부산대학교 도서관

This study aims to analyze how a cryptocurrency induces customers to voluntarily contribute to business value creation by introducing the case of ‘Aha’, an incentivized knowledge commerce platform based on blockchain technology. We analyzed Aha’s business model based on the design process of a token economy model. The results are as follows: 1) Companies must issue cryptocurrencies in business which token fits into. 2) The strategic validity of token issuance is achieved when the token-applied business creates new market demand or differentiated competitiveness. 3) The properties of a token are determined according to the characteristics of the token-applied business. 4) Intrinsic value can be attached to tokens when they are used to purchase products or services. 5) Strategies for initial rapid user inflows and expansion of the user base are required to increase the price of a token. 6) Companies should design the operation of tokens strategically to achieve sustained growth. Their operational strategies should reflect the companies’ policies on the demand, supply, and distribution of tokens. 7) Companies can own tokens like treasury stocks or use them for business operation budgets while managing the liquidity of tokens. 8) Token economy models should be continuously improved in line with business conditions and market changes. This study contributes to the understanding of strategic elements that can be used for the evaluation and research of cryptocurrency. In particular, it views the expansion of market share as expanding customers’ behaviors through precise compensation, and it analyzes a business case by using the design process of a token economy model based on the theories of token economics and mechanism design. It also provides implications for managers who want to apply cryptocurrency to their businesses by suggesting crucial elements in token economy models.