不要相信炒作：本機令牌和安全令牌之間的區別

加密產業預計在未來幾年創造前所未有的財富，全球已有超過 20 萬持有者已經擁有超過 100 萬美元的加密資產。

The crypto sector is set for more wealth creation with over 200,000 crypto “whales” already sitting on more than $1 million in digital assets as the digital asset market surpasses $2 trillion on any given day.

隨著數位資產市場每天超過 2 兆美元，加密產業將創造更多財富，超過 20 萬加密「鯨魚」已經擁有超過 100 萬美元的數位資產。

However, this wealth growth extends far beyond the familiar names of Bitcoin and Ether with a diverse array of digital assets driving this expansion, but investors must navigate a complex landscape to identify the opportunities that are built on true utility rather than mere speculation.

然而，這種財富增長遠遠超出了人們所熟悉的比特幣和以太幣的範圍，各種數位資產推動了這種擴張，但投資者必須在複雜的環境中尋找機會，以發現建立在真正實用性而非純粹投機基礎上的機會。

One of the key factors in the rising tide of crypto wealth is the development of viable digital currencies that are scaling due to their inherent utility rather than speculative hype. But the crypto market is rife with pitfalls, particularly when it comes to understanding the relationship between a company and the tokens it issues.

加密貨幣財富上漲的關鍵因素之一是可行的數位貨幣的發展，這些貨幣的規模擴大是由於其固有的效用而不是投機炒作。但加密市場充滿了陷阱，特別是在理解公司與其發行的代幣之間的關係時。

In some cases, companies issue tokens that do not necessarily reflect the value or growth of the company itself, leaving investors disillusioned when they realize that the token they hold does not represent a stake in the company’s success.

在某些情況下，公司發行的代幣不一定反映公司本身的價值或成長，當投資者意識到他們持有的代幣並不代表公司成功的股份時，他們會感到失望。

Take Ripple, for example. While the company is known for its amazing innovations in the financial technology sector, the XRP token it created does not directly benefit from Ripple’s growth as a company. XRP is merely the native token of the XRP Ledger blockchain, and while it may have great utility within that ecosystem, it does not translate to equity or profit-sharing within Ripple itself.

以瑞波幣為例。儘管該公司以其在金融科技領域的驚人創新而聞名，但其創建的 XRP 代幣並沒有直接受益於 Ripple 作為一家公司的發展。 XRP 只是 XRP Ledger 區塊鏈的原生代幣，雖然它在該生態系統中可能具有很大的實用性，但它並不能轉化為 Ripple 本身的股權或利潤分享。

This discrepancy between a company's success and the value of its associated token has led to a growing concern among regulators and investors. Some companies have been known to shift their focus away from their tokens to attract traditional investment, leaving token holders in the lurch.

公司的成功與其相關代幣的價值之間的這種差異引起了監管機構和投資者越來越多的關注。眾所周知，一些公司將注意力從代幣轉移到吸引傳統投資，使代幣持有者陷入困境。

This can occur when a company, struggling to gain further interest in its token, decides to pivot towards securing venture capital or institutional investment. In such cases, the company may distance itself from its token, potentially rendering it worthless in the eyes of its holders.

當一家公司努力獲得對其代幣的進一步興趣並決定轉向獲得風險資本或機構投資時，就會發生這種情況。在這種情況下，公司可能會與其代幣保持距離，這可能使其在持有者眼中毫無價值。

This is where understanding the difference between a native token of a blockchain network and a security token becomes crucial. Native tokens, such as those found on layer-1 blockchain networks like Ethereum, Solana, Binance Coin, Pecu Novus, Cardano, and Avalanche, are not tied to any one company. Instead, they are community-driven and benefit from the innovation and development occurring within their respective ecosystems. These tokens are not classified as securities, as they do not represent ownership in a company but rather serve as integral components of the blockchain’s functionality.

這就是理解區塊鏈網路的原生代幣和安全代幣之間的區別變得至關重要的地方。原生代幣，例如在以太坊、Solana、Binance Coin、Pecu Novus、Cardano 和 Avalanche 等第一層區塊鏈網路上發現的代幣，不與任何一家公司掛鉤。相反，它們是由社區驅動的，並從各自生態系統內發生的創新和發展中受益。這些代幣不屬於證券，因為它們不代表公司的所有權，而是作為區塊鏈功能的組成部分。

In contrast, security tokens are explicitly tied to a company’s value and growth, representing a form of investment in that company. If a company issues a token that directly correlates with its business operations and success, it is considered a security token, and investors should be cautious. If such a company later attempts to separate its business from the token, investors could find themselves holding an asset with little to no value.

相較之下，證券型代幣與公司的價值和成長明確相關，代表了對該公司的一種投資形式。如果一家公司發行與其業務運作和成功直接相關的代幣，則被視為安全代幣，投資者應謹慎行事。如果這樣的公司後來試圖將業務與代幣分開，投資者可能會發現自己持有的資產幾乎沒有價值或沒有價值。

As the crypto market continues to mature, the next generation of crypto millionaires is likely to emerge from those who invest wisely in native tokens of layer-1 blockchain networks, such as I just mentioned. These tokens are supported by both small and large communities as well as innovative products that not only enhance their utility but also contribute to the overall growth and value of the underlying blockchain. Investors must remain vigilant, asking the right questions and understanding the true nature of the assets they hold. In the words of the legendary Hip Hop group Public Enemy, “Don’t Believe The Hype.”

隨著加密貨幣市場的不斷成熟，下一代加密貨幣百萬富翁很可能會從那些明智地投資第一層區塊鏈網路的原生代幣的人中脫穎而出，就像我剛才提到的那樣。這些代幣受到小型和大型社群以及創新產品的支持，這些產品不僅增強了其實用性，而且還有助於底層區塊鏈的整體成長和價值。投資者必須保持警惕，提出正確的問題並了解他們所持有資產的真實性質。用傳奇嘻哈樂隊 Public Enemy 的話說，“不要相信炒作。”