A token is a digital contract that can refer to a wide range of services. A token can define a shareholding in a company (in this case an ICO is comparable to an initial public offering (IPO)). However, the token can also be like a traditional bond (in this case an ICO is more like a bond issuance). More complicated financial constructions have also been used. In certain cases, the token also refers to the delivery of future products (a kind of futures contract) or the provision of services. Sometimes a token simply represents a new cryptocurrency or a new blockchain infrastructure.