Turn your Token Economy into your Growth Engine
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Tokens are not gold, but blockchain-based projects have the unique chance to use their Token to create a sustainable growth in engineering a strong token economy.
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Turn your Token Economy into your Growth Engine
- 1. Turning your token economy into your growth engine Scaling Blockchain Conference Stephanie Tramicheck @stramich @propulsive_io
- 3. Build an EOSIO application that fosters a fundamental competitive advantage by implementing a business model that aligns interests amongst stakeholders and/or drives more value back to users. « » Ecosystem EconomyToken
- 4. A business that happens to have a token vs a tokenized business
- 5. A token-based economy enables value creation through the exchange of its token(s) • Stakeholder Stakeholder Stakeholder • • Drivers Motivations Drivers Motivations Drivers Motivations
- 6. Your token economy is your growth engine
- 7. • Stakeholder Stakeholder Stakeholder • • Drivers Motivations Drivers Motivations Drivers Motivations Incentive loops Incentive loops Incentive loops A token-based economy enables value creation through the exchange of its token(s)
- 8. In the world of gaming Incentive loops
- 9. In the startup world flywheel
- 10. This is not a flywheel
- 11. Uber’s flywheel
- 13. Use the token to incentivize and reward stakeholders to do more of what you need them to do to build a sustainable growth.
- 14. A good example in the world of blockchain
- 15. Be deliberate in designing your token economy!
Notas del editor
- Build an EOSIO application that fosters a fundamental competitive advantage by implementing a business model that aligns interests amongst stakeholders and/or drives more value back to users.
- What EOS tried to reinforce here is that creating a Token-based economy is critical in the success of a blockchain project.
- The big difference is around the notion of Token Economy. To me, when I read a whitepaper about a new dApp, if they don’t talk about Token Economy and describe how the token is beneficial to each main stakeholders and how it is circulating, it means this business happens to have a token. They have not embraced the full power of the token economy, where each stakeholders drives value to the token based on their own driver./motivation.
- Private economy = There has to be a buying and a selling, there has to be value creation, a creation and a consumption, It is about the economics the token enables and not just about having a token. The importance of a good token model Living system Survive ups and downs of the market Tokens truly adds value Fewer issues with regulators Scalable model Enable growth
- Build incentives loop for each stakeholder. Short term, mid-term and log-term loop. Short Mid Long term incentives loops and the corresponding mechanisms In summary, you want some particular users to do more of what is good for the growth of your economy. This is called incentives, and games are the best at it. Ex: fortnite?
- Example of fortnite?
- A well designed token economy is a flywheel on steroid Let me show you what is a flywheel
- Back in 2014, David Sacks (ex-Paypal, Yammer, Zenefits) tweeted the above diagram to explain why Uber’s geographic density is the new network effect. Let me start by sharing a concrete example of a flywheel. Achieving liquidity between peers. Where the sum of network value is higher than the sum of cost of acquiring each side. This meant enabling ~5 minute pickups for riders and ~$25 hourly earnings for drivers. First, it guaranteed drivers hourly rates and spent money to acquire drivers. With drivers on the road, Uber focused on filling their cars through paid channels and incentivizing referrals. In a nutshell, the company subsidized fares and gave away free rides until there was enough demand and drivers could earn enough on their own. City by city, Uber implemented this playbook — buying drivers, buying passengers, subsidizing rides — to shave minutes off the pickup SLA and increase driver earnings, propelling Uber to liquidity.
- building a content loop - https://firstround.com/review/pinterest-and-grubhubs-former-growth-lead-on-building-content-loops/ Grubhub A startup with 30,000 users and 15 employees in two markets. By the time he left, his strategy around content and SEO helped turn the online food ordering site into a $10 billion public company with three million users and 1,000 employees. The company had 200 people and 40 million active users, but growth was tapering off. The content loop and scaled SEO strategy that Winters and his team introduced helped usher in a second wave of growth, leading to over 200 million users and and a $12 billion valuation The big difference is that the content is created by the users. You can’t acquire that through paid activities as uber did.