Collective ownership · Sputnik DAO · NEAR
The private cap table
the DAO can still approve.
A cap table is private, but a group's vote should still mean something exact. Keep every holding off the chain; the DAO approves one exact plan by its fingerprint, and any member can check the result.
A cap table is the list of who owns how much of a startup: the founders, early investors, employees with stock options, and anyone who invests later.
For a group that funds something together (a crypto startup, an investment club, a contributor collective), that table is usually still a private spreadsheet, and the group's vote cannot be tied to the exact numbers it approved. Rounds works out the numbers exactly, holds the pooled money in escrow, has the group's DAO approve each round on the NEAR blockchain (the shares and the money paid for them, in one fingerprint), and lets anyone re-check it. It is built on NEAR testnet and models equity, SAFTs and a project-token reserve with vesting grants.
The company here is a made-up example. You can change a funding round and watch everyone's share change. Then, on a test network with fake money, you can run a round yourself, and the page checks it against the blockchain.
Quickest way to see it work: try the Confidential mode card below, or go to Run a round on testnet and press the highlighted button each time (about two minutes), or press Verify at the bottom to re-check a finished round.
Plain-English glossary
- Cap table
- The table of who owns how many shares of a company.
- Funding round / Series A
- A moment when new investors put money in and receive new shares. "Series A" is a company's first big priced round.
- Valuation and share price
- What the company is said to be worth before the round, divided by its shares, gives the price of one share.
- SAFE
- An early investment note: an investor pays now and gets shares later, at the next priced round, usually at a discount or capped valuation.
- Option pool
- Shares set aside to give to employees later. Making it bigger leaves less for the existing owners.
- Common and preferred shares
- Founders hold common. Investors usually hold preferred, which gets paid back first if the company is sold.
- Exit
- When the company is sold. The exit simulator shows who gets how much of the sale price.
- Plan hash
- A fingerprint of a round's exact numbers: the shares issued, who pays how much, and the deadline. If anything changes, the fingerprint changes, so an approval of one plan cannot be reused for another.
- Board / DAO
- The group that approves a round on the blockchain. Here it approves the fingerprint, not a vague "yes".
- Testnet
- A practice version of the blockchain where the money has no value.
Confidential mode (ZK)
Optional. The cap table of a round stays private: the chain holds only a sealed fingerprint of it and the totals, with a zero-knowledge proof that the private table adds up. Payouts are then claimed holder by holder, to any fresh account. Testnet play money, and the proving keys come from a one-person development setup.
What stays private, and what does not
Private: each holding, and which holder is behind which payout. Public: the total raise and who paid it, the total shares, the pot, and the amount of every payout (it follows from the pot and the total, so it shows roughly how big the holder's stake is). A claim signed by your own wallet is linked to you; a relayer avoids that. Full details in the README ↗
No confidential-mode contract is configured on this deployment.
Cap table
Who owns what in the example company, after the Series A you set in the modeler below. Every number comes from the engine, never from an AI model; RULES.md defines each rule, and the small ? links jump to it.
Round modeler
A made-up company. Choose the round (valuation, new money, option pool) and see the price per share and everyone's ownership after it. The engine re-solves SAFE conversion, pool top-up and price exactly as you type.
Run a round on testnet
Eight steps on an open sandbox: connect a wallet, set the round above, propose it, fund it, approve it as the board, close it. Testnet, no value. The sandbox is a real company on testnet: the modeler above is tied to it (its founders, pool and SAFEs are read from the chain and locked), so what you model is exactly what gets proposed.
Investors & employees
Exit simulator
Drag proceeds. Preferred takes its preference or converts, whichever pays more.
Events & verify
Everything here is read from NEAR testnet, not from this website. tx ↗ opens that transaction in a block explorer (nearblocks). Copy link copies a link that opens a contract with that round highlighted and its hash re-checked. PASS means the plan on chain hashes to exactly the fingerprint the board approved.
Load a contract above to review its board's proposals.