Thread by @JohnnyAntos

Taking into account all the Mining Issuance types for Blockstack:
- Proof of burn
- App Mining
- Web-of-trust)

this is the stakeholder % ownership through December 2025 on a quarterly and then annual basis.

Note that "Other Future Mining" includes the 3 mining types above.

Looking at Blockstack's token supply issuance curve through 2050, we see that around 6,772,387,880 tokens will be outstanding.

At the $0.30 / token offering price, this would make Blockstack the 13th largest token by 2050 market cap (source: messari.io/onchainfx)

Regarding valuation metrics, Blockstack's token price of $0.30 / token implies a valuation for the token network alone (not including equity market cap) of $19,350 / registered user.

If using the Fully Diluted Tokens outstanding from the 1-A, the valuation is $3,554 / user.

I'll run more cases and add this stuff to the Medium article too.

medium.com/blockchain-adv…

The issuance schedule is in the model where you can adjust timing inputs for token issuance - it's fun to play around with.

It's on a monthly basis through 2050.

docs.google.com/spreadsheets/d…

Also, for the curious, here's the high-level inflation and token issuance schedule through 2050.

Blockstack's contemplated Reg A+ & Reg S Offering is for 375,000,000 Stacks tokens. This represents ~10% and ~6% of 2025E and 2050E Tokens Outstanding, respectively.

Also, one key note for all of these analyses is that it is a slight overestimate depending on the user behavior regarding burning Stacks tokens.

As per Blockstack's 1-A, the token supply "subject to reduction due to the burning of tokens on the network."

bamsec.com/filing/1104659…

The number in our model ties fairly closely to the number quoted in the 1-A Filing that "In the aggregate, we currently anticipate that the total number of tokens in circulation ten years following the introduction of mining will be no more than approximately 4,072,500,000."

Assuming that mining on the Stacks blockchain launches in Jan. 2020, our model estimates a total of 4,486,027,880 vs. 4,072,500,000 in the Filing.

The only real assumption I had to make was what schedule to use for release of the 220m tokens that are reserved for user incentives

By the 10 year mark, I had that being fully issued as I assumed Blockstack might want to incentivize user behavior earlier on similar to the App Mining program to incentivize developer behavior.

I assumed a 5-year straight line release for the 220m user incentive tokens...

...and from what I can tell, a difference in that 220m release schedule is the only real degree of freedom driving the difference between the 10 year Filing estimate and our illustrative model.

The user numbers are pulled from the Form 1-A Filing, by the way. The 100% growth rates are just placeholders and are dynamic input assumptions that can allow you to play around with user growth assumptions