# kaal:claim:3441904-021

**Claim.** A one token one vote mechanism in existing decentralized protocols with on chain governance resembles a plutocracy, because holders of a significant share of total token supply hold more power than the rest of the members.

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

**Holds when.**

- decentralized protocols with on chain governance as of the end of 2019

**Source quote.**

> A one-token-one-vote voting mechanism in existing decentralized protocols with on-chain governance resembles a plutocracy.

**From.** Wulf A. Kaal, *Blockchain-Based Corporate Governance* (2019), III.4 Lacking On-Chain Voting Mechanism, page 19

**Cite as.** Wulf A. Kaal, Blockchain-Based Corporate Governance (2019). SSRN: https://ssrn.com/abstract=3441904

**Verify.** sha256 of source PDF `e6b562527f7f19accaa35491db0a0db168b6a936755e1dca424e9f30bee7a815` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202019%20-%20Blockchain-Based%20Corporate%20Governance.pdf

**Failure mode.** token-weighted-plutocracy  (family: incumbent-resistance-to-adoption)

**Topics.** tokenomics, governance-design

**Keywords.** one-token-one-vote, plutocracy, on-chain-governance, voting-design

**Related claims.**

- restated_by: https://wulfkaal.github.io/claims/3799320-027
- extended_by: https://wulfkaal.github.io/claims/3808873-039
- restated_by: https://wulfkaal.github.io/claims/3652481-030

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