# kaal:claim:3782216-001

**Claim.** The decentralized economy cannot fully proliferate until it acquires the institutions ordinary commerce depends on, above all a secure and meaningful reputation system for anonymous supranational partners and an effective, dynamic governance system.

**Type.** condition  **Support.** argued

**Holds when.**

- the decentralized economy as of the early 2020s

**Source quote.**

> the decentralized economy is missing the major institutions that our society relies on to conduct profitable business, especially a secure and meaningful system for evaluating reputation for anonymous supranational partners, and an effective and dynamic governance system

**From.** Craig Calcaterra, Wulf A. Kaal, *Decentralized Finance (DeFi)* (2021), Summary

**Cite as.** Craig Calcaterra, Wulf A. Kaal, Decentralized Finance (DeFi) (2021). SSRN: https://ssrn.com/abstract=3782216

**Verify.** sha256 of source PDF `f1739743aa06bbc1641cd65da790d531b69d8628ea3f5cc3fcad1bf5a1242373` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Calcaterra%20and%20Kaal%20-%202021%20-%20Decentralized%20Finance%20%28DeFi%29.pdf

**Failure mode.** missing institutional preconditions  (family: cold-start-and-bootstrapping)

**Topics.** defi, decentralization, economics, reputation, governance-design, institutional-design

**Keywords.** defi, decentralized-economy, reputation, governance, institutions

**Related claims.**

- extends: https://wulfkaal.github.io/claims/3782205-022
- restates: https://wulfkaal.github.io/claims/3782205-026

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