01 The historical inevitability of the emergence of Token economy In the existing economic system, people are involved in a lengthy exchange process and multi-centralization in market exchanges. Because the security of transactions cannot be guaranteed, the market's trust in people is getting weaker and weaker. In the long development, the centralized affirmation system has been unable to safely and effectively cover all fields of value exchange. In order to have an independent value system, people are also working hard to try: such as Q coins, points, membership cards, shopping cards, etc., but they have not been separated from the shackles of centralization, and with the popularity of Bitcoin, people who have entered everyone's field of vision The underlying blockchain technology, as well as the Token economic system. 02 What is Token The English definition of Token is a token; a token, which is generally translated as "pass" in China, is defined as a circulated encrypted digital proof of rights, which is a digital carrier based on a trusted value consensus based on the Internet of Value. It means that all kinds of real-world equity certificates (equity, bonds, points, etc.) can be put into circulation in the digital world in the form of tokens. Token mainly includes three levels, namely digital legal currency, digital currency, and pass. Digital legal currency is a sovereign or super-sovereign currency. Endorsed by the national credit, with the function of legal currency, can realize value transfer and currency transfer at the same time; it will trigger a fundamental change in monetary policy and the commercial banking system. The tokens in the digital currency community are endorsed by community members; they serve as value measurement, storage and exchange media in the community; they can be freely exchanged for other digital currencies and even digital legal currencies. Tokens are issued by individuals or organizations, representing a certain range of value consensus, especially cashable and tradable commodities, services and rights; they have inherent value. How is the value reflected in the token? First of all, Token must have the property of property rights, which can represent the right to use, and can deliver actual goods or services; secondly, Token has circulation properties, at least as hard currency within the ecology; finally, on the basis of the first two, it naturally has investment Attributes represent income rights, which can continue to generate income in the future, and the appreciation space increases with the increase of the first two attributes. 03 The combination of blockchain and token Both depend on each other Blockchain and Token need to achieve mutual achievement. Without blockchain Token, it is no different from ant points. Without token incentives, blockchain is just a simple distributed ledger technology. The blockchain is based on cryptography, and its decentralized and distributed storage features provide a trust foundation for the token and provide reliable protection for the rights and interests of the token representatives; at the same time, the blockchain is also an infrastructure suitable for value exchange , The carrier of value is the certificate, and the basis of exchange is highly credible. There is little friction between such systems. The faster the circulation of the certificate, the higher the value. The combination of the two Blockchain uses technical means to solve the legality and consistency of consensus, and Token solves the authenticity of data. It seems to be seamless, but there are still problems. Problems that cannot be solved by tokens Machines can never defeat human nature. If technology allows us to improve the social system in ten thousand ways, human nature can always think of one more way to destroy it. By issuing tokens as social incentives, recording the value of everyone's behavior and ensuring social fairness is a perfect logic. However, the 51% double-spending attack that BTG encountered recently proved that the model is only a model after all. The attacker obtained 110 million RMB worth of BTG in this attack through the process shown in the figure below. The market’s response takes time. Attackers use this time difference and the high liquidity of the token to successfully exchange it for other digital currencies or even legal currencies. When designing the Token economic system, it cannot be limited to its own products in isolation. The consensus mechanism needs to jump out of the original narrow field and upgrade from a project consensus to an ecological consensus. 04 Token system design The Token economic system includes the steps of establishing a digital identity, digitizing assets and putting them on the chain, Token equity design, Token distribution, circulation mechanism and value anchoring. However, it should be noted that the Token system cannot be completely decentralized. The project party must reserve control measures to exert influence on the secondary market, not only the regulation of currency prices, but also the flow of Tokens and different roles in the ecology. Regulation of rights and circulation boundaries. Build a unique trusted digital identity The disadvantage of centralization is that it separates the attributes and behaviors of users and cannot form a credible digital identity. The immutability and anonymity of the blockchain itself makes the public key and private key pair the only digital identity on the public chain. The process of data generation, storage, and use is firmly in the hands of users. For users and systems Said that this digital identity is trustworthy in both directions. Asset digitization In the digital age, assets must also be digitized. In the past, the economic model favored assets and operations. The future economic model must be assets and operations. Digital assets can be either data generated online, tokens mined by mining, or real assets after digitization. Among them, real assets are not only tokenized to facilitate circulation with non-standard tokens, but also C2C property rights/use rights can be transferred directly through smart contracts. Token circulation and distribution mechanism The distribution and circulation of Tokens are based on the design of rights and interests. Tokens with heavy investment attributes are less liquid than those with heavy property rights and circulation attributes, because if people tend to believe that a token has storage value, they will be willing to hold These tokens will not be quickly exchanged for other things. One of the main reasons people hold assets is to expect that the asset will appreciate in the future. Velocity of circulation is the key to the long-term and non-speculative value of tokens. Most tokens cannot provide a convincing reason to convince holders to hold tokens for more than a few seconds. Excluding speculative factors, it is difficult for assets with high circulation velocity to maintain long-term price appreciation. In the current currency circle, most of the three powers are designed in one. How to solve the contradiction between liquidity and investment value requires designers to make a balance between encouraging holding (POS) and encouraging use (gas burning). . The distribution of Token requires first determining the output mode of Token. Compared with the money printing mode of centralized institutions, using smart contracts to limit the output mode of Token and open source code can better reflect the principle of fairness in the initial distribution. After being produced according to mechanisms such as mining, Token circulates in the market and redistributes spontaneously according to the principle of efficiency. This includes the secondary market of exchanges and over-the-counter C2C. The circulation of the secondary market is mainly based on the appreciation of investment, while the over-the-counter market pays more attention to the transfer of property rights (non-standard tokens) and the use of tokens (node ​​campaigns, Gas purchased). Finally, in order to prevent extreme situations or unbalanced distribution caused by imperfect distribution mechanism design, the project party needs to regulate through the reserved Tokens in their hands, rather than pulling and smashing leeks in order to manipulate the price of the currency. Value anchoring Value anchoring is divided into rigid anchoring and flexible anchoring. No matter what kind of anchoring method is adopted, it needs to have real value support. Whether it is a product or a service, it needs to be recognized by the market, otherwise the currency price is like a castle in the sky. Once the bubble bursts, it will return to its original shape. The emergence of the Internet and mass media has invisibly controlled people's judgments of facts and blinded most people. As the Internet of value, blockchain guides people's deep thinking. Technology can solve the problem of information legality and consistency, but it cannot guarantee the authenticity of information. Smart contracts and the token economy can not only realize low-cost value exchange, but also make people willing to change from the past game relationship based on this token. To form a collaborative relationship, to achieve changes from both technical and institutional aspects, and to achieve true subversion. 72V Battery Pack ,Lithium Ion Battery Pack,Lithium Battery Pack,Battery Power Pack Zhejiang Casnovo Materials Co., Ltd. , https://www.casnovonewenergy.com
