How money can fund Eleven without owning it. Eleven takes no
venture capital: investment buys a position in a published algorithm — capped
returns, no shares, no votes, no board seats — and every parameter, input,
and payment lands on this page. The simulator below runs the actual published
algorithm in your browser.
Ledger dated
Couldn’t load the funding ledger. It may be
mid-publish — this page retries every minute.
Status: designed, not adopted
No notes exist and no money has been taken. The model
below is a published design — open so it can be argued with — and becomes
live only after independent legal and tax review, and only then by a
deliberately opened series. Nothing on this page is an offer.
The model in one minute
Notes, not shares. Investors buy
profit-participating notes in named series — principal plus a fixed cap
multiple, and the cap is the whole return. No interest, no maturity date,
no equity, no exit.
Money has no control. Notes carry no
votes, no board seats, no vetoes. The only enforceable investor rights
are transparency promises: this ledger publishes, the independent
verification panel stays funded, and distributions follow the published
algorithm. Breach makes unreturned principal repayable — investors can
force the money back out; they can never take the wheel.
Money sits before it streams. No
distributions until a series has seasoned and the treasury holds a
reserve floor of forward operating costs — new money builds first.
An open algorithm decides the rest.
Each quarter, distributable surplus streams out by a fixed split —
noteholders pro-rata until each cap fills and the note extinguishes,
alongside the team pool and the commons (price cuts, free-tier subsidy,
aligned grants).
Verification is funded first. An
independent panel — funded as an operating cost, senior to every
distribution — audits the claims: the encryption architecture, the
published economics, this ledger against bank records, and whether each
quarter’s payments were the algorithm’s outputs.
The algorithm is versioned. A note pins
the version it was sold under, forever. Changes apply to future series
only.
The algorithm’s parameters
Read live from waterfall.js —
the reference implementation this page serves and runs. Changing any of
these is a new algorithm version, applied to future series only.
Run the waterfall
Pick a scenario; the page runs the published
algorithm over it, quarter by quarter. An illustration, not a forecast —
and not an offer.
First distribution
—
Noteholders fully repaid
—
To the commons by then
—
Noteholders (cumulative)
Team (cumulative)
Commons (cumulative)
Remaining cap
Cumulative euros streamed to each pool over
the scenario, against the falling remaining cap. Hover, or focus the
chart and use the arrow keys, to read any quarter; the table view below
carries the same numbers.Table view (yearly)
Simulated yearly totals for the chosen scenario
Year end
Revenue / quarter
Noteholders (cum.)
Team (cum.)
Commons (cum.)
Remaining cap
Series
Notes
Pseudonymous by design: amounts and movements are
public; identities never are. A note id buys no influence — there is
nothing to buy.