ICOs are disrupting my industry beyond belief. The funny thing is, I like it: The token offering craze has pushed the hype around the blockchain to new heights, as recent ICOs such as Bancor ($150m) and Tezos ($200m) show.

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So much so, my firm Outlier Ventures will now focus solely on startups that issue tokens rather than those that pursue a traditional funding for equity model.

Rather, we staked a claim that one day machines will frictionlessly exchange value with one another and in our view the IOTA protocol has a good chance of providing that value exchange mechanism.

In this scenario, the utility of IOTA's token to facilitate such transactions means demand will be high and its value will rise.

At the time of writing IOTA's secondary market is trading at $1bn, reflecting the expected future value of the machine-to-machine economy.

With a token sale you can actually hardcode incentives into the system, creating individual micro-economies in the process.

Imagine a socially-focused, blockchain-based credit union where the value of its tokens rise based on how often they are loaned out.

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