The pass was translated by Meng Yan. English is Token, which means "token", and it is translated into "universal certificate", that is, digital negotiable rights certificate. To put it bluntly, a passport is a voucher and a value medium in the digital world. What rights and interests the pass represents depends entirely on what rights and interests the issuer of the pass gives it.
Then the token economy can naturally be translated into "universal certificate economy"-that is, the value Internet economy paradigm of universal certificate and efficient circulation of assets. The generalization of assets is to map assets into value expression symbols in the digital world and circulate them in the value network.
What is the value of asset certification?
Let's first understand a traditional financial term-asset securitization. There is a famous saying on Wall Street: If you have a stable cash flow, securitize it.
What is an asset?
Assets are resources that can generate expected returns, such as deposits in your bank savings account, goods being sold, and rents to be charged.
What is asset securitization?
Asset securitization is to make assets "flow", that is, to issue negotiable securities for financing according to the expected future income of an asset.
What is the significance of asset securitization?
Traditional financing methods are mainly equity and creditor's rights. Equity financing needs to dilute equity and control. Debt financing will increase the financial risk of enterprises due to the limitation of leverage ratio, and the financing methods of equity and debt need to be based on the overall credit of the issuer, which will cause greater operational pressure on enterprises.
Compared with stock financing, the advantage of asset securitization is that it will not dilute the equity and the cost is lower. Compared with debt financing, the advantages of asset securitization are that it does not occupy loans and bonds, the use of raised funds is not restricted, and product issuance is less affected by market fluctuations. In addition, asset securitization financing, due to the use of the "bankruptcy isolation" mechanism, the issuer can really isolate the securitization assets from the overall credit risk of the sponsoring institution.
For example, Country Garden 20 16 Asset Securitization Project issued a total of 6.2 billion asset-backed securities to qualified investors on the basis of the expected income of accounts receivable from the final payment of house purchase. For capital-intensive real estate enterprises, asset securitization has greatly broadened their financing channels.
The general certificate economy I understand is an advanced version of "asset securitization".
When assets are mapped into digital certificates, the flow trajectory of assets can be traced back to the whole process, and investors can trace back to the original assets efficiently; At the same time, digital assets can be split infinitely, allowing more investors to participate; In addition, the "passing certificate" issued on the blockchain ledger is more credible, and the expected return of assets can be more effectively guaranteed through technologies such as smart contracts.
First, product monetization.
Pass economy can make more assets flow, including the right to use. Passports issued on blockchain systems such as Bitcoin and Ethereum represent the right to use this system.
What's the point of using traffic rights?
For physical goods, their right to use (also called the right to take delivery) represents our right to dispose of this kind of goods. As a medium of transaction, traditional currency actually deals with commodities and the right to use commodities.
With the development of human society, traditional money has gradually evolved from gold and silver to paper money. Because paper money is not limited by physical resources, it is not uncommon for many governments to grasp the economic laws and issue paper money indiscriminately, leading to inflation and economic collapse. The financial costs derived from the traditional currency and banking system will be borne by the working people of the whole society.
Satoshi Nakamoto developed Bitcoin, a peer-to-peer electronic cash system, to solve the limitations of the traditional dollar currency. Unfortunately, Bitcoin did not fulfill its real historical mission, but it made us rethink the traditional monetary mechanism.
Since the reason for the existence of traditional currency is the transaction of commodity use rights, can we create a monetary mechanism to make the labor force of workers and the productivity of producers flow efficiently? Let every individual and every enterprise issue a universal certificate based on their own credit, so that credit and credit can be exchanged and circulated efficiently. Will it avoid the problem of traditional bond currency?
Suppose I am a farmer, can I issue a certificate of farm commodity use right according to the goods expected to be provided by the farm in the future? Suppose you are a rancher, can you issue a certificate of the right to use the ranch goods according to the expected goods provided by the ranch in the future? Can we exchange certificates of use? If users have farm pass and ranch pass, can they exchange them efficiently? What if all production enterprises can issue certificates based on their own commodity use rights, all workers can issue certificates based on their own labor, and these certificates can be exchanged efficiently? Will it bring a new currency era?
This scene of value exchange is worth exploring.
Second, the capitalization of labor force.
The capitalism criticized by Marx in Das Kapital is monetary capitalism, and those who pay ("capitalists") take away the surplus value, which Marx thinks is unreasonable. But in the industrial age, it takes a lot of money to build factories and buy equipment, and "capitalists" also have to bear the risk of investment failure. Monetary capitalism naturally has its rationality.
In the information age, more and more fields have become the drivers of knowledge economy, more and more workers have become knowledge workers, and the importance of people has never been more prominent. The capitalist system urgently needs to be further upgraded, at least to human capitalism, and we should pay full attention to the value of workers. As the biggest representative of unlisted enterprises, the key to Huawei's success lies in its emphasis on talents. Enterprises in the era of value internet must pay full attention to talents and give them sufficient "human capital" space.
Marx believes that value is undifferentiated human labor condensed in commodities, and it is abstract labor. Money is the symbol of value. When the value is expressed in currency, then the holders of the currency share the value-added benefits of the currency. And those workers who provide figurative labor have not shared this part of the proceeds. In other words, laborers' labor has not been effectively converted into capital.
An important connotation of the general certificate economy is behavior capitalization, which enables the fragmented behavior of workers to be effectively recorded and tied with future income. We can understand this as capitalization of labor, so that workers' labor can be efficiently converted into capital, rather than being deprived of capital after monetization of labor.
Third, account securitization.
Blockchain technology realizes credible cooperation through public account books, which can bring all trading behaviors, trading subjects and trading links into a public account book. This means that as long as I have a settlement account in this public ledger and this account has an expected cash flow, we can finance the right investors according to the expected future income of this account, that is, realize asset securitization.
Two years ago, someone put forward the idea of "talent IPO". Why not at that time? As far as the present situation is concerned, it is difficult to pass the financial audit alone if this talent has growth. Because you can't know what money is in and out of this person's account, let alone judge what is reasonable and unreasonable.
If blockchain books are popular, "talent IPO" will become more feasible. All the income and expenses of "talents" are recorded in this credible blockchain ledger, and even the future investment return can be locked in advance based on smart contracts, and the corresponding income can be automatically settled when the corresponding conditions are triggered. If this model works, then there are too many assets that can be operated in this way, such as brand assets, store assets, expected returns of single products and so on.
There is another important point here. When the value internet allows consumers, producers, investors and other roles to interact on a social network, a magical scene happens. The consumer's orders are put together, which not only solves the manufacturer's capital problem, but also solves the manufacturer's order problem, killing two birds with one stone. The total factor capital market based on community is the real capital market representing the future.
Product monetization, labor capitalization and account securitization all point to one point-the entity is responsible for its own profits and losses. The key of general certificate economy is to realize the entity's self-financing. The so-called "value internet" is essentially that entities are responsible for their own profits and losses, so that the economy can operate more efficiently and healthily.
How can such a future not be exciting?
Zhao Dawei: * * * Enjoy this planet &; The founder of the star point good thing. He used to be a senior partner of Hejun Consulting (the largest comprehensive management consulting company in Asia) and director of Hejun Group Industrial Internet Research Center. 20 18, blockchain research institute and TokenX community were established, and the economic transformation laboratory was certified by the secretary-general. Advocate of "community * * * identity" and "industry * * * identity" theory, researcher of Internet platform ecological strategy, researcher of new entity finance, engaged in consulting, training and investment banking business in the leading team of Hejun Group; Mature experience of industry+Internet. Provide Internet-based strategic planning, organizational design and marketing upgrade services for many customers such as Haier, HNA, Pathfinder, Chaohongji, Shanghai Pudong Development Bank, Midea, Fosun and JD.COM. In-depth study of products, brands, channels, retail, strategy and capital. Author of "Nine Swords of Internet Thinking" (with a sales volume of 400,000 copies), he taught the new Internet economy course for EMBA courses in Tsinghua University, Peking University and Shanghai Jiaotong University, and was a judge of the yomi Network "Win in China" Entrepreneurship Competition in 20 15 years.
* * * Enjoying the Planet is an entrepreneurial incubation system with the concept of * * * Enjoying Entrepreneurship, which incubates new consumer brands and entrepreneurial projects by means of users, channels, funds and income.
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