讓加密代幣變得有用且公平

Jake Chervinsky 和 ​​Rebecca Rettig 表示，創始人應該優先考慮讓代幣變得有用和公平，而不是解析 Howey 測試。

Making Crypto Tokens Useful and Fair

讓加密代幣變得有用且公平

Instead of parsing the Howey Test, founders should prioritize making tokens useful and fair, say Jake Chervinsky and Rebecca Rettig.

Jake Chervinsky 和 ​​Rebecca Rettig 表示，創始人應該優先考慮讓代幣變得有用和公平，而不是解析 Howey 測試。

Let’s be honest: when it comes to launching new tokens, the landscape is pretty rough. We’ve seen the same sad storyline play out repeatedly this year. Projects hype a token with limited or no fundamental utility, distribute a small number to the public at a high valuation, and then watch as the market price crashes toward zero.

老實說：在推出新代幣時，情況相當艱難。今年我們已經看到同樣的悲傷故事不斷上演。專案炒作一種基本效用有限或沒有基本效用的代幣，以高估值向大眾發行少量代幣，然後眼睜睜地看著市場價格跌向零。

Many blame “regulatory uncertainty” for this problematic pattern, arguing that only memecoins can survive the hostility of the U.S. Securities and Exchange Commission (SEC) and that there’s no way for crypto founders to launch exciting projects – and tokens that may be necessary or supportive of that project — without violating the federal securities laws.

許多人將這種有問題的模式歸咎於“監管不確定性”，認為只有memecoin 才能經受住美國證券交易委員會(SEC) 的敵意，加密貨幣創始人無法推出令人興奮的項目- 以及可能是必要或支持性的代幣該項目的—不違反聯邦證券法。

We don’t agree.

我們不同意。

We spend a lot of time talking to founders about how to develop a regulatory compliance strategy and prepare for SEC scrutiny when launching new tokens. You might expect two lawyers to address that issue by diving deep into the Howey Test, explaining why a court opinion about apartments in the 1970s means a token isn’t a security, or devising a complex corporate structure that requires a diagram to understand.

我們花了很多時間與創始人討論如何制定監管合規策略並為推出新代幣時接受 SEC 審查做好準備。您可能會期望兩位律師透過深入研究 Howey 測試來解決這個問題，解釋為什麼法院關於 20 世紀 70 年代公寓的意見意味著代幣不是證券，或者設計一個需要圖表才能理解的複雜公司結構。

So now what is the focus? Something much more important: be a good actor and build tools people want.

那麼現在的焦點是什麼呢？更重要的是：成為一個好演員並建立人們想要的工具。

We recommend founders start by stepping back from the details of the law and answering two questions: how do you make the token useful, and how do you make it fair?

我們建議創辦人先從法律細節退一步，回答兩個問題：如何讓代幣變得有用，以及如何使其公平？

Make the token useful

讓令牌有用

What does it mean for a token to be useful? The best heuristic is whether people want to hold it for some reason other than as an investment. For example, some tokens grant access to blockchain-based products or services, similar to how baseball tickets grant access to a game. Other tokens coordinate human decision-making, as with governance tokens, or incentivize human work, as with base layer infrastructure tokens. And even other tokens memorialize contributions to a system, whether it be data or something else valuable (but that isn’t an investment).

令牌有用意味著什麼？最好的啟發是人們是否出於投資以外的其他原因想要持有它。例如，某些代幣授予對基於區塊鏈的產品或服務的存取權限，類似於棒球門票授予對比賽的存取權限的方式。其他代幣可以協調人類決策（如治理代幣），或激勵人類工作（如基礎層基礎設施代幣）。甚至其他代幣也會紀念對系統的貢獻，無論是數據還是其他有價值的東西（但這不是投資）。

There are many useful tokens in crypto, but the archetype is the original: bitcoin. Bitcoin is useful as decentralized money enabling peer-to-peer payments for the world. It is also useful for providing decentralized security for the Bitcoin blockchain — without bitcoin the asset, Bitcoin the network could not exist. That utility is coded directly into the design of the Bitcoin protocol, which incentivizes people to contribute valuable work in the form of mining.

加密貨幣中有許多有用的代幣，但原型是原始的：比特幣。比特幣作為去中心化貨幣很有用，可以為世界提供點對點支付。它對於為比特幣區塊鏈提供去中心化安全性也很有用——沒有比特幣這種資產，比特幣網路就不可能存在。該實用程式直接編碼到比特幣協議的設計中，從而激勵人們以挖礦的形式貢獻有價值的工作。

Similarly, decentralized physical infrastructure network (DePIN) tokens have proven particularly useful. DePIN projects use public blockchains to create decentralized networks of hardware operators who contribute resources such as data storage or wireless connectivity. The success of a DePIN project depends on incentivizing operators around the world to participate in the network, and tokens are uniquely suited to achieve that goal. Unlike traditional payment rails — which are slow, expensive, offchain, and gated by geographic borders — tokens can bring operators on-chain efficiently and effectively no matter where they are in the world.

同樣，去中心化實體基礎設施網路（DePIN）代幣已被證明特別有用。 DePIN 專案使用公共區塊鏈創建硬體營運商的去中心化網絡，這些運營商貢獻資料儲存或無線連接等資源。 DePIN 專案的成功取決於激勵世界各地的營運商參與網絡，而代幣非常適合實現這一目標。與傳統的支付方式不同（緩慢、昂貴、離線且受地理邊界限制），代幣可以讓營運商高效、有效地進入鏈上，無論他們身在世界何處。

Make the token fair

讓代幣公平

A major goal of crypto is to build transparent systems that are secure, accessible, and equitable for everyone. Yet, many tokens have been tarnished by “low float, high FDV” mechanics and other issues that give insiders an unfair advantage over the public. Few things will slow the momentum behind a new token faster than treating retail holders worse than insiders or institutions.

加密貨幣的一個主要目標是建立一個對每個人都安全、可存取且公平的透明系統。然而，許多代幣因「低流通量、高 FDV」機制和其他問題而受到玷污，這些問題使內部人士相對於公眾具有不公平的優勢。沒有什麼比對待散戶持有者比內部人士或機構更糟糕更能減緩新代幣背後的勢頭了。

What does it mean for a token to be fair? The best measure is the front page test: will you be proud if your project becomes a huge success and all of the behind-the-scenes details are shared on the front page of a major newspaper? If not, you have some work to do.

代幣公平意味著什麼？最好的衡量標準是頭版測試：如果您的專案取得巨大成功並且所有幕後細節都在主要報紙的頭版上分享，您會感到自豪嗎？如果沒有，您還有一些工作要做。

One of the biggest pitfalls for new tokens is “decentralization theater” — when token creators pretend to build permissionless or community-governed projects in order to foster affinity with the public, but actually maintain control over the project in secret or, equally as bad, gives a disproportionate amount of the tokens to insiders (and not only investors).

新代幣的最大陷阱之一是「去中心化劇場」——當代幣創建者假裝構建未經許可或社區治理的項目以培養與公眾的親和力時，但實際上卻秘密地保持對項目的控制，或者同樣糟糕的是，向內部人士（而不僅僅是投資者）提供不成比例的代幣。

Engaging in decentralization theater is not only unfair to token holders who may be deceived about the nature of the asset that they own, but also could be characterized as fraud by regulators or private plaintiffs. Honesty about every single aspect of a project is paramount. One of the most crucial regulatory advancements that could be achieved is an industry standard for disclosures about projects and their related tokens, and we encourage projects to think about how to be painfully transparent with the community.

參與去中心化的行為不僅對代幣持有者不公平，他們可能會在自己擁有的資產的性質上受到欺騙，而且還可能被監管機構或私人原告定性為欺詐。對專案每個方面的誠實至關重要。可以實現的最重要的監管進步之一是專案及其相關代幣披露的行業標準，我們鼓勵專案考慮如何對社區保持痛苦的透明度。

The “cost of doing business” in this industry is an expectation that regulators will take notice of successful projects and ask questions sooner or later. Founders should be preparing for those conversations on day one by building in good faith and working hard to do what’s right. Focusing on fairness and transparency may not be easy, but will pay extraordinary dividends in the long run.

該行業的「經營成本」是指監管機構遲早會注意到成功項目並提出問題的預期。創辦人應該在第一天就為這些對話做好準備，真誠地建立並努力做正確的事情。關注公平和透明度可能並不容易，但從長遠來看會帶來非凡的回報。

These considerations will benefit the industry overall from a

這些考慮因素將使整個行業受益