kaal:claim:3249860-024

The utility token model dominates the top 100 tokens, but the utility category as coded includes tokens that behave like a security, and no Howey test was performed in this research.

attributes: tokens offer owners clearly defined utility within a network or application (utility tokens); tokens that behave like a security, although no Howey test was performed in this research;

Wulf A. Kaal, Crypto Economics - The Top 100 Token Models Compared (2018), IV.4 Token Model Type, p. 17
https://ssrn.com/abstract=3249860 · source PDF

Wulf A. Kaal, Crypto Economics - The Top 100 Token Models Compared (2018). SSRN: https://ssrn.com/abstract=3249860

• N=100 dataset
• utility category aggregates network, network value, usage, and work token subtypes

empiricalsupport: evidencedfailure: unresolved-security-classificationfamily: definitional-ambiguitytokenomicssecurities-lawsystemic-risk

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