Betoken is a decentralized hedge fund built on the Ethereum blockchain that invests in ERC20 tokens. Betoken relies on a large pool of managers to make investment decisions, each of whom maintains a portfolio using a portion of the fund. Individual portfolios are compiled into good investment decisions on the fund level using a unique decision making system we call "Incentivized Meritocracy", where control over investment decisions is continuously redistributed to managers who make the most profitable investments. Betoken is for everyone: anyone can join, anyone can invest, anyone can make decisions for the fund and be rewarded for making good ones. And anyone can rise to the top if they have the merit. Betoken is unstoppable: it is a completely decentralized application built on the censorship-resistant Ethereum blockchain. Betoken is transparent: all statistics and decisions are publically available, and all fees and clauses are written in immutable open-source smart contracts. Betoken will make investing in crypto-assets as simple as deposit-and-profit. Research and due diligence will be done by managers in the investors' stead, all with minimal need for trust between anyone. Besides serving as a fund, Betoken will facilitate the collection, consolidation and sharing of data for reporting, risk management and supervisory purposes.