After over a year of data collection and coding with a team of 6 researchers, I am delighted to present the initial results of the data analyses. Download the paper here.

The research team is currently working on more granular analyses of each coding category presented with time series.


The article provides an overview of the evolving economic incentive designs in decentralized systems. After introducing the decentralized economic policy tools that influence token design, the author examines the leading token models in a hand-selected dataset comprising the top one hundred cryptocurrencies by market capitalization (N=100). The dataset enables a time series trend analysis of token models, consensus algorithms, and governance mechanisms, among other data points.


Keywords: Emerging Technology, Crypto Economics, Token Models, Incentive Design, Velocity, Supply, Demand, Tokens, Initial Coin Offerings, Blockchain, Distributed Ledger Technology, Regulation, Market Abuse, Investor Protection, Artificial Intelligence, Machine Learning, Data Science, Data Scientists

JEL Classification: K20, K23, K32, L43, L5, O31, O32

Kaal , Wulf A., CRYPTO ECONOMICS – The Top 100 Token Models Compared (September 15, 2018). Available at SSRN:

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