PraSaga Foundation ConfidentialCombined Investor Report
July 2026 — SagaChain™, six regulated‑transaction platforms, and the case for the only neutral governance rail across enterprise AI, financial controls, standards bodies, creator media, and physical infrastructure.
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Regulated transaction infrastructure across six parallel market verticals
PraSaga Foundation is the 501(c)(3) steward of SagaChain™ — regulated transaction fee infrastructure across AI governance, enterprise operations, financial controls, standards body governance, creator media licensing, and governed AI actuation for physical infrastructure (SagaAIoT™). Not software. No license. No subscription. Users pay a transaction fee to node operators for every governed transaction — the same toll‑road model as Visa, SWIFT, and Ethereum.
Investor distinction: the Foundation's TAM/SAM/SOM is measured by transaction volume and fee revenue — not by the software revenue of the vertical companies that build on SagaChain™. Builder companies pursue their own markets; the Foundation's claim is on every transaction that clears the rail, regardless of which application generated it.
The structural gap every regulated institution has
| Authorization | ✓ |
| Authentication | ✓ |
| Account management | ✗ SagaChain fills |
| Audit logging | ✗ SagaChain fills |
| Accountability (A2A & MCP) | ✗ SagaChain fills |
Architectural law: no client‑server protocol provides non‑bypassability, in any vertical. EU AI Act · SOX/ICFR · ANSI/ISO accreditation · Copyright law · Fiduciary duty — all five regulators now mandate the tamper‑evident record SagaChain provides.
US 11,436,039 (architecture) · US 11,729,001 (consensus) · Provisional 62/052,782 (all client‑server protocols, filed Apr 29 2026) — any vertical, any protocol.
Vendor‑controlled substrate won't be accepted as neutral infrastructure. IBM won't use Google's. None will use a for‑profit's. PraSaga is the only neutral answer.
EU AI Act (Aug 2026) · SOX/ICFR · ANSI/ISO accreditation · Copyright/PRO law · Fiduciary duty. Each vertical mandates proof independently — each adds transaction volume.
Three‑layer patent portfolio — NIH replication risk: very low
Object Model Architecture
Granted USPTO · September 2022 · 26 claims · Filed 2019
Covers first‑class object model on distributed ledger plus multiple simultaneous message‑passing transactions. Any implementation of non‑bypassable cross‑institutional governance using this architecture infringes.
Distributed Proof‑of‑Work
Granted USPTO · August 2023 · 22 claims
Covers Distributed Proof‑of‑Work for sharded or parallel blockchains. Directly protects SagaChain's DPOW consensus architecture — competitors cannot replicate without infringement.
All Client‑Server Protocols
Filed April 29, 2026 · USPTO Confirmation #9720
Covers all client‑server protocols — HTTP, HTTPS, REST, GraphQL, gRPC, WebSockets, A2A, MCP. The architectural principle is universal. Full utility application due April 29, 2027.
FY2026–2027 operating budget
86+ headcount · $62.1M annual
Annual funding level by category
Compensation addends — bonuses, variable comp, SagaCoin grants, recruiting — require separate board approval. Estimated $8M–$25M over 18 months.
Engineering — 50 roles
$23.2M annual FL · 34 core (CTO model 2026‑05‑05) + 16 additional product engineering teams (8 teams × 2)
Core engineering — 34 roles
Mainnet Core
Wallet / Bridge
SagaScan
SagaEnterpriseOps™ Domain Eng.
SagaFinOps™ Jurisdictional Eng.
SC‑SCN Core & Transport Eng.
SC‑SCN Security & KMS Eng.
SC‑SCN Regulatory Compliance
SDO Class Tree & Royalty Eng.
All seven non‑SDO teams: critical path · 1.45× FL multiplier · base salaries at the higher of levels.fyi P90 or Glassdoor P90, San José CA, May 2026.
9 pods · 29 FTEs · 18‑platform GTM
Original Tier‑1 pods
4 pods · 12 FTEs · $620K platform spend
| SDO / Standards | $100K | IEEE live · ISO · IEC/ETSI/ANSI targets |
| EnterpriseOps / FinOps | $120K | CFO/Controller · Big 4 channel |
| IBM | $150K | |
| Microsoft | $180K |
Platform pods
5 pods · 15 FTEs · $490K platform spend
| ServiceNow | $120K | |
| Salesforce | $170K | |
| SagaMusic | $90K | DDEX · PROs · DSPs · Labels |
| SagaMotionPicture | $80K | MovieLabs OMC · EIDR · Studios |
| SagaAIoT™ | $100K | Utilities · Mfg · Smart buildings · EU AI Act OT |
11 enterprise AI platforms
6‑dimension scoring · $1M total program
| Platform | Score | Tier | Structural gap | Program |
|---|---|---|---|---|
| IBM | 29/30 | T1 | watsonx.governance ends at IBM estate — 80+ ungoverned seams | $150K |
| Microsoft | 27/30 | T1 | Entra/Purview tenant‑scoped — no cross‑org identity layer | $180K |
| ServiceNow | 27/30 | T1 | AI Agent Fabric — lifecycle only, no pre‑commit authority check | $120K |
| Salesforce | 26/30 | T1 | Einstein Trust Layer ends at org boundary — EU AI Act exposed | $170K |
| AWS | 25/30 | T2 | Cedar policy: account‑local, no cross‑org institutional objects | $70K |
| 25/30 | T2 | A2A is HTTP — structurally incapable of non‑bypassability (Pat. 62/052,782) | $65K | |
| Oracle | 24/30 | T2 | In‑database governance ends at Oracle estate | $65K |
| SAP | 24/30 | T2 | Clean‑core prevents persistence‑layer governance | $65K |
| UiPath | 24/30 | T2 | AI Trust Layer cannot evaluate FATF/BSA/ICH GCP conditions | $30K |
| Workday | 20/30 | T3 | PCAOB/IFRS authority external — no canonical persistent state | $40K |
| Apple | 16/30 | T4 | WWDC dev community only — long‑term developer play | $20K |
The two‑layer model
PraSaga Foundation is the rail. The builder economy is the trains, stations, logistics companies, and industry services that make the rail worth building. Rail economics and application economics are different businesses — both benefit when the rail is neutral, open, and non‑bypassable.
Layer 1 — PraSaga Foundation
Transaction rail · TAM/SAM/SOM measured by fee volume
- SagaCoin™ utility demand — non‑bypassable gas, Patent 11,436,039
- Node‑operator fee markets — $0.01–$0.025/txn market range
- Protocol fee‑tax revenue — 15–20% at launch, compresses to 2–5%
- 501(c)(3) neutral substrate — IBM won't use Google's; none use a for‑profit's
- Beberman/White supply model — 230× PP target, 30 quarters
Layer 2 — Builder Economy
Application layer · TAM/SAM/SOM = vertical software markets
| SagaFinOps™ | SOX/ICFR · Internal audit · GAAP/IFRS |
| SagaAI™ | AI governance · EU AI Act · 45% CAGR mkt |
| SagaEnterpriseOps™ | Enterprise ops · SOX · GDPR · Fiduciary |
| SagaStandards™ | SDO governance · ANSI/ISO · Royalty mgt |
| SagaMotionPicture™ | IP · Rights · Royalty · MovieLabs · EIDR |
| Future verticals | Supply chain · Gov't · Health · any governed sector |
SagaCoin™ purchasers participate here. Participation in builder companies is a separate matter, evaluated under its own legal, securities, and commercial diligence.
The flywheel
More builders → more products → more transactions → more SagaCoin™ demand → more Foundation revenue → better infrastructure → more builders.
Build compression: instead of rebuilding identity, authorization, audit, governance state, provenance, and dispute evidence from scratch, builders start on SagaChain™ at the workflow layer — a five‑year compliance infrastructure build becomes an eighteen‑month product build.
Four‑pillar model
Treasury SagaCoin Sales
30B PSC treasury from initial minting stages funds operations through pre‑MainNet (Months 1–11). Everything beyond treasury is generated by transaction fees.
Transaction Fee Tax
A percentage of every node‑operator fee flows to the Foundation automatically, activating Day 1 at MainNet. Zero pre‑MainNet fees — testnet uses a faucet only.
SagaCoin Utility Demand
Non‑bypassable gas for all six SagaTech verticals. No transaction clears without it. US Patent 11,436,039 ensures substitution is impossible.
Institutional Endowment
Board‑governed managed investment portfolio (Nevada UPMIFA). Returns supplement protocol revenue and cover expenses not otherwise funded.
Beberman/White four‑stage supply model · 230× purchasing‑power target over 30 quarters · 25% quarterly velocity growth. Investment Committee oversight · board‑approved IPS · external fiduciary manager · ASC 958 accounting · all transactions recorded in SagaFinOps™.
TAM / SAM / SOM
SagaChain = transaction fee infrastructure, not software. Foundation TAM/SAM/SOM measures fee volume, not builder application revenue.
| Scenario | Daily txns | Fee/pair | 6‑mo node | 6‑mo Foundation | Annual run rate |
|---|---|---|---|---|---|
| Conservative | 50M/day | $0.01–$0.025 | $90M–$225M | $14M–$45M | $27M–$91M/yr ✓ |
| Mid‑scale | 250M/day | $0.01–$0.025 | $455M–$1.14B | $68M–$228M | $137M–$456M/yr ✓ |
| Strong | 1,000M/day | $0.01–$0.025 | $1.82B–$4.55B | $273M–$910M | $548M–$1.83B/yr ✓ |
| Ethereum Q1'25 (reference) | 1.2M/day | $1.85 | ~$810M | ~$122M | ~$5.7B/yr |
New markets, one rail
SagaAI™
Transaction type
Pre‑commit authority eval + execution confirmation
Regulatory driver
EU AI Act Art. 9/12/14 · HIPAA · SOX — cross‑institutional AI governance
SagaEnterpriseOps™
Transaction type
Board resolutions · policy gates · officer certifications
Regulatory driver
SOX · GDPR · Fiduciary duty — institutional operating fabric
SagaFinOps™
Transaction type
AP approvals · SOX evidence · close artifacts · grant spend
Regulatory driver
SOX/ICFR · GAAP · IFRS · PCAOB — financial trust infrastructure
SagaSDO™
Transaction type
Ballots · resolutions · royalty enforcement per‑transaction
Regulatory driver
ANSI/ISO accreditation · IEEE bylaws · Copyright law — standards body governance & IP royalties
SagaEntertainment™ (SC‑SCN)
Transaction type
License purchase · royalty settlement · PRO reporting · metering
Regulatory driver
Copyright law · PRO regs · AML/OFAC · Tax withholding — creator‑sovereign media licensing
SagaAIoT™
Transaction type
AI command auth + audit anchor per governed device action
Regulatory driver
EU AI Act Art. 9/12/14 · NIST AI RMF — governed AI actuation for physical infrastructure
No software license · no subscription · users pay transaction fees to node operators on SagaChain · Foundation receives a governance‑determined percentage of node‑operator fees.
Governed AI actuation for physical infrastructure
The sixth SagaTech platform — governing AI systems that command physical devices: utilities, buildings, manufacturing, smart cities. Production‑ready June 2026.
SagaIoT™ — Real‑Time Device Messaging
Transport‑neutral: XMPP full bus or MQTT first‑class peer — works with existing broker estates (Mosquitto, EMQX, AWS IoT Core, Azure IoT Hub) without device re‑flash. 10,000+ publishes/sec verified on developer hardware. Device payloads and telemetry never touch the blockchain.
SagaChain™ — Policy Governance & Audit
Policy evaluation before any AI command reaches a device. Guard certificate enforcement, human cosign for safety‑critical verbs, Merkle‑anchored tamper‑evident audit record. Regulatory driver: EU AI Act Art. 9/12/14 · NIST AI RMF.
SagaAI™ — Guard Certificate Enforcement
Verified via 3‑tier lab: dry‑run workflow orchestration, live PubSub with simulated chain, and full live registry against a running SagaChain node — same transaction templates across every tier.
Hard differentiators
- Gate enforced before command reaches device
- Works with existing MQTT estate — no re‑flash
- Post‑quantum‑aligned (ML‑KEM, ML‑DSA, SLH‑DSA)
- Self‑hosted — org owns all governance records
- 90‑day pilot available now · production‑ready
- Workflow C&C lab: verifiable today, Docker only
Protocol‑wide PQ cryptography across all six platforms
All six PQ gates shipped · NIST FIPS 203 / 204 / 206 · opt‑in hybrid mode · classical‑compatible during transition
ML‑KEM‑768 (FIPS 203)
Hybrid TLS 1.3 across every node and client connection: classical X25519 combined with ML‑KEM‑768. Protects all six platforms against Harvest‑Now‑Decrypt‑Later attacks.
ML‑DSA (FIPS 204)
Dual‑credential model: existing X.509 mTLS certificate plus a bound ML‑DSA public key, for node, account, and long‑lived device identity — no re‑flash required.
ML‑DSA‑65 / FN‑DSA‑512
Algorithm‑agile signing on every transaction and message. FN‑DSA‑512 (compact) serves the SagaAIoT™ data plane's high‑rate telemetry.
SLH‑DSA + Merkle v2
SHA‑384 domain separation and SLH‑DSA batch signatures anchor every governed transaction — long‑archive‑grade, multi‑decade regulatory retention.
Why this is a now problem
Every transaction SagaChain™ settles today is a Harvest‑Now‑Decrypt‑Later target if secured with classical cryptography alone. The sharpest case is SagaAIoT™, where OT devices and certificates operate 15–25 years — a present procurement requirement, not a future one.
NIST finalized FIPS 203/204/206 August 2024 · NSM‑10 requires federal quantum‑vulnerability inventories · EU Cyber Resilience Act mandates cryptographic agility.
Deployment — hybrid‑first, configuration toggle
| Classical (default) | Existing devices, no change |
| Hybrid (recommended) | Classical + PQ together; classical‑only devices keep working |
| PQ‑only | Greenfield or regulated deployments, pure end‑to‑end |
PQ verification runs once at message ingress — overhead bounded to hundreds of microseconds.
All 8 pods · all 6 platforms · all 11 Beberman workstreams
MainNet — Month 12
- MCP listings — all 8 pods registered
- SagaAIoT™ 90‑day pilot scoping initiated
- SagaFinOps pilot scoping initiated
- SagaSDO architecture review — IEEE/ANSI
- Treasury PSC sales fund ops · zero fee revenue
- ServiceNow PoC initiated; IBM/MSFT/SF engaged
- SagaFinOps SOX S1 control pack deployed
- SagaSDO testnet deployment
- SagaEntertainment SC‑SCN music P0 pilot
- ServiceNow case study published
- SagaFinOps close cycle evidence demo
- SagaSDO ballot & royalty modules tested
- All Day‑1 integrations hardened & ready
- All platforms go live simultaneously — Day 1
- Real transaction fees begin across all 6 platforms
- SagaFinOps full SOX suite in production
- Foundation fee tax activates — Pillar 2 ON
- All tested PoCs in production immediately
- Fee revenue scales with live integrations
- IBM co‑delivery cert; Salesforce AgentExchange
- Target: ≥$44.5M/yr Foundation run rate by M18
What we're sure of, and what depends on adoption
Key sources
- US Patents 11,436,039 B2 (Sep 2022) & 11,729,001 B2 (Aug 2023)
- Provisional 62/052,782 (Apr 29, 2026)
- Beberman & White, PraSaga SagaCoin Management Model, Cato Institute (Mar 2023)
- CTO Headcount Model 2026‑05‑05
- Fortune Business Insights B2B payments — $97.88T
- Ethereum Q1 2025 fee data (The Block)
- IBM Q2 2025 8‑K GenAI $7.5B+ · Salesforce Q4 FY2025 Agentforce $900M
- levels.fyi + Glassdoor SJ P90, May 2026
Decades of enterprise leadership
Deep blockchain and protocol expertise · Global commercial reach
Michael Holdmann
Founder & CEO
Serial entrepreneur · 30+ yrs enterprise leadership · Blockchain pioneer
David Beberman
Co‑Founder & CTO
Inventor, US Patent 11,436,039 · 30+ yrs distributed systems · Cato Institute co‑author
William "Corky" Bizjack
Chief Revenue Officer
Enterprise SaaS revenue leader · C‑suite BD · Global channel development
Rich Phillips
Chief Product Officer
Product strategy · Enterprise platform experience · Go‑to‑market execution
Jacob Holdmann
VP, Coin & Web3 Relations
SagaCoin market strategy · Web3 ecosystem · Token relations
Stuart Mayne
Chief Communications Officer
Commercial strategy · Enterprise partnerships · Market expansion
Ossip Kaehr
Chief Decentralization Officer
Brand & UX strategy · Enterprise design systems · Visual communication
PraSaga FoundationSagaChain™ & SagaAI™
The only non‑bypassable, non‑disputable cross‑institutional governance layer for enterprise AI.
Confidential · Not for distribution · © 2026 PraSaga Foundation · SagaChain™ and SagaAI™ are trademarks of PraSaga Foundation