{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/underlying-value",
 "identifier": "kaal:entity:underlying-value",
 "name": "Underlying value",
 "termCode": "underlying-value",
 "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",
 "canonicalForm": "https://wulfkaal.github.io/entities/underlying-value.md",
 "sha256": "4f130945e7de19609f5f32e0d5a7d43e9dd731704f44e6a70f227be2a9010816",
 "additionalProperty": [
  {
   "@type": "PropertyValue",
   "name": "status",
   "value": "derived"
  },
  {
   "@type": "PropertyValue",
   "name": "claim_count",
   "value": 2
  },
  {
   "@type": "PropertyValue",
   "name": "work_count",
   "value": 1
  },
  {
   "@type": "PropertyValue",
   "name": "year_span",
   "value": [
    "2018",
    "2018"
   ]
  },
  {
   "@type": "PropertyValue",
   "name": "non_current_claims",
   "value": 0
  }
 ],
 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3249860-026",
   "identifier": "kaal:claim:3249860-026",
   "text": "Thirty-two of the top 100 tokens have inherent value, for example as a currency, and thirty-two derive their underlying value from giving holders permission to use a digital service.",
   "abstract": "Thirty-two tokens have inherent value, for example as a currency. The underlying value of thirty-two tokens is that they give token holders permission to use a digital service.",
   "citation": "Wulf A. Kaal, Crypto Economics - The Top 100 Token Models Compared (2018). SSRN: https://ssrn.com/abstract=3249860",
   "datePublished": "2018",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "N=100 dataset"
   ],
   "source_pdf_sha256": "72b13f11002ba26206cd53e74c324b913d1830c642bfa024da6bac0d3af3a7b0",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3249860-027",
   "identifier": "kaal:claim:3249860-027",
   "text": "Permission to use a service via the token took over as the dominant type of underlying value in June 2017, and the author sees multiple indicia that this trend toward tokens granting rights to use services will continue.",
   "abstract": "Permission to use (a given service etc. via the token) took over as the dominant type of underlying value in June 2017. The author has seen multiple indicia that this trend towards tokens that grant rights to use services etc. will continue.",
   "citation": "Wulf A. Kaal, Crypto Economics - The Top 100 Token Models Compared (2018). SSRN: https://ssrn.com/abstract=3249860",
   "datePublished": "2018",
   "claim_type": "predictive",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "top 100 tokens by market capitalization"
   ],
   "source_pdf_sha256": "72b13f11002ba26206cd53e74c324b913d1830c642bfa024da6bac0d3af3a7b0",
   "status": "current"
  }
 ],
 "description": "2 claims in the published works of Wulf A. Kaal carry the concept tag 'underlying-value'. Derived node: a roster, not an adjudicated definition."
}