Apply the concept
This course uses three descriptive axes: unit structure, function and represented rights. Unit structure asks whether units are interchangeable, called fungible within the issue, or individually distinguished.
A token that permits voting is often described as a governance token. Function asks what the arrangement lets someone do, such as access a service or vote.
Rights asks who owes what under the supplied terMs. These axes can overlap. Calling something a governance token does not settle whether it is fungible, and calling it fungible does not establish a repayment promise. This is an analytical worksheet, not a legal classification test.
Supplied fictional input
Harbour VoteUnits are interchangeable within one contract, permit votes on workshop topics, and carry no stated claim to company profits.
Complete the three axes for VoteUnits in Decision scope.
Compare your response
Unit structure: fungible within this issue. Function: voting on workshop topics. Represented rights: the stated voting permission, with no supplied profit claim.
Each fact answers a different question. Keeping separate columns prevents the voting label from being mistaken for company equity.
Check your work: Use all three columns and avoid inferring rights from a token name.
| Unit structure | Function | Represented rights |
|---|---|---|
| Interchangeable VoteUnits | Advisory workshop-topic votes | No supplied profit claim |