# kaal:claim:3441904-022

**Claim.** Token concentration in existing decentralized protocols is extreme: on and around September 12, 2017, 4.11 percent of bitcoin addresses controlled 96.53 percent of the total bitcoin supply.

**Type.** empirical  **Support.** evidenced

**Holds when.**

- bitcoin addresses as of September 2017

**Source quote.**

> For instance, on and around September 12, 2017, 4.11% of the bitcoin addresses controlled 96.53% of the total bitcoin supply.

**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

**Topics.** tokenomics, governance-design

**Keywords.** bitcoin, token-concentration, wealth-distribution, voting-power

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