The most important takehome is that tokens are not equity, but are more similar to paid API keys. Nevertheless, they may represent a >1000X improvement in the time-to-liquidity and a >100X improvement in the size of the buyer base relative to traditional means for US technology financing — like a Kickstarter on steroids. This in turn opens up the... See more

Imagine you have a dollar to invest and you can choose between two options: a public cloud service or a layer 1 blockchain. How do you decide which is more attractive? How does a token differ from equity?  The answer is that tokens can act remarkably like equity if they are structured in the right way. In addition, tokens offer one benefit beyond... See more