作者:Czhang Lin

中文翻譯:博文

日期:30/10/2018

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哥倫布:

在克裏斯托弗·哥倫布發現美洲之後,來自會議廳的其他一些船長認為克里斯多夫很幸運;因為在他跌跌撞撞地進入美洲土地之前繼續向西航行並不困難。克里斯多夫回答道:“你知道怎麼把蛋放在桌子上嗎?”會議廳沉默了,因為沒有一個隊長能够回答這個問題。克里斯多夫要求服務員帶一個雞蛋,把它放在桌子上,壓碎雞蛋的底部,使它站在桌子上。早些時候抱怨的隊長再次大聲說這很簡單,每個人都有能力做到這一點。哥倫布回答說“是的,這很容易,但在我展示了為何之前沒有人想到它。它是關於跳出現有框並發現新的事物的能力。”

每天,每小時甚至每分鐘都有新的東西被構建。token設計師肩負著重新思考如何跳出框並找到最佳解決方案,以便發現未知的世界。

繼續前一篇文章,價值的基礎實際上來自用戶,重要的是要瞭解場景背後的token經濟學。此外,除了專注於價值,token價格等的典型條款之外,重要的是更深層次地掌握token流的核心價值,這將解釋如下:

1)token項目的針灸學映射(東方途徑)

人類由身體,器官和血液組成。血液流經所有部分,為人類的運動提供動力。這是一個簡單的例子,讓人們以一個類似的項目來瞭解token經濟的本質。

如果一個項目是一個軀體,那麼使用西方醫學的理解,就可以將其產品功能理解為其器官,這需要一個正確的token經濟作為維持其運作的血流。或者從東方醫學的理解,身體的產品功能是針灸穴位,token經濟是通過身體的可持續性的“氣”。

囙此,建議通過映射其所有潜在功能,來從其使用的基礎上理解token項目。一旦映射被繪製成人體,token設計者應該將功能分類為“流入”跟“流出”或兩者兼有,並為每個器官計算出數學假設/數位,以優先考慮項目的開發進度。在整個過程中,重要的是重新考慮特定功能是否必要作為流入,流出或根本不需要。每個功能可以同時充當流入和流出,也可以隨著產品的發展而轉換。

以下為一個簡單的產品圖示範:

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然而,設計師應該記住,隨著“人體”需求的變化,設計師需要常態化的重新考慮流入和流出的假設和用途。

2)Token資產負債表

就像管理會計資產負債表一樣,token設計師也應該將產品圖或身體器官或針灸轉換成一個清單,其中左側表示token流入項目,右側表示流出。跟傳統的資產負債表中使雙方都相等並不一樣,結果是將顯示token動態是否在需求或供應中增長。流入量過剩意味著項目實際上將受益於價格上漲,因為消費者需要使用token並將回報給項目方;而流出的過剩將意味著該項目向市場釋放更多token,這通常意味著價格的下降(通常用來吸引更多的用戶)。

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以上圖表與之前的產品樹協調,並顯示內部token流通的正向回報,這將導致token價格在沒有外部干預的情况下增長。

子功能6通常被視為通過釋放token池來吸引用戶的挖礦。Fcoin交易所早期受益於短期、只考慮流出的投機者,而不久之後就因為匱乏真正的流入而崩潰。只有在設計token流通模型時考慮到ITCM,這場災難才有可能被避免。

按照這個模式傳統的投資方更能理解token的價值而進行投資。

設計師還應該意識到極端不均勻的流入或流出也不健康,因為設計過程應該考慮增長路徑以及新功能的開放。囙此,我們建議您通過相應的時間線為每個業務部門/部門設置KPI來提前計畫。

3)鎖定方案

封锁流出的關鍵因素之一是創建一個“鎖定”結構,但是可以通過選擇來鎖定。這種鎖定可以分為1)商業端、2)消費者端。以下步驟適用於此兩類:1.特權交換、2.未來盈利的交換。它可以根據業務部門和業務模型進行創造性的設定。

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從另一個經典的供需視角來看:

token經濟學也可以通過對供需的最基本的經濟理解來解釋,如下圖所示:

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Token項目的供應通常是長期固定的,因為總發行量是在一般在發行日期即已確定。斜率即是挖礦速度與基金會的使用情况相結合。在正確的鎖定方案下,供應圖將向左移動,導致token價格上漲。

需求即是Token的被需要程度,其中斜率由其服務的功能的數量來定義,功能越多越陡峭。而其向右移動往往是由多次使用而引起的高速內部換手或用戶數的新增。項目對標的商業模式也需要納入考慮,譬如是:S2B2C,2B2C,2B,或2C,每一種模式在不同的商業賽道領域都會有不同的token互動經濟模型。

為了使Token價格的上漲,Token設計者應該將兩者都納入考慮範圍中。

結論:

通過實現這幾個要點,token設計者應該為token增值做出一些最基本的功能、預測和理解。內部流通帶來的價值是關鍵概念,這個也才會產生真正的去中心化的商業生態。token經濟學的真正價值應該始終來自金字塔的底部,如之前的文章“Whydid the Pyramid collapse?”所示,真正的用戶是要捕獲的價值。它可能不會像早期的炒作週期那樣快速上升,但它更穩定,更長期。就像前面提到的哥倫布故事一樣,這是一個有趣的旅程,讓所有token設計師重新思考,重新挑戰並跳出框架!

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原文:

Sharing Trilogy: Problem, Solution and Future

Part 2

Internal Token Circulation Method  (ITCM)

 

Author:Czhang Lin

Date:02/10/2018

 

Columbus:

After Christopher Columbus discovered America, some other captains from the meetinghall argued that Christopher was just lucky; as it was NOT difficult to keepsailing west until he stumbled into American lands. Christopher replied: “do you know how to make an egg stand on the table?” The meeting hall went silent,as none of the captain were able to answer the question. Christopher asked the server to bring an egg, and placed it hard on the table, crushing the egg’s bottom so it stood on the table. The captains who complained earlier again shouted that it was simple and everyone was capable of doing it. Columbusreplied “yes, it is easy, but no one thought of it until I have shown how. It is about the ability to jump out of the box and discover the new.”

 

There are new things been recreated every day, every hour or even every minute. It is on token designers shoulder to keep rethinking about how to jump out of the box and find the best solutions, so as to discover unknown grounds.


Continuing the previous article that the foundation of value actually comes from the user’s side, it is important to understand the token economics behind the scene. Additionally, besides the typical projects that just focus on evaluation, token ratio, consensus mechanism, technical part and etc… it is important to go few layers deeper and grasp the core value of the token flow, which will be explained as follows:

 

1) The Acupuncture map of token projects (Eastern approach)

 

A Human is made up of its body, organs and blood. Blood flows through all parts to fuelhuman’s movement. It is a simple example for one to understand the essence ofthe Token economy within a project just alike.

 

If a project is a body, then using a Western Medical understanding, one can understand its product functions as its organ, which requires a correct token economy to serve as the blood flow to maintain its operations. Or from an Eastern Medical understanding, the product function of the body are acupuncture points and the token economy is the “qi” that goes thru the body for its sustainability. 

 

Therefore, it is suggested to understand the token project from the basis of its usage by mapping out all its potential functions. Once the map is drawn like a human body, the token designer ought to categorize the functions as inflow, outflowor both and work out mathematical assumptions / numbers for each organs to prioritize a project’s development schedule. Throughout the process, it is important to rethink whether that particular function is necessary as an inflow, outflow or perhaps not needed at all. Each function can act as an inflow and outflow at the same time or perhaps switch as the product evolves later on.

 

A sample product as follows:


However, the designer should keep in mind that as a human body grows its needs change,hence the designer will need to rethink the assumptions and usage for inflowand outflow on a regular basis.

 

 2) Token balance sheet

 

Just like managing a balance sheet for accounting, the token designer should also transform the product map or body organs or acupuncture into a list where the left side states the inflow of tokens into the projects and the right side as the outflow. Instead of making both sides equal in the balance sheet, the outcome will display whether the token dynamics grow in demand or supply. A surplus of the inflow means the projects will actually benefit from the price rise, as consumers require tokens for its usage and will pay back to theproject side; whereas a surplus of the outflow will mean the project is releasing more tokens to the market, which usually represents a decrease inprice (most often done to attract users to the platform).

 


The above chart is coordinated with previous product tree, and shows a positive return ofthe internal token circulation that shall cause the token price to grow without the external efforts.


Sub-function 6 is usually considered as mining that motivate users by releasing the token pool. The F-Coin exchange that benefited from a short time burst of users only considered the outflow and soon after without a real inflow caused the model to collapse. Ony if this ICTM was considered at modeling its token circulation,the the dissastear might have been avoided.

 

With this kind of business planning, the token value will be easier for traditional analyst to understand and take investment steps.

 

The designer should also be aware that an extreme uneven inflow or outflow isn’t healthy as well, since the design process should take growth path intoconsideration together with the opening of new functions. Therefore, we suggest to plan ahead by setting a KPI for each Business Unit / Department with timeline accordingly.

 

3) Lock up schemes

 

One of the key elements to withhold the outflow is to create a  “Lock up” structure, however a lock up by choice is promoted. This kind of lock up can be categorized by 1) to Business and 2) to consumers. The following steps can apply for both categories: 1. theexchange of privileges and 2. the exchange of future benefits. It can becreatively set depending on the business sector and business model.


Looking from another classic angle of Supply and Demand.

 

The token economics can also be explained by the most fundamental economic understanding of Supply and Demand, as shown in the chart below:


The Supply is token projects are usually fixed in the long run as the total quantities arefixed at date of issuing. The slope is the projects’ mining speed combined with foundation’s usage.


Using the correct lock up scheme the Supply graph will shift to the left causing the token price to drive up. 

 

The demand is the need of the token, where the slope is defined by the number of functionality it serves, the more functions the steeper it is. The movement to the right is caused by either strong internal token velocity caused by multiple usage or by increasing number of users. Business model shall be taken into consideration here, an example of S2B2C, 2B2C, 2B, or jus 2C as each of them will produce different combination of token exchange in different business environment/sector.

 

The token designer ought to take both into consideration for initial the rise of token price.


Conclusion:

By achieving these few major points, the token designer shall have made some of the most basic functions, forecast and understandings for the token growth. The value driven from internal circulation is the key concept, and that is the road to decentralization. The real value of the token economics should always comefrom the bottom of pyramid as shown in prevous article “Why did the Pyramid collapse?”, the real users are the value to be captured. It may not rise sofast as it did during the earlier hype cycle, but it is more stable and long term.  Just the like Columbus story mentioned earlier, it is an interesting journey for all token designers to rethink, re-challenge and jump out of the box!


Appendix:

Article 1 : “Why did the Pyramid collapse?