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Seven key steps to design your own tokens.

Token economy becomes the integral part and backbone of blockchain ecosystems. Most of the them, run on their own unique tokenomics model. Designing token strategy is more of an art than science, as the tokens should encourage constructive reinforcement and keep away the bad actors. This article covers the seven key steps to consider while coming up with your own token strategy.

  1. Target behaviors: Select the desirable target behaviors that you want to reinforce and to be strengthened within the ecosystem.

  2. Type of tokens: Decide what kind of tokens to be used as reinforcers. There are different types of tokens available like Utility, Security, Commodity etc.

  3. Backup reinforcers: The backup reinforcers to be exchanged in place of tokens as achievements, badges, bonus, rewards etc

  4. Reinforcement schedule: A reinforcement schedule for token delivery. This makes a clear indication to the market at the what stages, the token can be redeemed or delivered.

  5. Exchange criterion: This defines the criteria for exchanging tokens like how many tokens are needed to be exchanged for the backup reinforcers at step 3.

  6. Schedule for exchange: A timeline for exchanging tokens for backup reinforcers.

  7. Tax/Penalty: A penalty or fine where tokens are taken away for engaging in inappropriate behavior.

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