Multi-utility tokens to enable Web 3.0 by providing more than financial value
Scott Gralnick, director of global partnerships for ShapeShift — a Swiss cryptocurrency exchange — told Cointelegraph that cryptocurrency can help launch Web 3.0 as more utility tokens are designed to provide functions beyond market value:
While there still isn’t a clear definition of “Web 3.0,” the term is used to describe technologies that will power the future of the internet. Although FOX tokens hold value, Gralnick mentioned that they also provide users with free trading on the ShapeShift platform.
Additionally, Gralnick shared that ShapeShift recently released a product feature called “Rainfall” that rewards ShapeShift users for holding FOX tokens. Yet Gralnick mentioned that ShapeShift’s FOX token goes well beyond governance: Blockchain projects such as Polkadot are also using cryptocurrency to build out Web 3.0.