이번 세미나에서는 1부 4장 Outcome and Constraints를 다룹니다.

Chapter 4. Outcome and Constraints

아래 요약한 내용을 다시 한 번 읽어 봅니다. 강조한 부분은 주의를 좀 더 기울여 여러 번 반복해서 읽어 봅니다.

• This book is all about design. Defining and designing the economics of an ecosystem. The first part of the design stage is to define things. We have to define the design space, the objectives, and the constraints.
• Defining the main objective of the token ecosystem is one of the most important factors in the design process. The objective determines the mechanisms in place, the governance structure, the policies, the protocols and everything in between.
  • The objective is something the ecosystem is working towards. That means all the incentive mechanisms in place exist to achieve the objective.
  • There can be more than 1 objective, but there needs to be 1 main objective.
    • 메이커다오와 같이 토큰이 다수인 경우가 있다. 토큰 마다 단지 하나의 main objective가 있어야 한다. 
  • Having a main objective is key to designing better incentives and mechanisms to affect the behaviour of participants.
• Constraints are necessary to limit the scope of the token ecosystem. Otherwise, there are too many factors to consider in the model, and it will be difficult to design and implement it.
  • Common constraints
    • Type of participants this token ecosystem is for.
    • Space: both digital space and physical legal jurisdiction space in which the project is located.
    • Talent and expertise of the designers, developers and builders.
    • Type of governance desired: depending on the token function, use-case and objective function, the degree of governance centralisation needs to be considered.
    • Incompleteness of contracts: some contingencies are difficult to foresee or describe in advance and may be too complicated to be incorporated into (smart) contracts.
  • When both objectives and constraints are in place, this is where the design process begins. Economics design merges with systems design to deliver the objectives, given the constraints.
    • The design process is split into 2 layers: economics design and systems design.
    • In economics design, there are three pillars that we will be talking about, market design, mechanism design and token design. They come from the core traditional economics concepts in micro and macroeconomics. They speak to the rationality in people.
    • Systems design mixes behavioural economics, consumer psychology and UI/UX design to create systems that speak to the irrationality in people.