Blockchain Capital：超越价格——了解数字资产的经济学原理

The principle that Shanouba Bitcoin Trading Network pursues its own interests in a free and open market and will unconsciously promote social welfare was first put forward by Adam Smith and later confirmed by economists Milton Friedman and Paul Samuelson. This concept is still the cornerstone of modern economics. Douglas North expanded this point and expounded that a well-designed system for protecting property rights and contract execution can shape individual behavior and reduce economic uncertainty through a clear incentive framework. Qualitative as we have seen in the United States, Britain, Japan and other countries, this kind of legal framework instills people's trust in the fairness and reliability of the economic system, which ultimately stimulates venture capital and sustained economic growth. On the contrary, trust will weaken with the emergence of corruption, opacity, incentive imbalance or monopolistic behavior, thus inhibiting economic activities and innovation, and the potential for mutual benefit will be lost. With the increase of the risk of centralized abuse and incentive imbalance, the integrity of the free and open economy will be threatened. Many examples of such results, such as the rise of powerful railway monopoly enterprises in the United States at the end of the century, led to widespread price discrimination, market manipulation and suppression of competition, which weakened people's confidence in market fairness and efficiency. Although legislative actions such as Sherman's antitrust law were a direct response to curbing these monopolistic behaviors, technological progress also played a vital role in the diversification of transportation and logistics, such as the invention and mass production of automobiles and the development of interstate highway systems. There are similarities in today's internet monopoly, just as the railway monopoly enterprises in the century concentrated power and suppressed competition. Although the dominant digital platform today has made undeniable contributions to global interconnection, it has also caused similar unequal economic structure, just as the automobile challenges the railway monopoly. The emergence of blockchain-driven decentralized system has realized peer-to-peer interaction of distrust and provided potential solutions for the democratization of today's digital economy. The core is token, which is a novel coordination mechanism for digital participation and value exchange. In essence, tokens are just assets. Their uniqueness lies in their programmability, which transforms them from static units of value into dynamic multifunctional tools, which can instill trust, fairness and reliability in the economic system, just like concert tickets can enter activities. Tokens can access digital services and or resources, and have expiration dates, transferability and even additional functions such as revenue sharing agreements. Imagine that owning Apple stock not only represents the equity value and governance rights, but also allows you to exclusively use the latest or enjoy discounts on Apple services. This is the power of tokens. In essence, both equity and digital assets represent the interests of the future success and development of the company or agreement. Therefore, investors should mainly pay attention to two key factors: the potential value appreciation and the ability to influence the company's direction. The governance rights of tokens are not equal to other assets, although stocks are part of the company. The specific situation of entitled shares is different, but it is unified by the principle of equity, but tokens are a heterogeneous asset class. Some tokens provide risk exposure similar to equity, while others grant service access rights or reflect ecosystem value units. This heterogeneity requires evaluating the unique characteristics of each token in its ecosystem. For example, we can obtain the tokens juxtaposed with the former from their role in governance and potential cost capture in widely used decentralized exchanges. On the other hand, dogecoin's value mainly comes from its popularity and speculative demand driven by memes, rather than its clear potential utility. Although emotion and momentum factors can promote the short-term price trend, sustainable value creation depends on two interdependent factors: token economy and network utility. Token economy integrates economic principles, incentive structure and governance mechanism to standardize the supply, demand, distribution and decision-making process of tokens. This developing field integrates economics, game theory and computer science. Science and political economics aim to create a sustainable ecosystem to balance and coordinate the interests of stakeholders. In other words, they are the digital embodiment of Douglas North's efficient economic organization. On the other hand, network utility represents the practical application and value creation realized by the project. Token economics and network utility together constitute the basis for evaluating the long-term basic value of the project. By evaluating the economic design, governance structure and digital utility of tokens, which companies or agreements can investors promote? Make smarter decisions by lasting change and generating sustainable value. Governance value All token values flow from the downstream of the governance structure. Token ownership gives the holder the decision-making power to guide the future of the ecosystem and its intelligent contract framework. Consensus participation value Token ownership grants the right to earn fees and rewards through active network participation such as pledge. Utility value Token value originates from use cases within the ecosystem such as access service payment or as a means of exchange with basic layer blockchain tokens. The growth and adoption of the related network value ecosystem, the created value is measured by user activity transaction volume and overall market sentiment, which is applicable to all token types. By evaluating token investors according to these core value drivers, they can understand the potential of the project more comprehensively and make more informed decisions on which tokens to support and hold for a long time. With the continuous development of blockchain and decentralized application fields, new token models and value drivers will emerge, which need multidisciplinary teams to evaluate and hold. Harnessing this pattern includes experts in blockchain technology, economics, game theory, computer science, hardware design and political economy. In blockchain capital, we invest in digital assets for their utility, rights and governance rather than speculation. As investors, we can shape the future of decentralized ecosystem by supporting projects that embody these principles and promote positive changes and create long-term value. Through participation and adaptability, our goal is to help build a more inclusive, transparent and fair economic future driven by tokens. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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