💻Digital First

Our vision for X Corporations entails the provision of self-service registration for corporate entities, allowing founders and business owners to accomplish entity registration in a matter of minutes or hours, as opposed to days or weeks. Digital incorporation affords entrepreneurs and business owners the ability to rapidly create entities, without incurring the added legal costs that come with other registries. Additionally, digital payments can be handled seamlessly through a single console.

Advantages:

• Transparent - Seamlessly publish public records and references, while keeping important information private.

• Paperless - Reduce paperwork to zero, while massively improving user experience.

• Flexible - Allow companies to create different types of entities and verify information proactively for their businesses.

• Interactive - Enable accounts to directly interact with government offices within a unified system with a simple user experience.

• Secure - End-to-end data security and optional on-chain record keeping.

• Dynamic - Opportunity for the creation of smart entities with enhanced capabilities (e.g. Web3 wallets, income sharing agreements, treasury management, etc.)

Example Approval Procedures with Registered Agent:

Root users will go through a rigorous KYC check when first registering an entity. Once verified and approved on the platform, they will be able to generate new entities on the fly, enabling the creation of smart dynamic entities the same way a developer today would spin up a new EC2 instance in the cloud. This dynamic environment for entity creation will support a much wider range of entity formation needs, from sophisticated multi-shareholder corporations, to personal incorporation and special purpose vehicles created for ephemeral business dealings.

“Personal incorporation may become more popular. With fewer full time jobs and more startup/crypto/gig/remote work, individuals are dealing with more complex P&Ls than ten years ago.”

- Balaji Srinivasan

Future Technology Applications:

- Secure digital ledger for on-chain incorporation and immutable record storage

- Private keys for login and verification of important activities

- Crypto as banking rails (digital bank account, digital currencies for transactions)

- Provable assets/holding (proof of reserves)

- Fractionalized ownership, smart entities (+ certified pro-rata distribution vehicles)

- Voting mechanisms for corporate governance

- Pseudonymous ownership (necessary information will be held, but not revealed publicly, cryptographically provable), balancing security, transparency, and privacy.

- On-chain data repository, secured by blockchain technology

- Network of trusted authorities, checking and verifying select company information

- Stackable corporate entities with pre-defined X2X relationships via smart contracts