{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/utility-tokens",
 "identifier": "kaal:entity:utility-tokens",
 "name": "Utility tokens",
 "termCode": "utility-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",
 "canonicalForm": "https://wulfkaal.github.io/entities/utility-tokens.md",
 "sha256": "3000669ce071c47f279c078f663f9e2fcd55210b138609be3817a7670ad9e3ec",
 "additionalProperty": [
  {
   "@type": "PropertyValue",
   "name": "status",
   "value": "derived"
  },
  {
   "@type": "PropertyValue",
   "name": "claim_count",
   "value": 2
  },
  {
   "@type": "PropertyValue",
   "name": "work_count",
   "value": 2
  },
  {
   "@type": "PropertyValue",
   "name": "year_span",
   "value": [
    "2018",
    "2025"
   ]
  },
  {
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   "name": "non_current_claims",
   "value": 0
  }
 ],
 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3249860-024",
   "identifier": "kaal:claim:3249860-024",
   "text": "The utility token model dominates the top 100 tokens, but the utility category as coded includes tokens that behave like a security, and no Howey test was performed in this research.",
   "abstract": "attributes: tokens offer owners clearly defined utility within a network or application (utility tokens); tokens that behave like a security, although no Howey test was performed in this research;",
   "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": true,
   "scope_conditions": [
    "N=100 dataset",
    "utility category aggregates network, network value, usage, and work token subtypes"
   ],
   "source_pdf_sha256": "72b13f11002ba26206cd53e74c324b913d1830c642bfa024da6bac0d3af3a7b0",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5583610-023",
   "identifier": "kaal:claim:5583610-023",
   "text": "MiCA exempts non-transferable utility tokens like LER vouchers from white paper and issuer authorization requirements, but only while they lack investment characteristics and stay inside a closed-loop ecosystem.",
   "abstract": "MiCA exempts non-transferable utility tokens, such as LER's voucher rewards, from white paper and issuer authorization requirements, as long as they lack investment characteristics and are confined to closed-loop ecosystems.",
   "citation": "Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025). SSRN: https://ssrn.com/abstract=5583610",
   "datePublished": "2025",
   "claim_type": "condition",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "EU issuance",
    "token remains non-transferable and closed-loop",
    "no investment characteristics"
   ],
   "source_pdf_sha256": "2d73609d95ddb1573acc2a9e7af617fbe6283d6e591deb6317f6d5d804517c62",
   "status": "current"
  }
 ],
 "description": "2 claims in the published works of Wulf A. Kaal carry the concept tag 'utility-tokens'. Derived node: a roster, not an adjudicated definition."
}