從網絡代幣到模因硬幣，A16Z加密貨幣制定了一個框架，以幫助企業導航不斷發展的加密貨幣景觀。

根據Wikipedia的定義，它是一種數字貨幣，旨在通過計算機網絡運行，該網絡“不依賴任何中央當局”

From network tokens to meme coins, a16z crypto has laid out a framework to help businesses navigate the evolving crypto landscape.

從網絡代幣到模因硬幣，A16Z加密貨幣制定了一個框架，以幫助企業導航不斷發展的加密貨幣景觀。

What is a cryptocurrency? According to Wikipedia’s definition, it is a digital currency designed to work through a computer network that is “not reliant on any central authority, such as a government or bank, to uphold or maintain it.”

什麼是加密貨幣？根據Wikipedia的定義，它是一種數字貨幣，旨在通過計算機網絡運行，該網絡“不依賴於任何中央權威，例如政府或銀行來維護或維護它”。

And while at the very beginning in 2009 there was one and only cryptocurrency out there, called Bitcoin (BTC), things have changed significantly since then. Now, there over 12 million different tokens, per data from crypto price aggregator platforms. But how to differ them? There are memecoins, utility tokens, security tokens, and many more. No wonder crypto has become so complex.

雖然在2009年開始，那裡有一種也是唯一的加密貨幣，稱為比特幣（BTC），但此後情況發生了很大變化。現在，根據加密價格聚合器平台的數據，有超過1200萬個不同的令牌。但是如何有所不同？有模因，公用事業令牌，安全令牌等等。難怪加密已經變得如此復雜。

“So, whether you’re building a blockchain-based project, investing in tokens, or simply using them as a consumer, it’s essential to know what to look for. It’s important not to confuse, for instance, memecoins with network tokens.”

“因此，無論您是構建一個基於區塊鏈的項目，投資令牌，還是只是將它們用作消費者，都必須知道要尋找什麼。重要的是不要將模因與網絡令牌混淆。”

a16z crypto

A16Z加密

To help sort the crypto things out, Miles Jennings, Scott Duke Kominers, and Eddy Lazzarin from a16z crypto created a framework for understanding the seven categories of tokens they see entrepreneurs building with most often. Below is a breakdown of these categories.

為了幫助整理加密貨幣的問題，來自A16Z Crypto的Miles Jennings，Scott Duke Kominers和Eddy Lazzarin創建了一個框架，以了解他們看到企業家大多數建築的七個代幣類別。以下是這些類別的細分。

Network tokens

網絡令牌

Network tokens are used to keep a blockchain or smart contract protocol running. Basically, their value comes from how the network works. They usually have a clear purpose, like helping with network operations, forming consensus, upgrading the protocol, or rewarding certain actions within the network.

網絡令牌用於保持區塊鍊或智能合約協議運行。基本上，它們的價值來自網絡的運作方式。它們通常具有明確的目的，例如幫助網絡操作，建立共識，升級協議或獎勵網絡中的某些行動。

As a16z crypto explains, these networks, where the tokens live, usually have features like “programmatic buybacks, dividends, and other changes to the total token supply via token creation or burning to introduce inflationary and deflationary pressures in service of the network.”

正如A16Z加密貨幣所解釋的那樣，這些網絡（代幣都可以使用的網絡）通常具有“通過代幣創建或燃燒來引入通貨膨脹和限製網絡的通貨膨脹壓力”等特徵。

Network tokens depend on trust. And in this aspect a16z crypto says these tokens “are similar to both commodities and securities.”

網絡令牌取決於信任。在這方面，A16Z加密貨幣說這些令牌“與商品和證券都相似。”

“Recognizing this, both the SEC’s 2019 Framework and FIT21 provided for network tokens to be excluded from U.S. securities laws when those trust dependencies are mitigated through decentralization of the underlying network.”

“認識到這一點，當SEC的2019年框架和FIT21都提供了將網絡令牌排除在美國證券法中時，當這些信任依賴性通過下層基礎網絡的分散化而減輕這些信任依賴性時。”

a16z crypto

A16Z加密

These tokens are used to launch new networks, distribute ownership or control, and keep the network secure. The brightest examples are Bitcoin, Ethereum (ETH), Solana (SOL), Uniswap (UNI), and Dogecoin (DOGE).

這些令牌用於啟動新網絡，分發所有權或控制，並確保網絡安全。最亮的例子是比特幣，以太坊（ETH），solana（sol），uniswap（uni）和dogecoin（doge）。

Security tokens

安全令牌

While network tokens might seem like securities, security tokens are actually digital versions of traditional securities, like company shares or corporate bonds. They can also have special features, like giving profits interest in an LLC or rights to future settlement payments from lawsuits.

儘管網絡令牌似乎似乎是證券，但安全令牌實際上是傳統證券的數字版本，例如公司股票或公司債券。他們還可以具有特殊功能，例如對有限責任公司的利潤或從訴訟中付款的未來和解付款權利。

While securities give holders specific rights, titles, or interests, and the issuer often controls the asset’s risk, these tokens will still be under U.S. securities laws, as a16z crypto points out. Even though these tokens aren’t as common as network tokens or memecoins, they’ve still been used to raise money for business ventures.

儘管證券賦予持有人的特定權利，頭銜或利息，並且發行人經常控制資產的風險，但這些代幣仍將遵循美國證券法，正如A16Z Crypto指出的那樣。即使這些代幣不如網絡令牌或成人那樣普遍，但它們仍然被用來為商業企業籌集資金。

For example, Etherfuse Stablebonds and Aspen Coin gave people fractional ownership in the St. Regis Aspen Resort.

例如，Etherfuse StableBonds和Aspen Coin在St.Regis Aspen Resort中提供了分數的所有權。

Company-backed tokens

公司支持的令牌

Company-backed tokens are tied to an off-chain application, product, or service run by a company or centralized organization.

公司支持的代幣與公司或集中組織運行的鏈申請，產品或服務有關。

Like network tokens, company-backed tokens may use blockchain and smart contracts (e.g., to facilitate payments). However, they primarily serve off-chain operations rather than network ownership. As a result, a company has more control over the issuance, utility, and value of the token.

像網絡令牌一樣，公司支持的令牌可能會使用區塊鍊和智能合約（例如，促進付款）。但是，它們主要服務於鍊鍊操作，而不是網絡所有權。結果，公司對代幣的發行，公用事業和價值有更大的控制權。

Although these tokens don’t provide a defined right or title like traditional securities, they still have trust dependencies akin to securities.

儘管這些令牌沒有提供像傳統證券這樣的定義權利或所有權，但它們仍然具有類似於證券的信任依賴性。

“Their value is inherently dependent upon a system that is controlled by a person, company or management team.”

“它們的價值本質上取決於由個人，公司或管理團隊控制的系統。”

a16z crypto

A16Z加密

For this exact reason, company-backed tokens could be subject to U.S. securities laws when they attract investment, the analysts warn. Historically, company-backed tokens have been used to circumvent securities laws in the U.S., acting as proxies for equity or profits interests in companies.

分析師警告說，由於這個確切的原因，公司支持的代幣可能會在美國證券法時受到投資的約束。從歷史上看，公司支持的代幣已被用來規避美國的證券法，並充當了公司的股權或利益公司的利益。

For instance, examples include (FTT), which was a profit interest in the notorious FTX exchange. Binance Coin (BNB) is another example of a company-backed token that transitioned into a network token after the launch of BNB Chain.

例如，示例包括（FTT），這是臭名昭著的FTX交換中的利益。 Binance Coin（BNB）是BNB鏈發行後轉移到網絡令牌的另一個示例。

Arcade tokens

街機代幣

Arcade tokens are primarily used within a system and are not meant for investment, a16z crypto explains. These tokens often serve as currencies within virtual economies, like digital gold in a game, loyalty points for a membership program, or credits for digital products.

A16Z加密貨幣解釋說，街機代幣主要用於系統中，並不是用於投資。這些令牌通常用作虛擬經濟體中的貨幣，例如游戲中的數字黃金，會員計劃的忠誠度點或數字產品的學分。

What makes arcade tokens unique is that they are designed to discourage speculation. They may have an uncapped supply — meaning an unlimited number can be minted — and/or limited transferability.

使Arcade令牌與眾不同的原因是它們旨在阻止猜測。它們可能具有無上限的供應 - 這意味著可以鑄造無限的數字和/或有限的可轉讓性。

As a16z crypto points out, these tokens may even “

正如A16Z加密貨幣所指出的那樣，這些令牌甚至可能“