Tokens are equity in Internet-native businesses

Quick Take

  • Crypto protocols are similar to traditional companies in that they provide a service  — e.g. file storage, lending, or exchange — in exchange for a fee.
  • A major difference between a traditional company and a crypto protocol the lack of legal recourse — services have to be reliable only using economic incentives.
  • Token holders are the owners of crypto protocols. They both govern how the protocol develops and can capture a portion of the profits generated by services provided.

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