Introducing the WKH Ethereum Token

On May 23, 2021, attorney and shareholder Robert J. Kull minted the firm’s first cryptocurrency token known as the Wokuhe with symbol WKH. “The WKH is an Ethereum based token,” explained Mr. Kull, who enjoys early adopting of technology. “I believe cryptocurrencies and smart contracts will take the legal community by storm. You need to be prepared for the storm. Minting an ERC20 token for the firm was more of a learning experience than anything. To understand and use technology, you really should understand the technology’s foundation.”

Mr. Kull envisions the legal profession finding many uses for smart contracts and tokens in the very near future. “Smart contracts are really taking off. They can be a very effective method of verifying and transferring title to assets. Think of the token as an immutable representation of ownership. The cryptographic nature of the token prevents it from being counterfeited or forged, and the technology behind crypto wallets allows for easy transfer of assets without a third-party intermediary. This technology could be easily adapted to things that already exist like real estate titles, vehicle titles, and shares of stock. It can also be used in more creative ways like giving title to personal property items, traditional and digital artwork and the like.”

Mr. Kull said the experience has prepared him to more effectively assist clients with their digital assets and smart contracts. Mr. Kull already has several clients who incorporated their cryptocurrency into their estate plan. “An attorney should really have a working knowledge of all asset classes a client might have. You would expect your estate planning attorney to understand real estate, banking assets, investments, retirement assets, etc. If you are invested in crypto, your attorney should certainly understand crypto, how to plan for it and protect it,” explains Mr. Kull. “Funding a revocable living trust with crypto is easily done, but it has to be done right to protect it for future generations.” Asked what the firm will do with the Wokuhe? Mr. Kull smiles, “I’m still looking for a good use for the Wokuhe and I’m certainly open to suggestions!”