货币型权益工具:基于区块链自治组织的通证发行、技术信任与治理创新

Monetary Equity Instruments:Token Issuance,Technology Trust and Innovation Based on Blockchain of Decentralized Autonomous Organization

证券类通证是以区块链自治组织为基础的货币型权益工具,具有权益工具和货币工具双重属性。首先,分析通证的发行机制及五个权益特性,分别是预售折扣、创意融资、弱监管性、跨境流通、分享收益;然后,基于共识机制、算法、智能合约,引出技术信任机制,并解构出自主惩罚机制、币值稳定机制和自动清算机制三个功能。进一步,分析基于区块链分布式自治组织的“链上链下融合治理”“保留经营控制权”“资金管理外部化”三项治理机制创新。以上内容解释了通证及区块链自治组织的关键创新,结论可为金融开源社区的构建、改进公司治理和提升金融服务能力提供参考。

In the field of fintech,tokens are a monetary-equity tool of decentralized autonomous organization(DAO)based on blockchain,with the dual attributes of equity and monetary tools.By analyzing the token issuance procedure of DAOs and refining the equity characteristics,the concept of a technical trust mechanism is interpreted and deconstructed into three components:autonomous punishment mechanism,currency value stabilization mechanism and automatic clearing mechanism.The paper analyzes three governance mechanism innovations of DAOs and known as"on-chain and off-chain integration governance","retaining control of the DAOs operations"and the"externalization of financial management".The paper's conclusions provide a useful reference for China's financial open-source community,as well as a guide to enhancing financial service capacity and improving corporate governance mechanisms.