# kaal:claim:4685567-038

**Claim.** Impact certificates are an incomplete measure of expertise: they capture impact success in fungible economic terms without referring to the expertise actually developed by individual project community members or by the project as a collective, which is why WEB3 community software is needed for expertise tracking.

**Type.** failure  **Support.** argued

**Holds when.**

- expertise tracking for donors, secondary market participants and follow on funders

**Source quote.**

> impact certificates are mostly a fungible measure of impact success in economic terms without a direct reference to the inherent expertise developed by the individual project community members and the project as a collective.

**From.** Wulf A. Kaal, *Impact Investing Innovation - From Impact 1.0 to 3.0* (2024), Credential Tracking in Impact 3.0, page 57

**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

**Failure mode.** Fungible Measure Blind to Expertise  (family: measurement-and-metric-failure)

**Topics.** reputation

**Keywords.** expertise-tracking, impact-certificates, fungibility, reputation-systems, credential-tracking

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