I'm replacing "step" with "stage" because I like the missile analogy :-)
How does Developers Inc know that their token is ready for Stage 4? Premature deployment of that stage could lead to an explosion mid air, if the SEC still thinks the tokens are securities. Actual usage before Stage 4 might be a good indication of actual (rather than theoretical) utility, but that would require launching the network earlier.
Perhaps an additional stage can be added where only investors can use the token, but this raises at least two concerns:
1 - the investors are not necessarily the target audience, and in fact, they explicitly agree not to be the target audience in 6C of the form:
2 - once investors have the tokens, it's hard to stop them from selling these tokens, which could lead to other problems
3 - investors on a vesting schedule, who have a longer time horizon, would not be able to test (as much)
I'm replacing "step" with "stage" because I like the missile analogy :-)
How does Developers Inc know that their token is ready for Stage 4? Premature deployment of that stage could lead to an explosion mid air, if the SEC still thinks the tokens are securities. Actual usage before Stage 4 might be a good indication of actual (rather than theoretical) utility, but that would require launching the network earlier.
Perhaps an additional stage can be added where only investors can use the token, but this raises at least two concerns:
1 - the investors are not necessarily the target audience, and in fact, they explicitly agree not to be the target audience in 6C of the form:
2 - once investors have the tokens, it's hard to stop them from selling these tokens, which could lead to other problems
3 - investors on a vesting schedule, who have a longer time horizon, would not be able to test (as much)