Value Capture: Equity vs. Tokens

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... See more

In line with the transition from passion economy to ownership economy, as beautifully broken down by Jesse Walden, crypto emissions can be thought of as a consistent and stable revenue model for businesses and teams. Token minting is SaaS backward and powerful for users if structured correctly. This could be thought of as the natural next step for ... See more