Blockchain Academy
We'll get together for networking with people interested in Blockchain including developers and anyone curious about Blockchain.

Token Economy

A token economy is a system to build certain rules between token and the actual economy system where the token is used. The idea came out before the blockchain and was invented as a behavior therapy by Skinner, a behavioural psychologist. It is often used in a psychiatric hospital as a behavior therapy for the patients to look after themselves that they get rewards for the expected behavior. The reward is given with tokens which can be exchanged to some goods, and more complicated behavior earns more tokens. The token economy was based on the theory of games that this incentive system and patients prioritize their own profit rather than others. And it became very important concept in the blockchain when Bitcoin was introduced that people voluntarily participated in the network to trade mining and the rewards.

The blockchain network is being maintained by participation of each node without domination of central subject. When many of the participants devote to the system, the security of that blockchain is reinforced. To make them voluntarily devoted to the system, a definite reward model needs to be built to sustain the blockchain network. At the early stage of building a blockchain, it will be difficult to tell whether the economy system is well designed or not; the standard of rewarding, the token value, the issuing number of token should be considered for the best decision.