There are different interpretations of the terms "tokens" and "token-based systems" in the literature around blockchain and digital currencies although the distinction between token-based and account-based systems is well entrenched in economics. Despite the wide use of the terminologies of tokens and tokenisation in the cryptocurrency community, the underlying concept sometimes does not square well with the economic notions, or is even contrary to them. The UTXO design of Bitcoin exhibits partially characteristics of a token-based system and partially characteristics of an account-based system. A discussion on the difficulty to implement the economic notion of tokens in the digital domain, along with an exposition of the design of UTXO, is given in order to discuss why UTXO-based systems should be viewed as account-based according to the classical economic notion. Besides, a detailed comparison between UTXO-based systems and account-based systems is presented. Using the data structure of the system state representation as the defining feature to distinguish digital token-based and account-based systems is therefore suggested. This extended definition of token-based systems covers both physical and digital tokens while neatly distinguishing token-based and account-based systems.
翻译:虽然在经济学中,基于象征性的系统和基于账户的系统之间的区别在经济学中根深蒂固,但是对“托肯”和“托肯系统”这两个术语的文献中,对“托肯”和“托肯系统”这两个术语有不同的解释。尽管在加密货币共同体中广泛使用象征性和象征性的术语,但基本概念有时与经济概念不完全相同,甚至与之相反。Bitcoin的UTXO设计显示了基于象征性的系统的部分特点和基于账户的系统的部分特点。因此,建议讨论在数字域实施象征经济概念的困难,同时对UTXO的设计进行解释。讨论是为了讨论为什么基于UTXO的系统应当根据传统的经济概念被视为基于账户的术语。此外,还详细比较基于UTXO的系统和基于账户的系统。利用系统的数据结构来区分基于数字象征性和基于账户的系统。建议扩大基于象征性系统的系统的定义范围,既包括基于实物的系统,也包括基于数字象征性的系统,同时以明确的象征性的账户。