L to R: Joshua Klayman, co-chair of Morrison & Foerster’s Blockchain + Smart Contracts Group; Jae Kwon, co-founder, All in Bits, Cosmos, and Tendermint; Nick Chirls, founder & partner, Notation Capital; Subhankar Sinha, Co-Founder, PwC’s Global Blockchain Practice, Emma Channing, General Counsel, The Argon Group; Greg Murphy, Partner, Outlier Ventures; John Tabacco, Co-Founder, T0, and President, Rev4, during a panel discussion titled “Blockchain for Bankers: ICOs and Similar Investments” at Morrison Foerster in New York. (Photo: Ian Lopez/ALM)
Say you wanted to open an amusement park. Rather than meeting with investors, the creator can presell “tokens” for guests to play in the park, then continue issuing them as time goes on, using the money to build the amusement park. What’s more, you’ve also created a secondary market for trading those tokens for actual use in the park.