Sustainable Growth and Token Economy Design: The Case of Steemit
Open accessAbstract
Cryptocurrency blockchain technology is attracting worldwide attention, and the number of initial coin offerings (ICOs) is increasing rapidly. This new economic trend, called cryptoeconomics, can program human behavior through incentive design. A cryptocurrency-based incentive system is not only transparent, but also allows businesses to substitute initial investment costs with cryptocurrency tokens until they are on a sustainable growth trajectory in terms of network effects. This study aims to propose a process for building a desirable model of a token economy, based on the case of Steemit—a blogging and social networking website that is creating high values due to its efficient token economy model. We suggest the following design process of a token economy model: (1) Determine token-business fit, (2) determine the chance of success, (3) determine the properties of token, (4) give tokens intrinsic value, (5) establish strategies to raise token value, (6) establish operational strategies of token economy system, (7) establish strategies for token liquidation, and (8) continue modifying the operational base. Considering cryptoeconomics is still at an early stage, it is expected that the guidelines on the token economy model suggested in this paper will lay a significant foundation for the development of cryptoeconomics research.
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The modeling of assets as tokens is a topic of ongoing research, and we lack knowledge on how AI-related assets can be modeled and represented adequately as tokens.
“Furthermore, the modeling of assets as tokens is a topic of ongoing research (Kim and Chung 2018;Laskowski et al. 2019) and, thus far, we lack knowledge on what and how AI-related assets (e.g., training data, model data, algorithms) can be modeled and represented adequately as tokens.”
From Trustworthy artificial intelligence (2021) · cites this paper as Kim and Chung 2018
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- Authors
- Kim, M. S., & Chung, J. Y.
- Affiliations
- Department of Crypto MBA, Seoul School of Integrated Sciences & Technologies (aSSIST), Seoul 03767, Korea
- Duksung Women's University (KR)
- Corresponding author
- Chung, Jee Yong
- Venue
- Sustainability
- Publisher
- MDPI AG
- Published
- 2018-12-30
- Volume
- 11
- Issue
- 1
- Pages
- 167
- ISSN
- 2071-1050 (ISSN-L)
- OpenAlex
- W2907379139
- Cited by
- 74
- References
- 28
- Citations by year
- 2026: 4 · 2025: 6 · 2024: 15 · 2023: 7 · 2022: 19 · 2021: 12 · 2020: 6 · 2019: 3 · 2018: 1 · 2017: 1
- FWCI
- 8.88
- Type
- journal article
- Language
- en
- Open access
- gold
- dx.doi.org
- Licence
- Locations
- Sustainability (publishedVersion, cc-by)
- RePEc: Research Papers in Economics (submittedVersion)
- DOAJ (DOAJ: Directory of Open Access Journals) (submittedVersion, cc-by-sa)
- Funders
- Duksung Women`s University (3000003055)
- Topics
- Physical Sciences › Computer Science › Information Systems › Blockchain Technology Applications and Security
- Social Sciences › Business, Management and Accounting › Management Information Systems › FinTech, Crowdfunding, Digital Finance
- Social Sciences › Business, Management and Accounting › Strategy and Management › Digital Platforms and Economics
- Keywords
- token economy, cryptoeconomics, Steemit, cryptocurrency, incentive design, initial coin offerings, blockchain, network effects, sustainable growth
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