I wonder, for example, if our portfolio company, Codecademy, would have avoided its latest financing round and instead created “CodeCoin” in order to incent contributors to software development lesson plans and a marketplace for coding content? In these early times, some startups may be hesitant to pursue this path because of the uncertainty and perceived risk.
The Summer of ICOs: VC Implications
Jeff Bussgang

Not sure about that. The best models with tokens are those that are specific to the Blockchain stack and leverage the capabilities of a decentralized economy. Codecademy tokens sound more like an artificially plugged idea vs something that could live without the blockchain