Quote from: Golfmad on February 13, 2018, 01:22:14 PM

I been wondering what everyones take is on what classes as an ICO.

For example:

I download an already established coin from Github and then convert it to be used for my purposes
I create a new project and token i.e. Cryptocitties on top of the Ethereum platform.

Technically they are do different things, 1 is a coin and 2 is a token. Does the term "ICO" cover both of these when you are trying to promote your new project?

The main difference between coins and tokens in their structure: coins are separate currencies with their own separate blockchain, while tokens act on top of the blockchain, which facilitates the creation of decentralized applications. The main purpose of the coin is to fulfill the role of money: to be a unit of calculation, a store of value and a means of transfer. Tokens offer functionality exceeding digital money. They can be used to conduct community voting on key business decisions or even technical changes on the platform.