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      "body": "#### Welcome to Steem, @johndoe365!\n\nI am a bot coded by the SteemPlus team to help you make the best of your experience on the Steem Blockchain!\nSteemPlus is a Chrome, Opera and Firefox extension that adds tons of features on Steemit.\nIt helps you see the real value of your account, who mentionned you, the value of the votes received, a filtered and sorted feed and much more! All of this in a fast and secure way.\nTo see why **3204 Steemians** use SteemPlus, [install our extension](https://chrome.google.com/webstore/detail/steemplus/mjbkjgcplmaneajhcbegoffkedeankaj?hl=en), read the [documentation](https://github.com/stoodkev/SteemPlus/blob/master/README.md) or the latest release : [SteemPlus 2.19 : Updated Boost Button - Collaboration announcement - Earn more with SteemPlus points](/utopian-io/@steem-plus/steemplus-2-19-updated-boost-button-collaboration-announcement-earn-more-with-steemplus-points).\n",
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      "title": "Journey to the “perfect” token model",
      "body": "## About the project\n\nWe from [**authentic.network**](https://authentic.network/) have been looking for a token model which suits our use case — providing unique identities for goods and documents — for quite a while now.\n\nAs we don’t want to provide just the next UET or having struggle with authorities by initializing a token from questionable countries with no restrictions. We came across with different ideas how a token could be a benefit but none of these first ideas have been 100% satisfying.\n\nOn our journey to find the best solution for initiating a valuable token for every stakeholder in the system we came up with the idea of simulating certain token use cases and analyze the health of our network. \nWith this approach in mind, we started looking for a tool which would fit to our restrictions. But we did not find any.\n\n**So we want to develop it by ourselves.**\n\nhttps://cdn-images-1.medium.com/max/800/0*Zf6hTPrtIwbUmf49.jpg\n\n## The Token Simulation Model\nYou are invited to follow us on our journey to develop a model/a tool to simulate token ecosystems. To figure out what the different motivations of the stakeholders are and how they can be incentivized to create a healthy token flow inside a system and point out where the bottlenecks and limits of the system are.\nWe thought about a “network/system health index”.\n\nFeel free to comment on our idea and approaches on this and on [upcoming articles](https://steemit.com/cryptocurrency/@johndoe365/from-monetary-theory-to-token-economies).",
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      "title": "Tokens and why standard economics fails to model them",
      "body": "## Journey to the “perfect” token model (Part 2.2)\n\n*This is the second of two articles in which we will trail the path of our train of thoughts from using traditional standard economics for modeling a token economy to a more modern and appropriate approach. Our first brain waves apparently didn’t match the needs of a solid modelization, so we kept on looking for alternatives. In case you missed it: check out the first article [here](https://steemit.com/cryptocurrency/@johndoe365/from-monetary-theory-to-token-economies).*\n\n### Token Analysis\nThe application of the schema for classifying tokens to the top 20 tokens in relation to their capitalization provides important insights into the “token landscape”. The result of the analysis of the properties and characteristics is very clear for all dimensions examined. Over 90% of the analyzed tokens can be classified as non-native, they are implemented in the protocol level that sits on the blockchain.\n\nThis will change, however, and many of the projects under consideration are planning their own blockchain. After a successful main net launch and token swap, the number of native tokens will increase significantly. It also shows that the majority of tokens are network tokens. As far as possible, they provide the holder with access to a specific network or exclusive functions within it. Generally speaking, it can be assumed that the average token encountered is a non-native protocol token whose task is to provide access to a network or its functions. The token gets its value mainly from the value generated by the underlying network while granting access to it. This finding is of particular interest for further action, as it can be used as an entry point for modeling a first basic token economy. However, it is important to consider that many projects will move to their own blockchain after successful product development including the token so that the number of native tokens will be much larger in the long run than it is currently the case.\n\n### Stakeholders and motivation\nThe above analysis of the tokens provides a clear picture of the token structures. However, it also makes clear that there is not only one token with always the same properties. Following the concept of [**DAOStack**](https://daostack.io/), two general classes of investors for blockchain projects can be identified. However, their motivations are in contrast to each other.\n\nOn the one hand, there are rational investors, they are long-term oriented and have primarily the success of the project in mind. Their behavior and decision making are focused on a functioning end product, the opportunity to participate in the network is of benefit to them.\n\nOn the other hand, altruistic investors exist; they are not interested in the project itself but focus solely on their individual profits. Their time horizon can be regarded as comparatively short, volatile or strongly rising prices are an advantage for them. Decisions made by this class will always be based on this. Motivation and behavior also vary within the class, depending on the characteristics of the token. Usually, both classes of investors can be found in blockchain projects. This inevitably leads to conflicts of interest which also affect the ecosystem and its functionality. It is, therefore, an elementary part of the modeling process to depict this.\n\n### Issues of classical economics\nThe classical models of money theory, dating back to Keynes and Hicks, were developed at the end of the 1940s, at that time computer-assisted models and simulations were far from possible. As a result, these models contain interfering restrictions to make them manageable. Representative agents, perfect rationality and the perfect foresight of these can be cited here as examples. Everything introduced to depict the flow of money and the effects of monetary policy measures generally and under perfect conditions, **however, they do not correspond to the conditions of the crypto economy.**\n\n![](https://cdn.steemitimages.com/DQmZev2XyH5XmattGVBzPoVNeFo7rPhMZp75pVkhSYBogC7/image.png)\n\nEspecially the use of representative agents is a big problem for the modeling of a token economy. The concept of a blockchain is based on a decentralized organizational structure, each node of the structure (agent or user) is therefore important for the network. As already mentioned, in such an environment typically different participants with different ambitions, behaviors and sometimes conflicting interests can be found. Modeling a single representative agent would produce a distorted, even false result and render the simulation of a token economy useless. Perfect foresight and perfect rationality of the participants are still assumptions that do neither blockchain projects nor the real economic justice.\n\nIf despite the aforementioned deficits of monetary theory, one still wanted to design a model that depicts the processes, fluxes and flows of a token ecosystem, further difficulties would arise. The modern interpretation of monetary theory focuses on the inflation target, money we regard as neutral in the long term and the only way to stabilize the financial market. As a result, controlling inflation through changes in the money supply is seen as a “panacea”. Past financial and economic crises and failed quantitative easing have repeatedly demonstrated that this is not the case.\n\n### Outcome\nAs a result, the use of a classical (Keynesian) model of money theory for the modeling of a token system is no longer an option. The restrictions on actors and the system itself are too contradictory to the concept of a blockchain and the lack of proximity to the reality of existing models remains problematic.\n\nDespite these new findings, the MONIAC remains the model for the token simulation, only the procedure has to be revised. Instead of relying on an existing model of monetary theory, a new solution must be sought that makes it possible to map the various actors of a token economy and their behavior.\n\n### Agent-Based Modeling\nRather, a concept is needed that does not require any rigidity with regard to the actors and their environment. Enlightening conversations with various blockchain and token experts at the dAppCon from July 19 to 20, 2018 in Berlin drew attention to agent-based modeling. Agent-based modeling fulfills the criteria already mentioned, each economic actor can be modeled individually and is therefore only subject to restrictions imposed by the modeling individual.\n\n# ...\n\n\nFeel free to comment on our idea and approaches on this and on upcoming articles.\n\n*We from authentic.network have been looking for a token model which suits our use case — providing unique identities for goods and documents — for quite a while now but we did not find any. So we want to develop it by ourselves.*\n\n*You are invited to follow us on our journey to develop a model to simulate token ecosystems. To figure out what the different motivations of the stakeholders are, how they can be incentivized to create a healthy token flow inside a system and point out where the bottlenecks and limits of the system are.*\n\nPS: you will also find our journey on [medium.com](https://medium.com/token-simulation-model).",
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      "title": "From monetary theory to token economies",
      "body": "## Journey to the “perfect” token model (Part 2.1)\n\n\n*This is the first of two articles in which we will trail the path of thoughts from using traditional standard economics for modeling a token economy to a more modern and appropriate approach. Our first brain waves apparently didn’t match the needs of a solid modelization, so we kept on looking for alternatives.*\n\n\n### ICO’s and the need for robust evaluation\nSo-called Initial Coin Offerings (ICO) collected around 17 billion dollars in 2018 alone, five times more than it was the case in 2017. This development clearly shows the potential of ICOs, especially for start-ups. With this form of procurement, it is much easier and quicker to raise funds. By using ICOs as investment companies create enormous financial resources at their disposal at relatively early stages of development. The only condition is a sufficiently large community which believes in the vision of the project and provides the “funds”. This way of raising money and capital brings both opportunities and risks. On the one hand, it enables companies to develop innovative ideas and business models independently of sponsors and major investors. On the other hand, there is always the risk that projects will never make it to market or be uncompetitive. authentic.network is also considering such an ICO and the implementation of a token economy.\n\nUp to now, however, there has been a lack of a system or tool to present, simulate and analyze token systems that blockchain companies can use to identify and eliminate potential limitations or risks of the model.\n\nhttps://cdn-images-1.medium.com/max/800/0*qJbRzFBG9dv7Gdqe.jpg\n\n### Importance of Stability\nHowever, the robustness of the token economy is of decisive importance. As a rule, this serves as the basis for the actual business model, which also applies to authentic.network. The ecosystem should serve as a basis for later interactions of network participants and payment transactions. It has to guarantee incentives for the user but also stability and functionality. In the case of authentic.network, it is particularly important that a certain degree of price stability prevails. Consumers and companies have a “trading relationship” with each other, volatile prices in such a system would create uncertainty and have a negative impact on trading volume, activity and participation in the network.\n\n### The MONIAC\nIn order to adequately counter the problems mentioned before, it is of crucial importance to be able to simulate token economies and the movement or flow of the tokens themselves. The father of the idea is the so-called MONIAC, after his model the modeling of a token economy is to take place. The machine itself may seem primitive at first glance, but the underlying idea is still relevant today.\n\nThe Monetary National Income Analog Computer, MONIAC for short, or Phillips Hydraulic Computer was developed by Alban William Housego Phillips in England in the late 1940s and was one of the first computers to simulate economic phenomena. This machine enabled calculations to be made (for the first time) on the functioning of macroeconomic contexts, in particular, the relationships between income, employment, interest rates and other economic variables. This was done with the help of analog calculation methods and the flow of water as a calculation medium. The calculations were based on Keynesian principles, with the equation Y=C+I+G+(EX-IM) as the basis for calculating national income.\n\n**How it works:**\nThe computer contained several tanks filled with colored water. These should reflect the economic subjects or sectors, households, companies, government and foreign trade, and make their behavior visible.\n\n![](https://cdn.steemitimages.com/DQme7bowbJgdUxyPxuRG326nFsSHvjpgguH4Bu2aA2fGxvS/image.png)\n\nAdjustments were made to parameters such as interest rates or changed conditions in foreign trade. The effects of these adjustments on the economic entities and sectors, and thus ultimately on the cash flow within the system, could be visualized by means of the circulating liquid.\n\n### The MONIAC’s digital twin\nFollowing the basic idea of the MONIAC, a model/simulation is to be developed based on its model, which is capable of depicting a digital economy and the movements of the tokens. The “MONIAC 2.0” is to become the modern version of its model. For example, supply, demand and circulation of tokens in the ecosystem are to be mapped. Depending on the properties of the token used, risks, limits and bottlenecks should be identified.\n\n### Classical Monetary Theory\nA platform for modeling the token ecosystem could provide the classical monetary theory, more precisely the Keynesian orientation of this. This conclusion suggests itself, since a token economy in the broader sense can be regarded as a form of “monetary system” and should, therefore, be subject to similar laws as the FIAT system.\n\nFurthermore, monetary theory offers a sufficiently researched and generally accepted basis. Existing models “only” have to be adapted for the modeling of tokens, scientific work on alternative digital currency systems already exists and provides useful approaches for modifying classical economic models.\n\n### The Monetary Circuit\nThe (institutionalized) money cycle seems to be a promising starting point for the model to be created, as it can be found in almost every textbook. The monetary system is seen here as an institutional agreement in which a selected circulation and calculation medium, which is legally recognized for the payment of debts, is recognized for the payment of goods and services. This type of trade pattern can also be regarded as a cycle. The system becomes a closed loop if it is possible to purchase all goods and services of the market with the selected medium. The cycle is considered closed when goods/services are “exchanged” for funds and the process starts anew. A complete cash cycle means that all transactions are carried out in money and are motivated by market incentives. Furthermore, both the conclusion and the end of the cycle must be compatible with the forces of the market.\n\nAccording to this model, a token economy is to be modeled. The basic framework presented must be adapted to the characteristics and peculiarities of a modern digital ecosystem and transferred into simulation software. In order to be able to carry out this fundamental modeling/adjustment of the money cycle, it is indispensable to gain a deeper understanding of the “world of tokens”.\n\n# **...**\n\nFeel free to comment on our idea and approaches on this and on upcoming articles.\n\n*We from **authentic.network** have been looking for a token model which suits our use case — providing unique identities for goods and documents — for quite a while now but we did not find any. So we want to develop it by ourselves.*\n\n*You are invited to follow us on our journey to develop a model to simulate token ecosystems. To figure out what the different motivations of the stakeholders are, how they can be incentivized to create a healthy token flow inside a system and point out where the bottlenecks and limits of the system are.*",
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      "title": "Journey to the “perfect” token model (Part 1)",
      "body": "*This article will be the starting point of our journey to develop a model/ tool to simulate token ecosystems. To begin with, we wanted to know what the world of tokens looks like, and understand how they work in order to create an initial model for our token ecosystem simulation. We came across an insightful token classification framework and started digging through loads of posts, articles and papers to find the most common type of token.*\n\n\n## **Applying the Token Classification Framework**\nIn this post, we will present you an analysis of the top 20 tokens by market capitalization plus six ones of our own personal interest. You can find the list of the analyzed tokens as well as an overview at the end of this post. The ranking is based on data from CoinMarketCap on 07/03/2018. Today’s ranking may look different due to changes in market capitalization denoted in USD. We built our analysis upon the token classification framework by Untitled INC´s Thomas Euler. The original framework consists of five dimensions: Technical Layer, Purpose, Underlying Value, Utility and Legal Status. The legal status will not be part of the analyzes, simply because the status differs from country to country. Our intention was to get a better understanding of the different types and traits of tokens.\n\n\n### 1. “General Types” or Technical Layer\nThis dimension can be divided up into three types and describes on which layer of the blockchain system the token is implemented.\n\n#### a. Blockchain Native Token:\nBlockchain native token or intrinsic token are implemented on the protocol level of the blockchain. They are a core element and critical to operating on the Blockchain as well as both, an integral component of the consensus mechanism and part of the incentive mechanism for block validators (*“miner rewards”*) or other nodes. Additionally, these “built-in tokens” usually serve as transaction spam prevention, charging a fee for each transaction limits the ability of spam.\n\n![Bildschirmfoto 2018-08-06 um 14.20.41.png](https://cdn.steemitimages.com/DQmakix5j2DKKWyCKFjSGSCwFQjcHbgW7QDkx5yJniGGxHp/Bildschirmfoto%202018-08-06%20um%2014.20.41.png)\n\nOur findings suggest that only two of the top 20 tokens by market capitalization are blockchain native ones by now. The reason for that appears to be quite obvious: the majority of tokens analyzed are issued by teams whose products are not finished yet and maybe never will.\n\nhttps://cdn-images-1.medium.com/max/800/0*Dup45o2wW55p5iyH.jpg\n\n#### b. Non-native Protocol Token:\nEach blockchain has its own native protocol. Non-native Protocol tokens are tokens which are implemented in the economic protocol that is built on top of an already existing programmable blockchain, it can serve multiple purposes. They are tracked on the underlying blockchain but are no integral element of it. Generally, these tokens play a crucial role within the protocols incentive- and consensus mechanism for nodes. Similar to the consensus mechanism of a blockchain the consensus mechanism of an economic protocol validates actions of individuals participating in the economy. Once an action is verified it is passed on to the blockchain. Participation and the execution of certain tasks, however, is usually rewarded.\n\n![Bildschirmfoto 2018-08-06 um 14.22.10.png](https://cdn.steemitimages.com/DQmc6oWWgDxYpr3fAR4wEv2fu6MwGzyn4zBRv1b3XLXE8db/Bildschirmfoto%202018-08-06%20um%2014.22.10.png)\n\nThe results of analyzing the top 20 tokens suggest that the majority of tokens by now are non-native ones which run on the Ethereum Blockchain (ERC20). This may be due to the fact that most of the corresponding projects are being still in development. The tokens were mostly issued during ICO’s to raise funds and do not fulfill their intended uses yet. This will change when the main nets being launched and tokens swapped, they become blockchain native tokens. Note that there is no guarantee for projects to reach this point, they may fail in advance. Only a few tokens are designed to remain: non-native protocol ones.\n\n\n### 2. Purpose\nThis dimension is about the key function of tokens and what they are designed to do. The word token as it is defined by the Oxford Dictionaries is a thing, tangible or digital, that represents some kind of (exchangeable) value, fact, quality, feeling, etc. Although tokens are often associated with Bitcoin they are more than just a currency and serve a broader range of use. The following section will examine the three major purposes of tokens and their characteristics.\n\n#### a. Cryptocurrency\nThis type of token is designed to be a “pure” virtual currency and to serve as a unit of account, store of value and medium of exchange, like any fiat money out there. The term pure refers to the fact, that this type of token is not intended to serve any further purposes in the first place.\n\n![Bildschirmfoto 2018-08-06 um 14.23.00.png](https://cdn.steemitimages.com/DQmYHjhzUj5u7wkLCFkUnsgXqGXUfivWaCnwKq1b3T9iLHY/Bildschirmfoto%202018-08-06%20um%2014.23.00.png)\n\nFrom analyzing the top 20 tokens one can derive the conclusion that only one token, the US Tether Dollar, is designed to be a pure cryptocurrency with no broader application than being a store of value and medium of exchange. The vast majority of tokens however\n\n#### b. Network Token:\nThese are tokens which are designed to be used inside a certain system, they inherit specific attributes related to this system. Often the token is needed to enable a network and strengthen its growth while functionality is usually limited to the issuer’s system. In contrast to cryptocurrencies, network tokens are not meant to be a global medium of exchange but to fulfill certain purposes.\n\n![Bildschirmfoto 2018-08-06 um 14.24.14.png](https://cdn.steemitimages.com/DQmPTLkUfHwjPK51LY6tQuikWeNBzFmkS6PfNN3MjZ87fHE/Bildschirmfoto%202018-08-06%20um%2014.24.14.png)\n\nAccording to the classification framework, 77% of all analyzed tokens can be labeled as network tokens. Likewise cryptocurrencies, they may serve as means of payments inside the system but that is not their main feature. Going through the issuing projects whitepapers reveals that almost all the tokens inherit attributes needed to participate in the network. E.g. for Golem this would be the ability use access computing capacities of other attending parties and compensate them with a certain amount of Golem network tokens.\n\n#### c. Investment Token:\nThis type of token is created to raise funds or provide a way to passively invest in a project or asset in the first place. You can think of an Investment Token as a digital version of classic bond like one may hold in the “real” world. The token represents a share of the issuing entity or the underlying asset and whoever holds the token owns its yields. Besides that, an investment token provides little to none additional use.\n\n![Bildschirmfoto 2018-08-06 um 14.25.19.png](https://cdn.steemitimages.com/DQmNpE7DtP5hxHcEMbpMpYWdtF8vH3au9URB7GLpbNY7D9q/Bildschirmfoto%202018-08-06%20um%2014.25.19.png)\n\nCorresponding to our findings for network token just a relatively small amount of tokens are designed to be used for investment in the first place and do not feature significant functionality in addition. In some cases, the token can be used to reduce fees for trading. A good example of this type of token are KuCoinShares, owning one these makes you a shareholder of KuCoin network and participate in its success. When using KuCoinShares to pay for transactions you receive a discount on trading fees.\n\n\n### 3. Underlying Value\nThis dimension is dedicated to what provides the value of a token. Almost every coin out there is meant to have some kind of monetary value to its owner. What distinguishes them is how this value is derived. You can imagine the monetary value of a token as the amount of money (fiat or crypto) you would receive by selling it to a buyer. Ruffly there are three major types of underlying value that will be analyzed.\n\n#### a. Asset-backed Token\nAsset-backed tokens show a strong relationship to the “real-world” as they can essentially be described as IOU´s (I owe you) tied to any kind of “real-world” assets. An IOU is nothing more than an acknowledgment of debt handed out by a borrower and doesn’t necessarily include any conditions of repayment. In the case of an asset-backed token the issuer or let’s say “borrower” is responsible for holding the asset and hand it back to the token holder if desired. As you can imagine this creates counterparty risk and requires a certain amount of trust.\n\n![Bildschirmfoto 2018-08-06 um 14.26.48.png](https://cdn.steemitimages.com/DQmQtfGbMY5e16B3A2n28unQ8wAnhuGEqkTQSjPyJQkCZdh/Bildschirmfoto%202018-08-06%20um%2014.26.48.png)\n\nAsset-backed tokens provide a good opportunity to trade “real-world” assets without actually moving the physical asset. With regard to our examination, we can say that there is only one asset-backed token by now. This is no surprise if you consider the “blockchain-movements” mission to decentralize and bring trust into an untrusted environment. Tether is a good example to illustrate the dichotomy of the idea of blockchains and asset-backed tokens. Tether offers so call US Tether Dollars (USDT) in exchange for let’s say Dollars (USD), once a USDT is purchased the USD are deposited to Tether’s central bank account. The tokens can be transferred or swapped back to USD. Tether obligates to hold your USD and you simply have to trust them to not “mess around” with your money.\n\nhttps://cdn-images-1.medium.com/max/800/0*XvMBtoNW_1B8BLAq.jpg\n\n#### b. Network Value Token\nNetwork value tokens are tokens which are tied to the value of a specific network and not the value of an issuing entity. More precise the value which is generated an exchanged on the network. This could be for example the volume of transaction fees or circumstances. The token itself is typically linked to the interactions of participants inside the network, it provides functionality.\n\n![Bildschirmfoto 2018-08-06 um 14.27.35.png](https://cdn.steemitimages.com/DQmNZU32Dg2eaSTX2A5ss3LC4AntCxWRbmbMLRaSeSoX82a/Bildschirmfoto%202018-08-06%20um%2014.27.35.png)\n\nThe whitepapers of the tokens analyzed reveal that the vast majority of them is deriving its value from the network it is native to. The more people participating the higher the network activity and the value generated on it. As the network becomes more popular and attracts more user the value of the token rises. In order to acquire value, the tokens need to be intertwined with active participation.\n\nNote: Most investors of blockchain projects we have talked to point out one major reason which leads them to invest: “the community”\n\n#### c. Share-like Token\nA token classified as share-like is close to its “real-world” equivalent, holding this token entitles one to receive a share of the issuing entity. This may happen in form of dividends or share of profits. Voting-rights are optional, it’s up to the issuer whether a token features them or not. In contrast to traditional shares, share-like tokens provide only weak or even no legal basis.\n\n![Bildschirmfoto 2018-08-06 um 14.28.18.png](https://cdn.steemitimages.com/DQmdf1wTCh6wrNrWsnEaoeSwUBNM447yt3nDneh2mHfoZVe/Bildschirmfoto%202018-08-06%20um%2014.28.18.png)\n\nApplying the framework to the top 20 tokens leads to the conclusion that there are few tokens out there we would label share-like but all of them we classified as investment token earlier on. Regarding that finding, one could say that investment token will most likely never be network but share-like or in some cases asset-backed tokens.\n\n\n### 4. Utility\nThis dimension is all about the various types of utility.There is a variety of different tokens in existence and almost all of them are created to serve a certain use and thereby provide a source of utility to its holder. As already mentioned, the majority of tokens can be classified as network tokens tied to a specific network. In order to create value the token has to provide some kind of utility to the holder otherwise it becomes worthless.\n\n#### a. Usage Token\nAs the name already suggests, a usage token provides utility to its holder by enabling her or him to use a system or particular service. The token is maybe needed to participate the network in general or access exclusive services. A good example for that is the antivirus software you may or may not use. Basically, there are two options between you can choose. You can either go with a free software and pay for exclusive functionalities or you can go with a paid one which grants access to all services of the software. Even though this example is very simplified it illustrates the properties of a usage token.\n\n![Bildschirmfoto 2018-08-06 um 14.29.38.png](https://cdn.steemitimages.com/DQmZ75AKatDQUmvoL5X1zcFLq9PHNvKbj3z4HovtWcjPV5Y/Bildschirmfoto%202018-08-06%20um%2014.29.38.png)\n\nAs expected, applying the classification framework to the top 20 tokens shows that this type makes up the biggest share of all. This is in line with most tokens being network token and thus the ability to use the network or exclusive services is indispensable. On the other hand, it seems, that some token-based projects just implement some nonsense functionalities or use cases just to give their token a certain usage.\n\n#### b. Work Token\nA work token allows its holder to actively contribute to the system and not just to use it like it is the case for a usage token. What the contribution looks like can differ depending on the system and what it is about.\n\n![Bildschirmfoto 2018-08-06 um 14.30.14.png](https://cdn.steemitimages.com/DQmeGLS7bvYVPentxLKqxgAZv8F1VQk14XoXXQxNqHZJa2s/Bildschirmfoto%202018-08-06%20um%2014.30.14.png)\n\nThis type of token is a rather rare one, analyzing the most capitalized tokens revealed that there is only a small number of token solely allowing the holder to contribute to a network.\n\n#### c. Hybrid Token\nThe hybrid token is a combination of the above usage and work tokens and inherits both of their features. Holding one grants access to the system but also enables the holder to actively contribute to the system.\n\n![Bildschirmfoto 2018-08-06 um 14.30.40.png](https://cdn.steemitimages.com/DQmQ7rNcZAaRaaUKgkde6MbqSp5zevWTf28sYEofdhfHvJX/Bildschirmfoto%202018-08-06%20um%2014.30.40.png)\n\nHybrid token are more common that work token, one reason might be that most of them are primarily designed to serve as usage tokens but also feature some possibility to contribute to the network\n\n\n#### 5. Conclusion\nThe overall results of analyzing the top 20 token by capitalization can be seen in the graphic below. For each dimension, the results are pretty clear. By now over 90% of all tokens analyzed are non-native ones, they are implemented in a protocol on top of a blockchain but this will change once their main nets go live. When it comes to purpose, the amount of pure cryptocurrencies is vanishingly small. There are some investment tokens but the vast majority is made up of network tokens. For most cases, the token is tied to the value and development of the network. Utility largely is created by allowing the holder to use a network or exclusive functions of it.\n\n![Bildschirmfoto 2018-08-06 um 14.32.11.png](https://cdn.steemitimages.com/DQmaoTDpJMqm4UXZeX7osrThgJy8BGWCeWt5uuDqjBegL76/Bildschirmfoto%202018-08-06%20um%2014.32.11.png)\n\nSo the average token can be estimated to be a non-native protocol token whose purpose is to enable a specific network, deriving its value from the value generated by the network while granting access to the network and its services. This result is of particular interest because it can provide the starting point for modeling a first simple token economy.\n\n![Bildschirmfoto 2018-08-06 um 14.48.07.png](https://cdn.steemitimages.com/DQmVuJdVZNomtTFxG662L7Qw8JYvdmB2f8r8Y6APPTpxxaf/Bildschirmfoto%202018-08-06%20um%2014.48.07.png)\n\n![Bildschirmfoto 2018-08-06 um 14.46.18.png](https://cdn.steemitimages.com/DQmVzBJYTmqPrARFpkAGpzD7Dpj65YN1h9HdEmcdLgA7jB4/Bildschirmfoto%202018-08-06%20um%2014.46.18.png)\n\nFeel free to comment on our idea and approaches on this and on upcoming articles.",
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