# kaal:claim:4685567-019

**Claim.** Firm commitment underwriting of impact certificate listings gives the project team and the investing community an assurance that the entire listing, including all certificate fractions, will be purchased provided the corresponding impact milestone deliverables are upvoted by the WEB3 expert community.

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

**Holds when.**

- an underwriting donor community exists
- milestone deliverables are upvoted

**Source quote.**

> the project team and the investing community obtain assurances that the entire impact certificate listing will be purchased, including all fractions of impact certificates, if the respective impact milestone deliverables are upvoted by the respective WEB3 expert community.

**From.** Wulf A. Kaal, *Impact Investing Innovation - From Impact 1.0 to 3.0* (2024), Impact 3.0, page 33

**Cite as.** Wulf A. Kaal, Impact Investing Innovation - From Impact 1.0 to 3.0 (2024). SSRN: https://ssrn.com/abstract=4685567

**Verify.** sha256 of source PDF `87fb1be89d2661967ed2b0b673fe26448ded3bc3119b122177a4fc13ae5c085c` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202024%20-%20Impact%20Investing%20Innovation%20-%20From%20Impact%201.0%20to%203.0.pdf

**Topics.** defi, economics

**Keywords.** firm-commitment-underwriting, impact-certificates, milestones, market-certainty

**Related claims.**

- specializes: https://wulfkaal.github.io/claims/3949098-027
- specializes: https://wulfkaal.github.io/claims/3949098-024

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