Token Economy: How Blockchains And Smart Contracts Revolutionize The Economy

The book caters to an interdisciplinary audience, academics & practitioners alike, and is also an ideal primer to the technology and token use-cases, and could also serve as a textbook for students. It is blockchain/DLT agnostic and covers the technology basics from a token perspective. The book introduces a token taxonomy from an economic and governance perspective and deep-dives into selected use cases (stable tokens, asset tokens, social media tokens (Steemit), attention tokens (BAT), token curated registries (TCRs), purpose-driven tokens like CO2 tokens), and other aspects like token sales, token exchanges and atomic swaps. Inside the book, blockchains and smart contracts have made it easy for anyone to create a token with just a few lines of code. They can represent anything from an asset to an access right, like gold, diamonds, a fraction of a Picasso painting or an entry ticket to a concert. Tokens could also be used to reward social media contributions, incentivize the reduction of CO2 emissions, or even one's attention for watching an ad. While it has become easy to create a token, which is collectively managed by a public infrastructure like a blockchain, the understanding of how to apply these tokens is still vague. The book refers to tokens, instead of cryptocurrencies, and explains why the term "token" is the more accurate term, as many of the tokens have never been designed with the purpose to represent a currency. However, since tokens do have similarities to fiat currencies, the role of money as a medium of exchange is analyzed at length in this book. This book gives an overview of the mechanisms and state of blockchain, the socio-economic implications of tokens, and deep dives into selected tokens use Basic Attention Token, Steemit, Token Curated Registries, Purpose Driven Tokens, Stable Tokens, Asset Tokens, Fractional Ownership Tokens, Libra & Calibra (Facebook), and many more.