从网络代币到模因硬币，A16Z加密货币制定了一个框架，以帮助企业导航不断发展的加密货币景观。

根据Wikipedia的定义，它是一种数字货币，旨在通过计算机网络运行，该网络“不依赖任何中央当局”

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

从网络代币到模因硬币，A16Z加密货币制定了一个框架，以帮助企业导航不断发展的加密货币景观。

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.”

什么是加密货币？根据Wikipedia的定义，它是一种数字货币，旨在通过计算机网络运行，该网络“不依赖于任何中央权威，例如政府或银行来维护或维护它”。

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.

虽然在2009年开始，那里有一种也是唯一的加密货币，称为比特币（BTC），但此后情况发生了很大变化。现在，根据加密价格聚合器平台的数据，有超过1200万个不同的令牌。但是如何有所不同？有模因，公用事业令牌，安全令牌等等。难怪加密已经变得如此复杂。

“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，无论您是构建一个基于区块链的项目，投资令牌，还是只是将它们用作消费者，都必须知道要寻找什么。重要的是不要将模因与网络令牌混淆。”

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.

为了帮助整理加密货币的问题，来自A16Z Crypto的Miles Jennings，Scott Duke Kominers和Eddy Lazzarin创建了一个框架，以了解他们看到企业家大多数建筑的七个代币类别。以下是这些类别的细分。

Network tokens

网络令牌

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.

网络令牌用于保持区块链或智能合约协议运行。基本上，它们的价值来自网络的运作方式。它们通常具有明确的目的，例如帮助网络操作，建立共识，升级协议或奖励网络中的某些行动。

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加密货币所解释的那样，这些网络（代币都可以使用的网络）通常具有“通过代币创建或燃烧来引入通货膨胀和限制网络的通货膨胀压力”等特征。

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

网络令牌取决于信任。在这方面，A16Z加密货币说这些令牌“与商品和证券都相似。”

“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.”

“认识到这一点，当SEC的2019年框架和FIT21都提供了将网络令牌排除在美国证券法中时，当这些信任依赖性通过下层基础网络的分散化而减轻这些信任依赖性时。”

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).

这些令牌用于启动新网络，分发所有权或控制，并确保网络安全。最亮的例子是比特币，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.

尽管网络令牌似乎似乎是证券，但安全令牌实际上是传统证券的数字版本，例如公司股票或公司债券。他们还可以具有特殊功能，例如对有限责任公司的利润或从诉讼中付款的未来和解付款权利。

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.

尽管证券赋予持有人的特定权利，头衔或利息，并且发行人经常控制资产的风险，但这些代币仍将遵循美国证券法，正如A16Z Crypto指出的那样。即使这些代币不如网络令牌或成人那样普遍，但它们仍然被用来为商业企业筹集资金。

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中提供了分数的所有权。

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.

公司支持的代币与公司或集中组织运行的链申请，产品或服务有关。

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.

像网络令牌一样，公司支持的令牌可能会使用区块链和智能合约（例如，促进付款）。但是，它们主要服务于链链操作，而不是网络所有权。结果，公司对代币的发行，公用事业和价值有更大的控制权。

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

尽管这些令牌没有提供像传统证券这样的定义权利或所有权，但它们仍然具有类似于证券的信任依赖性。

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

“它们的价值本质上取决于由个人，公司或管理团队控制的系统。”

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.

分析师警告说，出于这个确切的原因，公司支持的代币可能会受到美国证券法的约束。从历史上看，公司支持的代币已被用来规避美国的证券法，并充当了公司的股权或利益公司的利益。

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），这是臭名昭著的FTX交换中的利益。 Binance Coin（BNB）是BNB链发行后转移到网络令牌的另一个示例。

Arcade tokens

街机代币

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加密货币解释说，街机代币主要用于系统中，并不是用于投资。这些令牌通常用作虚拟经济体中的货币，例如游戏中的数字黄金，会员计划的忠诚度点或数字产品的学分。

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令牌与众不同的原因是它们旨在阻止猜测。它们可能具有无上限的供应 - 这意味着可以铸造无限的数字和/或有限的可转让性。

As a16z crypto points out, these tokens may even “

正如A16Z加密货币所指出的那样，这些令牌甚至可能“