本书深入、系统地探讨了通证学方面的知识，有作者个人独特的观点和看法。全书共13章，分为5篇。第1篇通证学基础，涵盖的主要内容有通证经济学的起源、通证学基础、通证经济学的内涵、通证生态商业体的价值树；第2篇通证动力学，涵盖的主要内容有共识经济学、通证社群经济、通证生态自组织、通证平台经济；第3篇通证制度学，涵盖的主要内容有通证制度经济学、通证博弈论；第4篇新物种——通证生态商业体，涵盖的主要内容有通证生态商业体和通证经济的产业应用；第5篇主要是作者关于区块链的终极思考。
本书适合创业公司社群运营人员、企业社群架构师、公司级别的产品总监阅读，也适合希望了解社群发展趋势的读者和研究人员阅读。
基于价值网络的数字资产焕然一新，可编程模式下的 DApp新物种破壳而出。货币逐渐走向虚拟化，资产逐步走向智能化。区块链技术经历了
1.0的比特币和 2.0的智能合约之后，终于迈进了 3.0的通证经济时代。这是与科技共振的时代，更是赋能实体经济的时代！这个时代，我们
看重的已不仅是一种新的交易支付手段，而是趋向“社区自治”的实时贡献激励模式，以及完整的价值互信生态。用户作为流量的真正贡献
者，会获得更为直接的回馈；实体企业作为交易的真正运营者将建立更为高效的回路；单纯依靠补贴经济及流量变现的网络红利已渐成明日
黄花；新的产业互联网生态价值主张却在精益成长。商业契约的建立及合作模式的创新，再也不必依靠体形庞大而繁冗的中心化平台，撮合
交易走向公信、公正、公约和公平的多赢共荣格局。
这是一种新型的计量模式，也是一种从未有过的数字化形态。互联网中一切代表价值的信息都将进入以比特为单位的确权和交换时代。我们
可以从更本质的角度探视人工智能的含义；算法将渗透机制的力量；网络将重构价值的载体；而共享经济将在新的高度重新演绎。
这是一个新型的生活方式，也是一种从未有过的社交裂变形态。规则合约化，业务透明化，场景游戏化，运营通证化，生活数字化；共识效
率升级，计算引擎拼跑，社区进化从单纯的关系裂变进入生态自治圈层。通证经济赋予实体的不只是一个不可篡改和不受中央节点控制的分
布式时间序列数据湖，而更是一个产业链条端到端打通，以及效率进化的体制优化设计。
一面是可编程的社群生态化创新，一面是传统的业务场景融合。
创新的价值共信、共创机制带来了组织管理形态的变革，去中心化的交易体系开拓了共享经济的新生态。区块链这条“自组织、自生态”的
聚合模式，是否能在与传统模式的交锋中迎来新的裂变形态？
我们跟随技术极客的步伐，正在尝试用发散的目光去看待通证引发的多重效应；我们追踪通证学发展的脉络，用透视的深度抽析价值转移背
后的数字化内核；我们尝试将可编程技术的眼球装进新的共享经济的眼眶，向生态体系的另一个方向看了一眼。
本书起笔于 2013年，追踪了整个数字货币的发展历程，直至 2018年挥笔展望基于价值互信网络的通证经济形态，历时近 6年。本书追踪区
块链技术的迭代过程，抽析通证学的设计内核，是一本较为完整的通证生命体书。
本书写作过程中，得到了多位名师、企业家及出版社编辑们的指点与帮助。
感谢张明、靳岩在百忙之中为本书作序！感谢钟伟、董藩两位教授的不吝赐教，使本书的理论深度得以升华！感谢孟岩、赵大伟等行业专家
的深入探讨，丰富了作者在通证及行业落地上的系统性！感谢方鸿、郝海涛等企业领袖在实体数字化转型中给予的意见和思考！最后，感谢
欧振旭编辑及所有为本书付出努力的其他编辑在本书出版过程中给予的帮助！
借本书出版之际，特意向各位老师、专家及编辑们深鞠一躬，并以本书向各位致礼！
陈源，于上海
2019年元旦
计算机\区块链
本书第一次明确提出了“通证学”这个系统性的概念，主要阐述了如下观点：
首先对通证（Token）的起源、发展、定义和属性做了概要性的简述，并阐述了通证多元价值体系的概念。然后提出了“共识经济学”的概念，借鉴了物理学中“熵”的概念来看待社群的发展，认为共识是社群“熵减”的核心力量，共识是社群自组织的硬核，并对社群经济中通证学的应用做了较为深入的探讨。接着借鉴了几何分形学的理论，使用科斯最先提出的交易费用（制度费用）作为几何分形元，以此视角重新看待国家、公司、市场及通证生态商业体，得出这个维度上其本质是一致的，比如可以把央行发行的货币当做国家发行的股票。继而对通证革命与平台革命的区别做了深入思考，提出了通证在平台冷启动时的特殊机制，以此解决互联网平台战略过度依赖流量及投资者资本的烧钱模式。最后抛砖引玉，探讨了博弈论在促进社群合作的机制设计及其激励兼容的机制对通证生态“熵减”的价值，并探讨了通证生态估值模型和通证世界的一些终极问题，供读者思考。
本书适合对区块链和通证学等相关话题感兴趣的读者阅读，尤其对实施通证战略变革组织的推动者有很好的启迪。
序言一
——区块链：林中分出了两条路
一片树林里分出两条路——
我选择了人迹更少的一条，
从此决定了我一生的道路。
——弗罗斯特
以比特币（ Bitcoin）为代表的数字货币，在最近几年盛极一时。仅在中国，就出现了大量的数字货币发行机构与交易平台。数字货币价格
大起大落，部分交易平台最终关门“跑路”。很多人对数字货币知之不详，而梦想一夜暴富的投资者却再一次被割了“韭菜”。
众所周知，比特币构建在区块链（ Blockchain）技术之上。区块链技术则是近年来互联网领域最热门的语汇之一。在笔者经常写稿的北京望
京漫咖啡店里，我就不断听到邻座在慷慨激昂地讨论区块链革命性的创新及无所不能的应用。然而笔者怀疑的是，这些动辄把数字货币与区
块链技术挂在嘴边的人，对这两项新鲜事物究竟有多深的了解。
作为一位长期研究国际金融问题，尤其是国际收支、汇率、国际金融危机与国际货币体系改革的研究人员，笔者并不看好以比特币为代表的
数字货币的前景，但看好以区块链技术为底层载体的网络应用前景。
笔者曾经与合作者杨晓晨在 2014年年初发表过一篇关于比特
币的学术论文，这篇论文曾经在国内比特币社区中被广为转载，
被比特币投资者们认为立论较为公允。这篇文章的一个核心观点是，比特币与生
俱来的若干特征，决定了比特币不能很好地充当货币职能。
比特币通常被认为具有这几个特征：第一，比特币成功地实现了去中心化的货币发行方式与管理方式；第二，比特币是一种高度匿名化的货
币；第三，比特币交易具有完整的可追溯性；第四，比特币交易具有不可逆性；第五，比特币的最终总量与生产速度都是事先确定的，例如
其生产速度每 4年减半，最终会达到 2100万个。
首先，比特币的拥趸者认为，正是由于比特币数量最终是确定的，这就意味着比特币的价值会非常稳定，不会面临其他货币通常会面临的通
货膨胀与购买力缩水的问题。这种观点似曾相识。很多年前，金本位制的拥护者其实也是这么来拥戴将黄金作为终极储存与支付手段的。
然而问题在于，全球经济是不断增长的，如果用一种数量恒定的东西（无论是比特币还是黄金）来作为价值尺度的话，就不得不面临两种困
境：其一，经济增长的速度受制于数量恒定的货币，这自然意味着通货紧缩的压力（事实上，实施金本位制的国家经常会面临通货紧缩的困
扰）；其二，如果要定期根据经济增速来调节单位货币购买力的话，这就意味着价值尺度的不稳定，并给市场造成周期性的套利机会。
其次，比特币去中心化的发行管理方式也与传统货币的发行管理方式大相径庭。众所周知，一个国家的货币当局会垄断该国货币的发行权，
而货币发行权的背后是以该国政府的征税权力作为背书的。市场主体对于一种货币的信心，其实是对该货币背后央行信誉与政府财政能力的
信心。而缺乏了央行信誉与财政能力背书的比特币，只能建立在参与者对比特币达成的极其脆弱的共识基础上。这注定是非常不稳定的。
再次，比特币是一种高度匿名化的货币。而匿名化其实是一把双刃剑。它虽然通过技术手段保障了个人财产的私密性，但也为洗钱和贩毒等
非法行为提供了天然的温床。更重要的是，由于直接融资与间接融资均要以借款人的身份与信用
信息作为风险评估的依据，因此比特币的匿名化特征，实则限制了基于货币体系
的信用体系的扩张，从而使得融资难题演变为比特币发展的重要阻力。
最后，迄今为止，比特币更多地被投资者视为一种投资品，而非一种交易媒介。如果投资者都认为比特币将会涨价从而购入持有的话，这其
实意味着比特币基本上丧失了作为交易媒介与价值尺度的功能。如果再考虑到比特币的价格迄今为止大起大落，它也很难真正成为一种稳定
的价值储存手段。换言之，比特币价格的大起大落，使得比特币很难充当一种货币应该具备的三种基本角色：交易媒介、价值尺度与储存手
段。这就意味着，以比特币为代表的数字货币，其实本质上不是货币，而是投资载体甚至是投机载体。
虽然笔者对数字货币的前景不乐观，但这并不意味着笔者不看好区块链技术。
“作为下一代互联网的基础设施，区块链以分布式存储、点对点传输、加密技术、共识机制等特征，成功地实现了去中心化、不可篡改、可
以溯源、唯一可信任等优势，有效地解决了价值高效传递的问题，有望成为未来价值网络的基石”。
“在没有区块链之前，保证一笔真实可靠的交易完成需要中介方参与。而区块链可以让交易活动无须信用中介的参与，这就是区块链最核心
、最本质的东西。”换言之，用经济学术语来讲，区块链技术可以显著地降低交易成本与信息不对称，而后者恰好是微观经济学中市场失灵
的主要原因。
其实，互联网的发展一直都在致力于降低独立主体之间的沟通成本与交易成本。“TCP/IP的核心是去连接中介，让连接者直接对话而省去中
间环节” “IPv6的宗旨是连接一切，万物互联，无论是移动互联网还是物联网均是如此”“由区块链演化而来的 Token经济，使得一切都有
了价值，将互联网重构为价值互联网”。
区块链的特征使其可能还具备了更高层次的社会意义。“公共账本就是区块链的核心价值。通过网络中多个节点共同记账的方式，将每段时
间按照顺序固化成为一段无法篡改的、可溯源的数据（区块），如此层层累加，如此这般地将一段过往的数据永远凝固在链中”“区块链就
是一种以时间前进的方式来记录历史的工具”。这是一种对技术多么诗意的描述方式啊！
换言之，笔者认为，可以把区块链技术视为一种底层支撑平台，利用其特征来构建基于平台上更高层次的应用场景，这或许是区块链的最重
要价值。“林中分出两条路”，如前所述，数字货币虽然看似是目前最为喧嚣的一条路，但未必是区块链最重要、最可持续的应用前景。
笔者上述对区块链技术的引文，均源自陈源等人所著的《通证学》一书。本书分为 5篇：第 1篇介绍通证学基础；第 2篇介绍通证动力学；
第 3篇介绍通证制度学；第 4篇介绍通证生态商业体；第 5篇是作者对区块链与通证的一些终极思考。从上述引文中不难发现，著作者对区
块链技术的理解可谓非常深入。本书内容深入浅出，可读性强，可以成为广大读者学习数字货币与通证的入门读物，在此向读者们推荐。
张明平
安证券首席经济学家
中国社科院世经政所研究员
序言二
——通证：一项思想与技术兼具的创新之路
2018年上半年，“ ALL IN区块链”成为区块链世界各色人物中一句需亮明身份、表明态度的口头语。在我的词汇列表中， ALL IN是用在牌
桌上的，香港电影中赌徒的形象会跃然纸上。在那时，回想 2017年各类“正统”与“山寨”数字货币的疯狂，我想大抵很多人也正是这样的
心态吧。为表示严谨，我当时还专门做了检索，发现 ALL IN还有“疲乏到极点”的意思。我又在想，区块链圈子中有“ 7×24不间断工作”
“币圈一天人间一年”的说法，难道 ALL IN还有暗指这类人群工作状态的意思？时间转眼到了 2018年的秋天，区块链的世界依然无比诱人
，但数字货币的世界就只能用彻骨生寒来形容了，提 ALL IN的人已经远不如上半年多。不知是赌徒输光了所有的筹码已经回家，还是从业者
真的是疲乏到了极点。这个时候，我想还能坚持 ALL IN的人，一定才是这场技术与思想变革中的真正行者，才配得上享受区块链世界的真正
美好，而本书的作者就是我眼里少数的这类人之一。
这个时代，尤其在北京的区块链界，从不缺专家，更不缺头衔。但即便如此，好像还是不能够让人理解区块链世界的全部。但在我眼里，本
书作者是这个时代难得的多知识交叉的复合体。他们大多都有 20多年的 IT专业背景，从 IT到 DT，从传统数字化转型到云化升维的实践都
经历过，而且还具有十多年经济学专业的研究与实践。其中，我尤为熟知的作者之一元点（笔名）师从北师大金融研究中心主任钟伟。他曾
创立过互联网信用公司，众筹
过咖啡馆等，对社群网络、自组织、众包、众筹和平台经济有全
面的认识，是一位难得的区块链系统架构师和通证经济设计师；他精力旺盛，善于倾听，喜欢分享，习惯总结，勇于自我归零和认知升维；
他对区块链的认知，是我所认识的区块链专家中最让我钦佩的。
区块链的世界是技术与思想融合的世界，是金融与科技融合的世界，是实体与虚拟融合的世界。区块链的单独存在确有其价值，但其更大的
价值是与现实世界深入融合后而作为催化剂存在的价值。区块链涉及计算机编程、信息安全、密码学、经济学、国际贸易与融资、货币、平
台经济、社群经济、法律和博弈论等诸多专业。想要用好区块链，需要对区块链技术、通证及相应的产业都要有一个全面而深入的认识。片
面的了解、错误的应用、畸形的心态，甚至是一个安全的漏洞，都会让区块链的价值大打折扣，轻则业务受损，重则人设坍塌。
我和作者都对区块链的世界充满了期待，能感受到区块链将会给未来社会各界的业态带来巨大影响，也希望区块链能够源于技术，升于思想
，发于行业。下面我对这三点做简单的阐述。
其一，源于技术。不管 2017年和 2018年的区块链世界曾经演绎过什么样的荒诞财富神话及神话的破灭，区块链技术的价值都不容被否认。
我们会通过行业头部真正优秀的技术布道者，帮助更多的区块链技术爱好者能够深入钻研技术，感受技术的魅力，加入这场划时代的技术革
命。
其二，升于思想。比特币作为区块链当前最经典的应用，历经十年而不败，其本质是共生、共建、共享和共赢。如果没有生态的理念，没有
服务大众的胸怀，没有舍得分享利益的坦荡，区块链的价值永远都不会得到释放。所有的区块链从业者只有对区块链的思想有相当的认知，
才能更愉快地拥抱区块链的价值。
其三，发于行业。数字货币的世界里正在经历一场深不见底的严寒，但区块链的世界已经隐约嗅到了春天的气息。一些具有真实产业生态价
值的行业已经深入地拥抱区块链。企业家们已经行动起来，从自身当前行业的实际痛点出发，用更严谨和务实的商业逻辑向区块链寻求通达
之路——痛就是机会，通则不痛。
这本书够深入，够精辟，希望各位读者也能跟我一样，边读边感。我们可能素昧平生，但能相逢于这个时代，相逢于区块链世界，并能与作
者一起相逢于本书，实属有缘！希望有一天，我们还能有更进一步的价值连接，有更具意义的思想碰撞！我的序就长话短说，各位开读吧。
靳岩
极客学院创始人
序言一
序言二
前言
与读者交流
第 1篇通证学基础
第1章通证学的起源........................................................................002
1.1 通证的由来 ··············································003
1.1.1 缘起 ················································003
1.1.2 第一次亲密接触 ····································003
1.2 互信网爆款应用：通证 ····································005
1.3 通证与区块链的关系 ·······································007
1.3.1 生产关系与生产力 ············································007
1.3.2 彼此独立 ·············································007
1.3.3 相互支撑 ·············································008
1.4 通证学简史 ···········································009
1.4.1 房地产与区块链、通证 ·········································009
1.4.2 通证的史前史 ·······································012
1.4.3 代币史 ················································013
1.4.4 通证史 ················································013
1.5 通证认知上的几个误区 ····································014
1.5.1 Token与Coin的区别 ···································014
1.5.2 通证与法币的区别 ······································016
1.5.3 通证与积分的区别 ······································017
第2 章 通证学基础 ..........................................................................................020
2.1 通证概述 ··································· 021
2.1.1 通证学的概念 ······································· 021
2.1.2 通证生态经济体的概念 ········································ 021
2.2 通证的属性 ·········································· 022
2.2.1 首要属性：通 ······································· 022
2.2.2 核心属性：证 ······································· 024
2.2.3 市场属性：值 ······································· 024
2.3 通证的分类 ·············································· 025
2.3.1 证券类通证 ·········································· 025
2.3.2 实用类通证 ·········································· 027
2.3.3 凭证类通证 ·········································· 028
2.3.4 总结 ··················································· 028
2.4 通证思维 ··········································· 028
2.4.1 共享、共赢（分享、分利）精神 ···································· 029
2.4.2 共治（分权）、共建（众包）的分布式思维 ····························· 029
2.4.3 代码即通证世界的“法律” ········································· 030
2.4.4 共识性思维 ·········································· 030
2.5 通证学知识图谱 ············································· 031
第3 章 通证学的内涵 ...................................................................................035
3.1 通证经济学的本质 ·········································· 035
3.2 通证的基本原则 ············································· 036
3.2.1 通证价值生长原则 ······································ 036
3.2.2 通证发行原则 ······································· 037
3.2.3 激励原则：即时 ···································· 038
3.2.4 组织原则 ············································· 039
3.3 通证与虚拟世界：红色药丸 ··································· 040
3.3.1 数字孪生 ············································· 040
3.3.2 第三平行空间 ······································· 045
3.4 通证生态经济体的竞争优势 ··································· 050
3.4.1 开启自金融时代 ···································· 050
3.4.2 多维价值体系及价格发现功能 ····································· 051
3.4.3 激励相容 ············································· 054
3.4.4 实时透明激励 ······································· 055
3.4.5 非盈利的盈利性生态 ··································· 055
3.4.6 人人都是平台 ······································· 056
3.4.7 行为挖矿 ············································· 056
3.4.8 消费即挖矿 ·········································· 057
3.4.9 C2F 商业模式 ······································· 058
3.4.10 道德上的优势 ······································ 060
第4 章 通证生态商业体价值树 ..............................................................................061
4.1 古典互联网股权VS 新锐区块链通证 ····································· 061
4.2 胖协议：互联网与互信网的价值分配法则 ································· 062
4.2.1 技术栈的变化 ······································· 063
4.2.2 协议层通证的升值逻辑 ·········································· 064
4.2.3 对生态的影响 ······································· 065
4.3 通证生态经济体的估值模型 ··································· 065
4.3.1 J 曲线（J Curve）原理 ········································ 065
4.3.2 费雪方程式 ·········································· 068
4.3.3 梅特卡夫定律 ······································· 069
4.3.4 相对估值法 ·········································· 073
4.3.5 期权定价估值法 ···································· 073
4.4 通证的燃烧模型 ············································· 074
4.4.1 新的分红方式 ······································· 075
4.4.2 支付交易手续费 ···································· 075
4.5 总结 ································· 076
第2 篇 通证动力学
第5 章 共识经济学 ............................................................................................078
5.1 共识与社群 ············································· 078
5.2 共识的概念 ·············································· 078
5.2.1 一致性问题 ·········································· 078
5.2.2 共识的界定 ·········································· 080
5.3 共识与熵的关系 ············································· 081
5.4 熵资产与通证的关系 ······································· 082
5.5 熵减的最优路径 ············································· 082
5.6 通证归零的风险 ············································· 084
第6 章 通证社群经济 ............................................................................................086
6.1 社区和社群 ··········································· 087
6.2 通证：原生社群属性 ······································· 088
6.3 邓巴数字序列图 ············································· 090
6.3.1 邓巴数字概述 ······································· 090
6.3.2 社交圈层 ············································· 091
6.3.3 相信相信的力量：共识 ········································ 093
6.4 三元闭包的社群分类 ······································· 094
6.4.1 产品型社群 ·········································· 094
6.4.2 兴趣型社群 ·········································· 095
6.5 社群经济的特点 ············································· 095
6.5.1 复杂网络 ············································· 096
6.5.2 社团结构 ············································· 104
6.5.3 关系比个体更重要：结构洞 ········································· 105
6.5.4 弱关系下的多元传播 ··································· 106
6.5.5 幂律分布 ············································· 107
6.6 社群价值 ····································· 113
6.6.1 次友决定你的世界 ······································ 113
6.6.2 社群新形态“阿米巴”模式 ········································ 114
6.6.3 开启C2F 商业模式 ······································ 116
第7 章 通证生态自组织 ......................................................................................... 117
7.1 自组织的概念 ············································· 117
7.2 他组织与自组织的特征 ···································· 119
7.2.1 结构：从多层级到扁平化、无边界 ··································· 119
7.2.2 奖惩：从绩效主义到去KPI，从利益分配的不透明到透明 ···················· 122
7.2.3 人员：从灌输到甄选 ··································· 124
7.3 如何转型为自组织 ·········································· 125
第8 章 通证平台经济 ..........................................................................................127
8.1 平台经济的定义 ············································· 127
8.2 平台经济的特征 ············································· 129
8.2.1 交叉网络的外部性 ······································ 129
8.2.2 需求的互补性 ······································· 130
8.2.3 定价的不对称性 ···································· 131
8.2.4 非排他性 ············································· 131
8.3 如何转变成平台商业模式 ······································ 132
8.3.1 平台竞争：赢家“通吃” ······································· 132
8.3.2 平台冷启动 ·········································· 133
第3 篇 通证制度学
第9 章 通证制度经济学 ........................................................................................138
9.1 几何分形学下的组织 ······································· 139
9.2 从交易费用看组织演化 ···································· 140
9.2.1 企业与市场交易成本分析 ······································ 140
9.2.2 国家的交易成本分析 ··································· 143
9.2.3 从交易费用看国家、企业和市场 ······································· 149
9.3 社会实验：DAO ············································· 150
第10 章 通证博弈论 ............................................................................................153
10.1 演化博弈论 ················································ 153
10.1.1 合作演化难题 ······································ 153
10.1.2 演化博弈动力学 ··································· 155
10.1.3 合作演化机制研究 ····································· 155
10.1.4 复杂网络上的合作演化 ········································ 157
10.2 机制设计 ···································· 158
10.2.1 激励相容 ············································ 158
10.2.2 竞价拍卖机制的特点 ··········································· 159
第4 篇 通证生态商业体
第11 章 新物种：通证生态商业体 ........................................................................168
11.1 生态商业体 ············································ 168
11.2 生产力决定生产关系 ······································ 169
11.3 组织进化论 ·············································· 170
11.3.1 公司是伟大的发明 ····································· 170
11.3.2 高管兵变：核心雇员创业之痛 ···································· 171
11.3.3 合伙人模式再度崛起 ······································· 173
11.3.4 公司的边界 ········································· 174
11.4 新物种：通证经济生态体 ····································· 175
11.4.1 自由人的自由联合：U 盘化生存 ····························· 175
11.4.2 比特币的通证生态经济体 ········································· 177
11.4.3 分布式自治组织：DAO ·········································· 178
11.4.4 新物种：通证生态商业体 ········································· 179
第12 章 通证经济的产业应用 ................................................................................181
12.1 知识产权应用：图片确权和交易平台 ··································· 181
12.1.1 市场空间 ············································ 181
12.1.2 行业痛点 ············································ 181
12.1.3 解决方案 ············································ 182
12.1.4 通证生态经济体系设计方案 ································· 182
12.1.5 评价 ··············································· 184
12.2 财险应用：智能车险 ······································ 184
12.2.1 保险的起源 ········································· 184
12.2.2 保险行业的痛点 ··································· 185
12.2.3 解决方案 ············································ 186
12.2.4 项目目标实现 ······································ 187
12.2.5 评价 ·················································· 188
12.3 玩客云和链克 ··············································· 188
12.3.1 什么是链克 ········································· 188
12.3.2 链克的价值 ········································· 188
12.3.3 链克的挖矿规则 ··································· 189
12.3.4 链克的获取途径 ··································· 190
12.3.5 链克的使用场景 ··································· 190
12.3.6 评价 ·················································· 190
12.4 IPFS 星际文件系统 ········································ 192
12.4.1 IPFS 的使命 ········································ 192
12.4.2 IPFS 的特点 ········································ 192
12.4.3 IPFS 如何运作 ····································· 193
12.4.4 IPFS 的主要价值 ······································· 193
12.4.5 IPFS 挖矿收益构成 ···································· 194
12.5 数字资产与数据资产 ······································ 195
12.5.1 数字世界与公地的悲哀 ······································ 195
12.5.2 基于区块链的数据共享模型破解数据（信息）产权困局 ····················· 196
12.6 与通证的第一次亲密接触：FCoin ································· 198
12.6.1 FCoin 概述 ·········································· 198
12.6.2 交易即挖矿 ········································· 198
12.6.3 持币即分红 ········································· 199
12.7 通证经济体机制设计的困惑 ········································ 199
12.7.1 通证发行速度 ······································ 199
12.7.2 极简思维 ············································ 201
12.7.3 单币的困惑 ········································· 201
12.7.4 总量恒定是死穴吗 ····································· 202
第5 篇 终极思考
第13 章 关于区块链与通证的终极思考 .................................................................204
13.1 货币会消失吗 ············································· 204
13.1.1 货币的必要性 ······································ 205
13.1.2 货币的本质 ········································· 205
13.1.3 货币的历程 ········································· 206
13.1.4 货币的未来 ········································· 207
13.1.5 重新定义经济学 ··································· 208
13.2 通证是硅基世界的意识 ··································· 208
13.3 数字理想国 ············································· 209
参考文献 ...................................................................210
后记 ..................................................................... 211
