The theoretical basis of blockchain is token economy

　　The Chinese way of doing things is to have a name for everything, and everything in China can be traced back to a source.

　　The source of blockchain, the theoretical basis of the two sessions is what?

　　One, the theoretical basis of blockchain: token economy (Token economy), build a good system (system)

　　Basking in the spring breeze and fruit of the reform and opening up, why not think about the theoretical basis of our theory in the past forty years of reform and opening up, and where we are coming from?

　　Don’t forget the Third Plenary Session of the Eighteenth Central Committee after the Third Plenary Session of the Nineteenth Central Committee.

　　’A black cat or a white cat, as long as it catches the mouse is a good cat,’ this shout seems to be the origin of the theoretical basis.
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　　The Opium War in modern times led the Chinese people to conclude that if you are behind, you will be beaten; and the declining Chinese economy made the Chinese people understand that practice is the only standard to test truth.

　　All theories must come from the origin, and the above theories come from Marxism, Rousseau, Kant, Nietzsche, and the Western philosophical system.

　　Similarly, the Internet finance that has been booming for many years has also verified the economic theory of the past century: financial repression, financial innovation, and Schumpeter’s theory of technological innovation.

　　What is the theoretical basis of blockchain that is constantly mentioned in the two sessions?

　　It is actually token economy (Token economy).

　　The token economy is a concept that appeared before the development of blockchain.

　　The username and password we use to log in to any closed system are a form of token. And the word ‘token’ (token) has always been incorrectly translated as ‘token’, so many people translate token economy as ‘token economy’.

　　Token should be translated as ‘token’, that is, ‘a tradable encrypted digital equity certificate’.

　　Thus, token economy naturally should be translated as ‘token economy’.

　　The mystery of blockchain economy lies in the use of tokens (token).

　　So, what is a token? What is its main definition?

　　Each blockchain project that issues currency (token) aims to use it as a tool of economic incentive to promote collaboration among various roles within the ecosystem. The more you contribute, the more tokens you receive. The better everyone collaborates, the higher the token price. Therefore, each blockchain project that issues currency is trying to design a token economic system (token economic system).

　　The design of the token economic system is to use economic incentive means to ensure that everyone and every role in your entire ecosystem can do good and not do evil as much as possible.

　　For this reason, when designing a token economic system, you need to answer the following questions:

　　What categories of roles do you think the users of your token system fall into?

　　What are their respective interests and demands?

　　What is beneficial behavior for your ecosystem? What is harmful behavior?

　　How do you motivate every user to do good?sports betting secrets，come on baby

　　How do you persuade every user not to do evil?

　　Therefore, what is important is not the blockchain, but the token system, and the system of institutions you build.

　　If you establish a system that does evil, then it is an evil system.

　　Many transactional tokens provide such screening methods, for example, ICST uses such a system to identify whether Southeast Asian网红 live streaming complies with the community application system.

　　Similar to the above token system, from the very beginning, it has designed a set of systems, in which users, communities, and token holders can only do good and cannot do bad.
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　　Secondly, the theoretical basis for China’s future reform: token economics

　　Some say: All economic theories are theories of development economics.

　　Shu Ting said: Everything that is now is the past, and everything that was in the past grew from its yesterday.

　　So, what is economics now? Who will become the future development economics?

　　The 2018 Two Sessions proposed many proposals related to financial technology and Internet finance, which have already given us the answer.

　　As the theoretical basis of blockchain, token economics can give us more changes and insights.

　　Token economics has the following four aspects of significance in the upcoming reform and攻坚战中 in China.

　　The blockchain is not just about making people rich overnight; the token economics behind the blockchain can help us achieve the future communism.

　　Firstly, the blockchain can achieve supply-side structural reform.

　　In the token system, the supply of tokens is fully市场化 and highly free.

　　Anyone, any organization, or any institution can issue equity certificates based on their own resources and service capabilities, which has been proven by many tokens packaged with celebrities’ intangible assets.

　　Moreover, tokens operate on the blockchain and can be verified, traced, and exchanged at any time, making their security, credibility, and reliability unreachable by any previous method.

　　In the past, our handwritten IOUs and promissory notes were easily altered, destroyed, or lost, but now every organization and individual can easily put their commitments into writing, ‘tokenize’ them, and marketize them.

　　This is a key point in the utopian vision of communism, and an ability that human society has never had.

　　Secondly, the circulation speed of personal tokens is accelerated.

　　Tokens on the blockchain can circulate hundreds or thousands of times faster than the previous cards, coupons, points, and tickets, and due to the application of cryptography, this circulation and transaction are extremely reliable, and disputes and friction will be reduced hundreds or thousands of times.

　　If in the traditional economic era, an important indicator for measuring the development of the entire social economy is the speed of currency circulation, and in the Internet economy era, an important indicator for measuring the development level of a country or a city is the network traffic, then in the era of Internet + economy, the total circulation speed of tokens will become one of the most important economic indicators.

　　When tokens of all individuals and organizations are rapidly circulating and trading, our mode of production and lifestyle will change completely.

　　Third, the function of price discovery.

　　Due to the rapid circulation and trading of tokens, the price of each token will be quickly determined in the market. This is the invisible hand of the token economy, which is several hundred or even thousands of times more sensitive and refined than today’s market price signals. It will push the effective market and even the perfect market to every micro domain.

　　Fourth, the application of token economics will be closely centered around smart contracts.

　　Around the intelligent contract applications of tokens. Just this one item can stimulate a wide variety of innovation. The innovative opportunities it creates and the wave of innovation it generates will far exceed the sum of the previous computer and Internet era.

　　Based on these four points of understanding, tokens will be the key to guiding us to the next generation of the Internet new economy.

　　Third, the token circle is the representative of capital rotation, and the token is the representative of moving from emptiness to reality.

　　The reason why tokens are different from tokens lies in the fact that tokens are based on inherent and intrinsic value (Intrinsic value).

　　All tokens issued in an excellent blockchain system are based on and serve the real economy.

　　This is different from the issuance of Online casino and How to find it. Most of the logic in the cryptocurrency circle is based on first attracting customers and converting the ICO funds paid by customers into the tokens issued by them. There are few issuers considering to build an excellent token system.

　　The four stages of ICO fundraising, pre-sales, trading, and circulation in the cryptocurrency circle, and the pre-sales, trading, and liquidity of token listings also need to be carried out. However, whether fundraising is the biggest difference between the cryptocurrency circle and tokens.

　　Tokens are like the IOUs that everyone writes, which can be circulated and produce credit endorsements and rights proof, which is quite a ‘asset securitization’. [Asset securitization refers to the process of issuing asset-backed securities (ABS) through structured design for credit enhancement, supported by the future cash flow of the underlying assets. It is a form of financing that issues tradable securities supported by a specific asset pool or specific cash flow.]

　　Personal asset securitization relies on personal credit for endorsement.

　　Therefore, tokens encourage everyone to tokenize all their rights and interests, including their properties, stocks, salaries, income, contracts, certificates, and other qualifications that they believe are valuable, and place them on the blockchain for circulation. This allows the market to automatically discover their value, and they can also be consumed and verified in daily life.

　　At this point, everyone may have a clear sense of the distinct differences between token economics and the cryptocurrency circle.

　　The token system uses blockchain as a means and medium to serve the real economy, while the cryptocurrency circle puts blockchain itself on the table for repeated speculation.

　　Therefore, the token economy system uses blockchain for transactions, consumption, verification, circulation, and services in real life, while the cryptocurrency circle is rushing to use blockchain to issue currency, add a pile of advanced technologies to a certain currency, and then pull in a few people for credit endorsement.

　　One goal is to serve the real economy, and the other goal is to seize the opportunity for speculation.

　　As pointed out in the Two Sessions, finance should: get rid of capital turnover and promote the shift from virtual to real.

　　Therefore, the cryptocurrency circle is a representative of capital turnover, and tokens are a representative of moving from virtual to real.

　　Fourth, the credit system of token economy: Xiong’an New Area, Spring Festival train tickets

　　Let’s talk about it again: the biggest application of blockchain is still in the credit system. The internet has changed the world, and blockchain will change the internet, because the internet is most lacking in credit authentication. Blockchain will establish a multi-value economic system because everyone can use their own value dimension to build a blockchain, and whether this dimension is recognized by the market will be verified over time.

　　The government work report proposes: ‘Promote the coordinated development of the Beijing-Tianjin-Hebei region, plan at a high starting point, and build Xiong’an New Area at a high standard.’

　　It is said that Xiong’an New Area will implement a score system to reward the good performance of citizens. This score system, at first glance, resembles the points systems of Ant Financial, Tencent, or bank cards.

　　But the essential difference lies in: if the score system of Xiong’an New Area is implemented in a blockchain manner, individuals can issue their own tokens, and these tokens can circulate in the Xiong’an area.

　　This determines that the token can exchange for more rights and interests, which is a perfect channel for personal credit endorsement or credit monetization. The government can use blockchain technology, which costs nothing, to have everyone endorse their own credit, ‘securitize’ their image assets, and each person’s value on the blockchain is represented by tokens.

　　In this way, when meeting for the first time, people do not have to make an effort to identify this person, but can simply recognize the value of this person through his ‘token’, appreciate his abilities, and understand his credit.

　　Thus, it can be determined whether this person is worth communicating with, hiring, or even marrying.

　　If such a system had been established, programmer Su Xiangmao would not have been deceived to death by a marriage scam last year…

　　The use of token technology will make the country’s management more orderly and harmonious.

　　Due to the convenience of blockchain technology, if everyone issues currency based on their own qualifications (including education, identity, income, credit, property, etc.), their information cannot be altered, and it will be stored in the block in its original form, making it possible to trace and verify at any time without alteration.

　　If big data and artificial intelligence technology are added here, all the criminal behaviors or possible fraudulent behaviors that we hope to identify can be put into the system.

　　For example: verify whether a student’s daily attendance is signed in by someone else; verify whether the households eligible for subsistence allowances in the national social security system meet the qualifications.

　　The shocking act of insurance fraud has caused the state to lose a lot of funds that should have been given to the most needy groups, leaving many left-behind children without any help.

　　According to the standardization of the token system and smart contracts, the management intention of the state can make cryptography and smart contracts effectively combined.

　　Let scammers and fraudsters have nowhere to hide.

　　V. Virtual tokens similar to ICST spread tokens

　　As mentioned in the ‘Diamond Sutra’: ‘Even a thought of pure faith. Subhuti, the Buddha knows and sees all these beings. They all gain such immeasurable merits.’

　　Faith, belief, and trust provide the spiritual world and the internet life of modern society with a foundation. Blockchain and token systems solve the consciousness problems that cannot be solved in the material world, and their functions and effects are unparalleled by any material system.

　　Taking ICST as an example, this transaction token system has built an innate cryptographic infrastructure, issued and circulated on the blockchain, and has been marked with cryptography since its inception.

　　Tokens represent rights, and blockchain encrypts these rights, making it impossible for others or even oneself to tamper with them.

　　ICST issues personal credit assets of tens of millions of internet celebrities in India, Singapore, and the United States, and the value of internet celebrities is fully packaged within ICST. Once issued, it cannot be tampered with, and the statements and performances in the live streaming process are closely related to the ICST they possess.

　　The ICST, which is strictly protected by the cryptography system, greatly improves the efficiency of internet-based live streaming of internet celebrities and locks in their value.

　　Why is that?

　　Because live streaming, as a form, is based on the basic protocol TCP/IP of the internet, while blockchain technology is based on the encryption of TCP/IP, and personal rights and interests are bound with blockchain technology, thus.

　　The materialized internet celebrities bind themselves to the internet through blockchain, becoming an internet asset, and their rights and interests are tokenized.

　　The principle is simple, and the implementation is also simple. Decentralization of blockchain greatly increases the difficulty of tampering with records, blocking circulation, affecting prices, and destroying trust.

　　Many friends may wonder whether all human internet behaviors need to be tokenized?

　　The answer is definitely yes.

　　Currently, the behaviors we engage in on the internet can be divided into structured data and unstructured data from the perspective of data format.

　　Structured data includes text, while unstructured data includes voice, images, and videos.

　　All of these can be packaged into a token system for asset configuration and pricing through blockchain.

　　That’s why the live streams of internet celebrities can have a smart contract blockchain similar to ICST, build their own token system, and then continue to realize a new network life revolution beyond the internet and the digital age around the system.

　　Token economy is the theoretical foundation of blockchain, as well as the development economics in internet technology and China’s future reform.