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=== Founder REP === If we start a centralized company, a major stage in its development is to valuate the foundersâ worth before the company goes public or secures venture capital. This will also happen in any DAO. Founders must work before the DAO begins to generate profits. How do we make this explicit? Assuming we accurately estimate the value of the DAO as  at the future time , and that we also estimate the percentage of that value that is due to a founder is , then how much REP do they deserve today? Foundersâ roles are similar to investors. Therefore the same considerations that helped us make the valuations of iBONDs help to measure the number and properties of the founderâs REP. The major difference is that in addition to the claims on the REP salary, founderâs REP should have normal REP propertiesâvoting and policing and participation power in ASCs. Using Proposition 9 we get '''Proposition 11.''' ''Given an'' fREP ''contract for  founder tokens minted at time  for a -founder in a DAO'' with future value estimated as '' with uncertainty , then the variable rate of return is  The correct value is guaranteed by the expiration date given by the stopping time  which satisfies the condition'' Similar to fciBONDs, a floating valuation of the DAO would allow much greater accuracy, and can be accounted for by allowing  to change in time and rederiving the above fREP contract. If we also make  a dynamic variable, this would allow the DAO to continually re-evaluate the foundersâ importance in the group. Then we get '''Proposition 12.''' ''Given an'' fREP ''contract for  founder tokens minted at time  for a -founder in a DAO'' with value estimated as '' with uncertainty , then the variable rate of return is  The correct value for the  founder tokens is guaranteed by the expiration date  given by the first hitting time which satisfies the condition'' ??delete after putting in wiki: It is important to note, that this is not the only way to reward founders for their contributions. A more stable approach is given by ignoring such tokens and referencing the foundersâ work with Forum references which is discussed in this other section [link] ??
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