The question is not whether the world needs all these digital tokens that have proliferated on various blockchains, but what are we going to do with all these tokens? The physical world is largely represented as tokens and this shift into the digital realm is no different to the fax machine or the printing press being transformed, as technology innovates and disrupts and changes the world around us.
In this chapter, we went through some thought experiments to determine if some ICOs needed their own custom token and saw arguments both for and against. Several different companies running ICOs were examined, where the conclusion was that the more established a company was in terms of having an existing user base or a working product, the more successful the ICO was.
Finally, three main questions were highlighted around creating a token, which were to define the purpose of token, whether an existing token or custom token should be created, and if a blockchain is required as part of the...