The author, Dr. Nicholas Adams Judge, is political economist and cofounder of RootProject. The other cofounder is Chris Place, a Y Combinator Fellow. Their nonprofit’s pre-ICO just passed 203% of its goal and is open until July 28th, 2017.
We’ve gotten similar feedback during the pre-ICO from several very prominent leaders in the crypto community. I’ll keep their names private (here and when asked) for sake of respecting our confidential discussions.A Token Designed for Mass Adoption Helps the Crypto Community Grow. The Arguments
One argument: Because you can do some of what you want without a token, it’s not really necessary to include a token, and therefore it should be dropped.
The other: Because one of six or seven rules in RootProject’s currency-institution regime isn’t necessary we should drop it in favor of simplicity.
(A quick aside: “Institution” is a very broad term. Markets are institutions, elections, government organizations, private for-profit and nonprofit organizations are all examples of institutions.)Response 1: Kik and Decentralization
I didn’t expect this necessity standard for several reasons. Particularly in light of the ICO that really excites a lot of people: Kik’s release of its currency Kin. Kik already works great. It isn’t necessary to tokenize its ecosystem.
Kin, however, should make Kik a lot better over time. It creates an exciting opportunity for decentralized, organic input into a big organization. Again, that’s not necessary for Kik, but it does, historically, lead to a lot of creative development.
I know some people will jump even at that claim, saying that decentralization is unto itself not an important end. But the thing is, there are multiple massive empirical literatures that associate decentralization with the growth of innovation, democratic skills, social capital and institutional efficacy.