Cap Table

#How It Works

Cap Table holders are Nodes. Every allocation is in basis points totalling exactly ten thousand at all times — there is no unallocated or partial state.

A Cap Table can change two ways. The first is a permitted manual edit, allowed only while no active Investment contract locks the table. The second is the Investment Contract mechanism: once an Investment contract is active on the Node, ownership changes flow through the contract's effects rather than through manual edits. Both paths preserve the ten-thousand-basis-point total.

Because Revenue Split allocation and Cap Table allocation are separate concepts, neither one drives the other automatically.

#Statements

These statements fix the ownership representation and its allowed change paths.

Identity and ownership

• A Cap Table belongs to a Node.
• A Cap Table records node ownership allocation.
• A Cap Table holder is a Node.

Allocation rule

• Cap Table allocation uses basis points.
• Cap Table allocations sum to ten thousand basis points.

Change paths

• A Cap Table can change through a permitted manual edit.
• A Cap Table can change through an Investment Contract mechanism.

Separation from revenue routing

• Revenue Split allocation and Cap Table allocation are separate allocation concepts.

#Operations

Cap Table operations edit the ownership recorded on a Node. They keep the allocation summing to exactly ten thousand basis points and respect the active-Investment lock — once an Investment contract is active on the Node, changes must flow through the contract rather than through a manual edit.

Edit Cap Table changes a Node's ownership allocation, but only when it keeps the allocation summing to exactly ten thousand basis points and only while no active Investment contract locks the table; once such a contract exists, changes must flow through it instead.

Edit Cap Table

• Edit Cap Table changes node ownership allocation.
• Edit Cap Table preserves the ten thousand basis point allocation total.
• Edit Cap Table respects active Investment Contract locks.

#Why It Matters

Ownership and revenue routing are different questions, and conflating them makes both unreadable. By giving every Node its own Cap Table — independent from any Revenue Split — investment economics and contract routing stay as distinct planes: changing how revenue is split never silently rewrites who owns the Node, and vice versa. The ten-thousand-basis-point rule and the active-Investment lock together protect ownership from silent or out-of-band change.

#Related

• Node — every Node carries a Cap Table from creation.
• Contract — Investment Contracts are the second Cap Table change path.
• Wallet — the value-movement surface a Node also carries from creation.
• Ledger Event — the append-only facts behind every derived financial view.