Wulf A. Kaal* Samuel R. Evans* Hayley A. Howe Abstract Existing valuation metrics for legacy assets only limitedly apply in the context of digital assets. The valuation infrastructure in the current legal, accounting, technology, and back-office framework in combination with the immaturity of the digital asset market create an environment…

The nomenclature for the term “securities token” is unclear and the term securities token has not been defined. The lack of a clearly delineated nomenclature resulted in various uses and interpretations of the term securities token, especially vis-à-vis the term “utility token.” This article helps clarify the nomenclature by first…

Fair Token Launches (Fair Launch) on average outperform most traditional digital asset projects. The comparative advantage of Fair Launches derives largely from their ability to remedy many of the perceived inequitable token launch practices of traditional digital asset projects. This article helps clarify the nomenclature by examining the commonalities of…

Abstract The paper examines the existing shortcomings in the open-source code review process and how decentralized autonomous organizations can help optimize the code review process and quality. Optimized code reviews and code review processes, in turn, can help create open source software standards. The author evaluates the issuance of decentralized…

How DAOs Optimize Charitable Giving Charitable giving in legacy systems is subject to several major downsides that can be addressed with decentralized autonomous organizations (DAOs). Centralized legacy charitable organizations often lack foundational transparency and are subject to significant power imbalances that favor the donor and lead to centralization of the…

Wulf Kaal[1] Abstract Venture capital (VC) models can be optimized with emerging decentralized technology. After discussing the shortcomings of the existing VC market and the rise of alternative early-round funding mechanisms, the paper highlights the evolution of VC businesses that are operated by a Decentralized Autonomous Organization (DAO). Key Words…

REPUTATION AS CAPITAL — How DAOs Upgrade Finance Abstract Decentralized Autonomous Organizations (DAOs) have the potential to upgrade finance. This paper evaluates the design of and system requirements for a decentralized cryptocurrency venture capital investment club that is operating as a DAO (DAOIC). The design of the proposed DAOIC enables…

Custody of Digital Assets by Wulf A. Kaal[1]** & Hayley Howe Abstract The custody of digital assets plays an essential role in the evolution of the digital asset industry. Fully compliant legal custody solutions for digital assets increase legal certainty and mainstream investor confidence which, in turn, helps build markets…

Consenus Algorithm Experimentation The blockchain community has been experimenting with consensus algorithms since the early days of Bitcoin’s Proof of Work (PoW) consensus algorithm. Proof of Stake (PoS) has become the main body of research in the 2020s. The next phase of consensus algorithm experimentation extends the research on PoS. In conventional PoS…