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Changelog

We version the document like software, and we publish the notes. Every change to the white paper and the site is logged here so the team and the public can see exactly what moved, and when.

Download White Paper v7.0 (PDF)Word (.docx)Litepaper v7.0-S (PDF)

  1. Notes Structure & listings working session

    Site & ResearchJuly 28, 2026
    • Held a working session on token structure, venue strategy, and jurisdiction, with one aim: balance legitimacy with liquidity and reach for the long-term health of the protocol.
    • Reaffirmed the compliance-first spine: an on-chain claim on real cash flow is treated as a security in most jurisdictions, and we would rather earn trust by embracing that than route around it.
    • Mapped the venue plan across regulated DLT and security-token venues, and the division of labor between $NPKN and the future RSX and community layer, all to be confirmed with securities counsel jurisdiction by jurisdiction.
    • Warmed the homepage narrative (scale and founder-liberation framing) while the structure decision is finalized with counsel.

  2. Team The $NPKN Friends Dream Team

    Site & ResearchJuly 28, 2026
    • Assembled a proposed advisory network of 23 verified crypto operators, founders, and researchers across five capacities (capital markets, DeFi, engineering and security, RWA and credit, community), each credential independently checked.
    • Added Christopher Hughes, an early Ethereum engineer, to the engineering bench; published an unlisted, non-indexed Dream Team page for prospect outreach.
    • Completed an internal Social Circle review of 2,817 network connections, tiered and scored for the launch, held for management review.

  3. v7.0-S Litepaper: The Advisory Network

    White PaperJuly 28, 2026
    • Litepaper refreshed to v7.0-S: a new Section 7 introduces the proposed $NPKN advisory network across five capacities, alongside the firms already named as partners.
    • Companion-document references updated to White Paper v7.0.

  4. v7.0 Launch Operations & Market Integrity

    White PaperJuly 28, 2026
    • New Section 10.5 to 10.10: a full launch-operations doctrine, drawn from a study of market-maker practice, exchange requirements, and securities law.
    • The Liquidity Reserve: an authorized 5% ceiling with its decomposition published; all liquidity covenants denominated in percent of free float, with a hard cap of 2% per market maker and 4% across all of them.
    • Market-maker standards: retainer-only contracts, named firms, no loan-plus-option structures, no side investment, with published depth, spread, and uptime targets.
    • The Stabilization Program: a disclosed, legal greenshoe run under the EU market-abuse safe harbour, the first of its kind for a token launch.
    • Launch sequencing, a pre-published token-movement calendar, per-tranche transferability calendar, treasury policy (18 to 24 months of fiat runway, payroll never funded by token sales), and a drawdown communications protocol.
    • Added to What We Will Never Do: no founder derivatives and no treasury shorting of our own token.

  5. v6.0 Figures and Portfolio Update

    White PaperJuly 23, 2026
    • Refreshed operating figures: 15 acquisitions, 16,458+ live deals, $41.4B on platform, 117,865+ deals analyzed, and a $152.5M revenue / $38.2M EBITDA consolidated run-rate.
    • Updated corporate entities, cover treatment, and a two-column table of contents.

  6. v5.0 The Conversion: Tokenized Common Equity

    White PaperJuly 21, 2026
    • Reframed $NPKN as tokenized common equity of a Canadian NewCo that owns the Napkin group: the chain owns the machine, and the IPO is rebuilt as software.
    • The Conversion in three phases: a fiat-funded voluntary tender, a court-approved plan of arrangement, then the token raise, with the iron rule that token proceeds only ever buy new companies.
    • The Nobody Loses Covenant with a Founder's Backstop, Founder-Last vesting, and the acquisition-currency flywheel as the path to 10,000 companies.
    • Launch gates G1 to G4: no TGE on promises.

  7. v4.2 The Capital Stack

    White PaperJuly 21, 2026
    • Four capital engines: the bond conveyor, common-stock equity, tokenized-share raises above NAV, and staking via Coupon Vaults.
    • Multi-currency rails, the euro-issued dollar-deployed bond drawn in tranches, real cap-table figures, and a plain-language statement of what a holder owns.

  8. v4.1 Scholarly Edition

    White PaperJuly 20, 2026
    • Cover artwork and a dedication page, plus a numbered citation system with 106 independently verified references.
    • Removed em-dashes throughout and fixed pagination so headings and tables never split awkwardly.

  9. v3.0 Full Redesign

    White PaperJuly 2026
    • Rebuilt around a security-first architecture outside the Middle East, with a real value-accrual Engine informed by a study of the top token models.
    • Added the adversarial threat model and governance framework, the Stewardship Doctrine, the total addressable market, and the RSX vision drawn from six years of archives.

  10. v1.1 Two Tokens, Two Visions

    White PaperJuly 2026
    • Separated $NPKN (the company token) from $RSX (the future exchange protocol), and refreshed the advisory board.

  11. v1.0 First Draft

    White PaperJuly 2026
    • The founding document: $NPKN as an on-chain access point to Napkin's M&A portfolio.

  12. Site Research Desk, Glossary, and Navigation

    Site & ResearchJuly 28, 2026
    • Published the Research hub, the TGE Playbook (26 launch case studies across 13 years), and the Acronyms Bible (444 defined terms).
    • Reorganized the navigation into categorized dropdowns, fixed the mobile menu, and swept em-dashes from every page.

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