The inspiration for this book began in the spring of 2013. Starting with Bitcoin, I tracked the entire development of blockchain, until 2018 when tokens became a “breakout” concept in the field. At that point, I deeply sensed the transformative power of tokens, especially in relation to trust-based networks and the tokenomics built upon them. In writing this book, each task—from setting the framework and innovating basic theories to finalizing the manuscript—required at least a full day per chapter and often took place during late nights. The cumulative time spent on late-night writing alone is nearly a month.
Tokenomics lacks a textbook; this is a basic fact. Tokenomics intersects with many fields, including macroeconomics, behavioral economics, consensus economics, community economics, platform economics, fractal geometry, algorithmic economics, game theory, new institutional economics, complex networks, self-organization, and thermodynamics. To date, there is no satisfying work (or textbook) that covers such a wide range of disciplines.
This lack of a comprehensive work is understandable from the perspective of intellectual history and the sociology of knowledge. First, tokenomics is a rapidly evolving field without a settled structure, making it difficult for an academic community to reach a consensus on fundamental concepts and core topics. In this context, cautious scholars may be reluctant to write a textbook that risks becoming outdated. Additionally, the increasing specialization of academia in recent centuries discourages scholars from covering broad fields. Researchers often narrow their focus, aiming to use precise terminology to avoid negative reviews from anonymous referees who may lack familiarity with related topics. As a result, tokenomics appears fragmented, with knowledge scattered in fragments and lacking the cohesive logical framework seen in neoclassical economics.
But as I ask in the book, why would I knowingly take on such a daunting task?
Firstly, because the industry is rife with disorder and urgently needs guiding voices. I feel an obligation to contribute by exploring, integrating, and offering original thoughts on tokenomics within an academic framework to help promote authentic and positive development in the industry.
Secondly, I hope this book can serve as a starting point, attracting the attention of both academic and industry professionals to initiate more research and enrich the knowledge system of tokenomics.
In the tide of the market economy, we often simply replicate the mature experiences of the Western world, following a C2C (Copy to China) model. But as the global economy evolves from pipelines to platforms, and now to the token ecosystem with altruistic business models, our economists have the opportunity to make original contributions. After all, the organizational structure and market scale of an economy often shape the level of knowledge within it. Just as the long-term growth of the U.S. economy fostered Buffett and a cohort of modern Western economists, I hope the new economic era will see Chinese scholars recognized with Nobel Prizes in economics and that giants like Ronald Coase may emerge in China.
Lastly, I would like to preview two upcoming books.
The first is a practical guide to tokenomics, titled *Token Revolution: Token System Design and Case Analysis*, expected to be published in mid-2019. This book serves as a comprehensive manual on designing token economic systems, covering key steps in token system design and highlighting common pitfalls. Drawing on the MBA case-study approach, it includes detailed analyses of numerous practical cases to share hands-on experience with readers. Additionally, real-life events are provided as references to help readers understand how real-world problems arise and are solved, enabling them to build a toolkit for solving future issues.
The second is an introductory book on blockchain, titled *A Brief History of Blockchain*, also slated for publication in 2019. This book is recommended for beginners in blockchain and tokenomics. It traces the journey of blockchain from its “prenatal” phase to its tumultuous ten-year history. Organized by traditional dimensions such as technology and security, it explains the basics of blockchain in a clear and accessible way. Using exchanges, wallets, mainstream cryptocurrencies, and key figures as threads, it also explores blockchain’s development and valuation models. This book will provide beginners with a foundational understanding of blockchain, laying the groundwork for further study.
Finally, I wish everyone an enjoyable reading experience! If you have any questions while reading, feel free to join the QQ reading group mentioned in the preface to interact with the author and other readers.
MetaOne, Beijing, January 1, 2019