> ## Documentation Index
> Fetch the complete documentation index at: https://docs.star.fun/llms.txt
> Use this file to discover all available pages before exploring further.
# Ownership
An internet round token is backed by two structures that work together: **Bedrock**, which ties the token to real company equity, and **decision markets**, which govern how the project's treasury is spent. Bedrock gives holders exposure to the upside; decision markets protect that capital.
Equity-backed tokens. An enforceable, legal claim on real company value.
Market-based treasury governance - backers get a board-like say over how funds are spent.
## Bedrock
Bedrock is a standardized legal infrastructure layer that connects tokens to real-world equity. It gives founders a fast path to launch and gives token holders enforceable protections - without taking control away from the founder.
Each project carries an explicit **equity figure** (e.g. *10% equity*) that the token is backed by.
### The structure
The founder's company. Holds IP, signs contracts, and runs operations.
Holds the project's equity link (1-30%, typically 10%) via preference shares.
An independent entity that enforces token-holder rights when needed.
The standard structure is a **BVI** project company paired with a **Cayman SPC**. It can also be
set up as a **Delaware C Corp** or another structure on request.
Bedrock enforces a strict sequence so funds are never at risk before the company legally exists:
Run your internet round. Funds are held securely during the raise.
Once your raise succeeds, complete the KYC and incorporation form from your founder dashboard.
The company is then incorporated (a BVI project company with a Cayman SPC). If incorporation
fails, funds are refunded and the token never goes live.
The equity-backed token goes live and starts trading.
### Ownership and control
* **Founders keep everything outside the equity link (90% at the standard 10% link) and full operational control.**
* **Bedrock holds minority preference shares** with no day-to-day control.
Bedrock only intervenes in cases of **fraud, misuse of funds, or unauthorized value extraction**. It does *not* intervene in failed startups, token price drops, or normal business decisions.
* A real legal counterparty behind the token
* IP legally owned by the company (not the founder personally)
* Enforceable protections via the Foundation
* A funded litigation mechanism, at no cost to holders
If a founder commits fraud, there is recourse. If the company is acquired, value flows through equity. If the project simply fails, there are no guarantees - it's still a startup.
Bedrock aligns tokens with equity through a built-in acquisition path:
* Acquire **30%+** of tokens, then buy the remaining supply at a premium, then receive equity.
* Acquire **100%** of tokens, then receive the full Bedrock equity stake.
Any acquisition flows through the token, so holders benefit from buyout premiums - and founders can cleanly exit the structure if needed.
Founders must assign all IP to the company, keep company and personal funds separate, avoid regulated activities (e.g. custody or exchange) without licenses, and stay compliant with local tax obligations.
## Decision markets
Decision markets govern how a project's **treasury** is spent - raised funds, trading fees, and revenues. For founders, think of them as a way to **align your investors with the business, much like a board**: backers get a structured, market-mediated say over major decisions, rather than relying on founder discretion alone.
Day-to-day operations stay with the founding team. Decision markets are scoped to high-impact choices like treasury allocation and structural changes.
### How they work
Token holders with at least **5% of supply** can create a proposal.
The proposal runs as a market on [combinator.trade](https://www.combinator.trade/). Participants
put capital behind outcomes, producing a real-time signal on which decisions are expected to
maximize long-term value.
The market outcome determines whether the treasury action is carried out.
### Founders can propose too
As a holder, you can create proposals as well - for example, to **increase your weekly allowance** to a larger amount, or to **shift to a different funding structure**. Like any treasury decision, these go to the market rather than being changed unilaterally.
### What this gives investors
* **Restricted founder control** - funds can't be unilaterally extracted or major decisions forced through.
* **Transparent capital flows** - treasury usage is visible and governed by predefined mechanisms.
* **Continuous signal** - backers can react as information changes, not just at periodic governance windows.
For projects that haven't launched their token yet, treasury and IP are governed by decision
markets in a slightly different way - see [Curated raises](/founders/curated-raises).