I agree that VCs add more value than just capital. Why not include those same people in a Private ICO (like arcblock.io did). A PICO would generate liquidity for early employees and investors. Social Capital is trying to solve the same problem using a SPAC, but this forces the company to be public, which may not be desirable. ( https://techcrunch.com/2017/09/14/social-capital-to-take-startups-public-without-an-ipo ) From a pure technical standpoint it seems simply superior than the standard VC path. Instead of issuing shares in private company that make take 10 years to go public, why not instead issue ETH based tokens? I'm sure there are laws I am unaware of that make all of this far more complicated that I know, and we are still in the early days of crypto currencies.