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CRYPTOCURRENCIES, CRYPTOCOMMODITIES, AND CRYPTOTOKENS Historically, cryptoassets have most commonly been referred to as cryptocurrencies, which we think confuses new users and constrains the conversation on the future of these assets. We would not classify the majority of cryptoassets as currencies, but rather most are either digital commodities (cryptocommodities), provisioning raw digital resources, or digital tokens (cryptotokens), provisioning finished digital goods and services. A currency fulfills three well-defined purposes: to serve as a means of exchange, store of value, and unit of account. However, the form of currency itself often has little inherent value. For example, the paper bills in people’s wallets have about as little value as the paper in their printer. Instead, they have the illusion of value, which if shared widely enough by society and endorsed by the government, allows these monetary bills to be used to buy goods and services, to store value for later purchases, and to serve as a metric to price the value of other things. Meanwhile, commodities are wide-ranging and most commonly thought of as raw material building blocks that serve as inputs into finished products. For example, oil, wheat, and copper are all common commodities. However, to assume that a commodity must be physical ignores the overarching “offline to online” transition occurring in every sector of the economy. In an increasingly digital world, it only makes sense that we have digital commodities, such as compute power, storage capacity, and network bandwidth. While compute, storage, and bandwidth are not yet widely referred to as commodities, they are building blocks that are arguably just as important as our physical commodities, and when provisioned via a blockchain network, they are most clearly defined as cryptocommodities. Beyond cryptocurrencies and cryptocommodities—and also provisioned via blockchain networks—are “finished-product” digital goods and services like media, social networks, games, and more, which are orchestrated by cryptotokens. Just as in the physical world, where currencies and commodities fuel an economy to create finished goods and services, so too in the digital world the infrastructures provided by cryptocurrencies and cryptocommodities are coming together to support the aforementioned finished-product digital goods and services. Cryptotokens are in the earliest stage of development, and will likely be the last to gain traction as they require a robust cryptocurrency and cryptocommodity infrastructure to be built before they can reliably function.