不要相信炒作：本机令牌和安全令牌之间的区别

加密行业有望在未来几年创造前所未有的财富，全球已有超过 20 万持有者已经拥有超过 100 万美元的加密资产。

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.

随着数字资产市场每天都超过 2 万亿美元，加密行业将创造更多财富，超过 20 万加密“鲸鱼”已经拥有超过 100 万美元的数字资产。

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，这种财富增长远远超出了人们所熟悉的比特币和以太币的范围，各种数字资产推动了这种扩张，但投资者必须在复杂的环境中寻找机会，以发现建立在真正实用性而非纯粹投机基础上的机会。

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.

加密货币财富上涨的关键因素之一是可行的数字货币的发展，这些货币的规模扩大是由于其固有的效用而不是投机炒作。但加密市场充满了陷阱，特别是在理解公司与其发行的代币之间的关系时。

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.

在某些情况下，公司发行的代币不一定反映公司本身的价值或增长，当投资者意识到他们持有的代币并不代表公司成功的股份时，他们会感到失望。

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.

以瑞波币为例。尽管该公司以其在金融技术领域的惊人创新而闻名，但其创建的 XRP 代币并没有直接受益于 Ripple 作为一家公司的发展。 XRP 只是 XRP Ledger 区块链的原生代币，虽然它在该生态系统中可能具有很大的实用性，但它并不能转化为 Ripple 本身的股权或利润分享。

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.

公司的成功与其相关代币的价值之间的这种差异引起了监管机构和投资者越来越多的关注。众所周知，一些公司将注意力从代币上转移到吸引传统投资，从而使代币持有者陷入困境。

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.

当一家公司努力获得对其代币的进一步兴趣并决定转向获得风险资本或机构投资时，就会发生这种情况。在这种情况下，公司可能会与其代币保持距离，从而可能使其在持有者眼中毫无价值。

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.

这就是理解区块链网络的原生代币和安全代币之间的区别变得至关重要的地方。原生代币，例如在以太坊、Solana、Binance Coin、Pecu Novus、Cardano 和 Avalanche 等第一层区块链网络上发现的代币，不与任何一家公司挂钩。相反，它们是社区驱动的，并从各自生态系统内发生的创新和发展中受益。这些代币不被归类为证券，因为它们不代表公司的所有权，而是作为区块链功能的组成部分。

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.

相比之下，证券型代币与公司的价值和增长明确相关，代表了对该公司的一种投资形式。如果一家公司发行与其业务运营和成功直接相关的代币，则被视为安全代币，投资者应谨慎行事。如果这样的公司后来试图将其业务与代币分开，投资者可能会发现自己持有的资产几乎没有价值或没有价值。

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.”

随着加密货币市场的不断成熟，下一代加密货币百万富翁很可能会从那些明智地投资第一层区块链网络的原生代币的人中脱颖而出，就像我刚才提到的那样。这些代币受到小型和大型社区以及创新产品的支持，这些产品不仅增强了其实用性，而且还有助于底层区块链的整体增长和价值。投资者必须保持警惕，提出正确的问题并了解他们所持有资产的真实性质。用传奇嘻哈乐队 Public Enemy 的话说，“不要相信炒作。”