2b:null 2c:["$","title",null,{"children":"Fair Rank | Andy Tudhope | Observable"}] 31:T7ee,## Rationale Discovering good grants becomes increasingly difficult as more people use Gitcoin. One approach has been to apply multiple filters, or to randomise the order in which grants are loaded into the UI. However, this still requires top-down categorisation (and arbitration in cases where grants self-select into categories for which they are not applicable). Randomisation has difficult-to-determine effects. **Is there a credibly neutral way to present grants in any round which benefits all GTC holders?** ## Design 1. We use a single, cross-chain registry for grants in the Allo protocol. 2. We rank this registry using GTC. 3. You can upvote or downvote grants in a similar way to Reddit posts. 4. The more GTC staked on a grant the higher it ranks, but the cheaper it is to downvote. 6. Upvotes add directly, 1:1, to the staked GTC for that grant (i.e. that GTC is locked in the contract too). 7. The GTC it costs to downvote is burnt, so it is a contribution to all GTC holders while keeping the information ecology clean. ### Explanation It costs to cast votes. This may seem counterintuitive, but points to a critical insight. These systems - elsewhere called [hyperstructures](https://jacob.energy/hyperstructures.html) - need to work in the absence of any single point of failure or control, **including the community**. Even if no-one votes, the fact that the grant which ranks highest has locked the most GTC out of circulation - thereby decreasing supply - means that they have, quite literally and measurably, created the most value for GTC holders. Does this mean that the grant is truly a public good? No. However, there are two remedies to this: (i) everyone with GTC can spend some to move them down the rankings (and will always spend less than the grant staked) and (ii) any round convenor can exclude that grant from their UI. The first is credibly neutral, the second is an excellent social defense, the presence of which should greatly discourage "fake" grants from staking too much GTC.32:T4b4,viewof discover_curve = vegalite({ $schema: "https://vega.github.io/schema/vega-lite/v3.json", description: "Graph of GTC Staked vs Cost to Downvote", data: {values: data}, vconcat: [{ selection: { "brush": {"type": "interval"} }, mark: "point", encoding: { "x": {"field": "GTC Staked","type": "quantitative"}, "y": {"field": "Cost in GTC","type": "quantitative"} } }, { "transform": [ {"filter": {"selection": "brush"}} ]} ], layer: [ { mark: "line", encoding: { x: { field: "GTC Staked", type: "quantitative", axis: {tickCount: 5} }, y: { field: "Cost to Downvote by 1%", type: "quantitative"} } }, { mark: "line", encoding: { x: { field: "GTC Staked", type: "quantitative"}, y: { field: "Votes Minted", type: "quantitative", orient: "right" }, color: {"value": "firebrick"} } } ], width: 700, height: 400, padding: {"top": 10, "left": 30, "bottom": 30, "right": 90}, resolve: {"scale": {"y": "independent"}} })33:T548,dollarDemandPerYearChart = { const data = aggregateDollarDemandPerYear .map((value, year) => NPV(discountRate, value, year)) .map((value, year) => ({ value, year, name: `year ${year+1}` })); const color = d3.scaleOrdinal() .domain(data.map(d => d.name)) .range(d3.quantize(t => d3.interpolateSpectral(t * 0.8 + 0.1), data.length).reverse()) const arcs = pie(data); const svg = d3.select(DOM.svg(width, height)) .attr("text-anchor", "middle") .style("font", "12px sans-serif"); const g = svg.append("g") .attr("transform", `translate(${width / 2},${height / 2})`); g.selectAll("path") .data(arcs) .enter().append("path") .attr("fill", d => color(d.data.year)) .attr("d", arc) .append("title") .text(d => `${d.data.name}: ${format(d.data.value)}`); const text = g.selectAll("text") .data(arcs) .enter().append("text") .attr("transform", d => `translate(${arc.centroid(d)})`) .attr("dy", "0.35em"); text.append("tspan") .attr("x", 0) .attr("y", "-0.7em") .style("font-weight", "bold") .text(d => d.data.name); text.filter(d => (d.endAngle - d.startAngle) > 0.25).append("tspan") .attr("x", 0) .attr("y", "0.7em") .attr("fill-opacity", 0.7) .text(d => format(d.data.value)); return svg.node(); }34:T44c,final_cost_gtc = { let gtc_staked = [] let rate = [] let amount_available = [] let votes_minted = [] let effective_balance = [] let votes_required = [] let votes_available = [] let final_cost_gtc = [] for (let i=1;i<1000;i++){ gtc_staked[i] = (10000 * i); if (gtc_staked[i] < ceiling) { gtc_staked[i] = gtc_staked[i] } else { gtc_staked[i] = NaN } rate[i] = 1 - (gtc_staked[i] / ceiling); amount_available[i] = (gtc_staked[i] * rate[i]); votes_minted[i] = amount_available[i] ** (1 / rate[i]); if (votes_minted[i] > negative_votes) { effective_balance[i] = gtc_staked[i] - ((negative_votes * rate[i])*(amount_available[i]/votes_minted[i])); } else { effective_balance[i] = NaN; } votes_required[i] = percent_effect_of_votes*votes_minted[i]; votes_available[i] = (votes_minted[i] - (votes_required[i] + negative_votes)); if (votes_available[i] > 0) { final_cost_gtc[i] = (amount_available[i]/votes_available[i]) * (votes_required[i]); } else { final_cost_gtc[i] = NaN; } } return final_cost_gtc }35:[] 2f:{"id":"e5811ea5d41b89aa","slug":"fair-rank","title":"Fair Rank","thumbnail":"ba79ea646dd2a77587042c0f6e0712256d851751adfedf2aabde5aa15b0e8ed2","access_level":"public","create_time":"$D2023-06-20T07:51:17.617Z","update_time":"$D2023-06-30T17:45:18.939Z","view_time":null,"first_public_time":"$D2023-06-20T07:51:17.617Z","fork":{"id":"ef4efee162687836","slug":"embedded-discover","title":"Discover - A Brave New Curve","owner":{"id":"1b76ce59e47fe6c2","login":"andytudhope","name":"Andy Tudhope"}},"stars":1,"starred":false,"owner":{"type":"team","id":"1b76ce59e47fe6c2","login":"andytudhope","name":"Andy Tudhope","avatar_url":"https://avatars-next.observableusercontent.com/19bd8c37a73a566bf2f3af0ade4755992ad0386c5c02b4c5c5b3dc508f7ddce2","tier":"starter_2024"},"version":608,"publish_version":null,"role":null,"authored":false,"authors":[{"type":"individual","id":"acf17d2ec20142ab","login":"andytudhope","name":"Andy Tudhope","avatar_url":"https://avatars-next.observableusercontent.com/19bd8c37a73a566bf2f3af0ade4755992ad0386c5c02b4c5c5b3dc508f7ddce2","tier":null}],"members":[{"type":"individual","id":"acf17d2ec20142ab","login":"andytudhope","name":"Andy Tudhope","avatar_url":"https://avatars-next.observableusercontent.com/19bd8c37a73a566bf2f3af0ade4755992ad0386c5c02b4c5c5b3dc508f7ddce2","tier":null,"role":"editor"}],"comments":[{"id":"337c1a1b8a2690f1","reply_to_id":null,"content":"Just to confirm - \"Whoever stakes the most GTC, ranks the highest\" == \"Whichever grant has the most GTC staked on it, ranks the highest\" - correct?","create_time":"$D2023-06-20T12:52:42.359Z","update_time":null,"resolved":true,"user":{"type":"individual","id":"850faf3289c2bc87","login":"kweiss","name":"Kyle Weiss","avatar_url":"https://avatars-next.observableusercontent.com/7389ff72b4cc2b9decaedebdec9fb5c2848ef058534bff6faf370bcdad9eb029","tier":null}},{"id":"89343b0f17a95ce9","reply_to_id":null,"content":"In 6. - Are we saying by burning GTC to downvote a grant, I also burn someone else's GTC who earlier upvoted that grant?","create_time":"$D2023-06-20T12:54:57.476Z","update_time":null,"resolved":false,"user":{"type":"individual","id":"850faf3289c2bc87","login":"kweiss","name":"Kyle Weiss","avatar_url":"https://avatars-next.observableusercontent.com/7389ff72b4cc2b9decaedebdec9fb5c2848ef058534bff6faf370bcdad9eb029","tier":null}},{"id":"f57d25942541a5b3","reply_to_id":"89343b0f17a95ce9","content":"Is there any incentive for the staker to take these actions (beyond trying to elevate a grant in the ranking?). ie, do they earn a yield by doing so (perhaps an additive % of the funding the grant receives during each funding period?)\nIm wondering if ranking changes will be sufficient on their own to encourage participation. further, the risk feels large to lose GTC should someone with more GTC decide to \"wipe me out.\"","create_time":"$D2023-06-20T13:03:02.273Z","update_time":null,"resolved":false,"user":{"type":"individual","id":"850faf3289c2bc87","login":"kweiss","name":"Kyle Weiss","avatar_url":"https://avatars-next.observableusercontent.com/7389ff72b4cc2b9decaedebdec9fb5c2848ef058534bff6faf370bcdad9eb029","tier":null}},{"id":"42cf677e32d7e0ae","reply_to_id":"337c1a1b8a2690f1","content":"correct!","create_time":"$D2023-06-20T18:33:59.346Z","update_time":null,"resolved":true,"user":{"type":"individual","id":"acf17d2ec20142ab","login":"andytudhope","name":"Andy Tudhope","avatar_url":"https://avatars-next.observableusercontent.com/19bd8c37a73a566bf2f3af0ade4755992ad0386c5c02b4c5c5b3dc508f7ddce2","tier":null}},{"id":"b275af86e9700936","reply_to_id":"89343b0f17a95ce9","content":"No, and I removed the phrasing to be sure. What actually happens is that the GTC I pay to downvote a grant is sent back to the staker, while the GTC removed from the stake is burnt. The cost to downvote is always less than the effect on the ranking.\n\nI think ranking changes should be sufficient, but this is an opinion that really needs to be tested. It may be that we need to encourage further participation, which may take the form of turning inflation on and using that to allocate to stakers based on how much they have at stake. My suggestion is to go with the simple version first and only add rewards if they prove to be necessary.\n\nAppearing in the first page of grants is, imo, a very strong incentive in and of itself.","create_time":"$D2023-06-20T18:38:48.024Z","update_time":null,"resolved":false,"user":{"type":"individual","id":"acf17d2ec20142ab","login":"andytudhope","name":"Andy Tudhope","avatar_url":"https://avatars-next.observableusercontent.com/19bd8c37a73a566bf2f3af0ade4755992ad0386c5c02b4c5c5b3dc508f7ddce2","tier":null}}],"custom_thumbnail":true,"trashed":false,"subscribed":null,"forks":1,"collection":null,"type":"notebook","body":{"title":"Fair Rank","cells":[{"id":0,"value":"md`# Fair Rank`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":431,"value":"Below, I describe a system designed to curate grants in a simple and sybil-resistant way using a single smart contract. The goal is:\n\n> Design an economic system for curating grants with no single point of failure and no owner, where grants which rank highly are more likely to be genuine public goods.\n\nThe game is straightforward. Whoever stakes the most GTC, ranks highest; with one twist. The more you stake, the cheaper it is to downvote you.","pinned":false,"hidden":false,"mode":"md","author":"$undefined","summary":"$undefined"},{"id":436,"value":"$31","pinned":false,"hidden":false,"mode":"md","author":"$undefined","summary":"$undefined"},{"id":440,"value":"## Maths\n\nThe more GTC you stake, the more virtual \"votes\" can be created on your DApp, so the cheaper each vote becomes. Because there is a set amount of GTC that was minted, we can use this to calculate the (exponential) rate at which we create \"votes\" based on the GTC staked relative to the Total GTC Minted.","pinned":false,"hidden":false,"mode":"md","author":"$undefined","summary":"$undefined"},{"id":14,"value":"total_gtc_minted = 100000000","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":444,"value":"The **ceiling** is the % of Total GTC Minted any one grant can stake to rank. That is, there is a limit to how much GTC you can stake, defined in relation to the Total GTC in circulation. Play with the toggle to see the effect choosing different values has on the axes and curves.","pinned":false,"hidden":false,"mode":"md","author":"$undefined","summary":"$undefined"},{"id":22,"value":"viewof percent_ceiling = slider({\n min: 0, \n max: 8, \n value: 0.51,\n step: 0.01,\n description: \"% value of Total GTC in Circulation that defines max GTC Staked per grant\"\n})","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":19,"value":"ceiling = total_gtc_minted * (percent_ceiling/100)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":452,"value":"The curve ends up looking like this:","pinned":false,"hidden":false,"mode":"md","author":"$undefined","summary":"$undefined"},{"id":85,"value":"$32","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":175,"value":"## Projections\n\nIn this section, we'll enter into some very rough economic projections of the effect such a system could have on a token economy if it were actively marketed, maintained and developed.","pinned":false,"hidden":false,"mode":"md","author":"$undefined","summary":"$undefined"},{"id":465,"value":"## Calculate Grant Growth/Churn","pinned":false,"hidden":false,"mode":"md","author":"$undefined","summary":"$undefined"},{"id":94,"value":"numberGrants = 1509","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":108,"value":"viewof grantGrowthRate = slider({\n min: 0, \n max: 5, \n step: .05, \n value: 0.2, \n title: \"New Grants Per Year (growth)\", \n description: \"percentages from 1% through 500%. This has got to ~5500 in the past.\"\n})","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":106,"value":"viewof percentageWithdrawn = slider({\n min: 0, \n max: 1, \n step: .01, \n value: .08,\n precision: 3,\n title: \"Inactive Grants Per Year (churn)\", \n description: \"percentages from 1 to 100%\"\n})","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":167,"value":"grants = {\n let arr = Math.round(numberGrants);\n let grantsArr = [arr];\n for(let i=1; i < 10; i++) {\n let newGrants = grantsArr[i-1] * grantGrowthRate;\n let lostGrants = grantsArr[i-1] * percentageWithdrawn;\n grantsArr[i] = Math.round(grantsArr[i-1] + (newGrants - lostGrants));\n }\n return grantsArr;\n}","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":378,"value":"grantsBarData = {\n return grants.map((users, idx) => ({ name: `year ${idx+1}`, year: idx+1, users, value: users }))\n}","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":382,"value":"grantsBar = vegalite({\n data: { values: grantsBarData },\n mark: \"bar\",\n autosize: \"fit\",\n width: width,\n encoding: {\n x: {\n field: \"year\",\n type: \"quantitative\"\n },\n y: {\n field: \"users\",\n type: \"quantitative\"\n }\n }\n})","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":169,"value":"md `## Calculate Value Per Grant and Number of Grants Staking Each Year`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":119,"value":"md `The matching pool grants stand to benefit from should drive their willingness to stake GTC to rank well in order to **get more donors**, and therefore a greater matching amount.\n\nAs a starting point, it’s a good practice for lifetime value (LTV) to be 3x customer acquisition cost (CAC). LTV is not really equivalent to funding potentially received from the matching pool and staking is not CAC, but they're good enough proxies for now if we increase this ratio to roughly 10x.\n\nIf the pool is $1M and there are 1000 other grants, I should be willing to stake at least $1-$3k in order to rank well (considering I probably stand to receive ~10k or more based on appearing first).\n\nIn any case, the main take away here is this: it's the **number of donors** which drives most of the action. The more donors (and the more matching funds being allocated based on their choices), the more grants should be willing to stake GTC.`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":123,"value":"numberDonors = 1000","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":585,"value":"matchingAmount = 1000000","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":560,"value":"grantsStaking = numberGrants * 0.7","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":597,"value":"_TODO: adapt this formula so it better represents the quadratic nature of donor contributions_","pinned":false,"hidden":false,"mode":"md","author":"$undefined","summary":"$undefined"},{"id":118,"value":"avg_value_per_grant = (matchingAmount / grantsStaking) * 0.1 * (numberDonors ** 0.5)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":139,"value":"md `## Probability of Failure`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":140,"value":"viewof milestones = createMilestones(4)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":147,"value":"viewof qualifiers = createQualifers(0)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":148,"value":"viewof economicMechanic = createTokenModel(0)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":151,"value":"viewof decentralization = createDecentralization(0)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":134,"value":"viewof probabilityOfFailure = slider({\n min: 0, \n max: 1, \n step: .01, \n value: calculateProbabilityFailure(milestones, economicMechanic, qualifiers, decentralization), \n title: \"Probability of failure\", \n description: \"The probabilty that this project in isolation will fail\"\n})","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":233,"value":"viewof discountRate = slider({\n min: 0, \n max: 1, \n step: .01, \n value: gitcoinCostOfEquity, \n title: \"Discount Rate\", \n description: \"The rate at which future utility needs to be discounted (higher discounts indicate more uncertainty)\"\n})","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":161,"value":"md`## Calculate Aggregate Dollar Demand Per Year`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":266,"value":"viewof userGrowthRate = slider({\n min: .10, \n max: 10, \n step: .10, \n value: 2, \n title: \"User growth rate per annum\", \n description: \"percentages from 10% through 1000%\"\n})","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":268,"value":"viewof userChurnRate = slider({\n min: .01, \n max: 1, \n step: .01, \n value: .08, \n title: \"User churn rate per annum\", \n description: \"percentages from 1% through 100%\"\n})","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":200,"value":"aggregateDollarDemandPerYear = {\n let arr = numberGrants;\n let dappsArr = [arr];\n for(let i=1; i < 10; i++) {\n let newGrants = dappsArr[i-1] * grantGrowthRate;\n let lostGrants = dappsArr[i-1] * percentageWithdrawn;\n dappsArr[i] = Math.round(dappsArr[i-1] + (newGrants - lostGrants));\n }\n \n let usersArr = [numberDonors];\n for(let i=1; i < 10; i++) {\n let newUsers = usersArr[i-1] * userGrowthRate;\n let lostUsers = usersArr[i-1] * userChurnRate;\n usersArr[i] = Math.round(usersArr[i-1] + (newUsers - lostUsers));\n }\n \n let usdArr = [];\n for(let i=0; i < 10; i++) {\n usdArr[i] = Math.round(dappsArr[i] * (usersArr[i] * 0.3 * 0.1));\n }\n return usdArr;\n}","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":244,"value":"$33","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":277,"value":"md `# Current Utility Value`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":282,"value":"currentUtilityValue = Math.floor(NPVaggregate(discountRate, ...aggregateDollarDemandPerYear) + discountedTerminalValue) * (1-probabilityOfFailure)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":367,"value":"estimate_effect_on_gtc_price = currentUtilityValue / gtc_in_circ","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":307,"value":"slide`Net Present Utility Value \n${currentUtilityValue.toLocaleString(undefined, { style: 'currency', currency: 'USD'})}`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":330,"value":"md `## Other Calculations for the Curve Itself`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":54,"value":"gtc_staked = {\n let gtc_staked = []\n for (let i=1;i<1000;i++){\n gtc_staked[i] = 10000*i;\n if (gtc_staked[i] < ceiling) {\n gtc_staked[i] = gtc_staked[i] \n } else {\n gtc_staked[i] = NaN\n }\n }\n return gtc_staked\n}","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":28,"value":"rate = {\n let snt_staked = []\n let rate = []\n for (let i=0;i<1000;i++){\n snt_staked[i] = (10000 * i); \n rate[i] = 1 - (snt_staked[i] / (percent_ceiling * total_gtc_minted / 100));\n }\n return rate\n}","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":70,"value":"votes_minted = {\n let snt_staked = []\n let rate = []\n let amount_available = []\n let votes_minted = []\n for (let i=0;i<1000;i++){\n snt_staked[i] = 10000*i;\n if (snt_staked[i] < ceiling) {\n snt_staked[i] = snt_staked[i] \n } else {\n snt_staked[i] = NaN\n }\n rate[i] = 1 - (snt_staked[i] / ceiling);\n if (rate[i] > 0.02) {\n amount_available[i] = (snt_staked[i] * rate[i]);\n } else {\n amount_available[i] = NaN ;\n }\n votes_minted[i] = amount_available[i] ** (1 / rate[i]);\n }\n return votes_minted\n}","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":68,"value":"viewof negative_votes = slider({\n min: 0, \n max: 100000,\n value: 0,\n step: 100,\n description: \"Amount of Votes Already Cast\"\n})","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":41,"value":"percent_effect_of_votes = 0.01","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":66,"value":"$34","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":82,"value":"data = {\n let data = []\n for (let i=1; i<1000; i++) {\n data[i] = {\"GTC Staked\": gtc_staked[i], \"Cost to Downvote by 1%\": final_cost_gtc[i], \"Votes Minted\": votes_minted[i]}\n }\n return data\n}","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":331,"value":"md `## Other Calculations for the NPUV`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":290,"value":"viewof terminalGrowthRate = slider({\n min: .01, \n max: 1, \n step: .01, \n value: 0.02, \n title: \"Terminal growth rate per annum (percent)\", \n description: \"percentages from 1% through 100%\"\n})","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":288,"value":"terminalValue = {\n let lastYearFees = aggregateDollarDemandPerYear.slice(-1)[0]\n return lastYearFees / (discountRate - terminalGrowthRate)\n}","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":364,"value":"gtc_in_circ = 63320395.56","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":303,"value":"discountedTerminalValue = terminalValue / ((1+discountRate)**11)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":226,"value":"NPV = (rate, value, idx) => Math.round(value / Math.pow((1 + rate), idx + 1))","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":284,"value":"NPVaggregate = function (rate) {\n var npv = arguments[1];\n for (var i = 2; i < arguments.length; i++) {\n npv +=(arguments[i] / Math.pow((1 + rate), i - 1));\n }\n return Math.round(npv * 100) / 100;\n}","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":349,"value":"md `## Imports`","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":227,"value":"d3 = require('d3')","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":246,"value":"format = d3.format(\",\")","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":247,"value":"pie = d3.pie().padAngle(0.005).sort(null).value(d => d.value)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":249,"value":" height = Math.min(width, 500)","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":388,"value":" width = 700","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":251,"value":"arc = {\n const radius = Math.min(width, height) / 2;\n return d3.arc().innerRadius(radius * 0.67).outerRadius(radius - 1);\n}","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":5,"value":"vegalite = require(\"@observablehq/vega-lite@0.1\")","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":7,"value":"import {slider} from \"@jashkenas/inputs\"","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":135,"value":"import {createMilestones, createQualifers, createTokenModel, createDecentralization, calculateProbabilityFailure} from '@bgits/cryptonetwork-probability-of-failure'","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":375,"value":"import {gitcoinCostOfEquity, gtcCloses} from '@andytudhope/gtc-cost-of-capital'","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":309,"value":"import {slide, slide_style} from \"@mbostock/slide\"","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"},{"id":321,"value":"slide_style","pinned":false,"hidden":false,"mode":"ojs","author":"$undefined","summary":"$undefined"}],"files":"$W35","stdlib":"1","titling":"auto"}} 30:"$2f:body"