I am a fullstack developer out of LA diving 100% into the blockchain dev world.
Something I am yet to wrap my head around is the scaling of a token. In short, is a token simply a protocol (token) within a protocol (Ethereum), and if so are the early tokens able to scale to smart contract/protocol updates, changes, etc downt he road? Let me explain:
- I create a simple ethereum based token for ICO funding (no functionality other than to store ICO funds)
- I raise 1 million worth of funding and distribute 1 million tokens during the process
- I then modify the token's smart-contract functionality to have the ability to trigger the purchase of an item within a blockchain-based marketplace
Within this example, the investors place their funds into tokens but are unable to spend them. Down the road I would then need to add functionality for the token that would allow them to purchase from the said marketplace. My confusion is whether or not the “token” can perform an “enhanced” functionality later down the road or if it is limited by the code at the time of mint due to blockchain being such a unique environment. The end goal of this question is to answer: Can I start an MVP token and then roll out the necessary functionality to all distributed tokens later on?