A proposed book
This week I am summarising recent posts about how I have engaged with the Linkedin community over the last four years, on the subject of blockchain, and how this has created the content for a proposed book called the "Token Economy Primer."
When I started I only talked only about private permissioned. At that time talking about crypto and permissionless were pretty much taboo. You can see my first ever post here. Now it is pretty much the exact opposite as I post about web3 as a token economy and rarely, if ever, talk about private chains. This switch has been so gradual over a day to day basis that I barely noticed it. I have become convinced that this is all really about a new branch of economics and without a token incentive model you are partially decentralised for sure, which is still helpful, but not a game changer.
The game changer is not in B2B but in the user experience and the user being in control of their data. This demands a public chain to maintain state of user-owned assets on this new internet, that is web3. This data is not really the "magic dust" of where they have been but rather stuff they own, like their health data or stuff they create through their creativity or perhaps most significantly about helpful behaviour changes and the rewards or money earned and owned. This game changer is not about the big guy waving a big stick working backwards from the target outcome but rather changing the behaviour of the little guy at the very start, making it in their interests to put really good data into the pipe, which they own and are rewarded on, working forwards.
I started out thinking entirely backwards. You see - it's about economics, about behaviour change and game theory to drive win-win-win ourcomes - everyone wins. A blockchain is a change machine, to change a lot of peoples' behaviour, a little bit. Lots of little bits add up to one heap load of change. And add in the politics/philosophy of a DAO too, as the community takes on the role of maintaining state of assets for the benefit of all, to drive fairness and democracy into the model and you have the story for the book.
Strategy implies planning , whereas this really evolved by chance and experimentation.
Step 1 - Try to only post once a day over a 4 year period on just blockchain.?Post what I am thinking about when I have something I want to say - especially around new ideas or new ways to frame existing ideas that I am trying to develop, test and iterate to incrementally improve. Build a content library as both text and diagrams and videos. Look to see what comes back to learn from comments and engagement. Value criticism and negative feedback more highly than positive feedback as it represents the greatest opportunity to learn.
Step 2 - Try to engage negative commentators in a conversation in order to learn from them. Incorporate ideas from comments in the content. Work around an evolving core set of ideas that I am constantly looking to incrementally improve or add to. Post incremental improvements to these ideas. Pull multiple ideas together and post as multiple page slides presentations (currently in “The Token Economy Primer” and the “DAO Tokenomics for Dummies” formats). Summarise weekly posts under a theme and repost as a newsletter or before these were introduced, into standard articles. Discard older material in core presententation decks.?
Step 3 - Record myself talking to key diagrams in the presentation decks and post on youtube and repost on Linkedin. Extract speech to text from youtube and repost as text posts. Edit that text and summarise it. Pull text from posts and diagrams together into white paper word format. Post that document. Incrementally improve that whitepaper and repost. Post that whitepaper to academic whitepaper site SSRN for university type paper. Post links to that whitepaper --> The Token Economy Whitepaper on SSRN and The 5 Laws of Tokenomics Whitepaper on SSRN.
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Chapter 1. The journey to create this primer on DAO Tokenomics for the enterprise which is a Linkedin community exercise
Chapter 2. The problem fixed by web3 as Token economy, extended into the metaverse as a token economy all making DAO Tokenomics which is the Token Economy in the age of the Token holder. Why does this matter?
Chapter 3. What’s different with web3 and DAO Tokenomics compared to the internet driven world today?
Chapter 4. What’s different with this new networked business? Revisting a 500 year old way of doing business in a DAO as a network and an ecosystem
Chapter 5. What is the likely DAO Tokenomics Adoption Pattern across markets and industries? Some early examples.
Chapter 6. The DAO Tokenomics Equation - how does this all fit together to make a composable networked business which is a value chain made up of collaborating economic actors
Chapter 7. DAO governance & business model design principles -new roles for the executive, legislative and judicial/compliance
Chapter 8. The Token economy - where to start for the enterprise and how to build a roadmap and a strategy to link business, technology and community or network together.
Chapter 9. Quadruple entry in the networked business - how DAO on chain book keeping works for the accountant in you.
Chapter 10. Summary - the Five Laws of Tokenomics needed to make this model work for your enterprise stakeholders including your shareholders and token holders.
Acknowledgements to the Linkedin community and references and sources.
What do you think?
You can access all of this content for the book in my "Token Economy Newsletter" in the featured section on my Linkedin profile. Much of the content for the book can be found in articles I have written, both in the Token Economy Newsletter and in earlier articles. If you have been following me for a while, then you have basically already read the book.
Product Leader | 3x Founder | Ex-DTCC | Mentor | BCS Assessor
2 年Been following since our engagement at nChain Andy. I really like and appreciate your thoughtful points and breaking down a lot of these concepts over the time. I think the idea for a book is great one and i know it will be really satisfying to get out! :)
Relationship Manager at Ghana Professionals Network
2 年Andy Martin #blockchainthoughtoftheday????
Research and Market Insights|Auditing|HKUST
2 年Thank you for your creative insights. Looking forward to read the book!
Financial Coordinator, Segal Design Institute at Northwestern University
2 年Andy - on chapter 9...the accountant in me wants to believe in this. Would love to hear in the book about what it would take to actually pull this off (and I expect it is a lot...). If successful, this will truly disrupt the Big 4 accounting firm business model. You could address the impact on the role of accounting firms.
Lawyer, Entrepreneur
2 年'Tokenomics' is an interesting subject with a no 'go-to' authority. Some articles have been written on the subject and I have seen a book too. But who defines the rules? It is subjective. What is right for one project may be wrong for another. Knowledge, experience, priorities, project specifications, market , everything plays a role. Tokenomics for a DAO is another kind of challenge so go ahead Andy. Wishing you all the best and hoping to read the book soon!