# kaal:claim:3249860-025

**Claim.** Seven of the top 100 tokens could not be classified into any token model, with NEM, VeChain, ICON, and Lisk qualifying as outliers with no justification and SUB's whitepaper failing to disclose which model best describes the token.

**Type.** failure  **Support.** evidenced

**Holds when.**

- N=100 dataset
- classification based on issuer whitepapers

**Source quote.**

> Seven tokens were outliers. NEO is a network enabling creation of asset-backed smart contracts.18 NEM, VeChain, ICON, Lisk were outliers with no justification. It was not clear in the whitepaper of SUB what token model type best describes the token.

**From.** Wulf A. Kaal, *Crypto Economics - The Top 100 Token Models Compared* (2018), IV.4 Token Model Type, page 18

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

**Verify.** sha256 of source PDF `72b13f11002ba26206cd53e74c324b913d1830c642bfa024da6bac0d3af3a7b0` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202018%20-%20Crypto%20Economics%20-%20The%20Top%20100%20Token%20Models%20Compared.pdf

**Failure mode.** unclassifiable-token-model  (family: definitional-ambiguity)

**Topics.** tokenomics, systemic-risk

**Keywords.** token-models, outliers, whitepapers, classification-limits

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.