This book describes how Bitcoin, Ethereum and other blockchain networks created a collectively maintained operating system for managing tokens in a publicly verifiable manner. The book describes different types of Web3 tokens and how general tokenization impacts not only our monetary systems, but also our financial systems and the real economy. It analyzes the question of wether so-called cryptocurrencies and other tokenized assets replace money as we know it. In public debate, these questions usually lead to highly contentious discussions and the arguments very often depend on one's definition of what actually constitutes money. Discussions about what "real" money is often seem to have an almost religious dimension, where arguments are based on ideology or semi-knowledge. Readers will get an introduction to the core concepts of tokenization, before delving into the question of what constitutes money and credit. Both chapters provide an important foundation from which various use cases for fungible and non-fungible tokens that represent different types of assets will be analyzed. Later chapters introduce the concepts of financial markets and discuss how asset tokens can be used as collateral in a growing ecosystem of tokenized financial applications - ranging from DeFi (Decentralized Finance) to CeFi (Centralized Finance).
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