权力下放
词汇分析
安全性令牌
衡平法
补贴
业务
计算机科学
计算机安全
经济
人工智能
市场经济
政治学
法学
作者
Michael Sockin,Wei Xiong
摘要
ABSTRACT 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 nonusers, such as token investors and validators, participate on the platform.
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