Introducing Reveel Protocol
0xD6d0
October 4th, 2022

We started Reveel to empower creators & enable Web3 collaboration through transparency & equity. We believe we can best do that by helping creators & their collaborators share income in the smoothest way possible.

With an initial prototype that allowed collaborators to share on-chain revenue on a percentage basis, we were able to test the needs of creators & better understand the various use cases for revenue sharing, including the largest on-chain split to date.

We quickly scaled to over 200 recipient wallets and helped Web3 creators automate over 300 fund distributions in trustless and disintermediated way. These learnings helped us grasp the full extent of what revenue share agreements can be. We’ve translated these learnings into product and we’re excited to announce our first version of the Reveel Protocol.

Introducing Reveel Protocol v1

The Reveel Protocol v1 is our first foray into revenue sharing for real world businesses & use cases. Through the construction of this initial version we fully engrossed ourselves in the revenue sharing space & its problem set, to solve real user experience problems for splitting revenue across complex agreements.

We believe this revenue share protocol is the first step towards a long-term solution for on-chain & off-chain businesses and we’re building with the finish line in mind.

Whether it be record label deal, agency deals, referral programs, event production, platform ads revenue, or simply a collaboration between creators, revenue share agreements are often much more complex than simply dividing revenue on a percentage split basis.

Agreements often have milestones with different recipients earning different payouts each time a milestone is hit. We call them tiers.

1. Tiers - Enabling complex revenue sharing

The Reveel Protocol v1 introduces Tiers, a simple way to set different splits based on the amount of revenue generated.

For instance a Revenue Path can be designed to send the first 2 Eth to Alyssa.eth (100%), so that she can recuperate her initial investment in the production, and then split ans further income evenly between Alyssa.eth (50%) & Benny.eth (50%).

Example of a Revenue Path using Tiers
Example of a Revenue Path using Tiers

Tiers can be leveraged to:

  • recoup advances

  • set different splits for primary vs secondary sales

  • design splits that evolve over revenue milestones

  • cap earnings for certain recipients

Users can set as many tiers as they need. Each Tier has a Tier Limit that defines the amount of funds that will be distributed through that Tier’s logic. Each tier can hold 1-n recipients, for which the total splits have to equal 100% within each tier. After all tier limits have been met, funds will flow through the Final Tier or Final Distribution, which will distribute funds indefinitely.

We believe Tiers brings on-chain revenue sharing to the next level and will further enable creators to collaborate in a trustless and transparent way.

The Reveel Protocol is available in our public repo. Here are the high-level details:

2. Permissionless

We believe in an open future. This why the Reveel Protocol is open source.

Anyone can leverage the protocol to create their own on-chain revenue share smart contract and developers can leverage the protocol to build simple payout functionalities for their users.

3. Adding 1% fee on Revenue Paths with Tiers

We’re working towards building the most robust and exhaustive revenue share protocol and we intend to be here for the long-haul. That’s why we’re adding a 1% fee on funds that are processed, only when advanced features like Tiers are activated. These funds help us fund ongoing development.

The basic no-tier revenue sharing will always remain free.

4. Creator-owned & non-upgradable

When a user creates a Revenue Path, that user becomes the owner of that Path. Reveel does not retain any ownership or rights to that Path.

Furthermore, the Reveel Protocol is non-upgradable, meaning that Reveel can not change the protocol or the Revenue Paths deployed by its users. If you deploy a path today that path is yours. Forever.

5. Composable, extendable, standardized

Smart contracts are  building blocks and we built Reveel Protocol with that in mind.

Revenue Paths are composable. They’re designed to be plug’n’play with other smart contracts. Also, a Path can feed into another, creating a hyperstructure for revenue sharing.

The protocol is also extendable, allowing anyone to build upon our code and develop solutions by leveraging the Reveel Protocol.

6. Gas-efficient - no distribution fee

Every extra gas cost is money that creators can’t collect. That’s why we know that solutions for creators have to be as gas efficient as possible.

Our protocol v1 is built to minimize transactions, thus minimizing gas fees. We do that in two ways:

  1. Direct Access to Earnings: The protocol does not require any intermediary distribution transaction for recipients to access their earnings. This means that as soon as revenue arrives in a Revenue Path, it is immediately available to withdraw. Avoiding a “distribution transaction” allows Reveel to reduce gas costs for users.

  2. Batch Withdraws: Users can batch withdraw from multiple Revenue Paths in a single transaction. This ensures that gas fees do not occur for each single release from a Revenue Path to the user’s wallet, but rather batches these transactions into one.

We are continuously working to improve our gas efficiency and reduce the overall cost of the protocol.

7. Fully decentralized

We believe in the power of decentralization and have designed our smart contract architecture to reflect that.

Each Revenue Path operates in a fully decentralized and autonomous way. Funds are sent to it and are withdrawn from it, arriving directly in the user’s wallet. Access to your funds is never dependent on any third party contracts or agreements. You can withdraw funds whenever & wherever you want.

In other words, funds that are processed through the protocol only go through your self-owned & controlled Revenue Path, without ever passing through a Reveel owned contract.

Reveel Platform & Reveel Protocol

The Reveel platform, a revenue management tool for Web3 creators that incompases Revenue Paths, NFT Sales Analytics, and Collector Insights, will start leveraging the Reveel Protocol immediately.

Creators who wish to use Revenue Paths can deploy them directly from the Reveel app.

Developers can use the protocol to power their own applications with the most advanced revenue sharing and creator payout features in the market. The code is available in our public repo.

It takes a village

Over the past couple of months we learned so much, thanks to the amazing community around us and all the creators & companies who help us learn and grow everyday.

We especially want to thank all the artist & collectives who took time to use Reveel and share feedback with us: BlackDave, Tarot, Karma & Violetta and the whole WavWRLD fam, Dayo and the Glass fam, TK, Griffter, Genzo, Aurora Mendez, Jadyn Violet, Wymn, Cam Murdoch, AbJoDonavan, Pinder and the Venice Music fam, the ChillRx fam, NiftySax, Aluna and the Route fam, Dyl, Harrison First, Sophia Alexa, Xcelencia, Sammy Arriaga, Mark de Clive-Lowe, Violetta Zironi, Reo Cragun, Jon Waltz, Lackhoney, the Dreams Never Die fam, and the many more who share their thoughts with us.

We have much more to come and we’re always open to hearing your needs. So stay tuned and feel free to reach out to our team on Discord & Twitter.

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