Here are the essentials:
We’re launching the Note today — a digital asset earned for growing our startup ecosystem — to create an even more symbiotic relationship between founders and investors on Republic.
Today, Note holders get access to a growing list of on and off-platform perks, like priority access to oversubscribed deals and exclusive event tickets.
We aim to connect the Note to our future income, and by extension, our economic stake in all the startups that have and will raise on Republic. This feature is a work in progress and not guaranteed, but existing Note holders will be the first to know.
You can earn Notes at a significant referral bonus, worth 10 Notes for every friend you refer.
This post and our Note homepage are the most comprehensive sources of answers to any questions you may have about the Note.
Talent is evenly distributed — opportunity is not. We launched Republic in 2016 inspired by this adage, and since then, a lot has changed.
Since our launch, more than 100 founders have successfully raised capital to grow their businesses and create new jobs, from blockchain projects like PROPS to barbershop software like theCut. Over 25% of these startups were venture-backed at the time of their Republic campaign, and many have raised further funding at a premium.
This entrepreneurial movement is made possible by over 100,000 investors of all backgrounds, deploying as little as $10 to $75,000 towards Republic-curated projects. While these investors diversify their portfolios into the next startup success stories, they’re also diversifying the talent pool: over 50% of all capital raised on Republic funded female and minority founders.
We’re proud of our progress to connect the masses with ambitious startups deals, while helping founders build the future. Public adoption of startup investing helps everyone profit from progress — but how quickly it happens starts with you, and it’ll take everyone.
That’s why today, we’re introducing a simple blockchain-powered token to reward millions of present and future Republic users for every action they take towards our common mission: to help everyone participate in creating the future, and to let them benefit from its success.
Meet the Note — a new digital asset earned for growing the startup ecosystem. Note holders get access to exclusive perks that improve the Republic experience on and off-platform, and eventually, they may be eligible for a share of our revenue.
Claiming any future asset tied to revenue would require participating in and meeting all the requirements of a separate securities offering, and such an offering is not guaranteed, nor can your participation be assured.
Below is everything you need to know to claim your cut the Note pool we’re giving away.
Why is a Note valuable?
Easy to earn and store: You’ll earn your first “crypto asset” in just a few seconds, without the need for an off-platform crypto wallet. Once you sign up, you’ll earn Notes for every action you take on Republic; from investing in companies, to referring fresh deals, to telling your friends about a portfolio company you love.
Share in our portfolio: We aim to connect the Note to our future income, and by extension, Republic’s economic stake in all the startups that have and will raise on our platform. This feature remains a work in progress and is not guaranteed, but existing Note holders will be the first to know — and benefit by priority access to our planned future offering.
The Note is sweat equity: You’ll get Note rewards for helping startups (including Republic) grow, without the need to make a financial commitment. Best of all, you’ll earn Note rewards immediately — not over the many years a traditional startup takes to reach a liquidity event.
Access to perks and benefits: From VIP events to priority access into otherwise oversubscribed startup deals (among Issuers participating in the Note program), earning more Notes will entitle you to unique benefits that will develop over time.
The more ecosystem value you create, the more Notes you’ll earn; and the more you have, the greater your access to ongoing rewards — simple as that.
The Note is our way of thanking Republic’s earliest believers — especially our community of investors and partners. It is our hope to mobilize millions more to back and support founders on Republic, and the Note plays an important role in rewarding new investments and aligning incentives between founders and backers.
Start earning right now, or keep reading to learn everything there is to know about the Note.
Note Frequently Asked Questions
OK — so what is the Note?
The Note is a digital asset that’s earned and stored on Republic. You can’t sell Notes on a crypto exchange or otherwise move them off the platform - they’re just not liquid, though we hope to change that.
Think of Notes as “startup loyalty points” used to unlock perks both on and off the Republic platform — except unlike frequent flyer miles or loyalty programs, the Note is the technical and legal foundation for something much greater. More on that later.
Here’s what it’s not: It’s not a security, it’s not a utility token, it’s not equity and it does not represent any claim to earnings, profit, or assets.
What is the Note worth?
The Note currently holds no monetary value and does not represent any asset nor claim to revenue. That said, if we’re successful in backing the Note with some form of value, the answer to this question stands to change - especially if the value is a share in our ever-growing startup portfolio.
Ultimately, though the Note cannot be traded at this time — if that were to change it’ll be worth whatever the market will want to pay for it — the Note is subject to the classic rule of pricing set by supply and demand.
What is the total Note supply?
Our current Note pool is 20 million Notes — though we plan to share more details on the full Note program soon.
Why did you create the Note, and why are you giving it away?
We think the Note will support our mission to get more people building, investing, and benefiting from the success of the future.
First, it’ll be by attracting them to check what Republic has to offer to founders and investors. Republic is better the larger our pool of founders and investors, so our token giveaway if primarily designed to attract both sides of the market and give them a chance at bat.
Next, we want to reward our most active investors by giving them more chances to be helpful: by giving extremely engaged investors priority access to deals we hope not to be exclusive, but to give founders the privilege of working with the most hands-on investors we know — which they love.
Last, we eventually want to give founders the chance to use the Note and our lessons launching it to benefit their own campaigns — but this step is still a long way off.
Where are my Notes stored?
Your Notes live in your Note wallet on Republic. While you may one day be able to move Notes between individual users' wallets, there’s currently no way to move the Notes off the Republic platform.
To be specific: Notes are stored in a manner that protects them from hackers but also prevents you from controlling them without Republic's consent.
“Coming soon?” Why isn’t the Note shipping with a tie to the value of the Republic portfolio today?
Launching a security tied to our earnings is no small feat.
Developing a token backed by our expected earnings is a tremendous and novel technical, regulatory, and economic project — for better and worse, we’re really trailblazing this type of blockchain implementation.
For these reasons and more, we believe this Note launch will teach us a lot about how people like you earn, use, and talk about your Notes. This, alongside the work of the best economic, legal, and technical minds, should give us everything we need to make great decisions towards developing a truly rewarding Note.
Have feedback for us already? Let us know in the comments!
Using the Note
What benefits does the Note offer?
For now, the Note’s levels — from Gray to White — represent various types of access to events, investment opportunities, and our network. More perks will be added over time, but for a full and updated list of benefits, see your Earn page.
How do I earn Notes?
You’ll earn Notes every time you invest in an active Republic campaign, refer a friend to join Republic, introduce a startup that runs a campaign of their own — and more. We call on-platform activities that earn Note rewards Bounties — and you can see them all on the Earn page here (requires login).
For a short time, you’ll earn 10 Notes for every friend you refer to sign up, and all Bounties will pay out increased rewards during our launch campaign.
Ok, but how do I earn as many Notes as possible?!
That’s the attitude! To maximize your Note earnings, you’ll want to try to complete as many Bounties as you can during the short 2x earnings boost period — and to really power up your earnings, refer your friends to sign up. The limited time 10 Note referral bonus remains one of the best ways to earn Notes and quickly move up the ranks.
Find your referral link and a list of all available Bounties on the Earn page.
When will I receive my Notes?
You receive Notes into your Republic wallet as soon as you earn them — though you’ll need to confirm your email address before you’ll be able to claim them. Certain bounties are subject to a planned delay, such as Notes earned for investing in a Republic campaign, which are disbursed soon after the campaign ends successfully.
The Crypto Spring
I thought crypto was over. Why launch a token now?
The crypto hysteria is finally over, yes — but thankfully, the last boom/bust cycle still left us with substantial public awareness of cryptocurrency. We see an opportunity for the Note to create immediate benefits today (ie increased engagement between founders & investors), but also chart a path towards creating significant long-term value financially and technically.
Today is Day 0 of a long-term bet on asset tokenization — from land and major brands today, to entire investment portfolios and even returns of individual companies.
I’ve never used crypto — what do I need to know?
Right now, not much — just what it is and where it’s stored (a digital asset that lives only on Republic), and that it’s a few technical and legal abstractions from being a fully fledged cryptocurrency. It’s our plan to develop the Note into an ingenious but approachable crypto product, but until then, if you understand frequent flyer miles, you’ll have a fairly intuitive grasp on the Note.
Can I make money selling the Note?
No, the Note is currently illiquid, and exists only your the Republic wallet — though we’re working on plans that may change that. There’s currently no way to trade or sell the Notes, and it has no economic value.
Is the Note a utility token?
No. Because the Note remains under Republic’s custody on the platform, thus can’t be traded, and has no economic value, we do not believe the Note to be a security token or a utility token.
Though the token offers practical benefits, like a better investor experience on Republic, we consider these on par with “loyalty points,” not a true utility token.
Which blockchain or platform is the token launching on?
The Note is not yet connected to a public mainnet. We’re considering industry-leading solutions to formally deploy the Note on a blockchain, including our partners at Stellar and Binance.
When do you expect to link the Note to a network, and let me take custody of it?
We expect to link the Note to a blockchain in 2019, which should allow you to claim custody of your Notes, but this is not guaranteed and you should not try to earn or use Notes if your goal is to ultimately take custody of your Notes.
Will I need to complete Know Your Customer (KYC) or Anti-Money Laundering (AML) checks to claim my Notes?
As Notes are not securities, do not trade, and offer no claim to any economic value, the current answer is no, you will not need to complete KYC or AML. You will, however, need to confirm your email to claim your Notes.
Should Republic successfully transition the Note we’re launching today a security, it will be necessary for you to complete KYC and/or AML, and subscribe to a distinct securities offering, in order to take custody of your Notes.
Our terms of service don't allow an individual to use multiple accounts to claim bonus Note rewards — but should someone hypothetically accrue many accounts with large Note pools, the requirements of KYC/AML would make it impossible for them to claim Notes from more than one account. In short, don't waste your time.
Will I have to pay taxes on Notes I earn?
The Note currently does not represent an asset nor claim to earnings, you are not buying nor selling it, and it has no inherent economic value - so no, you will not be responsible for any taxes on Notes you earn today.
There may be tax ramifications from receiving any cash, perks, or benefits associated with the Notes, but Republic cannot provide any tax guidance. Please consult your tax adviser.
Did we miss your question? Let us know in the comments below and we'll credit you if we add it to our list above.
Disclaimer: The Note does not entitle you to any asset, economic right, governance right, interest or other item that could lead you to expect to profit from the Note, and no such rights are guaranteed in the future. You should not interpret any discussion of future development plans with respect to the Note as a promise of economic value or potential profit. Any such development plans are subject to a number of risks and uncertainties, may not be completed, and may be modified or terminated in Republic’s sole discretion at any time. Claiming any future asset tied to revenue or earnings would require participating in and meeting all the requirements of a securities offering, and such an offering is not guaranteed, nor can your participation be assured.
Although the Note may not at this time constitute a “security” under our view of applicable laws and regulations, Republic is conforming to the standards of testing the waters under Regulation A of the Securities Act of 1933, as amended (“the Act”). This process allows companies to determine whether there may be interest in an eventual offering of its securities. Republic is not under any obligation to make an offering under Regulation A. Republic may choose to make an offering to some, but not all, of the people who indicate an interest in investing, and that offering may not be made under Regulation A. For example, Republic may determine to proceed with an offering under Rule 506(c) of Regulation D, in which case we will only offer our securities to accredited investors as defined by Rule 501(a) of Regulation D.
If and when Republic conducts an offering under Regulation A, it will do so only once (i) it has filed an offering statement with the Securities and Exchange Commission (“SEC”), (ii) the SEC has qualified such offering statement and (iii) investors have subscribed to the offering in the manner provided for in the offering statement. The information in the offering statement will be more complete than the test-the-waters materials and could differ in important ways. You must read the offering statement filed and qualified with the SEC. No money or other consideration is being solicited for our Regulation A+ offering at this time and if sent in to Republic will not be accepted. No offer to buy securities in a Regulation A+ offering of Republic can be accepted and no part of the purchase price can be received until Republic offering statement is qualified with the SEC. Any such offer to buy securities may be withdrawn or revoked, without obligation or commitment of any kind, at any time before notice of its acceptance given after the qualification date. Any indications of interest in Republic offering involves no obligation or commitment of any kind.