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Second movers are growing much faster and doing something more interesting.
Rather than a mere currency–which is largely used for speculation–these so-called “crypto-assets” intertwine businesses and tokens. The fuel here is something called Ethereum (whose currency is Ether). Like Bitcoin, it’s based on blockchain technology, essentially a secure, decentralized, constantly updated ledger system. But while Bitcoin allows you to transact only in Bitcoin, the Ethereum network allows for software programs. In other words, Ethereum-based currencies can actually do things.
ICO pioneers have certainly unlocked a better way to raise money and create a network effect. Why grovel before Silicon Valley venture capitalists or deal with federal regulators in the public markets when you can attach a token to your idea and have speculators throw money at it and then bid it up?
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