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Abstract, Acknowledgements, Disclaimers & A Note To The Reader

Published onAug 10, 2019
Abstract, Acknowledgements, Disclaimers & A Note To The Reader


This work addresses the ongoing lack of legal clarity and inconsistent pronouncements regarding the regulatory status of cryptographic assets by introducing a novel series of classification approaches employing non-binary scoring systems. Novel taxonomies have been constructed based upon multi-level categorical and numerical discrimination methods following design science of information systems best practices. The aim is to provide greater explanatory insight with respect to the nuanced and complex ensemble of attributes which may be exhibited within this \textit{sui generis} type of objects. The notions of Securityness, Moneyness and Commodityness are proposed as candidate meta-characteristics for TokenSpace: a three-dimensional visual construction of subjective classification approaches towards a coherent and customisable conceptual framework. TokenSpace can be used to make reasoned qualitative and / or quantitative comparisons of asset properties. TokenSpace has more in common with successful prior classification frameworks in other domains and greater development potential using axiomatic, empirical and qualitative approaches than the sorting, clustering, intuitive or naïve categorisation approaches previously employed for cryptographic assets. TokenSpace provides a basis upon which real-time information feeds and predictive analytical tools may be developed in future.


The author would like to extend sincere appreciation and thanks to Professor Sir Martyn Poliakoff, Professor Boris Mamlyuk, Yuval Kogman and Nic Carter for helpful discussions and feedback during the preparation of this manuscript.

Disclaimer, A Note to the Reader & Contributions

The intended purpose of this work is to address a series of unclear and complex issues in the regulatory, compliance and legal domains through the application of a novel conceptual approach to asset classification.

The classification system design choices, scoring outputs and discussion of situational context have been made in an ad hoc, approximate and subjective manner and do not necessarily correlate to an objective representation of reality. The author is not a lawyer, regulator or legal professional and has no definitive opinion on the regulatory or compliance status or consequences of assets being classified with particular assignations by any territorial or jurisdictional legislature. By reading this document any further you agree that the author accepts no liability or responsibility for the results outlined below or any discussions arising thereof. TS10, TSL7 and TSTDX TokenSpace scores are provided for intellectual purposes and the aforementioned TokenSpaces are abstract and hypothetical representations based upon the methodologies developed in this work.

If you do not agree to these stipulations, you are not permitted to read this document.

Dear reader, the methodologies and conceptual frameworks included in this manuscript are intended to be useful to legal, regulatory and compliance professionals as well as researchers, investment managers, asset issuers and token engineers in order to compare and contrast the evolving properties of cryptographic networks and assets over time. Though the example taxonomies and TokenSpaces included here are largely based on certain perspectives, the methodology is sufficiently generalisable to be readily repurposable.

Sections 1 and 2 provide introductory background, historical and justification for the development of cryptographic asset classification approaches. Section 3 outlines design choices and considerations for a generalised methodology to build TokenSpaces and the exercise applied to the meta-characteristics identified given the context in sections 1 and 2 to create the TS10 instantiation of TokenSpace. Section 4 contains the complete TS10 TokenSpace taxonomies, outputs, analysis and findings alongside miniature TSL7 and TSTDX TokenSpace case studies facilitating comparisons of legacy and cryptographic assets and time-dependence of asset characteristics respectively.

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