# Token distribution

`kaal:entity:token-distribution`

**Status.** derived

This node is assembled mechanically from the 5 claims that carry the concept tag `token-distribution`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

5 claims across 2 works, 2022 to 2023.

**2022**

- [4015908-002](https://wulfkaal.github.io/claims/4015908-002) [definitional/asserted] -- A fair launch is a token distribution in which the launched token is held entirely by the community and founders and their affiliates participate only on equal terms as members of that community.
  > In a fair launch the launched token is held entirely by the community and all founders and their affiliates are equally part of the community.
  Wulf A. Kaal, Fair Token Launch (2022). SSRN: https://ssrn.com/abstract=4015908
- [4015908-007](https://wulfkaal.github.io/claims/4015908-007) [condition/argued] -- Fair token launches offer equal opportunity for market participants to acquire tokens over longer periods of time at a comparatively equal price.
  > fair token launches offer equal opportunity for market participants to acquire tokens over longer periods of time at a comparatively equal price.
  Wulf A. Kaal, Fair Token Launch (2022). SSRN: https://ssrn.com/abstract=4015908
- [4015908-008](https://wulfkaal.github.io/claims/4015908-008) [condition/argued] -- Price equality in a fair launch means that no insider group or person can purchase the token at a significant discount.
  > Additionally, price equality in fair launch means that no insider group or person can purchase the token at a significant discount.
  Wulf A. Kaal, Fair Token Launch (2022). SSRN: https://ssrn.com/abstract=4015908
- [4015908-015](https://wulfkaal.github.io/claims/4015908-015) [normative/argued] -- The rule that no tokens may be distributed to insiders such as team, founders, associated whales, core investors, advisors, and marketing teams before or after the token sale is the most important staple of fair launch doctrine and cannot be subject to exceptions; any exception should cost the project the fair token launch designation.
  > This rule is perhaps the most important key staple of the fair launch doctrine and cannot be subject to exceptions. Any exceptions to this rule should result in the loss of the designation fair token launch.
  Wulf A. Kaal, Fair Token Launch (2022). SSRN: https://ssrn.com/abstract=4015908

**2023**

- [4529715-031](https://wulfkaal.github.io/claims/4529715-031) [failure/evidenced] *(failure mode)* -- Allocating twenty percent of total token supply to the four person founding team, as Angel Protocol does, means the organization can never become fully decentralized.
  > will possess 20% of the total tokens in supply. This concentration of tokens in the individuals who created this DANO, will never fully allow Angel Protocol to become fully decentralized.
  Wulf A. Kaal, Josh Bykowski, Decentralized Autonomous Organizations (DAO) – A Market Meta Analysis (2023). SSRN: https://ssrn.com/abstract=4529715

## Verify

Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust.

    curl -s https://wulfkaal.github.io/entities/token-distribution.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.