jakiro
Author: Zhang Feng
The traditional industrial Internet focuses on using technologies such as big data, cloud computing, artificial intelligence, etc. to optimize the internal processes and industrial chain coordination of enterprises, but its core bottleneck is that data can be shared, but assets are difficult to achieve efficient and reliable free circulation.The flow of value still depends on traditional and centralized financial infrastructure, and there are problems such as high friction, low efficiency and high threshold.
The concept of “coin-stock linkage” that seems to belong to the financial market provides us with a key to unlock the problem of industrial Internet value circulation.Its essence is not a simple linkage of stock prices and currency prices, but an asset digital revolution that began at the financial end and eventually swept the entire industrial ecosystem. It will effectively promote the development of the industrial Internet to a deeper and broader dimension from the asset end.
1. The essence of industrial Internet is asset chain and intelligent circulation
To understand the far-reaching significance of currency-stock linkage, we must first re-examine the ultimate goal of industrial Internet.The deep core of industrial Internet is to realize the digitalization, networking and intelligence of internal and external business needs of the industry.The core bottleneck and final destination of this process are asset rights confirmation, registration, circulation and transaction.The “asset” here is a broad concept, which is far more than physical assets such as factories and equipment, and also includes:
intellectual property:Patents, trademarks, copyrights, design drawings, etc.
Goods and Goods:Physical goods in various links such as production, logistics, and warehousing.
Services and capacity:Future computing services, logistics capacity, advertising space and other pre-determinable rights.
Data Assets:Business data, user profile, supply chain data, etc.
Financial assets:Accounts receivable, orders, claims, etc.
Under the traditional model, the circulation of these assets faces huge challenges: difficult to confirm the right, high verification costs, cumbersome transaction processes, and insufficient liquidity.Blockchain technology provides a “trust machine” and a “value protocol” for the industrial Internet.The deepening of industrial Internet is essentially to convert the above-mentioned assets into digital assets in various forms:
Securities Token:Represents equity, debt or fund shares, and enjoys financial rights such as dividends and voting.This is the on-chain mapping of “stocks” in “coin-share linkage”.
Commodity Token or Utility Token:Represents the ownership or right of income of physical commodities, such as one ton of copper and one barrel of crude oil.
Payment Token:Used within a specific ecosystem to pay for service fees, purchase goods or unlock specific functions.
NFT (non-homogenized token):Represents unique assets such as single artwork, digital collections, property ownership, specific orders, etc.
Through the chain, assets have achieved digital twins and even promoted digital nativeness, with the characteristics of programmability, splitting, high liquidity, and global 24/7 trading.The industrial Internet has thus surpassed information interconnection and upgraded to value interconnection, forming a value network based on smart contracts and can be traded freely and intelligently.
2. The essence of currency-share linkage: on-chain value linkage of corporate ecological assets
“Coin-share linkage” is usually intuitively understood as the correlation between the price of its related token (usually utility token) and its company’s stock price by participating in crypto business.But this is just a superficial phenomenon.Its deep essence is:An enterprise (especially platform-based and ecological-based enterprises) tokenize the core value units in its ecosystem and build a new value system on the blockchain that complements and drives each other.
On the one hand, stocks are on the chain:This is the most direct linkage.Companies can issue some of their equity in the form of securities tokens (STOs) on compliant blockchain exchanges.Make stock trading more efficient, transparent, and reach a wider range of investors around the world.
On the other hand, ecological rights and interests are on the chain:This is the more imaginative part.For example: an e-commerce platform can issue platform coins to pay handling fees, enjoy discounts, participate in governance, and use a part of the platform’s profits to repurchase and destroy the token, so that its value is linked to the platform’s performance; a game company can issue virtual assets (props, land) in its game as NFT, and game tokens are used as circulation medium for the economic system within the ecosystem.The company’s success is reflected in the prosperity of the ecosystem, which in turn drives the value of tokens and NFTs to increase; a manufacturing company can tokenize its future production capacity or services, pre-sale in advance, and lock in demand.
“Coin-stock linkage” is no longer the transmission of price fluctuations in two isolated markets, but the internal linkage of asset values at different levels in chains under the same corporate ecosystem.Equity (on-chain or off-chain) represents the right to claim ownership and future cash flows for the enterprise, while Ecological Tokens represent the rights and utility of using its products, services and networks.Together, the two form the complete puzzle of corporate value.The widespread use and value-added ecological tokens will improve the fundamentals and profitability of the company, thereby driving stock prices to rise; on the contrary, the brand effect and financial strength brought about by the rise in stock prices can feed back to ecological construction and promote the application of tokens.This forms a virtuous cycle of asset value “on-off-chain”.
3. Development path: The asset chain wave from the financial end to the industrial end
The real development of currency-stock linkage will never stay at the financial speculation level. It will follow a clear path of gradual penetration from the financial end to the industrial end, and ultimately move towards a mature, Web3-based industrial Internet.
Phase 1: Financial assets first, explore the scale-up approach.This stage starts with the on-chain transformation of “stocks”.Most of the early participants were technology companies, financial institutions and venture capitalists seeking innovation in financing efficiency.The core task of this stage is to establish a compliance framework, verify technical feasibility, and cultivate market awareness.The “linkage” at this time is more conceptual and a supplementary experiment of the traditional capital market.
The second stage: the rise of ecological tokens, activate the user network.As the regulatory environment gradually becomes clearer and the technical infrastructure is improved, more companies have begun to issue utility tokens or community governance tokens with non-securities attributes.These tokens are closely tied to their core businesses to incentivize user participation, build communities and lubricate internal economic systems.For example, social platforms reward content creators, and sharing economy platforms encourage both supply and demand parties.At this stage, the main body of value creation expands from the capital side to the vast number of ecological participants, and the value of “coins” begins to truly be linked to the activity of the ecological and produces a more substantial linkage with the value of “stocks”.
The third stage: put all factor assets on the chain and build an Internet of industrial value.This is the maturity stage of development.Based on the first two stages, enterprises will tokenize all broader industrial assets – from raw materials, orders, accounts receivable to data, intellectual property rights.Smart contracts will automatically execute complex business logic (such as automatic settlement in supply chain finance, automatic distribution of copyright income).The company’s balance sheet will evolve into a dynamic “digital balance sheet” composed of multiple tokens.at this time,The “coin” in the “coin-share linkage” has been generalized into the “asset token system” of the entire enterprise and even the industrial chain.Stocks are just a basic equity certificate in this huge token economic ecosystem.The industrial Internet has finally achieved a leap from “information Internet” to “value Internet”, becoming an open, transparent and composable Web3 network.
4. Multiple risks and challenges
The development process of this grand blueprint will not be smooth sailing. It is driven by multiple factors and also faces severe challenges.
Technical risks, includingSecurity issues such as smart contract vulnerabilities, blockchain network attacks, and private key loss are still the sword of Damocles hanging above your head.The stability and security of the system are the lifeline.
Compliance and regulatory challengesis the biggest source of uncertainty.How to define the legal attributes of tokens (is they securities, commodities or utility certificates)?How to deal with the fragmentation of global regulation?How to implement Anti-Money Laundering (AML) and Know Your Customers (KYC)?The solution to these problems requires long-term and in-depth communication and collaboration between enterprises and regulators.
Market and financial risks,The on-chain asset market is still immature, and there may be problems such as insufficient liquidity, violent price fluctuations, and market manipulation.How to apply the mature experience of traditional financial risk management to a decentralized environment is a new topic.
Cognition and talent gap,Traditional industry leaders have a shallow understanding of Web3, and compound talents with industrial knowledge, financial experience and blockchain technology are extremely scarce, which will become a constraint on the speed of transformation.
Business model integration challenge,Not all businesses are suitable for issuing tokens.How to design a reasonable and sustainable token economic model to organically combine it with existing business models rather than conflict with each other is a huge test of the innovation ability of enterprises.
The linkage of currency and stocks is by no means a short-term capital game, but a profound change prelude that begins with finance and ends with industry.It reveals that asset chaining is an inevitable path for deepening the development of the industrial Internet.By tokenizing the core value units in the enterprise ecosystem – from financial rights to product services – we are building a more efficient, fairer and more open value collaborative network than the current Internet.
This process is destined to be gradual and challenging, but the direction it represents is clear.When assets can flow and trade smartly around the world like information, the real industrial Internet we are looking forward to—that is, the global value Internet based on Web3— will come.In the future, currency-stock linkage will no longer be a concept that needs to be deliberately emphasized, but a natural and natural underlying law in the new economic ecology.
