There's definitely a market mechanic difference between securitization and tokenization. One is backed by profit returns, the other is simply a service voucher. I think some great research could be done here on the real differences, it's tough.

For one thing, a token holder is incentivized to see the project succeed. They won't just be insured and paid out if it fails, and so there's both an alignment aspect there and a more competitive market for an investor to flip a profit.

I wonder if this would result in lower overall costs to the municipality or what. Maybe unfair to use a desperate case like Flint as a laboratory, I'm just looking for things that might help.