase 1 holders can and can't do during lock, and the irreversibility guarantee at unlock.
Open spec →Lifecycle
Terminal Values — how the perpetual claim settles
Research on three proposed ways a future covenant claim could end: death or incapacity, issuer-initiated buyback, and cycle close. Parameters, reference pricing, and counsel positions remain unresolved. Open questions are tagged inline; none of these rights exists today.
Open spec →On-chain
Smart Contract Hardening
Contract surface, on-chain invariants (10,000 supply, monotonic funded_amount, half-open windows), access control, immutability posture, and the audit roadmap.
Open spec →Foundation
Ethics — the constitution of the platform
The keystone spec. Consent, privacy, power asymmetry, psychological burden, adverse selection, and commodification — the four predictable critiques of a market in human capital, engineered against rather than waved away. Protection stack with owners and dates; ethics is treated as a product surface, not a footer.
Open spec →Proposed pricing research
Future pricing and secondary-market architecture · not live reference pricing
Math
Pricing
The four stages — Forecast → VHC → Vclaim and eeff → per-token reference. Gordon model, GBM drift, circuit breakers, the information-event repricing table, and the full return decomposition with sensitivity analysis.
Open spec →Foundation
Forecast Engine — how Preflop forecasts a person's future income
Research on cohort baselines, bounded adjustments, Bayesian shrinkage, and cohort-shape-aware bands. Proposed TEBForecast inputs to VHC, eeff, and κ are not the live demo pricing engine.
Open spec →Math
Conviction Engine v2
Research model with eleven signals, 0.6 backward + 0.4 forward. Future calibration against realized TEB is proposed, not a live real-money valuation or issuance process.
Open spec →Foundation
Discount Rate v1 — cohort-conditional r
Proposed discount-rate research: rf + βc·ERP + πilliq, with mortality modeled separately. No real-money reference-pricing engine is live; implementation and parameters remain deferred.
Open spec →Foundation
Cohort Priors v2 — entry-pool re-anchoring
Proposed entry-pool baselines and survival-mixture-aware VHC integration, coordinated with discount-rate research. This is not live reference pricing or a committed release schedule.
Open spec →Math
Adjustment Elasticities v1 — literature anchors for the 15-table
Preserved research on literature-anchored forecast adjustments and declared curation signals. It is not a calibrated live pricing model; remaining adjustments require further evidence and review.
Open spec →Instrument
Direct Listing
For people with five-plus years of documented trajectory. Perpetual e% claim from day one, no principal, no covenant period. Review, lockup, and how it cross-lists with existing covenants.
Open spec →Math
Cross-Listing Math & the Obligation Ledger
Preserved obligation-ledger research on future TEB slices and cap checks. Older pool-share examples are superseded; fixed-unit obligations and reference pricing are deferred and are not the demo's financial engine.
Open spec →