"Blockchain protocol tokens, or simply “tokens,” are digital assets used in connection with decentralized services, applications and communities (collectively, “token networks”). As of this writing, dozens of such networks are in use world-wide, with many more in development. Bitcoin and Ethereum are the most notable examples. Token networks may bring about positive paradigm shifts to computing, finance, law, government and more. Tokens leverage computation and cryptography to represent consumptive goods (known as “utility tokens”) or replacements for traditional investments (known as “securities tokens”)."
The authors of this whitepaper include partner and head of Cooley's fintech practice Marco Santori, founder and CEO of Protocol Labs Juan Batiz-Benet and Protocol Labs executive Jesse Clayburgh.
Read the whitepaper
Press Coverage
"Are ICOs For Utility Tokens Selling Securities? Prominent Crypto Players Say Yes" Forbes
"SAFT Arrives: 'Simple' Investor Agreement Aims to Remove ICO Complexities" CoinDesk
"The People Behind the Hype-Filled ICO Craze are Trying to Regulate Themselves" CNBC