# kaal:claim:3782192-038

**Claim.** Decentralized money and decentralized contracts have been built, but decentralized business will not work until roughly eight further decentralized institutions that people actually use in business are built.

**Type.** condition  **Support.** asserted

**Holds when.**

- decentralized commerce built on blockchain infrastructure

**Source quote.**

> Two important tools have been built, decentralized money (Bitcoin) and decentral- ized contracts (Ethereum). But it won't work until eight more decentralized institu- tions are built that people use to do business.

**From.** Craig Calcaterra, Wulf A. Kaal, *Introduction to Decentralization* (2021), Future, page 11

**Cite as.** Craig Calcaterra, Wulf A. Kaal, Introduction to Decentralization (2021). SSRN: https://ssrn.com/abstract=3782192

**Verify.** sha256 of source PDF `e7eafd56cb8a8bd15b64cf58216bb655f939bdcc296387e362fd9191976d67ae` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Calcaterra%20and%20Kaal%20-%202021%20-%20Introduction%20to%20Decentralization.pdf

**Failure mode.** Missing institutional layer for decentralized business  (family: cold-start-and-bootstrapping)

**Topics.** tokenomics, institutional-design, decentralization

**Keywords.** bitcoin, ethereum, institutional-infrastructure, decentralized-business

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