Digital Tokens and Platform Building
建立了一个模型来解释数字代币在启动点对点平台中的经济价值，通过区块链透明分发代币可解决用户协调失败问题，对创业者和监管者有指导意义。
Abstract We present a model rationalizing the economic value of digital tokens for launching peer-to-peer platforms. By using the blockchain to transparently distribute tokens before the platform launches, a token sale overcomes later coordination failures between the platform’s users. This result follows from forward induction reasoning, under which the costly and observable action of token acquisition credibly communicates the intent to participate on the platform. Our framework demonstrates the applications of digital tokens to entrepreneurship, and offers guidance for both practitioners and regulators.