Is There a Real Demand for Trustless Token Projects?
Many different types of cryptocurrency assets exist today. Some serve a purpose, whereas others are still trying to figure out what the plan of action is.
Over the past few years, the influx of Ethereum tokens has become apparent.
Does Anyone Need a Trustless Token?
During the ICO stage, ERC20 tokens were all of the hype.
Later on, the token issuance standards were improved upon, albeit fewer offerings came to market.
It now appears some developers are looking to do things a bit differently.
Creating a trustless token is not as easy as one might think.
This is particularly true when doing it on top of an existing blockchain such as Ethereum.
One option to explore is to remove any “advantage” as a creator or Foundation.
By coding a smart contract with a “minting” function, so-called “mineable tokens” have been created in the past.
It appears this is the same as a trustless token, even though not everyone will see it that way.
It is possible to achieve an emission rate similar to bitcoin with this method, however.
Smart contracts with this minting function can also introduce reward halvings and an increasing “mining” difficulty.
It is an interesting way to build a trustless token.
The big question will always remain, however: is anyone waiting for such an offering?
Creating a new token for a problem that doesn’t exist is never the solution.
Image(s): Shutterstock.com
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JP Buntinx, Khareem Sudlow
