# kaal:claim:3782216-010

**Claim.** Tokenization is meaningless unless the token is underwritten by someone who puts their reputation and ultimately their money on the line to attest that the token validly represents the asset.

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

**Source quote.**

> Tokenization doesn't mean anything without something to back it up. A token's meaning must be attested by something substantial. It must be underwritten by someone who is putting their reputation—and ultimately their money—on the line to assert the validity of the to- ken.

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

**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.** unbacked token claim  (family: regulatory-lag)

**Topics.** tokenomics, defi, reputation

**Keywords.** tokenization, underwriting, reputation, asset-backing

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