"Merely calling a token a 'utility' token or structuring it to provide some utility does not prevent the token from being a security," Clayton writes.
Token structure, therefore, is a disruption to a company's internal structure and we will share some examples below of how that's already affecting a number of Chinese crypto companies.
A schematic is taken as a system of tokens and structuring rules that expresses a program, model or concept; it is a graphical language.
If the tokens are structured properly for a blockchain, external stakeholders will be directly aligned with the goal of the project.
When tokens are structured basically as the sale of a service or product, they're designed to make sure the various prongs of the test are not triggered.
For an employee looking for a job in a technology-based company, consider two companies that are exactly the same, with the same team quality and same targeted industry, but one company has a token incentive structure instead of an equity incentive structure, and the token is already traded on an exchange.
With a lot of planning and a lot of luck, these cryptocurrencies can rise in value and, if the token sale is structured correctly, this gives companies a little bit more funding than they had before they started.
The resulting modules are then connected in a token ring structure to form the actual PET system.
Thus Hitchcock invokes the notion of token causal structure for what causal models represent, and suggests that "we can afford to let judgments of token causation be infected by pragmatic criteria without giving up on the objectivity of causation generally: objectivity can be retained at the level of token causal structure" (2007a, p. 504).
I'm certain though that the next set of large unicorns will be coming from tech companies with great token incentives structures, in or outside of the U.S.
