In this project, as part of Outlier Ventures’ Research Programme with the Imperial Centre for Cryptocurrency Research and Engineering and in collaboration with Ocean Protocol and MusicMap, a group of six students from Imperial College took on the task of building a TCR Simulator that allows for experimentation in an isolated framework to learn what works and what doesn’t.
Once you have your problem structured the next step is to turn your attention toward the actual participants of the network and how value flows around the ecosystem. This step should be rooted in user research.
Tokens are value creation and exchange mechanisms that allow network agents to participate in, and/or manage the system. They ensure that nodes operate effectively and actors participate in a coordinated manner. Therefore, they play an important role in aligning the incentives of the ecosystem participants.
As Web 3.0 continues to develop and various projects build out important infrastructure to scale a decentralised web to the masses, many of these protocols can be viewed as public utilities to be used by new emerging market applications.
Token design is perhaps the most discussed and exciting aspect of the entire process. A huge database of cryptographic primitives have emerged, and new ones are introduced almost every week.
Every new technology brings with it new and disruptive business models. And for blockchain technology, these are tokenised ecosystems. Blockchains represent a shift in how value will be created and distributed. For this shift to occur the underlying fundamentals of new emerging business models need to be explored.