{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/tokens",
 "identifier": "kaal:entity:tokens",
 "name": "Tokens",
 "termCode": "tokens",
 "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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   "name": "status",
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   "value": 6
  },
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  },
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   "@type": "PropertyValue",
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   "value": [
    "2017",
    "2024"
   ]
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  }
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 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3002908-011",
   "identifier": "kaal:claim:3002908-011",
   "text": "Despite early cautioning and a call for action from its own commissioners, the SEC has not addressed core issues pertaining to the recognition of blockchain technology applications in finance.",
   "abstract": "Despite this early cautioning and call for action, the SEC has not yet addressed core issues pertaining to the recognition of blockchain technology applications in finance.",
   "citation": "Wulf A. Kaal, Marco Dell'Erba, Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and (2017). SSRN: https://ssrn.com/abstract=3002908",
   "datePublished": "2017",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "as of publication in 2017"
   ],
   "source_pdf_sha256": "06a7b61e75f905ee07e422e875d83a65c5033a248a6e05a213523b034e5db534",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3067615-002",
   "identifier": "kaal:claim:3067615-002",
   "text": "Tokens sold in an ICO are structurally different from equity: they do not generally confer ownership rights, no right to dividends, and no claim on company assets in bankruptcy, so the risk and reward profile of a token is not that of a share.",
   "abstract": "Risks and rewards of tokens differ from those of equity. Unlike token ownership, equity typically conveys a right to dividends. In the case of bankruptcy, equity owners have some claims on the assets of the company.",
   "citation": "Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615",
   "datePublished": "2017",
   "claim_type": "definitional",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "comparison of ICOs to initial public offerings"
   ],
   "source_pdf_sha256": "164ce15b9eb1e8847ebcb073f5b23a96b4974ad0308d77469a9455d4a1ebeb38",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3067615-003",
   "identifier": "kaal:claim:3067615-003",
   "text": "ICOs cannot be qualified as donations and are therefore distinguishable from crowdfunding, because ICO participants acquire a financial stake in the company and, as the case may be, a right to vote on future decisions.",
   "abstract": "Unlike crowdfunding, ICOs involve a financial stake in the company including, as the case may be, the right to vote on future decisions. Therefore, ICOs cannot be qualified as a donation.",
   "citation": "Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615",
   "datePublished": "2017",
   "claim_type": "definitional",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "comparison of ICOs to crowdfunding platforms such as Kickstarter"
   ],
   "source_pdf_sha256": "164ce15b9eb1e8847ebcb073f5b23a96b4974ad0308d77469a9455d4a1ebeb38",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3227933-036",
   "identifier": "kaal:claim:3227933-036",
   "text": "Unlike a conventional corporate loyalty program, company or industry tokens offer liquidity, because platform participants can sell and transfer them on crypto exchanges or secondary markets, which integrates the token and the platform into the mainstream economy.",
   "abstract": "Platform participants can sell and transfer them to other interested parties on crypto exchanges or secondary markets. These parties could be the \"public\" or a more restricted and pre-defined group of people. Either way, it integrates the token (and the platform) into the mainstream economy.",
   "citation": "Mark Fenwick, Wulf A. Kaal, Erik P.M. Vermeulen, Why 'Blockchain' Will Disrupt Corporate Organizations (2018). SSRN: https://ssrn.com/abstract=3227933",
   "datePublished": "2018",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "existence of crypto exchanges or secondary markets"
   ],
   "source_pdf_sha256": "a9e9660c4dc25a2202f1da4e762f5885256e05f68c53ca51942f5833a7a4c108",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3606663-004",
   "identifier": "kaal:claim:3606663-004",
   "text": "The article stipulates a broad definition of digital assets covering all virtual and electronic assets regardless of how regulators name or categorize them, including cryptocurrencies, security tokens, utility tokens, virtual collectibles, stablecoins, and altcoins.",
   "abstract": "For the purposes of this article, digital assets are defined broadly. Digital assets cover all types of virtual and electronic assets, regardless of how they are otherwise named or categorized by regulatory agencies, including cryptocurrencies, security tokens,",
   "citation": "Kaal, Digital Asset Market Evolution (2020). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3606663",
   "datePublished": "2020",
   "claim_type": "definitional",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "definition adopted for the purposes of this article"
   ],
   "source_pdf_sha256": "d1d4a15a293b715bb6a5a32e689f59c3a1587915039ba9a1cf4eeb8ee2a1e57c",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/4900878-026",
   "identifier": "kaal:claim:4900878-026",
   "text": "Tokens solve the quantification problem in quantum economics by serving as measurable units of value and governance: token denominated voting power in a DAO makes social influence and decision making power countable, supplying the consistent set of units the framework lacked.",
   "abstract": "Tokenomics offers a practical solution through the use of tokens as quantifiable units of value and governance.",
   "citation": "Wulf A. Kaal, Quantum Economy and Tokenomics (2024). SSRN: https://ssrn.com/abstract=4900878",
   "datePublished": "2024",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "token based systems with on chain governance such as DAOs"
   ],
   "source_pdf_sha256": "75bf96d3b751b4ad0a6ca4a32591cf026094f113e3a372aa6c61790941b391f7",
   "status": "current"
  }
 ],
 "description": "6 claims in the published works of Wulf A. Kaal carry the concept tag 'tokens'. Derived node: a roster, not an adjudicated definition."
}