# kaal:claim:3949098-030

**Claim.** Incomplete transparency is deliberately required in phase 2, where the interface discloses only reputation staking outcomes and not the deliberation, so that the DAOIC can experiment with policy adjustments without fear of public market impact.

**Type.** design  **Support.** argued

**Holds when.**

- phase 2, before full transparency is enabled in phase 3

**Source quote.**

> This incomplete transparency is needed during phase 2 to ensure the DAOIC can experiment with policy adjustments without fear of public market impact.

**From.** Wulf A. Kaal, *Reputation as Capital – How DAOs Upgrade Finance* (2021), III. Toy Model, 2. Phase 2 - Capital Allocation, page 22

**Cite as.** Wulf A. Kaal, Reputation as Capital – How DAOs Upgrade Finance (2021). SSRN: https://ssrn.com/abstract=3949098

**Verify.** sha256 of source PDF `04297905564a6092b2db7640561f58fd374d3114c79527357bad09d11b909819` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202021%20-%20Reputation%20as%20Capital%20%E2%80%93%20How%20DAOs%20Upgrade%20Finance.pdf

**Topics.** disclosure, economics

**Keywords.** transparency, policy-experimentation, user-interface, market-impact, phase-model

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