Level I
- Weight
- 2
- Share of the 2,100
- 45 in 100
- Receives
- 1.0 × a Level One
Section I
The Five Levels
There are five levels of member bank vault. Level One is the smallest. Level Five is the largest. Every chartered vault is one of them and no vault is anything else.
The plates below are the five levels. They are printed at a common size. The Bank does not use photographs to make a comparison of size. That comparison is made in Section III, as a figure, where it can be checked.
Level II
- Weight
- 3
- Share of the 2,100
- 25 in 100
- Receives
- 1.5 × a Level One
Level III
- Weight
- 4
- Share of the 2,100
- 15 in 100
- Receives
- 2.0 × a Level One
Level IV
- Weight
- 5
- Share of the 2,100
- 10 in 100
- Receives
- 2.5 × a Level One
Level V
- Weight
- 6
- Share of the 2,100
- 5 in 100
- Receives
- 3.0 × a Level One
Section II
Assignment
A vault's level is drawn on chain shortly after issuance, without replacement from the remaining places in each level. Activation is a separate step.
It is assigned by fate. It cannot be applied for and it cannot be appealed. The member does not choose it. The Bank does not choose it. The parent organization does not choose it. Nobody chooses. That is what makes it fate, and fate, the reader will recall, is permanent.
Scroll the table sideways on a narrow screen.
| Level | Share of the 2,100 | Fixed supply cap |
|---|---|---|
| Level I | 45 in 100 | 945 |
| Level II | 25 in 100 | 525 |
| Level III | 15 in 100 | 315 |
| Level IV | 10 in 100 | 210 |
| Level V | 5 in 100 | 105 |
| Total | 100 in 100 | 2,100 |
The Bank does not consider this arbitrary. The Bank considers it impartial.
Fate is documented and fate is executed on chain. The reader will be able to verify that no thumb was on the scale, because the scale does not have room for thumbs.
Section III
Weight
Every level carries a weight. Weight is the only quantity that decides how a distribution is divided, and the ladder is short on purpose.
LevelWeightAgainst a Level One
I21.0×
II31.5×
III42.0×
IV52.5×
V63.0×
Absent a temporary boost, a Level Five vault receives three times a Level One. Not sixteen. The Bank is not a casino. The Bank is a bank. Your drawn level is permanent. A temporary boost changes payout weight, not level.
Across all 2,100 places, the average standard weight is 3.05. A smaller drawn or activated group can have a different average. The denominator uses the actual participating weights, including any current boosts.
Section IV
The Distribution Rule
The Bank generates revenue. Every revenue event is divided as set out in Section VI of Purposes and Functions: eighty-five percent to the vaults, fifteen percent to the Bank’s treasury. The division is permanent.
The eighty-five is divided among activated vaults, by weight.
the distribution × that vault's weightthe sum of the weights of every activated vault
The sum on the bottom line is the denominator. The Bank publishes a current census, refreshed about every ten minutes, so that any member may do the division themselves and arrive at the figure the Bank arrived at. Section VI.
Three consequences follow. The Bank states them rather than leaving them to be discovered.
- An unactivated vault carries a weight of zero.It is not in the denominator and it receives nothing. A charter that is held and never activated makes every activated vault larger. The Bank passes no judgment on this, in writing.
- One hundred percent of the eighty-five lands.The Bank retains nothing from it and takes no rounding fee. Smallest-unit remainders stay in the pool for later distribution. The columns in Section V sum to the whole distribution because there is nowhere else for it to go.
- A failed bank leaves the denominator.Section IX of Purposes and Functions describes opening through the Bank’s opening page, subject to the hourly limit. Burning a vault another way can strand its reserves. A destroyed charter is not reissued. Every distribution after it divides among fewer vaults, and every surviving bank is permanently larger.
Section V
Worked Examples
The Bank prefers arithmetic to assurance. What follows is this schedule applied to three censuses at a distribution of one thousand dollars. The figure is chosen because it is round and it means nothing else. Every column below can be reproduced by the reader from the weights in Section III and the counts shown.
Scroll the table sideways on a narrow screen.
| Level | Vaults | Weight each | Weight total | Each vault receives | The level takes |
|---|---|---|---|---|---|
| Level I | 108 | 2 | 216 | $2.73 | 29.5% |
| Level II | 60 | 3 | 180 | $4.10 | 24.6% |
| Level III | 36 | 4 | 144 | $5.46 | 19.7% |
| Level IV | 24 | 5 | 120 | $6.83 | 16.4% |
| Level V | 12 | 6 | 72 | $8.20 | 9.8% |
| Total | 240 | 732 | $1,000.00 | 100.0% |
Scroll the table sideways on a narrow screen.
| Level | Vaults | Weight each | Weight total | Each vault receives | The level takes |
|---|---|---|---|---|---|
| Level I | 945 | 2 | 1,890 | $0.31 | 29.5% |
| Level II | 525 | 3 | 1,575 | $0.47 | 24.6% |
| Level III | 315 | 4 | 1,260 | $0.62 | 19.7% |
| Level IV | 210 | 5 | 1,050 | $0.78 | 16.4% |
| Level V | 105 | 6 | 630 | $0.94 | 9.8% |
| Total | 2,100 | 6,405 | $1,000.00 | 100.0% |
The same money, fewer vaults
For an exact smaller example, suppose only twenty Level I vaults participate, each with standard weight 2 and no boost. The denominator is 40. Each receives $50 from an illustrative $1,000 distribution, before the program's smallest-unit rounding. This is arithmetic, not a forecast of the founding draw.
Section VI
Census and Denominator
The Bank publishes a current read of participating vault records and their recorded weights. A receipt for every historical settlement is not yet available. That sum is the denominator. It is published so that any member may do the division themselves and arrive at the figure the Bank arrived at.
The current census is shown below. This is a current read, not a historical settlement receipt. The last column illustrates an unboosted vault against the recorded denominator. An expiring boost must be cleared before the next distribution.
Scroll the table sideways on a narrow screen.
| Level | Participating | Standard weight | Recorded weight, including boosts | Standard-weight share per $1,000.00 |
|---|---|---|---|---|
| Level I | Not read | 2 | Not read | Not read |
| Level II | Not read | 3 | Not read | Not read |
| Level III | Not read | 4 | Not read | Not read |
| Level IV | Not read | 5 | Not read | Not read |
| Level V | Not read | 6 | Not read | Not read |
| Denominator | Not read | Not read |
Reading the current census.
Section VII
Temporary Increases in Weight
A vault's drawn level does not change. The Bank may offer a temporary increase in its payout weight in exchange for burning $CBOB.
The published terms state the price, the additional weight and the number of distributions for which it applies. At expiry, the additional weight ends. The original level and standard weight remain.
The public register reports a vault's current boost and the distribution at which it expires when one is present. Expiry follows completed distributions, not a predicted calendar date.
Section VIII
What This Schedule Does Not State
A schedule is only useful if the reader can tell where it stops. The following are not settled. The Bank declines to imply otherwise, and the reader should treat any figure circulating on these four points as somebody's guess.
- The date of a future sale round.
- The price of a future boost offer.
- The date on which a future boost offer opens.
- The quantity and price of any later sale round.
The Bank will publish each of these in its own order, as it has published everything else.