I am thinking these days, what will a blockchain be without token? how about if we remove tokens from public blockchain, just as what the hyper-ledger is doing. Technically, token is not mandatory to a blockchain. As we know, token is used for the reward of witness, who is responsible to confirm each transaction in the block chain, broadcast transactions to other nodes to sync database. Witness rents servers, leases broadband, installs witness software, hires employees to do maintenance job, pays for the electricity bills. Without incentive tokens, who would be volunteers to do such jobs for years? Regarding private chain and Alliance chain, they do not need tokens to stimulate, since they have other ways to compensate for witness jobs.
The design of blockchain is to overcome human being’s weak nature. e.g. trust and greedy. Driven by interest, people have motivations to struggle for the job to mine, driven by money, more and more people are pouring to steemit to write, to develop more and more tools, thus make steemit not only a simple community forum or blog platform, but also a content publish eco-system. Chinese government banned ICO, it is predictable that there won’t be much stimulus among Chinese people to develop block chain technology, unless government would like to invest a large of amount of money in this area, which is unbelievable with current polity. We must admit that almost 99% of the ICO projects are scam, however, there are still some difference. Some people took the initiative to be scam in the first place, which means they knew their project won’t be implemented from the beginning and their only purpose was to cheat money! There is another group of people, who really wanted to achieve something, they cherish a wonderful dream to realize their blockchain products. However, they failed at the end, thus all the investors lost their money. We should distinguish this group of people from the former. I understand why the Chinese government would totally ban ICO in China, because China has a vast territory and a large amount of population, which means there are TOO MANY RIP-OFFS! This is also the reason why cheaters like to play in America as well.
In summary, public blockchain must be supported by cryptocurrency. I wish we can find a decentralized way to supervise these distributed blockchain systems. My advice for every investors not easily believe the propaganda, but do research in the existing system. An ICO project should at least have a prototype which can show up how it works, The greater the publicity, the greater the possibility of a liar!
区块链的设计就是探讨克服人性的各种弱点，比如彼此信任问题，比如人性的贪婪，在利益驱动下，可以激发内在的活力去争取努力挖矿，比如steemit吸引越来越多人来写文章，在公有链里，人们在利益驱动下，才能把区块链做大做强。所以我 认为中国政府把ICO禁止了，那么民间就不可能真的有资本力量去做大区块链了，的确，ICO项目99%是骗子 ，这个骗子是主动的或者被动的，主动的，那么从项目设计开始，目的就是割韭菜，圈钱；被动的，创始者初衷可能是想做一个项目，但是结果失败了，这也是无可奈何的事情。但是中国太大，贪婪之人太多，在监管手段不成熟前提下，只能一刀切，这点我还是理解政府的做法。但是这样做的副作用就是，区块链技术在中国不大可能有大的发展了。