After the overall outbreak of the digital currency market in 2017, the blockchain has attracted the attention of more and more traditional investors and entrepreneurs. By April 2018, the industry has gone from spamming ICOs without threshold to a deeper discussion on the token mechanism. The concept of "token economy" is on the rise.

And Meng Yan, vice president of CSDN and CEO of Berlian Daojie, is the person who proposed the term "token". Recently, the author and Meng Yan discussed the domestic research on token economy and the importance of token economy system design in blockchain projects.

The following is the core content, slightly abridged by the author's editing:

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author:Meng Yan:

Meng Yan:I officially started to study the token economy in September and October last year. After the country strengthened the supervision of digital currency, some projects began to reflect on how well the project they did besides issuing coins to collect money, and whether a mechanism designed could "sustain prosperity". These people found me, and I started to study this matter, and as I was doing it, I discovered that there is a lot of knowledge in it.

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author:Meng Yan:

Meng Yan:Many people are doing digital currency ratings, and we do not intend to get involved. But for the review of the token economy system, we will definitely do it. The design of the token economy system can best see the vision, mentality, cognition and strategic capabilities of the team behind it. For investors and developers, this is an important basis for judgment and selection.

Foreign projects have improved rapidly in this area. Many excellent projects last year actually had a rough economic system design, but this year is different and has been significantly upgraded.secondary title

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author:Meng Yan:

Meng Yan:Not less than fifty percent. This is equivalent to a newly established country. In addition to looking at its resource endowment, you mainly look at its system design.Of course, there are no certain rules for a good system, and it must be adapted to specific situations. But we have also seen that when an organization, an enterprise, or a country has a good system, even if it is inherently deficient, it may stand out in the long-term competition.

Blockchain projects will be the same. This point is actually different from the era of the Internet and the mobile Internet. The competition in that era emphasized technology, products, experience, and operations. In the era of blockchain, these are all important, but a more important The new dimension is the economic system. Your economic system is good, even if it is congenitally deficient, you can still stand out in the long-term competition. I've met some very successful teams in the Internet era, and it feels like they haven't rounded the corner at this point.

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author:Meng Yan:

Meng Yan:Many people tremble with fright when they think that everyone can issue coins, but have you ever written an IOU? Don't you realize that the IOU with your signature is, at the extreme, your personal currency? It's just that most of the time it is not in circulation, even if it can be circulated, the scope of its circulation can only depend on your credit in your circle of friends.

Therefore, the so-called everyone can issue coins is just a sensational statement, and it is not a new thing at all. It's just posting your IOU on the blockchain, no need to make a fuss.

Many people feel that everyone can issue coins will lead to a serious risk of fraud. This problem exists, but as more and more information is put on the blockchain, the problem of fraud will gradually be solved. Because in essence, fraud is carried out by using information asymmetry. We need to understand that those who use the blockchain to engage in financial fraud, their real skills are off-chain.

It is the opaque and information-asymmetric off-chain world that allows these people to forge identities, exaggerate social relationships, construct false records, and try all kinds of tricks to deceive investors and consumers. It is precisely because they have practiced this set of off-chain fraud skills that they can catch new fraudulent tools every few years, from health products to cosmetics, from ants to medicinal wine, from P2P finance to cash loans. Relevant regulatory authorities always stop the boiling water, discard the basics and chase the last, and play whack-a-mole at the tool level.

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author:Meng Yan:

Meng Yan:The key is not who takes the lead and who makes arrangements, but whether it is doing the right thing and whether there is sufficient policy flexibility in regulation.author:

author:Meng Yan:

Meng Yan:Of course, this is a whole big ecology, and we have to take it into consideration.

In fact, apart from these, I think that the economic system of the certificate should be simulated. When you design a system, you have to run it in a large program to see if hundreds of thousands or millions of people accept this thing and stay in this system for three to five years, What is the final distribution of wealth like? If in the end the wealth is completely skewed to one side and the distribution is extremely uneven, you have to consider which aspect of the economic system design is wrong, and then make adjustments.