Even outside of banks, though, a lot of ICOs are closer to this line of thinking than the other one. A token offering, in this view, is not a way to fund the development of an unowned protocol that exists for the benefit of its users. It's just a way to fund a regular business with a regular stock offering (or securitization, or whatever), only "tokenized." "Tokenized" means that the stock in the business trades on a blockchain instead of on a regular stock exchange. But it is still basically stock -- though it might be stock with weak governance rights and few legal protections.Matt is talking about Initial Coin Offerings and points out the the coins are not always meant to be coins, but act like securities. He uses the generic 'token' to imply the general class of digital ownership contracts. This is separate from a 'coin' . Tokens imply a more complex contractual obligation, in general. Coin is a subclass that is meant for one step exchange.
Somebody mixed metaphors. If I produce coins, I am a currency banker, but I can still issue stock certificates. I can issue stock if I produce eggs, and still offer a free dozen eggs with each stock purchase.
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