Author: village two old
Recently, the topic of the application of the alliance chain has been discussed on the Internet. In particular, there are many colleagues in the research and expression of the combination of the blockchain in the seven directions of China's new infrastructure.
- Zou Pingzuo of the Central Bank Institute of Gold: Token economy is the most important target tool for the future market
- Wanxiang Innovation Energy City Wang Yunwei: Building a smart city to test the token economy
- Meng Yan: Digital Economy Upgrading Leads to New Global Competition, Blockchain Opens New Chapter in Digital Civilization
- The company system enters the dusk token economy and the future is expected
New infrastructure (new infrastructure construction) includes seven major areas including UHV, new energy vehicle charging piles, 5G base station construction, big data centers, artificial intelligence, industrial Internet, and intercity high-speed railways and urban rail transit. These seven areas can be divided into three major networks: information network, transportation network and energy network. Blockchain is a collaborative relationship. Do these network directions have a tight combination of blockchain technology? Maybe there are, but today ’s topic is not the direction in which these blockchains are closely connected. Blockchain technology is still in the early stages of development. How to land and which industry to cooperate with is still under discussion and research. Maybe 2020, or three years later, if these so-called "practical applications" are not considered, is the blockchain still useful?
At least one direction is useful and has been in use for a long time, called the "token economy".
Token was translated into tokens in the early days. Later, due to the initiative and promotion of Meng Yan, Yuan Dao, and others, it was translated into a "token". This is a good translation. Tokens and circulation certificates are a good explanation of the application of tokens in an economic system and some properties of tokens, such as first, which need to be circulated and can be traded; second, this token itself is a certificate.
From this definition, we can consider the following three questions,
1. Is McDonald's or credit card points a token?
2. What is the use of a token economy?
3. What is the relationship between the project's token and the company's equity? What is currency equity? How to cooperate to produce synergy.
We will make expressions based on these issues.
Regarding the first question, many companies in many scenarios also have point systems. Is this a token? No. Because these points cannot be circulated and smoothly traded. Points are a proof but cannot be circulated, so they are not tokens.
Taking my personal experience as an example, I use a domestic credit card. When I use hot pot more, I use this credit card to pay, and then there are corresponding discounts, such as 5% off or 88% off. I spend enough When I buy points, I can buy some insulation cups or electronic products in the points mall, which will allow me to sit in the VIP lounge area while waiting for the plane. Most are these effects.
The domestic credit card system and network are not as developed as in North America, which is also a major reason for the emergence of Alipay and WeChat Pay. This is the so-called financial infrastructure is not complete enough, and directly overtake to enter the electronic payment. This is another topic. I used to apply for an American Express card when I was studying abroad (American Express is the card with a centurion picture on the card). I only applied for an ordinary credit card, but there were about 20,000 in it. Points, this point can be used to directly purchase a flight from Calgary to Vancouver, which is equivalent to applying for a credit card in China, and then the credit card points are basically enough for me to fly from Beijing to Shanghai. This is just the first one, more amazing Yes, this point can be transferred. Some people collect this point specifically. I remember that when I did n’t need to transfer this point to others, there was a relatively open price, about 200 US dollars. This is a bit of a token, but it's not a token yet, why? Because there is no open trading market for these points, I want to sell points, I need to find (or be found) the relevant institutions or individuals that receive points, and then conduct transactions. The entire transaction process is not real-time, but the other party first makes money, and I Turning points, or the other way around, a trust issue arises here. Therefore, the "pass" word of "token" is only half completed, but the points can be transferred has gone further than domestic credit cards. This happened seven or eight years ago. It can be seen that the credit card points system in North America is relatively complete.
If the credit card points appear in the form of token issuance and are directly linked to the exchange for trading, this is considered a token.
Regarding the latter two questions, we can say together: What is the use of a token economy? What is the relationship between the project's token and the company's equity? How to cooperate to produce synergy.
Previous domestic research on the token economy focused more on treating the currency as a currency in the system, so experts' recommendations often included Mr. Hayek's "Denationalization of Currency" Wait for books on currency.
Tokens form a benign circulation inside and outside the organization, stimulating internal "employees" to work harder and attracting better access to external resources.
My personal interest is in the relationship between tokens and equity and how to cooperate to produce greater benefits. There are very few articles in this area, and I can only explore and research and practice. So I hope that readers who are interested in this topic can leave a message for further discussion.
There are many types of tokens, security tokens, functional tokens; distribution is also defined by some scholars as 0, 1, 2, 3, and so on. These theoretical studies are good, and more are faced A bigger topic, and what I want to see is the interaction between equity incentives and token incentives, that is, the incentives within the organization (company or non-company, community, etc.). The first joint stock company in the world should be the East India Company, established in the 17th century, and then the governance and financing methods of equity, shares, responsibility, power, dividends, etc. have continued for 300 to 400 years. I recommend that readers also be involved in this book. I think it is more useful for actual company management than studying currency theory.
As mentioned above, there are many types of tokens. We will talk about shares next, so more of them are securities-type tokens. The 94 incident in 2017 is because of this understanding, and the situation in the United States is similar. If digital currency is defined as a commodity, there will be no major events in 2017. There is no right or wrong in this understanding, but there are different degrees of supervision depending on the angle.
I would like to ask how to make money by investing in stocks (or securities, which can be simply understood as a type of securities)?
1. Buy low and sell high, make a difference;
2. Dividends held in equal shares;
3. Repurchase of shares and other companies.
Everyone is familiar with the spreads of buying and selling, and the remaining two should be understood. Did you think of some blockchain-like tokens in the blockchain industry? Yes, for example, the exchange's platform currency, such as OK's platform currency OKB. Then, the logic of OKB is very similar to securities. At certain intervals, exchanges buy back OKBs. Such repurchases will lead to a decrease in liquidity. Since OKB has usage scenarios, there is also demand, such as quantitative trading Deduction of handling fees. There is demand and then the circulation is decreasing, which means that supply exceeds demand, and the rise in the price of currency has a more self-consistent logic.
What is the relationship between an organization's equity and a token? What does currency share equal right mean?
The public information we can see is that many well-known investment institutions are also participating in blockchain projects, and many individuals are also investing in blockchain projects. However, not many people talk about "equal rights in currency shares". In fact, if you are an investor or a representative of an investment institution, will you only invest in a digital currency that may not be cashed out?
When signing an investment agreement, sometimes they will invest with the affiliated company of the project party, strongly binding currency shares with the same rights. This can reduce the risk of investment. Specifically, for example, if you want to start a business as a project, I invest in you and your organization. I own 10% of the shares. Then, you may issue coins in the future. 20% of the issued coins are retained by the team. At this time, I will write in the agreement "coin shares equal rights", that is, 20% * 10% = 2%, I have 2% of the total currency issuance, if the total amount of 100 million coins, the team will leave 20 million I want to have 2 million coins. As for the issuance, lockup period and release method, this can be talked about. This is the same rights as currency shares.
There are many reasons for not disclosing equity information. First, they are non-listed companies, and they have no responsibility or obligation to disclose the shareholding of the enterprise and the actual controller team. Second, there is no need to disclose. What the public sees is the currency. Most people don't care about equity issues; third, protect investors; fourth, currency issuance and shares are relatively sensitive things, so don't present more complicated systems to the public. Fifth, the currency issuing organization is generally a community form, not a company form. However, if it is considered to be unrelated, a lot of information may be missed.
Therefore, when telegram releases various financing (private and public) information to issue TON coins, my first reaction is what is the share agreement of this team or the main company? Here is just an introduction, smart readers can collect information for themselves to explore.
Shares have been developed for three to four hundred years. Equity incentives, crowdfunding, etc. have been developing. The token economy has a strong advantage in internal and external synergy of corporate governance, so some people think that blockchain or digital currency is a dimensionality reduction. Strike is also justified from this perspective. Each of us who do research should know what dimensions have been dropped and what hits, not simply think how good or bad.
I will continue to explain the role of the token economy in today ’s article. Today ’s article talks about the definition of tokens, the simple classification of tokens, what is currency equity, and when you look at projects, you ca n’t just look at the project. Pay attention to the main body behind it.
Judgment on investment is a comprehensive consideration. What we have to do is to improve the win rate and return. To do this, the first is that you can obtain more comprehensive and accurate information and data, and then have a reasonable analysis method. Process this information. Of course, the promotion effect of the token economy on the organization is also a subject worthy of study, especially for investors, enterprises (or community) managers and entrepreneurs.
I unknowingly wrote 3,000 words, I hope this content can arouse your thinking. Once again, there is very little information on the connection between tokens and equity and on synergy studies. I hope everyone will study this area together. Even if all applications of the blockchain are not implemented temporarily, the benefits of the token economy to organizational management can be expected. In fact, many organizations have benefited from a good token economic model. I will write related content in the future.
A glass of wine from rivers and lakes, encrypted Erguotou.