本文内容为《元宇宙经济学》一书推荐序
元宇宙的十大经济规则
The ten economic rules of the dollar universe
肖风 中国万向控股有限公司副董事长、万向区块链董事长兼总经理
Vice-President and Chairman and Managing Director of the Huanhung Block Chain Ltd.
元宇宙是什么？按照我的理解，元宇宙是一个由分布式网络技术、分布式账本和分布式社会/商业构成的三层架构。首先，元宇宙是数字空间，是由一系列数字技术融合创新而来的数字空间。其次，元宇宙也是一个虚拟世界。最后，在这个虚拟世界里，我们将构建出一个与现实宇宙相对应、相平行的宇宙。元宇宙的经济规则一定不同于互联网的经济规则，就好像互联网的经济规则不同于制造业的经济规则一样。我认为，元宇宙有十大经济规则。
What is the meta-cosm? As I understand it, the meta-cosm is a three-tier architecture made up of distributed network technology, distributed books, and distributed societies/business. First, the meta-cosm is digital space, a digital space brought about by a series of digital technologies that combine innovation. Second, the meta-cosm is also a virtual world. Finally, in this virtual world, we will build a universe that corresponds to and parallels the real universe. The economic rules of the meta-cosm must be different from the economic rules of the Internet, as if the economic rules of the Internet were different from those of the manufacturing industry.
一、经济制度
从产权制度和资本收益分配制度看，我们可以粗略地将现有的经济模式分为三种。
In terms of the equity system and the system for the distribution of capital gains, we can broadly divide the existing economic model into three.
工业经济模式或制造业经济模式为“主街模式”，华尔街是金融资本，“主街”是工业和产业资本。“主街模式”在产权上是集中的，资本收益是独享的。这个阶段出现了很多大资本家，比如福特、卡内基和洛克菲勒等。
The industrial economy model or the manufacturing economy model is the “principal street model”, Wall Street is financial capital, and the “principal street” is industrial and industrial capital. The “principal street model” is concentrated on property rights, and capital gains are exclusive. There are many large capitalists at this stage, such as Ford, Carnegie and Rockefeller.
到了信息经济模式即“硅谷模式”，产权是分散的。“硅谷模式”很重要的一点是资本范围扩大，不再局限于金钱的多少，知识也变成了资本的一部分。任何有能力的人都可以写商业计划书，通过吸引风险投资来实现知识的变现。“硅谷模式”让股份变得非常社会化，知识作为一种资本可以代替资金来换取股份。创始人保留一部分股权，经过A、B和C等轮次融资对股权的分散，还有很多股权会以员工期权的方式分配给员工。所以，“硅谷模式”下不会有大资本家，大部分是职业经理人，也有“创始人+职业经理人”的结合，资本收益相应地从独享变为分享。
In the case of the information economy model, the “silicon valley model”, where property rights are decentralized. The “silicon valley model” is important in terms of capital expansion, which is no longer limited to the amount of money, and knowledge becomes part of capital. Any able person can write a business plan to realize knowledge by attracting risk-based investment.
在元宇宙经济模式中，股权制度不一定存在，或者即使存在，价值也可能被大幅度削减。所有的贡献者、参与者等以利益相关者的身份，通过智能合约实现大规模协作，共享元宇宙所实现的价值，因此资本收益是共享的。其中，还有一个重要概念发生了变化，即从“创始人”变为“发起人”。在“硅谷模式”下，我们可以介绍自己是某公司的“创始人”，表示自己是以“Owner”（所有者）的身份拥有这家公司的。但在元宇宙经济模式下，无论是网络还是自组织都不再属于某个人，“发起人”只是对组织有足够大的影响力而已。这就是利益相关者资本主义的概念，追求的是共同利益最大化，或者组织利益最大化。
In the meta-cosm economic model, equity systems do not necessarily exist, or, if they do exist, value can be drastically reduced. All contributors, participants, etc., collaborate on a large scale through smart contracts, sharing the value achieved by the meta-cosm, so that capital gains are shared. Another important concept has changed, from “founder” to “initiator.” Under the “Silicon Valley model”, we can describe ourselves as the “founder” of a company and say that we own it as “Owner” (owner).
二、经济组织
中心化的公司组织将逐渐走向元宇宙的分布式自治组织（DAO）。
Centralized corporate organizations will gradually move towards a distributed self-governing organization (DAO) in the meta-cosmos.
按照新制度经济学来看，公司组织的本质是，驱动力把外部市场功能内置到商业机构，以降低交易成本。交易成本包括搜索成本、匹配成本、物流成本和支付成本等。在作坊经济时代，作坊完全依靠外部市场来交换，交易成本非常高。公司组织在降低交易成本上是一大进步，但在架构上不断走向分布式。公司组织在兴起时，主要采取自上而下的决策机制，属于U形结构。随着多元化发展，事业部出现了。接着由于经济全球化的趋势，地区总部出现了。事业部和地区总部慢慢分走集团总部的权力，出现了M形结构。
In the economics of the new system, the essence of corporate organizations is to drive the internalization of external market functions into commercial institutions in order to reduce transaction costs. Transaction costs include search costs, matching costs, logistics costs, and payment costs. In the workshop economy, workshops rely exclusively on external markets for exchange, and transaction costs are very high. Corporate organizations are a major advance in reducing transaction costs, but they are increasingly distributed in structure.
元宇宙中的DAO，本质上继承了公司组织从集中式的U形结构走向分布式的M形结构的趋势。DAO通过对智能合约可编程性的应用，可以内置货币和支付系统，以及资产交易和清结算系统。
The DAO in the metacosystem essentially inherits the tendency of corporate organizations to move from a centralized U-shaped structure to a distributed M-shaped structure. The DAO, through its application to the programmable nature of smart contracts, can internalize monetary and payment systems, as well as asset trading and clearing systems.
总之，基础经济制度的不同将导致经济组织出现巨大的不同。股东资本主义以公司制建立商业组织，然后把权益份额化，变成股份；而在利益相关者资本主义下，不再有公司这种组织，而是变成DAO，并以代币化（Tokenization）来给利益相关者分配组织的权益或者利益。
In short, differences in basic economic systems will lead to huge differences in economic organizations. Shareholders’ capitalism creates business organizations on a corporate basis, then converts equity shares into shares; and, under stakeholder capitalism, there is no longer a company, but rather a DAO, which distributes the organization’s interests or interests to stakeholders by currency.
三、金融制度
III. Financial system
元宇宙的资本市场和我们现在熟悉的资本市场不同，将来可能存在两套资本市场体系。
Unlike the capital markets that we are now familiar with, there may be two capital market systems in the future.
第一，以工业经济和互联网经济的股权制度和资本收益分配机制为基础的股东资本主义，以及由此构建的股票市场。股票市场让资本变现，激励大家拼命去创立新公司，创造新商业模式。更多公司带来更激烈的竞争，以及更新、更好的服务，使消费者从中受益。
First, shareholder capitalism, based on equity systems and mechanisms for the distribution of capital gains in the industrial and Internet economies, and the resulting stock markets. Stock markets make capital available, prompting people to struggle to create new firms and create new business models. More firms bring stronger competition, as well as newer and better services, to the benefit of consumers.
第二，在元宇宙经济的利益相关者资本主义下，基于智能合约的可编程货币和可编程资产将发挥重要作用，以实现利益相关者“持份”和共享资本收益。在市场中交易的代币（Token），代表的不再是所有权，而是使用权。这意味着通过代币化，原来的所有权市场将演变成使用权市场。因此，通过利益相关者资本主义，再配合新的商业组织DAO和新的代币市场，我们有可能建立一个崭新的金融市场体系，暂且称之为去中心化金融（DeFi）。
Second, in the context of stakeholder capitalism in the meta-cosm economy, programmable money and programmable assets based on smart contracts will play an important role in achieving stakeholder “ownership” and sharing capital gains. Token, which is traded in the market, is no longer the right of ownership, but the right of use. This means that, through monetization, the former ownership market will evolve into the right of use market.
四、价值创造规律
iv. Value creation patterns
在制造业经济中，价值创造规律即使公司股权价值最大化。这就是所谓的股东资本主义。
In the manufacturing economy, value-creation patterns even maximize the value of a company’s equity. This is what is called shareholder capitalism.
互联网时代已经不仅追求公司股权价值最大化，而且追求网络价值最大化。凯文·凯利举过“传真机效应”的例子。你花200美元买了一台传真机，这是成本。但是加入传真机网络后，你和其他人之间可以相互发传真，你享有的网络价值远远高于购买传真机的成本。不仅如此，别人买传真机后，你因为有更多发传真的选择，也收获了增值。“传真机效应”非常好地解释了网络价值的概念。
The Internet age has sought not only to maximize the value of corporate equity, but also to maximize the value of the network. Kevin Kelly took the example of the “fax machine effect”. You bought a fax machine for $200, which is a cost.
元宇宙是一个空间概念，包含数字空间、虚拟世界和平行宇宙等层次。元宇宙在追求网络价值最大化的基础上，更进一步地追求整个空间价值最大化。特别是，虚拟空间不受很多物理规则的限制，可以有更大的发展空间，支持更大的价值创造。
The meta-cosmos is a spatial concept that encompasses levels such as digital space, virtual world peace, and the cosmos. The meta-cosmos, based on the quest to maximize the value of the network, further pursues the maximization of the value of the space as a whole. In particular, virtual space, free from many physical rules, has greater scope for development and supports greater value creation.
五、价值分配规律
制造业具有固定成本高、边际成本递增的特点。汽车行业是制造业中的典型。一款新车的设计研发成本可能高达10亿美元甚至20亿美元。其中除了研发，还要经过工业化、制造样车、修改设计和再制造样车等漫长过程，而且每多造一辆车，必定会多一份成本。所以，制造业经济的定价模式基本是成本加成，不可能有免费模式。
Manufacturing is characterized by high fixed costs and marginal incremental costs. The automobile industry is typical of manufacturing. The cost of designing a new car could be as high as $1 billion or even $2 billion.
到了互联网时代，免费模式占据了主流，形象说法是“羊毛出在猪身上，由狗来买单”。免费，是因为互联网经济的特点是高固定成本，但边际成本递减甚至趋近于零。一个软件一旦开发完成，无论是一个人用还是一千万个人用，成本没有显著差别。如此一来，就可以用“免费”方式使加入网络的门槛变得非常低，进而快速聚集起流量，因此互联网经济也是流量经济。一些互联网服务看上去免费，但免费的东西实际上可能比“物以稀为贵”的制造业产品还贵。制造业企业最高是几千亿美元市值，互联网公司可以有几万亿美元的市值。
In the age of the Internet, the free-of-charge model dominates the mainstream, with the image that “sheeps out on pigs, dogs pay for the money.” Free, because the Internet economy is characterized by high fixed costs, but marginal costs are decreasing even closer to zero. Once a software has been developed, whether for one person or 10 million individuals, there is no significant difference in cost.
元宇宙是否属于上述模式？我认为不属于。任何人都可以作为利益相关者参与元宇宙经济，并按照一套公平、公正和公开的分配机制来享用大家共同创造出来的价值，真正实现产销者合为一体。我借用目前元宇宙商业中很热的一个词“X to Earn”（一切能在Web3.0时代获得收益的行为），改造为“Player to Earn”（参与者获取收益），指利益相关者赚取回报，共同分配元宇宙产生的价值。
I don't think so. Anyone can participate as a stakeholder in the economy of the metacosystem and enjoy the value that we all have created in a fair, fair and open distribution mechanism, so that the producers and distributors are united. I use the hot word "X to Earn" in the current meta-cosm business to transform it into "Player to Earn" (participant gains), meaning that stakeholders earn returns and share the value generated by the metacosystem.
六、关于“Player to Earn”中的“Player”
Player指元宇宙经济中的利益相关者，包括开发者、创造者、贡献者、消费者和投资者等。所有参与者都是元宇宙的Player（参与者），不再有股东这种独立的分享者存在。那么他们“Play”（参与）什么？就是作为参与者，只要做出了贡献，无论是来自智慧、能力还是声誉上的贡献，都可以获得一个NFT（非同质化通证）作为凭证。NFT作为区块链上发行的凭证，用来证明Player的贡献。
Player refers to stakeholders in the meta-cosm economy, including developers, creators, contributors, consumers, investors, etc. All participants are Player (participants) of the meta-cosm, and there is no longer an independent shareholder, such as shareholders. So what are they “Play” (participants)? As participants, if they contribute, they can get a document from an NFT (non-consistency pass) issued on the block chain to prove Player’s contribution.
七、关于“Player to Earn”中的“Earn”
Player在为元宇宙做出贡献并得到NFT凭证之后，将通过Token经济模型，赚取标准化的、份额化的Token。可以说，元宇宙的基本商业模型应该是“Play NFT”，然后才是“Earn Token”。区块链作为分布式账本，就是为“Player to Earn”记账用的。我们现在已经看见一些“Player to Earn”的应用场景了，但只是“小荷才露尖尖角”，将来还会有更大发展。
Player, after contributing to the meta-cosmos and receiving the NFT certificate, will generate standardized, quota-based Token through the Token economic model. The basic commercial model of the meta-cosm should be “Play NFT”, followed by “Earn Token.” The block chain, as a distribution book, is used for the “Player to Earn” accounts. We have now seen some “Player to Earn” applications, but it's just the “Hurts are the tip” that will grow even further in the future.
八、分布式决策机制
8 distributed decision-making mechanisms
元宇宙经济的决策机制是去中心化/分布式机制。很多人对去中心化存在巨大误解，认为去中心化就是抗审查、拒绝合规或拒绝监管。其实去中心化真正的含义并非如此。
The decision-making mechanism for the economy of the meta-cosmos is decentralized/distributed. There is a great misunderstanding among many that decentralization is a rejection of censorship, compliance, or regulation.
效率与公平是经济学中一个永恒话题。从经济学角度看，中心化与去中心化各自代表着商业决策“效率与公平”的两端：在需要强调效率时，应该采用中心化的决策机制，自上而下高效统一；如果要追求公平，应该征求更多人的意见，让更多人参与表决，达成共识之后再付诸实践。
Efficiency and equity are a permanent topic in economics. From an economics perspective, centralization and de-centralization represent the two ends of “efficiency and equity” in business decision-making: where efficiency is emphasized, central decision-making mechanisms should be used, with top-down, efficient harmonization; if equity is to be pursued, more people should be consulted, more people should vote, and consensus should then be reached and put into practice.
元宇宙经济的去中心化，只是通过数字化技术引入一个更偏向于公平的商业决策机制。在效率与公平之间，元宇宙的商业场景需要找到适合自己的平衡点——越是偏基础设施的东西越要强调公平，越是到上层的应用则越要强调效率。
The decentralisation of the economy of the meta-cosmos is merely the introduction of a more equitable commercial decision-making mechanism through digital technology. Between efficiency and equity, the business landscape of the meta-cosmos needs to find its own balance – the more the infrastructure is biased, the more the emphasis is on equity and the more efficiency is applied to the upper layers.
我相信，如果能打消外界对去中心化的误解，那么大家对区块链和元宇宙的接受程度会提高很多。
I believe that if the misunderstanding of decentralisation could be dispelled, the acceptance of block chains and meta-cosmos would increase considerably.
九、元宇宙商业的价值捕获
IX. Value capture in Won cosmopolitan commerce
元宇宙与互联网在产品和服务上是不同的。当初在讨论区块链的时候，一直有人问：区块链的杀手级应用是什么？确实，与互联网应用相比，区块链好像没有什么“杀手级”应用。要理解这个问题，需要分析协议层和应用层在价值捕获上的分工。
The metacosystem is different from the Internet in terms of products and services. When discussing the block chain, people always ask: What is the killer-level application of the block chain? Indeed, there does not seem to be any “killer-level” application of the block chain compared to Internet applications. To understand this problem, there is a need to analyse the division of value capture between the protocol layer and the application layer.
互联网是一个协议栈。比如，TCP/IP（传输控制协议/网际协议）模型基于多重协议，依据IP来分配网址，依据TCP让网址之间能够交流。互联网是“瘦协议，胖应用”。“胖”和“瘦”的区别在于是否具备捕获价值的能力。“胖应用”指互联网应用层价值非常大，比如我们可以看到市值万亿美元级的大型互联网平台。但是，TCP/IP、HTTP（超文本传输协议）和SMTP（简单邮件传输协议）等都是开源、开放和无需许可的，都没有内置Token，也都没有办法捕获价值。因此，互联网是在“瘦协议”的基础上做出很多“胖应用”。互联网经济对协议层开发者不友好，这些开发者没有一个人赚到钱，但互联网在应用层却是“大厂”层出不穷。
For example, the TCP/IP (transmission control protocol/internet protocol) model is based on multiple protocols, distributing web sites based on IPs, allowing them to communicate with each other. The Internet is a “fat protocol, fat application.” The difference between “fat” and “fat” is whether there is a catch value. The “fat application” refers to a large Internet application, for example, where we can see large Internet platforms with a trillion-dollar market value. But TCP/IP, HTTP (extratext transfer protocol) and SMTP (simple mail transfer protocol) are open, open and unlicensed, with no built-in Token, and no way to capture value.
区块链与互联网一样，也是一个协议栈。比如，比特币可以视为区块链的货币协议，以太坊则可以视为区块链的结算协议。但区块链的协议栈内置了货币系统和价值系统，变成了“胖协议，瘦应用”。协议层本身就能捕获价值，这是区块链和互联网最大的不同。
For example, Bitcoin can be seen as a currency agreement for the block chain, and the talisman as a settlement agreement for the block chain. But the block chain agreement is built into the monetary system and the value system into a “fat protocol, thin application.” The protocol layer itself captures value, which is the biggest difference between the block chain and the Internet.
元宇宙的基础设施协议也内置了货币系统和价值系统，在协议层也能进行价值创造。而元宇宙在应用层将结合很多数字化技术，是一个空间概念，价值创造空间不亚于互联网。所以，元宇宙经济可能的情况是“胖协议，胖应用”。
The meta-cosm infrastructure protocols also have built-in monetary and value systems, and value creation can take place on the protocol layer. The meta-cosm will combine many digital technologies at the application level. It is a spatial concept, and value creation space is no less than the Internet. So what is possible for the meta-cosmos economy is a "fat protocol, fat application."
十、元宇宙颠覆制造业
10. Yuan cosmopolitan manufacturing
前面提过，制造业的特点是固定成本高，并且边际成本递增，但在元宇宙里面就不一样了。
As mentioned earlier, manufacturing is characterized by high fixed costs and incremental marginal costs, but it is different in the meta-cosm.
此处以宝马用英伟达的Omniverse数字化平台造车为例说明。在没有互联网的时代，设计、制造一款汽车需要消耗大量人力、物力和时间，并且问题发现、设计升级和迭代等都必须借助实物来进行，因此打造一款新车的固定成本极其高昂。宝马在Omniverse数字化平台上造车，从设计、仿真测试到开模、工业化和生产线布局，统统都在数字化平台上完成。如此一来，设计和制造一款新车的研发成本、测试成本、产品化成本和规模化成本等都将大幅下降。
In the absence of the Internet, the design and manufacture of a car requires considerable human, material and time consumption, and the discovery of problems, design upgrades, and overlaps must be carried out in kind, so that the fixed cost of building a new car is extremely high. The BMW builds a car on an Omniverse digitized platform, from design, simulation tests to modelling, industrialization, and production line layout, all on a digital platform.
制造业历来都是采用瀑布式开发，一款产品必须先做到完美，然后才能投入市场销售。可是这种完美只是厂家自认为的完美，不是客户追求的完美。大部分产品制造出来后未必能满足客户的需求，但是巨大的研发和制造成本已经发生。厂家必须卖出大量产品（比如100万台以上），才能收回研发成本。如果换成用数字化平台进行研发设计，就可以在软件里进行快速迭代，极大地压缩固定成本，最后也许只需卖出10万台就可以收回成本。这样有两个好处：一是厂家可以更快盈利，二是消费者需求能够得到更好的满足。
Manufacturing has traditionally been developed in falls, and a product must be perfect before it can be sold on the market. But this perfectness is just what the manufacturer thinks is perfect, not what the customer is looking for. Most products are not manufactured to meet customers’ needs, but huge R & D and manufacturing costs are already happening. Producers have to sell a lot of products (for example, more than 1 million) in order to recover R & D costs. By replacing them with digital platforms for R & D design, there is a rapid overlap in the software, so that the fixed costs can probably be recovered by selling 100,000 units.
这种快速迭代不仅是指硬件，软件也是如此。比如，智能联网汽车。我们常说，汽车从买来第二天就开始贬值。但如果一辆汽车能智能联网，随着越来越多的车加入这个网络，相互共享的信息增加，那么也可以形成“传真机效应”。如此一来，制造业也能实现规模成本递减和规模报酬递增，这对制造业的价值分配规则将是一场巨大的颠覆。
This rapid overlap refers not only to hardware, but also to software. For example, smart-connected cars. We often say that cars depreciate from the day they are bought.
以上是我理解的元宇宙的十大经济规则。预测未来是一件吃力不讨好的事情，我说的不一定对，但仍然想强调：元宇宙的经济规则一定与互联网不一样，就像互联网的经济规则与制造业不一样。
This is the ten economic rules of the meta-cosm that I understand. Forecasting the future is a bad thing, and I'm not sure I'm right, but I want to stress that the meta-cosmos’s economic rules must be different from those of the Internet, just as the Internet’s economic rules are different from those of manufacturing.
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