Wulf Kaal – Professor, Book Author, Consultant

DECENTRALIZED AUTONOMOUS ORGANIZATIONS – INTERNAL GOVERNANCE AND EXTERNAL LEGAL DESIGN

July 15, 2020July 15, 2020

Abstract Most of the applications and uses of digital assets are improved and expanded with well-functioning and well-governed DAOs. The article evaluates the technical and internal governance solutions promulgated by DAO projects. Particular emphasis is placed on the duality of feedback effects between internal DAO governance and external DAO legal designs. Keywords: Decentralized Autonomous Organization, Governance, […]

Self Sovereign Identity

May 25, 2020July 13, 2020

Craig Calcaterra & Wulf Kaal The Existing Problem with Decentralized Identity Systems The basic Web of Trust (WoT) works as follows: Keep track of your network transactions, and ask how well the people who are part of your transactions are satisfied with the interaction. If they also have a big reputation and are satisfied with […]

DIGITAL ASSET MARKET EVOLUTION

May 20, 2020May 20, 2020

Journal of Corporation Law (2020) Abstract The market for digital assets has evolved since its inception in 2009. Its rapid proliferation in 2016-18 was followed by significant downward corrections in 2018-19. The article evaluates the central stages of the evolution of the market in digital assets and the affected market participants. It presents and compares […]

Stable Cryptocurrencies – First Order Principles

September 3, 2019

Stanford Journal of Blockchain Law & Policy (2019) Abstract The emergence and proliferation of stable cryptocurrencies necessitate the establishment of first order design principles for stable cryptocurrencies. After highlighting the benefits of stable cryptocurrencies for monetary policy making, overall market stability, and their impact on the emergence of decentralized commerce, the authors introduce First Order […]

BLOCKCHAIN-BASED CORPORATE GOVERNANCE

August 26, 2019August 26, 2019

MAX PLANCK INSTITUTE LUXEMBOURG FOR PROCEDURAL LAW (December 2019) Abstract Corporations and other forms of business organizations can be supplemented with blockchain-based agency constructs. Blockchain-based decentralized autonomous organizations (DAOs) expand the definition of the firm. On-chain DAO governance enables dynamic regulatory features that facilitate unprecedented decentralized regulatory solutions. Keywords: Corporate Governance, Decentralized Autonomous Organization, Blockchain, […]

Decentralization – Past, Present, and Future

June 28, 2019July 23, 2019

This introduction to decentralization examines decentralization’s past, present, and future. By tracing the history of past and existing decentralized systems and by examining emerging decentralized technology solutions, the author highlights the trends that lead to higher levels of decentralization in commerce and society. Download here Abstract Part 1 – The Past: Examines how we got […]

Blockchain-Based Securities Offerings

June 27, 2019

What can blockchain technology contribute to the evolution of the trading infrastructure and securities offerings? We provide answers based on existing precedence of blockchain-based securities offerings in this new article (with Sam Evans – PWC): Click here or copy /paste link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3411110 Abstract Blockchain technology has the potential to supplement the existing infrastructure for securities offerings. […]

Decentralization -A Primer on the New Economy

June 18, 2019

Wulf A. Kaal* Out of necessity, humans have engaged in centralized thinking since the emergence of tribal societies and throughout urbanization and the industrial revolution. Emerging decentralized technology transcends traditional economic notions of capitalism versus socialism and inaugurates new forms of economic exchange. The author examines the evolution of decentralized solutions for commerce and society […]

First Order Design Principles for Stable Cryptocurrencies

June 16, 2019

Are stable cryptocurrencies needed? How can one design an algorithmic policy for minting tokens and manage decentralized monetary policy? My most recent paper on “First Order Design Principles for Stable Cryptocurrencies” answers these and many other questions on stable cryptocurrencies. Abstract The emergence and proliferation of stable cryptocurrencies necessitate the establishment of first order design […]

Decentralized Underwriting

May 30, 2019May 30, 2019

Craig Calcaterra Department of Mathematics, Metropolitan State University Wulf A. Kaal University of St. Thomas, Minnesota – School of Law Vadhindran K. Rao Metropolitan State University Abstract Insurance products can be optimized with emerging decentralized technology. We propose the use of cryptocurrencies as claims on future cash flows of an underwriting business operated by a […]