Zhao Dawei, the founder of TokenX. Group: Study the seven levels of token economy system.

In the token economy, the most important are social entrepreneurs and economic designers.

Last Saturday, the blockchain catcher held the first catcher salon, and this salon invited four token economies.

Some industry experts shared their practice or research experience around "how to design a token economy system"

Well, this article is the second in the salon series, hoping to inspire you who are concerned about the token economy.

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This article is shared by Zhao Dawei. Zhao Dawei is the initiator of the blockchain TokenX project. Group, blockchain is early.

Project investor, blockchain and Token economics researcher, former partner of Hejun Consulting Company, best-selling book Mutual.

Author of "nine swords in solitary thinking on the Internet".

Nowadays, many people are doing blockchain and issuing coins, but I don't know if you have ever thought about whether blockchain is true.

Represents the future? If it is a flash in the pan, will we become a joke? If it's not a flash in the pan, behind it

Where is the supporting logic? I tried to answer this question.

What is the fundamental driving force of evolution in human history? Textbooks say that human history is constantly moving forward.

Force is an irreconcilable contradiction between production relations and productivity, and the latter is transformed into a wealth creation mechanism. because

Well,

So what is the essence of wealth? The essence of wealth is a right, a right to dispose of assets and labor.

Profit, but it has different forms in different times. Assets are the forms of wealth and money.

It is a symbol of wealth. In the agricultural age, wealth is embodied in grain and crops, while in the industrial age, wealth is the body.

Now it is equipment and factory buildings, so what about the blockchain era?

In other words, different people will give different rights and benefits. If you want to make this token more valuable, you must

Get as much benefit as possible from this organization.

So I thought,

?

First of all, it should have the attribute of the right to use.

When its exclusive use right is transformed into universal use right in the value network, its essential attribute is commodity.

Money; When this right of use projects equity according to the logic of constant total amount, it has the ownership of equity.

Make love. This "penetration effect" token is an asset that transcends equity and creditor's rights.

I think only the token designed in this way can be more enlightening.

What logic is this? It is difficult for consumers and investors to take over each other.

Yes, but in the token age. This is a more flexible right, which is also the charm of Token.

Where is it?

Next, I will talk about the first token in the blockchain world through the most familiar bits: Bitcoin.

Coin, look at the logic of a token economy system.

Let's review the development history of paper money first.

Paper money in the modern sense originated from the British joint-stock bank established in 1696. The Ninth National Congress took place between Britain and France.

During the "1998 War", the British royal family made ends meet and kept borrowing money from the rich, but it could not repay it in time, so

The British royal family printed its own government bonds, used them to mortgage loans, and promised interest on the bonds.

Also promised that these bonds can be used to pay taxes.

But the rich in Britain feel that this is actually letting the rich take risks and responsibilities for the government's wars and deficits.

They believed that these risks should be shared by all the people, so the Bank of England was established collectively.

65,438+0,208 shareholders * * * made the same contribution, and then the bank lent 654,388+200,000 pounds raised by shareholders to the government, provided that

Bonds issued by the Bank are allowed to circulate as official currencies, replacing or partially replacing the original gold and silver currencies.

Circulation.

What does it mean to print money on white paper instead of real money? hard currency

In the past, coin mints could at best cheat by reducing the fineness of gold and silver coins and seek "coin tax" from them. such as

Today, the government can seize the "seigniorage" by printing money. As long as the government issues IOUs, banks can open them.

Start printing money, and you can buy things after printing money.

At this time, the value of money is no longer supported by wealth, but by the credit of the government. As long as everyone believes in the government.

If the bond currency (IOU) is valuable, it is valuable. Although the government may have made too many IOUs, it has been constantly

Real wealth is concentrated in the hands of the government, and the bond currency in the hands of the people is only a symbol of wealth.

That's all.

This is actually an exploitation system. How can it be reflected?

For example, in the first case, if the government wants to issue paper money, Bank A can get the money first because it is a bank.

Money, and then lend it to lenders at a higher loan interest rate than the central bank. If the central bank's loan interest rate at this time is

1%, then bank a will definitely lend to the actual lender at an interest rate greater than 1%, assuming that it is 3%, which is actually

The interest rate of this loan is 4%.

A businessman aims at pursuing profits, so when he puts the loan into the production of goods, the selling price of the goods.

This 4% is naturally included, so people at the end of the chain must buy it for the 4% loan interest rate.

Single.

In the second case, suppose there is an island, and you can buy all the goods and kimonos on this island with 1000 yuan.

Service, at this time, the goods and services corresponding to each unit currency are certain, if the government on this island issues another one.

The currency of 1000 yuan is equivalent to the devaluation of the currency held by everyone. Originally 10 yuan can buy 10 yuan.

Money, but now 1 can only buy 5 yuan, indicating that the purchasing power has declined, so who will get it?

What are the benefits?

This is also a mode of exploitation, which was infinitely copied and amplified by the British government at that time, and every time it occupied one.

In the colonies, Britain immediately introduced the pound currency system, and constantly printed money, so that the local wealth continued.

Hand it over to the British government. Why did the British government become an "empire"? fundamentally

Generally speaking, bond currency contributes a lot.

After the two world wars, the dollar replaced the previous pound as the world currency, which means that the US government has opened.

I started issuing IOUs as bond currency.

At the beginning of the establishment of the Bretton Woods system, in order to establish the hegemonic position of the US dollar, the US government made a commitment to the whole world.

No, the currencies of various countries are pegged to the US dollar, while the US dollar is pegged to gold, that is, every 35 US dollars is exchanged for 1 ounce of gold.

But the situation is not that simple. The United States foolishly got involved in the Korean War and the Vietnam War after World War II.

These two wars cost the United States huge financial resources, especially the Vietnam War, which cost the United States almost 8 thousand.

Billions of dollars in military spending. At that time, every $35 corresponded to 1 ounce of gold, and the loss of dollars also meant the loss of gold.

Yes

At that time, French President Charles de Gaulle said, I no longer believe in the dollar and demanded that gold be taken back. So other countries

Economists followed the example of France to exchange gold, forcing the United States to have no choice at that time. Finally, in August of 197 1.

15, then US President Nixon announced the closing of the golden window, and the dollar was decoupled from gold.

From this day on, we entered a real era of paper money. There is no precious metal behind the dollar. it

Relying entirely on the credit support of the US government, the world benefits. In short, Americans can use printing.

Get physical wealth from all over the world by a green paper. There has never been such a thing in human history.

There are many ways to acquire wealth in human history, either with money or with gold for silver.

Or plunder through war, but the price of war is very huge.

In 2008, the American financial crisis hit the global economy again, relying on the global purchasing power and financing energy of the US dollar.

Force, the United States to stimulate the economy at a very low cost, quickly recovered from the haze of the financial crisis, but the global economy to

It has not recovered to the growth level before 2008.

Bitcoin was born in this context. Time magazine is written in the creative block of Bitcoin.

Title-The Times 2009 1 3rd, the Chancellor of the Exchequer was on the verge of second place.

Bank rescue "(June, 2009, 65438+ 10, the Chancellor of the Exchequer was on the verge of a second bank rescue.

Edge).

If you want to design an ecosystem, what is the mission of this ecology? Help someone solve what problems.

Question? This is the most fundamental and basic problem of ecology. When these basic problems are clear, the design of ecosystem

It will be much easier.

In the traditional monetary system, gold, as a physical currency, has a high circulation cost (segmentation is troublesome)

), and it is easy to be controlled by violent organs, while Bitcoin imitates the logical setting of gold.

At the same time, as a peer-to-peer electronic cash system, Bitcoin does not need a centralized institution as a credit backing.

Books, all transactions are registered for all miners who participate in the network. The design of Bitcoin also includes how to prevent it.

Forgery, what kind of logic and rules are used to motivate, etc. , its current * * * knowledge mechanism is relatively simple, and later

* * * There will be more and more cognitive mechanisms.

Bitcoin is the first token in the blockchain world, and the design of such an economic system is worthy of all blocks.

Chain project reference.

At present, there are two projects on the market, and the corresponding things have been done when there is no Token.

And it works well.

The first one is the interesting headline, which was launched in June 20 16, less than two years ago. This project was recommended by my mother.

For me, many users of interesting headlines are urban residents in the fourth and fifth lines. Why do they want to see it? because

They can get 50 gold coins after reading an article. You forward the article to a circle of friends. If someone passes.

You will also get 50 gold coins if you register this article, and there is a fission machine called Apprentice.

System, when your next disciple reads the article, you will also have the corresponding gold coin reward, and gold coins can be exchanged.

Cash.

Encouraged by these gold coins, the interesting headlines have achieved very successful results. According to the data at the end of 20 17,

Fun Headline APP has more than 70 million registered users, 30 million monthly active users and daily active users 1 user.

10 million, I'm still preparing to go to the US IPO.

Another project is Kunshan garment enterprise, with an annual income of several hundred million. There is a rice ticket in this enterprise.

System, this meal ticket system will be distributed to internal employees and upstream and downstream partners, many consumers and generations.

The manager still holds a rice ticket, which represents the right to share dividends. The company will take out a certain profit every year and hold it according to the meal ticket.

Dividend amount.

Then what kind of behavior can I get a meal ticket? For example, a department wants to organize a training activity, but internal resources

Not enough, this part can reward 100 meters tickets. Which department is willing to provide the venue and which department?

If you are willing to provide a lecturer, I will give you a 100-meter ticket. In this way, the performance of this enterprise in a few years.

I rummaged through it many times. In this case, in fact, the rice ticket can also be regarded as a token. The only difference is that

Not moving like Token.

The above two examples prove to us:

Before designing the token economy system, we must first think about what problems to solve and how big the problems are.

Question? Thinking about this problem can't be limited to the commercial angle, but also should be viewed from the social angle.

Based on some grand visions, I think there are seven aspects to consider:

1. What problems have been solved-how big a problem has been solved, how big a career (not limited to business) can be achieved.

Industry perspective, social entrepreneurs);

2. Ecological evolution path-business growth logic, which projects should be supported;

3. Ordering of participation roles-who are the participants: producers, consumers, investors and communicators;

4. Define collaboration rules-how to collaborate between roles;

5. Contribution degree setting-the contribution weight distribution of different participants on different time axes;

6. Multi-level incentive mechanism-the reward of participants is not limited to material benefits, but designed according to needs.

Hierarchical return system (different tokens); Can be set);

7. Incentive cash method-how to ensure that incentives can be cashed out to the letter.

Why is it a multilevel incentive mechanism? Because not everyone's motivation is an incentive at the interest level.

For example, some people value money, others value reputation, and different levels of reporting can be reflected in different ways.

Token.

For example, according to our statement, suppose a blockchain media wants to issue a token and operate it as a token.

The seven levels just mentioned, can you think about what problems it solves? How much better than the original model? I

It's not fully developed here, just focus on the key points.

If this blockchain media wants to send tokens to readers, the more readers read, the more tokens they get. that

Excuse me, are these readers coming to see this media to get Token? What's his first purpose here?

What? What can the media help readers? For example, readers hope to improve their understanding of blockchain blind spots through blockchain media.

Yes, it must need knowledgeable people to contribute to this media to meet the needs of readers.

Most tokens should be given to the creators of these contents, and a small part can be given to readers. This is correct.

Heavy problems, if the weight design is biased, it is likely that this ecology will not grow up.