The “raison d’etre” of a coin… what does it do? Typically, this was a term to evade securities laws where it was argued the tokens were not securities or breaking laws because the coin was needed in order to fulfil some function… therefore it had “utility”. Could be considered the predecessor of the “Worthless governance token”.
“No, your honour. This is not a securities offering. We simply distributed $5 million worth if utility tokens to allow users to transact on this pointless network.”« Dictionary Menu