Research notes · water, commons, money
Jeff Emmett
I work on how groups decide things and how they pay for them. In practice that has meant building models — of funding mechanisms, of voting mechanisms, and of the institutions wrapped around both — with BlockScience, the Commons Stack, and communities trying to run something they collectively own.
The through-line is feedback. Commons fail in slow, legible ways: a rule nobody is able to revise, a treasury steered by whoever is loudest this week, an archive that vanishes when a hosting bill lapses. Everything below is an attempt to make that kind of failure visible early enough to act on, whether the subject is a bonding curve, a delegation graph, a fungal network or a water system for five Ontario towns.
Five lines of inquiry, in the order they tend to come up. Each has the models and the papers attached.
Governance is a feedback problem before it is a voting problem
A vote is a sensor reading. What decides whether an institution works is the loop around it.
Most arguments about decentralised governance are arguments about ballots: who gets one, how they are weighted, how the count is protected. That is the smallest part of the problem. A vote tells you something about a group at one moment and says nothing about whether the thing being voted on will do what its sponsors claim. The part I keep working on is everything around the ballot: what the institution measures, whether a proposal is simulated before it is enacted, who can run that simulation, and what the institution is obliged to do when the outcome disagrees with the forecast.
This is old ground, which is the useful thing about it. Stafford Beer's viable system work described organisations as regulators with sensors, models and actuators decades before anyone put a treasury on a blockchain, and Elinor Ostrom's design principles are not moral advice but an empirical account of which feedback structures survived centuries of use in real commons. A great deal of what DAOs have discovered since 2016 is a partial rediscovery of both, usually without the parts that made them work: monitoring, graduated sanctions, and a way to revise the rules without a crisis.
Computer-aided governance is the practical version. Observe the system, ask a question that has an answerable form, map the causal structure, model it, present the model in a form a non-modeller can argue with, debate it, enact something, then keep monitoring — and expect to go around again. Model-based institutional design is the same commitment stated as engineering: an institution has a specification, the specification can be wrong, and finding out that it is wrong should not require the institution to fail first.
The limit is worth stating plainly. A model is a claim about the world made by whoever built it, and a simulation only its designers can run is an authority claim wearing a lab coat. Publishing the model, its parameters and its failure modes is part of the governance, not an engineering afterthought. That is why the models on this site are open, and why I would rather ship a simple mechanism people can audit than an elegant one they have to trust.
What a token is for, decided at the moment it is created
Fixed supply forces every change in demand into price. Parameterised issuance gives a community somewhere else to put it.
Almost every token of the last decade shipped with a fixed supply and a market to trade it on, which means demand has exactly one place to go. A bonding curve changes the question. Tokens are minted and burned against a reserve along a published function, so part of a demand shock is absorbed by supply instead of price, and the terms are known in advance by everyone rather than discovered by whoever is fastest.
An augmented bonding curve adds the part that interests me: a share of each purchase is routed into a common pool that the community governs, and there is a cost to exit early. Funding for shared work then comes from the act of joining rather than from a grant round or a sale of the commons to whoever will write the biggest cheque. Combined with conviction voting on the outflow, you have a funding loop that does not need a foundation sitting in the middle of it.
The same surface carries other instruments. Alpha bonds attach a live risk signal from a prediction market to the curve, so impact finance prices delivery risk instead of assuming it. Flatcoins ask what a stablecoin should be stable against, given that the currency it pegs to is itself losing purchasing power, and answer with a controller rather than a promise. Automated regression market makers handle assets that are not interchangeable — renewable energy credits, carbon offsets — where a conventional market maker has nothing to quote. Community inclusion currencies, studied with Grassroots Economics from real Kenyan transaction data, do the same work where there is no bank.
What these share is that the parameters are the policy. A curve does not create demand and will not rescue a project nobody wants; what it does is determine who bears which risk, and on what schedule. Most failures I have watched were parameter choices made by intuition, which is the argument for simulating the thing before anyone's money is inside it.
price moves as reserve^(1−1/κ) — lower κ is flatter
share of each buy routed to the common pool
- Price
- $1.84
- Token supply
- 368,782
- Reserve
- US$340,000
- Common pool
- US$60,000
1.84× open
redeemable at any time
funds the commons, not the exit
- Price
- $16.00
16.00× open
The same US$300,000 moves a fixed-supply market 8.7× further. When supply can't respond, price absorbs everything — which is the volatility, and the incentive to exit early.
Decisions that accrue instead of decisions that are called
A deadline tells an attacker exactly when to show up. Removing the date changes who has to be present.
Conviction voting replaces the ballot with an accumulator. Support for a proposal builds the longer it is held and decays when it is withdrawn, following an exponential kernel with a half-life the community sets. Funding happens when accumulated conviction crosses a threshold that scales with the size of the request: small asks clear quickly, large ones need sustained support from many people over time. Nobody has to be online at the right hour, and a whale who shows up on the last day has bought nothing.
Two details do most of the work. The half-life is the system's response time, and it is a real trade-off rather than a tuning constant. Short enough that a bad delegate can be voted out this week, long enough that the treasury does not track every mood swing. And aggregating supporters by the square root of their conviction means a hundred people giving one unit each outweigh one person giving a hundred, which puts a price on splitting yourself into a crowd.
Osmotic governance extends the same idea to delegation. Rather than handing a proxy your whole vote, weight flows across the community graph the way a solute crosses a membrane: partially, continuously, down a gradient, and specific to a domain, so the person you trust on infrastructure is not automatically trusted on grants. Viscosity — the conviction half-life again — sets how fast that redistribution can happen, and a concentration cap keeps any one member from holding more than a set share of total power. The implementation lives in rSpace and runs the same maths as the funding side.
There is a cost worth naming. Continuous governance asks for continuous attention, and most people do not have it; delegation is the pressure valve, and it is also the most likely failure mode. Related designs — neural quorum governance, polycentric arrangements with several overlapping decision centres instead of one — are mostly different answers to that same shortage of attention.
Keep the wiki archive online for a year
asks 2% of pool · threshold 617Six months of contributor stipends
asks 8% of pool · threshold 1,389Buy the building outright
asks 15% of pool · threshold 8,000conviction half-life ≈ 6.6 days
c(t+1) = α·c(t) + stake max = stake / (1 − α) thresh = ρ·S / (1−α) / (β − r/f)²
Move a slider and watch what doesn’t happen. Support has to be held, so buying influence the day before a vote buys nothing — there is no vote to be the day before.
Pull your stake off a proposal and its conviction bleeds away at the half-life above. Attention is the cost.
The third proposal asks for 15% of the pool against a β of 20%. Its threshold is roughly 13× the first proposal’s for 8× the money. Large asks get expensive faster than they get large.
Reading fungal networks as engineering literature
Five hundred million years of distributed resource allocation, treated as a reference design rather than a metaphor.
A mycorrhizal network moves carbon and nutrients between organisms that are not related to each other, routes more of it toward whatever is currently scarce, holds reserves through the season when nothing is growing, and quietly abandons connections that have stopped carrying anything. There is no centre, no ledger and no price. Local rules, applied at every junction, produce an allocation that a central planner would struggle to match — and the network's own structure is the memory of which routes worked.
MycoFi, the book I wrote with Jessica Zartler and Sadie Morris, works through what that implies for economic design. The sharpest contrast is monoculture against permaculture: one currency optimised for one kind of exchange, against many currencies suited to the exchanges actually happening in a place — mutual credit between businesses that trust each other, demurrage on money that should circulate rather than sit, community currencies where the national one is scarce. Monocultures are efficient right up to the point where the single crop fails.
The governance side of the same idea is institutional neuroplasticity: whether an organisation can still change shape after it has succeeded, or whether success has hardened it into the form that happened to work once. Myco-mutualism asks the narrower question of what it takes for exchange between unlike parties to be worth repeating, which turns out to be most of what a commons needs to settle.
I try to be careful here. Biology does not validate a mechanism; a fungus is not a proof. What it offers is a structure worth testing and a set of questions a market usually forgets to ask: what does this economy hold in reserve, where does surplus go when things are good, and what happens to a connection that stops carrying anything. The answers still have to come from a model and a deployment.
Exit is a governance mechanism, and it runs on data portability
If members cannot leave with their history, voice is all they have left, and voice without exit is petition.
Ostrom's first design principle is a boundary: a commons needs to know who its members are. The corollary gets less attention. A boundary only means something if crossing it in the other direction is possible, and in a digital commons that depends entirely on whether your identity, your documents and your relationships can move. Interoperability is usually filed as an engineering concern. It is a constitutional one.
rSpace is where I work on that. Data is local-first: documents are conflict-free replicated types held on your device and encrypted before they sync, so the server stores ciphertext and acts as a peer rather than a gatekeeper. Identity comes from a passkey on hardware you own, which derives the keys, the DID and the wallet rather than storing an account somewhere on your behalf. If the host disappears, the data does not.
Underneath sits a holonic data model. Every item is a small content-addressed document that can carry a reference to its own definition, so a peer handed a kind of object it has never seen can resolve the definition and install what it needs to interpret it — the loop Ceptr specified years ago and almost nobody closed. The practical payoff is that dozens of apparently different collections collapse into one store with an axis, links and a lens over it, and a document written in one application stays legible in another.
The economic layer is built the same way. rFlows models funding as sources, funnels and outcomes with conservation enforced at every tick, so every unit is accounted for and rate changes are gated by conviction rather than by an administrator. Alongside it, the issuance layer treats cash, credit, equity, insurance and reputation as coordinates in one issuance space instead of separate products. And the least glamorous part of the work is the part most likely to matter in twenty years: keeping the P2P Foundation's 41,500-article wiki online with public dumps anyone can mirror, so the research record does not depend on my hosting bill.
The Living Waters Pipeline
Five Ontario towns, one 57 km pipe, and the version of the plan a forest would have drawn.
Ontario proposed to solve a water shortage across five towns by pumping Georgian Bay through a single 600 mm pipe for 57 kilometres. Between March 2022 and September 2023 the estimate went from $121M to $270M for a system with no redundancy: one pipe, one source, five dependent towns.
The alternative borrows the arrangement a forest already uses. Collect locally, buffer underground, filter through living systems, and connect the towns so that supply can move in whichever direction the shortage is. Each of the four strategies has a working precedent — the SEQ Water Grid in Queensland, managed aquifer recharge at Virttaankangas in Finland, cold-climate wetland performance from Fleming College’s CAWT, and forty-five years of tracer data from CFB Borden — and the permitting path stays inside Ontario’s existing MECP framework. It won the 2026 Biomimicry Commons B-Prize.
Modular ultrafiltration + UV trains at existing well sites in Stayner, Angus and Alliston, 4,500–9,000 m³/d each. Like every tree relying on its own root system: an intake icing event or algae bloom at one site stops cascading across five communities.
- Capacity
- 13,500–27,000 m³/d
- Pilot
- $3.5–5.6M
- Angus — 1,500 m³/d UF+UV
of 27,000 m³/day needed
02031 gap · 27,000
13,500 m³/day residual — covered by retaining partial capacity at the Collingwood plant rather than the full $270M build.
- Supply paths
- N = 4
- Cost to prove it
- $3.5–5.6M
The centralised proposal went from $121M to $270M in eighteen months. Levelised cost of water lands roughly 40% lower distributed, at $5.5K per m³/d of capex against $10K centralised.
Mechanisms, with the maths attached
Seven models I maintain or co-authored. Two of them run in the browser on this site.
- M1
Conviction voting
How long does support have to be held, by how many people, before a request of a given size is funded?
cadCAD (Python) for the original release; TypeScript in rSpace for the live substrate
- M2
Osmotic governance
What happens to voting power when delegation is partial, continuous, domain-specific and capped?
TypeScript — the osmotic governance module in rSpace, with the governance router
- M3
Augmented bonding curve
How much of a community's inflow can be diverted to shared work before joining stops being worth it?
cadCAD, with the interactive version on this site
- M4
Flow funding (rFlows)
Where does money actually go when funding is modelled as a flow with conservation enforced at every step?
TypeScript — modules/rflows in rSpace, with a conservation auditor in the test suite
- M5
The issuance spectrum
Can cash, debt, equity, mutual credit, prediction shares, options, insurance and reputation be minted by one layer?
TypeScript — the issuance and settlement modules in rSpace, exposed over HTTP and to agents
Papers, essays and one book
A selection. The full index runs from the 2019 token engineering essays through the BlockScience research of the last five years.
- Challenges and Approaches to Scaling the Global Commons
Frontiers in Blockchain 4:578721 · 2021
- Exploring MycoFi: Mycelial Design Patterns for Web3 & Beyond
Book, readable in full online · 2024
- BlockScience as a Cybernetic Organization (Cyb-Org)
BlockScience · 2024
- Computer-Aided Governance in Action: Steering Complex Systems Using the CAG Map
BlockScience · 2022
- Flatcoins: Inflation-Adjusted Stablecoins
BlockScience · 2023
- From Monoculture to Permaculture Currencies: A Glimpse of the Myco-Economic Future
BlockScience · 2023
- Conviction Voting: A Novel Continuous Decision Making Alternative to Governance
Giveth · 2019
Also on Google Scholar and at All Things Decent.
Talks, with the decks self-hosted
Recordings where they exist, decks where they do not. No slide host in between.
Exploring MycoFi
Devcon 7, Bangkok · 2024
Building Community Resilience in an Age of Crisis
re:publica · 2025
Fungi to Finance: Mycelial Patterns in Governance
Entangled Futures · 2025
Move Slow & Fix Things: The Commons Stack Design Pattern
ReFi Unconf, Commons Hub Austria
Exploring Polycentric Governance in Web3 Ecosystems
OpenWeb Hackathon
MycoFi at the CoFi Gathering
Greenpill Network
Things I keep online
The part of commons work nobody writes papers about: running the servers, taking the dumps, keeping the archives reachable.
P2P Foundation
Twenty years of commons research that was one hosting bill away from disappearing. Now self-hosted, dumped weekly, and mirrored.
rSpace
The local-first substrate the interoperability work runs on: your data on your device, encrypted before it syncs, with the server acting as a peer rather than a gatekeeper.
Cosmolocal Foundation
Standing up infrastructure for the Foundation as it forms — site, blog, docs — so the organisation has somewhere to be before it has staff.
MycoFi
The mycelial economics work, in the places it needs to live: a book, a zine press, a stack.
Commons & research venues
Infrastructure for the communities this work happens inside.