World Economic Forum 2022 – Speaking Engagements

Wulf Kaal is again heading to Davos for the World Economic Forum on May 22-26.  Itinerary: Zug, Switzerland all day on May 20th. Then it’s off to Davos, staying in nearby Klosters from May 21st to May 25th. Wulf will be speaking at several events listed below. Wulf’s WEF schedule is constantly changing and new […]

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DAO Governance & Future of the Firm – Interview with Robert Tercek

Thank you Robert Tercek for a wonderful interview. Here is Robert’s take: “Decentralized Autonomous Organizations (DAOs) are a fascinating aspect of crypto innovation. To me, the DAO concept is one of the most creative new business ideas of the decade. A DAO is a non-hierarchical alternative to a corporation: no CEO, no C-Suite, no investors […]

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Abstract DAO myths are a natural by-product of technological evolution. The paper debunks the top five DAO myths and explores the top five DAO benefits and use cases. Keywords: Decentralized Autonomous Organization, Digital Assets, Valuation, Blockchain, Myth, Uses, Distributed Ledger Technology, Emerging Technology JEL Classification: K20, K23, K32, L43, L5, O31 Suggested Citation: Kaal, Wulf A., DAO […]



Wulf A. Kaal University of St. Thomas, Minnesota – School of Law Samuel Evans PriceWaterhouseCoopers LLP Hayley Howe affiliation not provided to SSRN Date Written: February 13, 2022 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 […]


Securities Versus Utility Tokens

Abstract 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 defining the general characteristics […]

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Abstract 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 projects that use the […]


How DAOs Optimize Open-Source Code Reviews and Create Open-Source Standards

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 code reviews that are verified through a […]

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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 organization often lack foundational transparency and are subject to significant power imbalances that favor the donor and lead to centralization of the charity. Existing legal incentives often lead to so-called Zombie Charities […]

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