Methodology
How the scores are produced
The registry mixes structured research, directional valuation context, and a deliberately explicit technology thesis. The goal is not sterile objectivity. The goal is auditable judgment.
Core principles
Metric definitions
Moat
Moat
How difficult the company is to dislodge with product, distribution, or regulatory pressure.
Decentral.
Decentralizability
How feasible it is to replace the company’s core value capture with open-source, self-hosted, federated, or Bitcoin-adjacent alternatives.
Profit
Profitability
Editorial score for profit quality and staying power rather than a single accounting ratio.
P/E
Price / Earnings
Approximate forward or blended price-to-earnings snapshot for context, not a precise valuation service.
Mkt cap
Market cap
Approximate equity value snapshot in USD.
IPO cap
IPO market cap
Approximate equity value implied at the IPO using the offer price and post-offering share count.
IPO x
IPO return multiplier
Current market cap divided by the company’s IPO market cap.
IPO CAGR
Yearly market cap growth since IPO
Compound annual growth rate of market cap from the IPO date through the current market cap snapshot.
Freed cap
Freed-up capital potential
Derived estimate of how much market value could be challenged if open, automated, and decentralized substitutes ate away at the rent-heavy parts of the business.
Technology-wave assumptions
These are the repo's declared biases. They prevent the writing from quietly smuggling in a static-world worldview while pretending to evaluate decentralization objectively.
Additive manufacturing
3D plastic and metal printing keep collapsing the minimum viable factory into something much smaller, cheaper, and more local.
- • Hardware moats tied to long-tail spare parts and custom enclosures should weaken over time.
- • Localized production improves resilience for niche components and repair ecosystems.
- • Software plus design-file control can become as important as physical inventory control.
Printed electronics and PCB tooling
PCB fabrication, chip packaging, and increasingly automated electronics assembly continue shrinking the distance between prototype and local production.
- • Incumbents with hardware lock-in should be evaluated against a future of much cheaper custom electronics.
- • Pick-and-place automation lowers the coordination cost for distributed manufacturing cells.
- • The most durable hardware moats may migrate toward fabs, ecosystems, and compliance rather than assembly itself.
Microfactories and automated mini-home production
Small, software-defined manufacturing cells could make localized production less eccentric and more default.
- • Products with heavy branding but generic bill-of-materials profiles look increasingly vulnerable.
- • Logistics moats still matter, but their margin for arrogance should narrow.
- • Open-source production recipes can pressure both price and product differentiation.
Printable solar, localized wind, and home energy stacks
Cheaper distributed generation and better local energy management create more openings for community-scale infrastructure and self-custodied resilience.
- • Energy-related products should be viewed through interoperability and open-control surfaces.
- • Battery, charging, and home automation layers are increasingly separable from single-vendor stacks.
- • Incumbents that depend on closed energy ecosystems may look less inevitable over time.
Bitcoin and Lightning as coordination rails
Proof-of-work economics, programmable payment flows, and anti-spam pricing make more digital systems capable of rewarding signal while resisting abuse.
- • Platforms that monetize gatekeeping could face pressure from protocol-native payment and reputation layers.
- • Micropayments can replace some ad-funded or subscription-heavy distribution models.
- • Open systems with credible anti-spam economics deserve a higher decentralizability score than legacy software assumptions suggest.