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 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/best-efforts-underwriting",
 "identifier": "kaal:entity:best-efforts-underwriting",
 "name": "Best efforts underwriting",
 "termCode": "best-efforts-underwriting",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
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 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3949098-023",
   "identifier": "kaal:claim:3949098-023",
   "text": "Best efforts underwriting in the DAOIC is implemented as a smart contract accountability system: a member's capital commitment is encumbered as a deposit and released to the token opportunity only after the reputation staking pool decides, and funding occurs only on a majority upvote.",
   "abstract": "Such deposit will only be released and directly transferred to the token opportunity when the RNFT staking pool has made a decision on the token opportunity. Funding only happens in the case of a majority upvote.",
   "citation": "Wulf A. Kaal, Reputation as Capital – How DAOs Upgrade Finance (2021). SSRN: https://ssrn.com/abstract=3949098",
   "datePublished": "2021",
   "claim_type": "design",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "best efforts underwriting via RNFT staking"
   ],
   "source_pdf_sha256": "04297905564a6092b2db7640561f58fd374d3114c79527357bad09d11b909819",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3949098-029",
   "identifier": "kaal:claim:3949098-029",
   "text": "Shifting policy so that all returns on purchases are minted into fungible reputation tokens paid proportional to reputation holdings instantiates the shift from capital to reputation and functions as a form of best efforts underwriting on a token opportunity.",
   "abstract": "All ROP is minted into FRT which, in turn, is paid out proportional to RNFT holdings. This instantiates the important shift from capital to reputation and shifts the incentives away from capital to reputation and can be seen as a form of best efforts underwriting on a token opportunity.",
   "citation": "Wulf A. Kaal, Reputation as Capital – How DAOs Upgrade Finance (2021). SSRN: https://ssrn.com/abstract=3949098",
   "datePublished": "2021",
   "claim_type": "design",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "phase 2, capital allocation phase",
    "capital to reputation ratio moving toward 50/50"
   ],
   "source_pdf_sha256": "04297905564a6092b2db7640561f58fd374d3114c79527357bad09d11b909819",
   "status": "current"
  }
 ],
 "description": "2 claims in the published works of Wulf A. Kaal carry the concept tag 'best-efforts-underwriting'. Derived node: a roster, not an adjudicated definition."
}