Categories and Functions of Crypto-Tokens

26 Pages Posted: 29 Mar 2021 Last revised: 29 Apr 2021

See all articles by Lin William Cong

Lin William Cong

Cornell University - Samuel Curtis Johnson Graduate School of Management; National Bureau of Economic Research (NBER)

Yizhou Xiao

The Chinese University of Hong Kong (CUHK) - CUHK Business School

Date Written: June 29, 2020

Abstract

We discuss emerging research on digital tokens and cryptocurrencies. Specifically, we (i) provide a comprehensive categorization of crypto-tokens as observed or designed in practice, (ii) discuss major issues concerning the economics of using tokens including platform finance, user adoption, stablecoins, crowdsourcing, and agency issues, with legal and regulatory implications, and finally, (iii ) suggest future directions of digital currency applications and tokenomics research.

Keywords: Cryptocurrency; Blockchain; DeFi; ICOs

JEL Classification: E42, G12, L86

Suggested Citation

Cong, Lin and Xiao, Yizhou, Categories and Functions of Crypto-Tokens (June 29, 2020). Available at SSRN: https://ssrn.com/abstract=3814499 or http://dx.doi.org/10.2139/ssrn.3814499

Lin Cong (Contact Author)

Cornell University - Samuel Curtis Johnson Graduate School of Management ( email )

Ithaca, NY 14853
United States

HOME PAGE: http://www.linwilliamcong.com/

National Bureau of Economic Research (NBER) ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Yizhou Xiao

The Chinese University of Hong Kong (CUHK) - CUHK Business School ( email )

Cheng Yu Tung Building
12 Chak Cheung Street
Shatin, N.T.
Hong Kong

HOME PAGE: http://sites.google.com/site/yizhouxiao/

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