kaal:claim:3782216-018

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.

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.

Craig Calcaterra, Wulf A. Kaal, Decentralized Finance (DeFi) (2021), Decentralized architecture
https://ssrn.com/abstract=3782216 · source PDF

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

• Underwriting DAO whose tokens are claims on future cash flows

designsupport: argueddaodefireputationtokenomics

• restates kaal:claim:3396542-029 From the viewpoint of consumers and regulators, encumbered tokens, whose value derives from the DAO's future c...
• restated_by kaal:claim:3962614-026 Reputation tokens serve as claims on the future cash flows generated by the DAO, with cash flows in fungible c...
• extends kaal:claim:3396542-003 The authors propose that insurance underwriting be operated by a Decentralized Autonomous Organization in whic...
• restated_by kaal:claim:3949098-004 Kaal stipulates the core proposition of reputation as capital: once meaningful decentralized reputation is est...

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