Nominal model: CF grows at 4% (inflation/track), discounted at 10% until you retire in 2068. Selling 68 shares that represent 49% of equity.
First payout at end of Year 1.
Years remaining: —
Tracks inflation / conservative fixed‑income growth.
Set to 0 if debt service is already handled off‑stream.
The allocation is not an accident of math; it is a sentence served one clause at a time. I sell 49.99% of Alaska Moves as 68 tokens because control is not a commodity—it is a covenant. Each token is a step in a converging series: investors buy a fraction of what remains, and the remainder never crosses the aisle into majority. The limit exists; one never reaches it.
On the books, the work is simple: miles, posts, and transactions. In governance, it is simpler still: the 69th vote remains on file with the founder—non‑transferable, encoded as a control right. This is not a theater prop for “founder control.” It is a safety valve against the temptation to optimize for quarterly signals at the expense of the road ahead.
Zeno guards against the cliff‑edge. Instead of a one‑shot dilution, issuance proceeds as diminishing slices. Early buyers earn the longest duration of cash flow; later buyers still join the stream without pushing the ship off course. It keeps the enterprise sovereign and the math coherent: price is the discounted share of labor’s yield, not a rumor about tomorrow.
The 69th vote functions like a power‑of‑attorney embedded in governance. No change to core rules clears without it. A hostile ≥51% coalition cannot rewrite the covenant; capital may subscribe to cash flow, not to control.
The raison d’être (and yes, the raisin that comes from time on the vine) is to locate the limit of a 51%‑proof algorithm. Markets can ferment; governance must not. Zeno’s series models issuance as approach without breach: we move toward a boundary we never cross. Control remains a covenant, not a commodity.
In practice: I sell 49.99% as 68 tokens. The 69th vote stays on file with the founder as a non‑transferable control right. Cash flow is shared; constitutional change is not for sale.
Choose a proportion 0 < λ < 1. Let E_max = 0.4999 and S_0 = 0. Round k sells Δ_k = λ · (E_max − S_{k−1}), so S_k = E_max · (1 − (1−λ)^k). As k → ∞, S_k → E_max without crossing it. This is Zeno in cap‑table form.
// 51%-proof check (pseudocode)
function canExecute(change) {
if (!sigByFounderControlKey(change)) return false; // 69th key required
if (externalFloat() >= 0.5) return false; // invariant guard
return true;
}
// Zeno issuance (round k)
function nextSellAmount(S_prev, E_max=0.4999, lambda=0.5) {
const remaining = E_max - S_prev;
return Math.max(0, lambda * remaining);
}
Philosophically: the series disciplines time preference. Early buyers purchase duration; later buyers join without forcing a cliff. Operationally: numbers lead (DOT/IRS rounded), stories follow. Sovereignty is maintained; value is shared.