Tokens are for the Web3 what websites were for the WWW in the 1990s. While it has become easy to create a token with just a few lines of code, the understanding of how to apply these tokens is still vague.

Shermin Voshmgir, Token Economy, 2019
Token Economy



  • English Version: “Token Economy”, Shermin Voshmgir, BlockchainHub Berlin
    Available on Purse (if you want to pay in crypto), Amazon, Barnes & Noble & other online book stores.
    • 1st Edition, June 2019
    • 2nd amended Printing, July 2019 (minor typo corrections and additional chapter in appendix on Libra)
    • 3rd amended Printing, Dec 2019 (minor corrections and updates of text)
    • 4th amended Printing, Feb 2020


About The Book

The book builds on the assumption that cryptographic tokens, as an application of Blockchain and derived technologies, might be as revolutionary as the emergence of the WWW as an application of the Internet. The goal of this book is to give a 360-degree view of the inner workings of the state of blockchain in the context of the Web3, discuss the socio-political implications, and explain why cryptographic tokens might prove to be the killer app of blockchain and smart contracts, deep-diving into selected use cases. This book is written for anyone who is interested to understand the relevance of tokens in the context of blockchain/DLTs and the Web3. This book gives an overview of the mechanisms and state of blockchain, the socio-economic implications of tokens, and deep dives into selected tokens use cases: Basic Attention Token, Steemit, Token Curated Registries (TCRs), purpose-driven tokens, stable tokens & CBDCs, asset tokens, fractional ownership tokens (art & real estate), Libra (Facebook).

It caters to an interdisciplinary audience (academics & practitioners alike) and is also an ideal primer to the technology and token use-cases, and could also serve as a textbook for students. It is blockchain/DLT agnostic and covers the technology basics from a token perspective. One week after release the book has already become a bestseller on Amazon in Germany and other territories in the category of new release in Computer & Internet Law, Computers & Internet, Money & Economics. The book builds on the legacy of our work at the BlockchainHub, the ongoing educational posts and Blockchain Handbook published in 2017 that has had over 50.000 downloads.


Book Tour

Crypto Monday, Dec 16 2019, New York
International Monetary Fund, Dec 12 2019, Wahington
International Finance Forum,  Nov 22, Guangzhou, China
Soho House Berlin, Nov 11 2019, Berlin
Soho House Amsterdam, Nov 6 2019, Amsterdam
The Next Web: Hard Fork Summit, Oct 17 2019, Amsterdam
Kunsthalle, Sept 20, Vienna
Siliconalps, Sept, 17 Graz
Techfest, Sept 5 2019, Copenhagen
Token Engineering Global Gathering, Aug 23 2019, Berlin
1E9 Conference, Jul 12 2019, Munich

About the Author

Shermin Voshmgir is the Author of the Book “Token Economy“. She is the director of the Research Institute for Cryptoconomics at the Vienna University of Economics, and the founder of BlockchainHub Berlin. In the past, she was a curator of TheDAO, and advisor to various startups like Jolocom, Wunder and the Estonian E-residency program. In addition to her studies at the Vienna University of Economics, she studied film and drama in Madrid. Her past work experience ranges from Internet startups, research & art. She is Austrian, with Iranian roots, and lives between Vienna and Berlin.
Find selected Author pictures here


Design: Justyna Zubrycka
Production: Caroline Helbing
Copy edit: Paisley Prophet
Layout: Carmen Fuchs
Reviewers: Susanne Guth-Orlowski, Valentin KalinovJakob Hackel, Kris Paruch, Sofie Schock, Michael Zargham



If you found mistakes in the book, here a link to the errata page, where you can give feedback to both the print book and the ebook.