#Cryptocurrencies are often mistaken for stocks, but this isn’t accurate. Cryptocurrencies, or coins/tokens, are linked with software and belong to a system built on blockchain. They interact, perform functions, and deliver services, but they are not currencies. They are not commodities either. Instead, they act as protocols and create dual-sided marketplaces without the need for a middleman.

Carlotta Perez’s work “Technological Revolutions and Financial Capital” suggests that innovation is at the helm of long-wave economic cycles, and we are now in a new long wave economic cycle, The Age of Autonomy. This new age is driven by new, innovative production capital, such as tokens.

These tokens differ from #stocks or #bonds as they do not represent a claim on an enterprise’s income or assets.