So a new token system has been announced in patch 7.2. Dauntless Tokens will be a new drop item, similar to tokens of previous expansions. Players will be able to create "catch up gear" for new toons.
Also, you'll will be able to purchase Relinquished Tokens with Nethershards, which will reward higher iLevel gear than Dauntless Tokens. There is even a chance to receive some Legendary gear as well from the Relinquished Tokens. Items will reflect the player's loot spec.
Yes, these two new token systems are currently on the PTR, but they have yet to finalize exactly how they're going to be implemented into the game.
Check out the PTR Development Notes for more info!