What is Token Engineering? A Stakeholder Study

Livia Deschermayer, Lisa Wocken and Nathalia Scherer

No xw48b, SocArXiv from Center for Open Science

Abstract: This study provides a tangible understanding of the emerging discipline of token engineering, its process, and its aims. Rooted in a qualitative constructivist grounded theory approach, the research involved conducting 41 in-depth interviews with stakeholders across the field between March and June 2023. Three social researchers constantly compared and analyzed the collected data to produce insights structuring this report so others can challenge and build upon it. This study represents the first of its kind in token engineering. Drawing from these insights, several sections were categorized to inform the prototypical experience of token engineers such as: 1) How to Define Token Engineering in terms of what is Tokens, Engineering and the Role of the Token Engineer; 2) What is the Token Engineering Process in terms of its steps as per the interviewee's lens: Discover, Design, Implement, Verify & Validate and Maintain; 3) The Practices of Token Engineers in terms of their routine, pitfalls to avoid, areas of knowledge, tools, pay and incentives, project variations and artificial intelligence; 4) Their needs; 5) and finally, Ethical Considerations, Diversity and Thoughts on the Future. The reflections from participants were predominantly practical but inherently philosophical. Incentive mechanisms, governance structures, and the possibilities for building socio-technical complex systems have the potential to profoundly impact society, particularly in terms of human coordination and resource accessibility. This research will serve as an important milestone for describing a detailed exploration of the practices, challenges, and needs of those who are instrumental in shaping this emerging discipline as well as a historical account written at an inflection point in the development of Token Engineering.

Date: 2024-03-29
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Persistent link: https://EconPapers.repec.org/RePEc:osf:socarx:xw48b

DOI: 10.31219/osf.io/xw48b

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