Trent McConaghy introduced Tokenized ecosystems as far back as 2017. The design of tokenized ecosystems is basically the design of incentives.
In tokenized economies, just like in a real nation-state economy, you must factor in many conditions. Just as when building an economy, we generally factored in the economic benefits, the political jurisdictional ethical implications, the legal frameworks involved, etc.
Fig.1 Token Engineering Flower
These factors are combined to build an optimizer for the intended economic system/ecosystem or economic incentive of the system. This is achieved by writing down the objectives needed to be achieved, the functions you need the system to perform, and of course the intended constraints imposed on the system for sustainability of the system.
If the outcome doesn't fit, you adjust or twerk the system to get your desired outcome.
This is what @shermin emphasizes, at TE Series- Token Design Thinking Framework @Tokengineering, Follow Token Engineering on X "What token system do you desire to build? What are your objectives? What functions do you want them to perform? Answering these questions is what determine what systems to build and its sets your system on the right path.
Trent McConaghy formerly called the design process: Optimization of Tokenized Ecosystems but because of the several disciplines involved in the design of tokens, and its correlation with engineering, Trent McConaghy deemed it very fit to name the process/study/design of tokens Token Engineering. And as @Sherminvo noted other terms like Cryptoeconomic, tokenomics, and Cryptogovernance can be reductionist in nature for so many reasons, hence the name TE.
TE is both appropriate and memorable.
So glad to be attending TE Academy sessions and trying to build along that line.
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