Companies that build private goods have it easy. Issue stock, give investors voting rights if they want, and everyone's aligned on the same page: make as much money as possible.

But for organizations that build non-private goods, maximizing revenue can come into direct conflict with their higher level, non-financial purpose. Like when a sports team moves to a new city, prioritizing revenue over the community it serves.

A 2-token model solves this by separating these functions:

• A governance token.
  Optimized for harnessing collective intelligence and allocating shared resources effectively. The governance token powers the community's operating system, sourcing decisions that effectively create value for its shared purpose.

• An endowment token.
  Optimized for value accrual and sustainably scaling the project. The endowment token is stored in the community's battery, accumulating power the operating system needs to run.

Both tokens serve as electric current that can transfer between these 2 functions through swaps, but by separating them, they can both do their jobs better.

A good governance token reaches the people who care most about the non-financial purpose of a community. Its main goal is to power the decision mechanisms that advance the organization's mission, values, and culture.

Some key design principles for this token:

• Liquid. To make bottom-up governance and natural evolution cycles of contribution possible, and to preserve its ability to store and transfer value. For issues like plutocracy and vote-buying, we can program solutions for that in the communityOS, rather than cutting off power to the microprocessor altogether.

• Stable value. Just like how microprocessors want steady current and voltage, community contributors want stability in the economic value of their governance stake. Volatility creates unnecessary stress and undermines the community's decision-making ability.

• Dynamic Issuance. A predictable policy for ongoing token minting and distribution helps make sure the token can reliably power the OS for a very long time.

Organizations that build non-private goods usually don't have the luxury of a business model where revenue from sales exceeds expenses. An endowment helps by combining project revenue with appreciation of a portfolio of assets. And tokenizing the endowment creates a 3rd capital source through speculation from investors.

Some key design principles for this token:

• Fixed Supply. An easy way to make sure the token is a strong store of value - mint 100% of the supply at launch, with no minting function.

• Managed Liquidity. Deploy the supply into a portfolio of paired assets so it serves as an index of those tokens, targeting healthy long-term value growth.

• Revenue Receiver. Direct community revenue into the endowment by swapping and adding to the endowment token's liquidity.

With these functions separated, we're no longer building the proverbial "flying car," renowned for its fruitlessness since the engineering decisions that make a good aircraft fundamentally conflict with those of a good road vehicle.

By doing away the insurmountable engineering issues of a speculative governance token for public goods, we get to focus on the real, solvable problems still left, like:

1. How do we maintain price stability for the governance token using the endowment, while making endowment outflows for governance predictable and tunable?

2. How do we effectively govern the assets and their weights in the endowment portfolio?

3. How do we distribute governance tokens to the right people in the community?

Private Goods = 1 goal, 1 token:

• make money

Public Goods = 2 goals, 2 tokens:

• build good public goods

• make money

The time has come... to move past the toxic influence of governance tokens built to go up in price, without naively pretending these tokens have no financial value.