# kaal:claim:4015908-003

**Claim.** The foundation model for token issuance is a core form of centralized top-down governance, and most ICO projects were governed by a small group of individuals rather than by the community at large or a DAO.

**Type.** failure  **Support.** asserted

**Holds when.**

- ICO era token issuance

**Source quote.**

> The foundation model for token issuance is a core form of centralized top-down governance in the context of token offerings.

**From.** Wulf A. Kaal, *Fair Token Launch* (2022), II.2 Risk Factors, page 4

**Cite as.** Wulf A. Kaal, Fair Token Launch (2022). SSRN: https://ssrn.com/abstract=4015908

**Verify.** sha256 of source PDF `e0925afde0c42a16cd5310983789fae3eb3d1f121e2954a72afa64191d00fe37` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202022%20-%20Fair%20Token%20Launch.pdf

**Failure mode.** Centralized foundation governance  (family: recentralization-drift)

**Topics.** securities-law, governance-design, decentralization, dao

**Keywords.** ico, governance, centralization, foundation-model, dao

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