They’ve already written a blog about why they’re not going to do an ICO unless and until they are fully functional. If I remember correctly they were planning an ICO, but their lawyers advised that it would be a bad idea under the current circumstances and they rethought it. Honestly it’s says a lot of good about them in my opinion, most of all that they care more about the health of the project than getting rich quick. Even if long term riches are their goal, at least they’re going about it the sensible way and not playing cowboy.
A protocol token is part of the Colony roadmap, but they won't do a token sale until the product is ready, to minimize the risk that their token will be considered an unlicensed security by the SEC.
Protocol tokens or "app tokens" in general are really exciting, and a lot of the smart VC people are talking about them. The latest episode of the A16Z podcast is all about protocol tokens, for example.
