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1 | TOKEN DESIGN TOOL | . TOKEN KITCHEN https://token.kitchen | |||||||||||||||||||||||||
2 | The design thinking framework upon which this tool builds is described in greater detail the book DAOs & PURPOSE-DRIVEN TOKENS of the TOKEN ECONOMY SERIES. Many questions that are presented in this tool were already outlined in the book MONEY, NFTs & DeFi in the chapter “How to Design a Token System.” The framework was developed and adapted over the years, analyzing numerous token systems. As I wastrying to wrap my head around the commonalities and the differences between various tokens systems, I realized that any token system - no matter its governance structure - will always require a systematic analysis of its purpose and principals, the functions that need to be fulfilled, the necessary types of tokens, the properties all tokens types, the stakeholders that will be involved, and the power structure that arise between the different stakeholders over time. This tool can be applied for modelling or analyzing complex token systems that steer Web3 based online communities. It can also help model simple asset and access right tokens which are managed through more centralized governance structures of a private company - though this defies the principles and possibilities of Web3 and might be counterproductive in the long run. It is a qualitative tool that is meant to facilitate the first step in the design thinking process. Additional quantitative modelling and analysis will have to be carried out on top of this design thinking framework, but that is not the first step in the process. Quantitative modelling and analysis only makes sense once one understands what ones goal is, who the involved stakeholders are, what needs to be measured, and in which context the data should be interpreted. There is no one size fits all solution. Modelling metrics such as number of tokens issued (for fungible tokens) or pricing policies (for NFTs), or analytics metrics such as total value locked, market cap, or gross network value are not significant on their own if they don’t consider the purpose of the token design, the industry in which the token system operates, the stakeholder structure of any type of token system, and other qualitative aspects. | ||||||||||||||||||||||||||
3 | Copyleft 2024, Shermin Voshmgir: Creative Commons - CC BY-NC-SA. NON-COMMERCIAL RIGHTS This license allows reusers to distribute, remix, adapt, and build upon the material in any medium or format for non-commercial purposes only. ATTRIBUTION Non-commercial rights are granted only so long as attribution is given to thecreator (Shermin Voshmgir) and the book in which it was published (TOKEN ECONOMY: DAOs & Purpose-Driven TOKENS). LICENSING If you remix, adapt, or build upon the material, you must license the modified material under identical terms. COMMERCIAL RIGHTS For commercial rights contact: hello@token.kitchen | ||||||||||||||||||||||||||
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