“金钱+通证”:一种新型互联网社群协作激励机制——基于“社群货币”的视角

Money+Token:A New Incentive Mechanism for Internet Community Collaboration:From the Perspective of“Community Currency”

互联网社群协作是一种新兴生产组织形式。作为依托区块链发行的“社群货币”,通证在价值评估和限制增发方面具有独到优势,为优化社群激励机制提供了可能性。文章基于多任务委托—代理框架,构建“金钱+通证”的互联网社群组合激励契约模型,并得出以下结论:第一,相比纯金钱激励契约,组合激励契约不仅能促使成员增加原创性贡献,也能引导成员增加交互性贡献;第二,组合激励契约对产出波动较大的成员的激励程度更大;第三,组合激励契约中通证激励所占比重与社群业务依赖程度及成员产出波动程度正相关,与投资市场风险负相关,而与通证流通速度呈“U”型关系。文章还进一步讨论了通证与股票之间的价值基础差异,并发现社群盈利能力较弱时,通证激励效果优于股票。

In the digital economy era,internet community collaboration has emerged as a prominent production method.Tokens,functioning as“community currencies”issued via blockchain technology,offer distinct advantages in value assessment and controlled issuance,presenting opportunities to enhance community incentive mechanisms.This article develops a“money+token”combination incentive contract model for internet communities,framed within a multitasking principal-agent context.The findings are as follows:1.Enhanced Contributions:Compared to pure money incentive contracts,combination incentive contracts not only increase members'original contributions but also encourage enhanced interactive contributions.2.Incentive Effects on Output Fluctuations:Combined incentive contracts exert a stronger incentive effect on members experiencing higher output fluctuations.3.Correlation with Business Dependence and Output Volatility:The proportion of token incentives in combined incentive contracts is positively correlated with the degree of community business dependence and member output volatility,while inversely correlated with investment market risk.4.Relationship with Token Circulation Speed:There is a“U-shaped”relationship between the proportion of token incentives in combined incentive contracts and the speed of token circulation.Additionally,this article delves into the differences in value foundations between tokens and stocks,revealing that when a community's profitability is weak,the incentive effect of tokens surpasses that of stocks.