Remember the Filecoin (FIL) project? Coming along projects like Maidsafe (MAID), Storj (STORJ), and Siacoin (SC), the project promised to build a decentralized file-sharing system. Currently, FIL trades only as futures, and has joined the list of tokens that have not yet materialized.
The other notable token that is still missing is Telegram’s Gram (TON). Currently, the asset is only swapped as futures on an informal market, and the Liquid exchange held a small-scale sale, but did not distribute any actual tokens.
There are multiple other projects that are yet to release tokens, including the Polkadot ICO, which also suffered the locking of all its Ethereum (ETH). And the lack of an actual token is not limited to ICO projects. Venezuela’s government is yet to show the exact address of the Petro token, which it claims to be already issued and operational.
The Marshall Islands are also lagging in issuing the Sovereign (SOV), a coin that would be counted as a currency. In a worsened regulatory climate, planning a coin or a token is harmless - but actually issuing the asset may have repercussions.
And perhaps the biggest instance of a token promised but not yet issued - Facebook’s Libra. Discussion is still open on whether Libra could be allowed to exist and compete with fintech systems and even central banks. Earlier, Estonia was discouraged from issuing Estcoin, a token that could be used along with the euro.
Multiple other tokens also exist in their preliminary versions, as ERC-20 assets, or based on NEO or other networks. Those projects include MediBloc, PlayCoin, EncryptoTel (still a Waves token). Lagging with the launch of a testnet may be necessary for many reasons - worsened market conditions, a diminished runway from the ICO funds, or just lack of interest. June and July saw a small group of projects move on to create their mainnets, just as the market for altcoins and tokens temporarily improved. But the assets usually slide after the actual launch.
Tokens that do not exist yet pose a significant risk for buyers. With new types of token sales coming, it’s a buyer-beware market. Even when it comes to security tokens, projects have been conservative with issuing the asset. Thus, buying still untraded, brand-new coins or tokens may be a significant risk, mitigated by IEO sales, where at least the promised assets are already created, immediately credited, and tradable.
