Three columns, five phases. Every arrow is a real transfer — if a flow isn't on this page, it doesn't exist. The basket is owned collectively by token holders — it holds the cash and the assets: token price = basket ÷ supply. The operator (the company running the rails) appears only in the table below — a small fixed fee on every action.
Early believers buy tokens at backing price, in a governance-whitelisted currency. Every backing dollar lands in the basket as cash.
Founders raise in any currency into platform escrow — released only as milestones verify — buy the real asset with it, and tokenize.
The inixiative's tokens change hands freely. Every action pays its fee (fixed, to the operator) and its tax (governed, to the basket) — per the table below — so the basket fills with usage.
IPOs run on a published cycle, announced well in advance. A sealed-bid auction proves the price; the co-buy executes one cycle later, and only if token holders affirmatively vote it — knowing the cleared price. Silence is a no, and you sit out votes on deals you're selling into. The basket pays cash it actually holds; tokens are only ever created at the door, for cash at backing price.
More inixiatives, more trades, more IPOs. Taxes keep filling the basket's cash; voted co-buys keep converting that cash into assets; periodic re-auctions keep every price honest.
An asset sells off-platform. Every owner is paid their share; the basket's share arrives as cash — a straight asset-for-cash swap, backing unchanged. And anyone who wants out uses the redemption door: burn tokens, take cash at backing, up to the cash the basket holds. Losses pass through the same pipe.
Nothing on the platform is priced by a model, an oracle, or anyone's opinion. Every number is either cash, or a price somebody actually paid.
| what | how it's priced |
|---|---|
| an asset | sealed-bid auction — at IPO, then at periodic re-auctions. Prices age: the older the last auction, the bigger the haircut on it, until the next auction re-proves it. |
| a new token | backing per token = (cash + every asset at its last auction price, haircut by age) ÷ tokens outstanding. The door sells at backing plus its fee and tax, in a governance-whitelisted currency; if prices go stale, the door pauses until an auction refreshes them. |
| a token on the market | whatever buyers and sellers agree — but only inside a band. Above backing, anyone can create new tokens at the door (capping the premium); below backing, anyone can burn tokens for cash at backing (flooring the discount, up to the basket's cash on hand). |
One revenue model. Every action pays a fee to the operator — small, and it can never be raised: it's fixed in the constitution, not up for a vote. On top of that, governance can set a tax to the basket per action, from zero upward — the holders deciding how fast their own pot fills. There is nothing else.
| action | operator fee (fixed) | basket tax (governed) |
|---|---|---|
| creating tokens (the door) | small, immutable | governed, 0+ |
| tokenizing an asset | small, immutable | governed, 0+ |
| escrow custody & release | small, immutable | governed, 0+ |
| ownership changes (trades) | small, immutable | governed, 0+ — valued at the last auction price |
| auctions (IPOs & re-auctions) | small, immutable | governed, 0+ |
The tax rate finds its own level. Set it too high and trading migrates, IPOs slow, the base shrinks; too low and nothing accrues. The people voting the rate own both sides of that trade — builders' IPO'd stakes pull it down (they pay it), holders' tokens pull it up (they receive it) — so the rate is continuously bargained between the platform's two consumer classes, each voting proven stakes. And the operator's fixed fee sits outside the vote, so nothing distorts the bargain.
Portability is priced, not banned. The tax is charged at the registrar on every change of ownership, whatever venue the trade happened on. But on-platform trades are taxed automatically and mark prices in real time; off-platform trades rely on the owner change actually registering, and contribute no price signal between auctions. So governance can give venue-locked inixiatives lower tax rates — verifiable flow is worth more than trust-dependent flow — and the choice, either way, is the inixiative's, at a public price.
The inixiative platform is a research project in open design. Figures on this page are illustrative mechanics, not offers, projections, or terms. Nothing here is an offer to sell, or a solicitation to buy, securities or any other financial instrument.