What a crypto is backed by needs to be looked at case by case. The bitcoin protocol is backed by the amount of energy that is consumed for it's maintenance - which makes it pretty solid.
RE: Reality Check: Is Crypto Backed by “Radical Transparency”?
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Reality Check: Is Crypto Backed by “Radical Transparency”?
It's also important to recognize with regard to currency that its value is really created by the community that accepts it as a means of exchange and/or store of value. That's why both Bitcoin and Ethereum have such a large market cap - they both have a large community of support. This is also why I am more and more interested in Steem since it appears that the community continues to grow as more and more people gravitate to a decentralized social ecosystem.
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