From the viewpoint of consumers and regulators, encumbered reputation tokens serve as a substitute for capital, because they derive their value from the DAO's future cash flows.
Source quote, verbatim
The key point is this: from the viewpoint of consumers and regulators, the encumbered tokens (which as we know derive their value from the DAO's future cash flows) essentially serve as a substitute for capital.
Underwriting DAO whose tokens are claims on future cash flows
Classification
designsupport: argueddaodefireputationtokenomics
Related claims
restateskaal:claim:3396542-029 From the viewpoint of consumers and regulators, encumbered tokens, whose value derives from the DAO's future c...
restated_bykaal:claim:3962614-026 Reputation tokens serve as claims on the future cash flows generated by the DAO, with cash flows in fungible c...
extendskaal:claim:3396542-003 The authors propose that insurance underwriting be operated by a Decentralized Autonomous Organization in whic...
restated_bykaal:claim:3949098-004 Kaal stipulates the core proposition of reputation as capital: once meaningful decentralized reputation is est...
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