Utility tokens

Qianyu Liu and Claudio J. Tessone

Chapter 56 in Elgar Encyclopedia of Cryptocurrencies, Blockchain and DLT, 2026, pp 274-277 from Edward Elgar Publishing

Abstract: A utility token is a digital asset that grants holders the right to access specific products or services within a blockchain-based system, functioning primarily as a means to facilitate interactions within that system (e.g., obtaining discounts or accessing features of an application). Utility tokens have emerged as a fundamental component of blockchain systems, serving as economic incentives for network participation. By themselves, they do not confer ownership rights or represent an investment (unlike security tokens), nor do they provide decision-making rights (unlike governance tokens). However, in multiple implementations, tokens are hybrid, preserving their utility aspect while encompassing others, too.

Keywords: Utility token; Blockchain system; Token economy; Token taxonomy; Economic incentives; Smart contract (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035339952
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