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“Tokens are for Web3 what websites were for Web1." Shermin Voshmgir
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The third edition of *Token Economy —* published in April 2025 — is not just an update, it is a rework of a foundational book that has helped thousands make sense of how blockchain, tokens, and blockchain-based decentralized organizations are reshaping our digital, financial, and political systems. Many practical use cases and a token design framework have been added in this edition. The intersection of blockchain & AI are also explored in this edition.
The book blends history, systems theory, and real-world use cases to demystify everything from Bitcoin to Tokens and DAOs. The different parts of the book focus on the technical, financial or organisational aspects of this new Internet, and explore how blockchain architecture, token design, and incentive mechanisms intersect with regulation, politics, and economics.
You’ll learn how crypto rewrites money, what stablecoins actually do, how decentralized organizations govern digital communities, and why many token ecosystems fail — not because of code, but because of broken incentives and short-sighted token design.
TOKEN ECONOMY, Shermin Voshmgir
Apple: eBook
Google Play: eBook
Many other online bookstores
A holistic framework for understanding Web3 infrastructure, including blockchain architectures, consensus mechanisms, privacy, scalability, and the economics of decentralization.
A critical exploration of money and tokenization, offering both historical context and future scenarios. It asks hard questions about whether cryptocurrencies and stablecoins can replace fiat money, and explains how financial literacy remains the first line of defense against fraud and hype.
A grounded analysis of decentralized autonomous organizations (DAOs) and purpose-driven tokens, using real-world case studies of protocols like Bitcoin, Helium, Ocean Protocol, and MakerDAO.
A design thinking framework for evaluating token incentives, governance structures, and stakeholder dynamics — bridging political science, economics, cybernetics, and complex systems theory.
Understand the difference between hype and real infrastructure
Explore the incentives and governance dynamics embedded in every protocol
Make better decisions around investing, building, or regulating digital assets
Bridge the gap between idealism and realism in Web3
<aside> ✍️ “A Must Read! This is the most comprehensive text that I’ve found with respect to how blockchain/distributed ledger technology is a game changer to economies and will bring about a new wave of internet applications. Well researched, written starts with the basics and relates to real-world token networks and use cases. I’ve read the both the first and second editions and am looking forward to a 3rd to follow the developments of this amazing technology.” G. Holder
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<aside> ✍️ “The best book I’ve read on the subject! This book is easy to understand but gives an evidence driven approach to a largely misunderstood topic. Token economics and token engineering are critical to the future of blockchain and this book is a major contribution to the progress.” Michael Cooper
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<aside> ✍️ “Must read!If you want to understand blockchain and tokenization, this is a must-read. I am a scholar conducting research in asset tokenization. This is so far the best literature on this topic among all others I have read.” Yifeng Tian
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<aside> ✍️ “Great introduction to the economy of electronic tokens and a fascinating vision of Web 3.0. Shermin Voshmgir has a gift for explaining the complex technology of block chains, tokens, and virtual currencies in a clear and straightforward way, especially for readers that are interested in the application of the technology but don’t have the technical background to keep up with latest developments. The book provides a pathbreaking contribution to understand the intersection of cryptology, technology, and economics; an important subject that deserves further attention. Voshmgir also paints an interesting picture of the new internet, with possibilities for greater control over the use of personal information, which could have major implications for employment and the role of governments. An enjoyable read that stimulates further thinking.” Martin Muhleisen
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The 1st edition was published in June 2019 under the title “Token Economy: How Blockchain & Smart Contracts revolutionize the Economy” and had two amended editions.
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<aside> <img src="/icons/book_gray.svg" alt="/icons/book_gray.svg" width="40px" />
The 2nd revised edition with four additional chapters was published in June 2020 with a modified subtitle “Token Economy: How the Web3 reinvents the Internet.”
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<aside> <img src="/icons/book_gray.svg" alt="/icons/book_gray.svg" width="40px" />
The third edition has expanded in scope and depth compared to previous editions and was first published as three separate volumes (”Web3 Infrastructure,” “Money, NFTs & DeFi” and “DAOs & Purpose-Driven Tokens”), before being updated, compacted and consolidated into a complete 3rd edition. Read more on this blog post.
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