Too Long; Didn't Read
Security tokens offer a blank canvas to reimagine the finance ecosystem with programmability as a first-class citizen. The possibilities are immense but where to start? To build an open, programmable financial system, security tokens will require a new wave of blockchain protocols. However, the security token use cases today are basic enough that don’t need too many protocols beyond a compliance stack. At the same time, its hard to envision sophisticated financial use cases without having the corresponding blockchain protocols. From that perspective, you can say security tokens are experiencing a very aggressive form of the traditional friction between infrastructure and applications in technology markets.