Too Long; Didn't Read
Understanding how value is created and accumulated in a technology market is the most effective, and arguably the hardest, way to develop a unique thesis about the space. In the case of security tokens, formulating a value creation thesis seems to be particularly difficult given the early fragmentation of the space. After a year of frantic development, hundreds of new players, many more press releases and the first group of issued tokens, we still don’t have a clear picture of how the main value creation avenues in the security token space. Today, I would like to explore a few basic ideas that might provide some clarity into how value will be created and accrued in the crypto-securities market.