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Token Classifications

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Cryptonaut

Mostly brainstorming here. There are many uses for coins/tokens, but I havnt really seen anywhere which attempts to classify and categorize them.. maybe because only recently with stuff like CounterParty and MasterCoin have all of the potential uses theorized have actually become possible. So anyway, here is my attempt:

Currency / Point Tokens

These are the typical type of tokens most people know and understand (and use). Any token that acts as a currency, points or rewards system, or unit of account would fall under this category. This includes Bitcoin itself, alts such as Litecoin and Dogecoin (and all the rest). For the metacoin protocols, also includes things such as LTBcoin, Storjcoin (SJXC) and Folding Coin (FLDC)

Equity Tokens

An equity token is any token which represents stake/shares/ownership of company, website, organization, property (digital or physical) etc.. Everything from company shares, to property deeds on a house, to profit sharing from a website, or an investment scheme. Anything that represents a variable value in something, ownership, and/or pays out some sort of dividend. There are not many of these out there yet, but I think we will see a ton of them in the future. SWARM is one unique example of this on CounterParty

Redeemable Tokens

Redeemables are any tokens that can be sent back somewhere in order to receive some sort of product or service, digital or otherwise. This could be as simple as a token to receive 25% off your order, or buy 1 get 1 free (i.e, traditional coupon). It could be an advertising spot on a website, or sponsorship slot on a show or podcast. It can be 1 oz of gold, or even just an hour of someones time. Here on Lets Talk Bitcoin, we are already making use of redeemable tokens, and you will likely see a lot crop up over the coming months. Some examples (again, on counterparty, not aware of any others really) are LTBDISPLAY, HOURCONSULT (hour of consulting with @adam ;) ), SPONSOR, as well as initiatives by some others such as COINFIREAD (ad spot on the coinfire website) and BKEYCHAIN (redeemable for 1 bitcoin keychain). You can also get actual gold via buying GDTT tokens (run by Digital Tangible Trust)

Access Tokens

Access tokens are a recent idea that has been developed over the past couple months (not sure if someone had already thought about it before.. probably). Our Token Societies service is one of the first implementations of the "Token Controlled Access" concept. It's been discussed on the show already, so I won't get into it with this post... but essentially its changing what you can access on a website (or game or w/e) based on what and how many tokens you have in a wallet you control. We are just getting started with this idea, but some example tokens are EARLY (gives access to the exclusive LTB founders forum), PODCAST (lets a user publish their own podcasts and create their own magic words) and STAFF (gives access to the staff only forum)

Decision Tokens

These are special tokens used for decentralized voting. In most cases, a couple different voting tokens are sent out to all holders of another existing token at a 1:1 ratio. Holders can then go and check out what the voting is all about and what the options are. Send whichever option token back, and on the deadline all votes received back can be counted to determine the groups decision. With counterparty, tokens can be made "callable", which means you can set it up so that after a certain date and time, you can call back all of the tokens back to your address, effectively ending the vote and allowing you to re-use the tokens. An example that SWARM has done was issuing out SWARMVOTEONE and SWARMVOTETWO tokens for some decisions a few months ago.

Name Squats / Junk Tokens

This one pretty much covers any tokens that have no real use at all. Typically ones that were made just for testing and messing around (I like to use WALMART tokens for testing :) ), but also ones that were created just for name squatting purposes (like whoever owns the asset named GOOGLE)

That's about all I can think of at the moment. Also a lot of tokens will probably overlap several categories, should be pretty interesting. Anyone think of any other potential types I might be missing?

Chief Architect - Let's Talk Bitcoin!
Co-Founder - Tokenly
Owner - IronClad Web Technologies
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  • lovebitcoins

    Thanks for doing this list, breaking it all down and working to keep it up to date.

    I am hoping to have a coin to add to this list in the near future. I've been told to send you a PM and I'll likely be doing that soon.

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  • dexX

    Great thread!

    I usually differentiate between "tokens" (Mastercoin [d'oh'], XCP, SWARM, ...) and "coins" (Bitcoin, Litecoin, ...), but I guess it comes down to the level of abstraction.

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  • Vik

    Thanks for classifications tip - much easier to understand. Bookmarked this thread.

    money, money, money...

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  • bitsol

    Isn't Storj coin SJCX?

    Find my posts helpful? Please tip me Bitcoin or LTBCoin here: 13zRLHESqrDCEdSajrNFPNL7bBUtDByWpz

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  • Cryptonaut

    @PICISI yeah describing the utility beyond the simple currency-like properties is pretty much what I was going for. Also important to note that tokens can be more than one type at the same time. e.g it is feasible for a token to be redeemable, represent equity and also act as an access token all at the same time.

    Chief Architect - Let's Talk Bitcoin!
    Co-Founder - Tokenly
    Owner - IronClad Web Technologies
    BITCOINEX - SPECULATE - EARNFREEBTC - BOOKKEEPER - IRONCLADWEB
    Adbit.co Bitcoin Advertising

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  • pooktwo

    @picisi well I sort of look at it from a very practical standpoint, firstly 'what is it designed to do', then 'what is most of it doing now'.

    if a coin was designed to be used as a means of exchange between buyer and seller or good or services, then it was designed to be a currency, if it was designed to be a temporary representative store of value like tickets at a fair, or tokens everywhere then it's a token.

    The main criteria is utility, utility is also the primary factor for the CC's value.

    Nevertheless, regardless of what they are designed to do or they name they are given I want to know how most of them are currently being used. Are they in circulation as currency or a commodity?

    If you create a currency, and spend all of your time marketing the currency, instead of the products and services being bought and sold with the currency then you know you likely have a commodity than a currency.

    I believe all fiat currencies start off as a commodity or at least a debt instruments until such time that actual revenue is able to cover the amount of currency in circulation, then it becomes a currency that simply makes it easier to transfer values from 'A' to 'B'.

    All of the 2nd gen coin should have a name that reflects the fact that they are far more than a currency, they should have a term embodies their super currency status.

    just my thoughts

    Here is a list of all the tokens https://xcpassets.org/all-assets/

    A lot of them are rewards type of tokens or equity type of tokens

    • Robert Ross
    • Director of FoldingCoin Inc
    • Community Director for the Counterparty Foundation
    • Skype: foldingcoin
    • Twitter: @pooktwoFLDC
    • FLDC Twitter: @foldingcoin
    • Email: rross@foldingcoin.net
    • Alt Email: foldingcoin.net@gmail.com
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  • darkmooncity

    Very cool list. xo

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  • darkmooncity

    So if you can create token access forums, you can create token access apps right?

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  • Cryptonaut

    @darkmooncity So if you can create token access forums, you can create token access apps right?

    the CMS has the ability to apply token access rules (although the interface is lacking) to the following: general app/module access (e.g specific areas in your dashboard), override any group permission, submission access to blogs and blog categories, viewing blog posts/categories, viewing forum boards or individual threads/posts, viewing CMS pages and viewing user profiles. More can be added as well

    Chief Architect - Let's Talk Bitcoin!
    Co-Founder - Tokenly
    Owner - IronClad Web Technologies
    BITCOINEX - SPECULATE - EARNFREEBTC - BOOKKEEPER - IRONCLADWEB
    Adbit.co Bitcoin Advertising

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