全球智库信息集成服务系统(G2TT): Decentralization Through Tokenization

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w29720
来源ID	Working Paper 29720
	Decentralization Through Tokenization
	Michael Sockin; Wei Xiong
发表日期	2022-02-07
出版年	2022
语种	英语
摘要	We examine decentralization of digital platforms through tokenization as an innovation to resolve the conflict between platforms and users. By delegating control to users, tokenization through utility tokens acts as a commitment device that prevents a platform from exploiting users. This commitment comes at the cost of not having an owner with an equity stake who, in conventional platforms, would subsidize participation to maximize the platform's network effect. This trade-off makes utility tokens a more appealing funding scheme than equity for platforms with weak fundamentals. The conflict reappears when non-users, such as token investors and validators, participate on the platform.
主题	Financial Economics ; Corporate Finance
URL	https://www.nber.org/papers/w29720
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/587394
推荐引用方式 GB/T 7714	Michael Sockin,Wei Xiong. Decentralization Through Tokenization. 2022.