kaal:claim:3396542-029

From the viewpoint of consumers and regulators, encumbered tokens, whose value derives from the DAO's future cash flows, serve as a substitute for regulatory capital.

Source quote, verbatim

The key point is this: from the viewpoint of consumers and regulators, the encumbered tokens (which as we know derive their value from the DAO's future cash flows) essentially serve as a substitute for capital.

From

Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, Decentralized Underwriting (2019), VI. Conclusion, p. 25
https://ssrn.com/abstract=3396542 · source PDF

Cite as

Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, Decentralized Underwriting (2019). SSRN: https://ssrn.com/abstract=3396542

Classification

mechanismsupport: arguedtokenomicseconomics

Related claims

restated_by kaal:claim:3782216-018 From the viewpoint of consumers and regulators, encumbered reputation tokens serve as a substitute for capital...

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