STEEL Litepaper
1. The problem
Since ChatGPT went public on 30 November 2022, a growing share of new text, images and code on the open web is machine-made. Models trained on machine output degrade over generations; Shumailov et al. showed this in Nature in 2024. Human-made data from before the cutoff is a fixed supply. It can be copied, but nobody can make more of it.
There is no shared, public way to prove a dataset belongs to that supply, and no way for the people who hold it to be paid when it is used.
2. What STEEL does
STEEL is a vault program on Solana. Contributors register pre-cutoff datasets, independent validators check the evidence and sign for them, anyone can challenge, and verified datasets (called ingots) are licensed to AI builders. Contributors are paid on every license.
The vault stores a fingerprint and the evidence trail on-chain, not the data itself. The data stays with the contributor until it is licensed.
3. How an ingot is verified
- Submit. The contributor registers the dataset's fingerprint and claimed creation date, and posts a bond.
- Attest. Three staked validators review the evidence and sign. Validators look for dates that someone else recorded: web archive snapshots, public commit history, signed email, original camera files, published work. One signal can be faked; several that agree are hard to fake.
- Challenge. For 7 days anyone can dispute the ingot by posting a bond. If the challenge succeeds, every validator who signed loses part of their stake and the challenger is rewarded. If it fails, the challenger's bond goes to the rewards pool.
- Verify. When the window closes unchallenged, the ingot is verified, the contributor's bond is returned and rewards are paid.
- License. AI builders pay in USDC for a one-year license. The split is enforced by the program in the same transaction.
4. Parameters tested on devnet
These are the values the vault ran with on Solana devnet on 17 October 2026. Mainnet values will be published before the vault opens and may change after the audit.
| Parameter | Devnet value |
|---|---|
| Validators per ingot | 3 |
| Minimum validator stake | 250,000 STEEL, 14-day unbonding |
| Contributor bond | 20,000 STEEL, refunded on verification |
| Challenge bond | 50,000 STEEL |
| Slash on a proven fake | 30% of each signing validator's stake |
| Challenge window | 7 days |
| License split | 60% contributor · 15% validators · 25% protocol |
| License term | 1 year |
The full devnet run, with every transaction, is on the live proof section of the site.
5. The token
| Item | Detail |
|---|---|
| Supply | 1,000,000,000 STEEL. Mint authority revoked, so no more can ever be made. |
| Launch | Fair launch on Pump.fun on 16 October 2026. 100% of supply started on the public curve. |
| Team allocation | 0%. No presale, no private round, no reserve. |
| Creator wallet | Bought 1.2 SOL (about 4% of supply) on the curve at launch, like any buyer. The wallet is public. |
| Contract | HxkvxPcE1HNpMnETsTKni8Nq59sMjHBZrEu4RYtLpump |
What the token is used for
- Stake: validators lock STEEL to be allowed to sign, and lose part of it if they sign a fake.
- Bond: contributors and challengers put STEEL at risk so spam and bad-faith challenges cost something.
- Rewards: contributors and validators are paid in STEEL from a rewards pool funded by creator trading fees and the protocol's share of license revenue.
- Burn: part of the protocol's license share buys STEEL on the market and burns it.
6. Roadmap
| Stage | Status |
|---|---|
| Build | Done. Vault program written and tested end to end. |
| Launch | Done, 16 Oct 2026. |
| Devnet vault | Done, 17 Oct 2026. First test ingot verified and licensed. |
| Genesis datasets | Now. Collecting the first real pre-2022 datasets. |
| Audit, then mainnet | Next. The vault holds no real funds until an independent audit is published. |
| Licensing | After that. AI builders license ingots; monthly burn reports. |
7. Risks
- The vault program is unaudited until the audit report is published.
- No AI lab has signed a license yet. Demand for licensed pre-cutoff data is a thesis, not a contract.
- Proving a date is evidence-based, not absolute. A well-funded forger could fool validators; the bond and slash design makes that expensive, not impossible.
- STEEL may lose all of its value. Nothing here is an offer of securities or a promise of returns.