# Token holders

`kaal:entity:token-holders`

**Status.** derived

This node is assembled mechanically from the 5 claims that carry the concept tag `token-holders`. 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 3 works, 2018 to 2022.

**2018**

- [3117224-005](https://wulfkaal.github.io/claims/3117224-005) [failure/argued] *(failure mode)* -- Unlike shareholders in traditional corporate structures who can vote for or nominate directors, ICO investors have no control whatsoever over promoters.
  > Unlike shareholders in the traditional corporate infrastructure who are able vote for or against directors or to nominate directors, ICO investors have not control over the promoters whatsoever.
  Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224
- [3117224-010](https://wulfkaal.github.io/claims/3117224-010) [failure/argued] *(failure mode)* -- ICO investors have no preemptive rights or other anti-dilution protections, so they may be diluted if promoters later issue more reserve tokens to additional investors.
  > ICO investors have no preemptive rights or other anti- dilution protections. If the promoters decide to issue more reserve tokens to additional investors, the ICO investors may be diluted in the future.
  Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224
- [3117224-012](https://wulfkaal.github.io/claims/3117224-012) [failure/argued] *(failure mode)* -- Token holders typically receive no liquidity preference protecting them if the platform they invested in goes bankrupt or terminates.
  > Token holders typically do not receive a liquidity preference that would protect them in the case of bankruptcy or termination of the platform they invested in.
  Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224

**2022**

- [4015908-009](https://wulfkaal.github.io/claims/4015908-009) [definitional/asserted] -- The fairness of a launch can be measured by how many individuals have access to the token at launch, assessed through the number of wallets holding the asset combined with the active participation of the wallet owners.
  > To determine the fairness of a launch for a traditional medium of exchange it is possible to consider the number of wallets holding the token asset. Moreover, it is possible to consider the combination of distribution of the asset in wallets plus the active participation of the wallet owner.
  Wulf A. Kaal, Fair Token Launch (2022). SSRN: https://ssrn.com/abstract=4015908
- [4033886-026](https://wulfkaal.github.io/claims/4033886-026) [mechanism/argued] *(failure mode)* -- The main obstacle to digital asset market liquidity may be that the number of token holders has not continued to expand exponentially year over year; a larger stakeholder base would deepen liquidity and permit seamless entry and exit.
  > The main issue may be that the number of token holders have not continued to expand exponentially year over year. Having a greater number of stake holders may result in the deeper liquidity in the market, which would in turn allow for seamless movement in and out of the market.
  Wulf A. Kaal, Samuel Evans, Hayley Howe, Digital Asset Valuation (2022). SSRN: https://ssrn.com/abstract=4033886

## 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-holders.md | sha256sum

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