Tokens aren't cryptocurrency.

In this episode of web3 with a16z, @eddy, @skominers, @hackr, @milesjennings, break down what they really are.

Tune in: https://a16zcrypto.com/posts/podcast/token-guide-types-design-uses/

We move beyond conventional categories — like “governance tokens” or “utility tokens” or even “memecoins” — to present a full taxonomy of what tokens are, what they aren’t, and what they’re capable of becoming.

Questions we explore: 

What is a token? Is it a form of money? A piece of data? Something else? 

How many types of tokens are there — and who is in control of each? 

And how should we think about their actual economic, legal, and technical characteristics? 

We also dig into different token designs and their uses; where tokens derive value from; how they jibe with securities law; and much more.

"Governance" and "utility" aren't real token categories. What matters is their built in and inalienable (inherent) properties. You can't pray your token into being seen as a "store of value".

But you *can* create a decentralized network-marketplace with an integrated token that can be issued for incentives + capture fees for programmatic buybacks. This is a network token.

CTO @a16zcrypto, lover of https://github.com/a16z/awesome-farcaster

Correct, but this was illegal until like 3 months ago lol

So only now do people feel good about this.