Doubt blockchain chain 28 | Let's talk about the pass economy, is it still a panacea?

1. What is the certificate?

Token originally had a lot of translations, the most common one is "tokens." Later, I found that the Chinese word "coin" is risky (I believe that some companies with the word "coin" in the name have a deep understanding), so there are various new translations without "coin".

Yuandao teacher and Meng Yan teacher re-translated Token. The first word they translated was the same. Because of circulation, the second word, Yuandao teacher translated the card, token card, transliteration, but Meng Teacher Yan translated the certificate, the certificate = trust, and finally Meng Yan teacher convinced the teacher of Yuan Dao, and now some people have begun to use the concept of the certificate.

Therefore, the common pass that everyone often says is the token, which is the hot token in 2017.

However, the word "pass" proposed by Meng Yan, Yuan Dao feels that referring to "tokens" is too wasteful, too narrow, too dangerous. In fact, symbols have long been used in human history to represent identity or value. For example, the badge of the medieval knight, the doctor rewards the little red flower of the mental patient, and the flight mileage, and so on.

Thus, the narrow sense of the card refers to the token issued based on the blockchain, which is what we usually use. The generalized generalization refers to the symbolic proof of various identities or values. This is the meaning emphasized by Meng Yan and Yuan Dao.

2. What is the general economy?

The pass has two meanings, and the pass-through economy also has two meanings.

The narrow-based pass-through economy is the token economy. If we economically pass the products in the Internet, this is the case:

Everyone builds a seed on BT and gets the corresponding token.

Write a film review on Douban, write the city you have been to, paint your own baby / forward the article / like, get the corresponding token

Contribute a line of code on github to get the corresponding token

All in all, the pass-through economy uses tokens to motivate specific behaviors. When the market was frenzied and gameplay was rampant, it was dubbed "xx is mining."

The generalized certificate economy is getting bigger. Because various identities or value symbols can be called pass certificates, including tokens, small red flowers, small red flags, points, mileage, and even currency are all certificates. All kinds of certificates are flowing in the various economic systems of mankind, which are all-passenger economies.

Simply put, all symbolic economic activities belong to the generalized economy. This imagination is big enough!

3. The significance of the certificate economy

The narrowly defined generalized economy is part of the blockchain boom. It is to use the blockchain technology pioneered by Nakamoto to apply more fields besides currency, and to achieve decentralization, transparency and non-tampering in all fields. ". Including a variety of coins, private chains, alliance chains, no currency, not counting. I compare the token with the traditional points here to show the benefits of the token economy:

1. The total amount is limited, and the issuance is transparent. There will be no opacity or uncontrollable inflation or centralized distribution.

2. Token itself can be traded, and liquidity can be high, and the traditional points are subject to strict legal restrictions, such as Q coins can not be replaced by cash.

3. More flexible than traditional points.

For example, because of the price fluctuation of the token itself, early people can enjoy the room for appreciation. Since 2017, with the Ethereum ERC20 standard, there have been more than 100,000 examples of the pass-through economy. Of course, everyone knows that many have failed. The reasons for the failure are:

1. It is difficult to monitor and quantify behavior, and it is difficult to be completely transparent and fair.

2. Too little economic incentives don't work. Too high can cause speculation and cheating.

3. The user tends to exchange the token used for the incentive with the legal currency, and there is no incentive to hold it for a long time.

Therefore, in the pass model, the pass is one aspect, and the model design is another. The sustainability of the latter design often determines the success or failure of the project.

The generalized economy is to use a variety of new technologies, regardless of the blockchain technology, to design various pass-through mechanisms to transform various human economic organizations. Enterprises, non-profit organizations, industries, and other economic organizations will be reorganized by the pass, and the pass and benefits of all participants will be closely linked with the pass, inspiring everyone to voluntarily participate in the unit operations and share the benefits. . It sounds a bit like a shared economy, and then think a little further, that is, universal communism. This is very motivating, has been widely used by various direct sales, pyramid schemes and funds, absorbed and carried forward, bringing a trace of embarrassment to the general economic.

In any case, the pass, especially the narrow pass of blockchain technology, brings new possibilities to traditional economic organizations. Although the exploration period is all over the place, after repeated iterations, over time, it should gradually achieve success and bring new impetus to the development of the world economy.

4. The boundary of the pass economy

Next, we will talk about the boundaries of the economy. Pass is not a panacea, and some things cannot be done or not.

The main reason for the pass is the market boundary. There are also three aspects:

O1) The pass cannot be stoned into gold. The ultimate success of a company is whether its products or services can better meet market demand. Enterprises that failed in this regard are destined to die, and the pass can not be saved.

O2) The pass cannot be without cost. Pass is not a perpetual motion. The design, distribution, circulation, management, etc. of the certificate are all costly, especially management. The stronger the liquidity, the more difficult it is to manage, the higher the cost, and the greater the risk.

O3) The certificate cannot replace the enterprise. The reason for the existence of the enterprise is not because there is no suitable pass, but because of the irrationality of people, the cost of communication, the cost of trust, the difference of intelligence, the difference of personality, the difference of knowledge and experience, etc., which requires the centralized management structure of the enterprise. In order to make and execute efficient decisions, the card can not solve so many problems.

Reference: Chang used: "The nature of the pass", Babbitt column Liu Chang used, Hu Sensen, Zhong Tingyong, Yuan Jun: "Blockchain: Principles of Password Consensus, Industry and Applications", Electronic Industry Press Liu Chang used: Blockchain and Cryptography", NetEase Open Class, NetEase Cloud Classroom, Litchi Micro Lesson

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