It is important to distinguish between cryptocurrency, blockchain, and cryptoassets. The latter means tokenisation and the ability to split the functions of exchange and utility. [Why Blockchain Isn’t a Revolution](http://knowledge.wharton.upenn.edu/article/blockchain-isnt-revolution/) , which means that the blockchain itself is not a revolution, but cryptoeconomics application might still be.

-  a very hyped and potentially explosive application!!!  [The Security Token Thesis](https://hackernoon.com/the-security-token-thesis-4c5904761063)
 
 - [What if BitTorrent had a token?](https://medium.com/@jbackus/what-if-bittorrent-had-a-token-13d62a590aa7) and the related [game theory of BitTorrent](https://knowen-production.s3.amazonaws.com/uploads/attachment/file/1998/bittorrent%2Bgame%2Btheory.pdf) by John Backus
 
significant improvements might be expected
 
 
## projects

 - [Introducing Harbor](https://medium.com/harborhq/introducing-harbor-90ffc2b49a21)

 - [Polymath enables trillions of dollars of securities to migrate to the blockchain](https://www.polymath.network/)
 
 ## Thoughts

[Marketability and Value: Measuring the Illiquidity Discount Aswath Damodaran](http://people.stern.nyu.edu/adamodar/pdfiles/papers/liquidity.pdf)
>  Illiquidity matters. Investors are generally willing to pay higher prices for more
> liquid assets than for otherwise similar illiquid assets. While this proposition is widely
> accepted, there is substantial debate about how to measure illiquidity and to incorporate it
> into value. In this paper, we began by relating illiquidity to transactions costs;