Tokens are essential for the functionality of certain networks, as they incentivize users to participate in the ecosystem, such as storing and sharing files.

Tokens in ICOs serve as an incentive layer on decentralized networks, allowing for trustless transactions without a central authority.

The ultimate goal of blockchain and tokens is to create a trustless system where no party has to trust another, achieved through proper incentives.

The most valuable applications of blockchain technology are those where parties do not trust each other and seek to create a trustless system, which is not applicable to many traditional businesses.

In the future, I expect a relatively small number of blockchains but a high number of tokens, as many token networks allow for other tokens to be issued on top of them.

Not every startup will need to issue a token; traditional trust-based relationships will always exist alongside tokenized systems.

I see blockchain and crypto as opportunities to create new experiences that can dramatically change people's behavior.

Stablecoins are blockchain-based systems that allow users to transact without intermediaries, reducing costs and increasing efficiency in payments.

As infrastructure for asset-backed tokens develops, it may make sense for companies to raise equity through tokens that represent that equity.