I’m flying solo today as I wanted to talk to you today about a concept in digital currency which we bump into a lot, but can require a bit of explanation. That is the idea of tokenisation. This is a fundamentally disruptive idea (sorry, there’s that word again, but it’s true – the fortunate thing is, the disruption is largely at the institutional stage, with relatively little impact on you as the user)
If you like, tokenisation is the disruption of money
So to appreciate this, we have to first understand exactly what money is.
Money can be understood in many ways, such as a store of wealth and value, and a way of accounting for things. Day to day though, money is our means of exchange – and this makes it very different from other forms of wealth such as property, or jewellery, or other kinds of assets like bullion or stocks. Listen to the podcast to hear more about this.
I is for ICO
ICO stands for initial coin offering, and this is a way in which new cryptocurrency projects can raise funds to launch their business, by selling their own crypto tokens. It’s a bit similar to the way investors buy shares in a company through an initial public offering, but it’s got some important differences. Not least, the fact that ICO tokens can usually only be bought using bitcoin and ether (although some projects have found innovative ways to offer fiat currency payment gateways).
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