DAOrayaki｜ECONOMIC SPACE AGENCY ：后资本主义经济表达的协议

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ECONOMIC SPACE AGENCY ：后资本主义经济表达的协议

1、项目概况

他们认为，要使经济民主化并实现互联网的潜力，需要具有互联网架构的经济。

他们正在为点对点经济和治理实践设计经济协议。该协议将免费使用，每个人都具有相同的创建、加入和共享能力，无需集中管理。目标是创建一个网络经济，利用位于互联网核心的丰富和普遍表达的潜力，创造社会价值，而不仅仅是私人价值。

这与当前的经济及其互联网的发展形成鲜明对比，互联网的发展由等级制国家和公司权力主导，旨在将稀缺性强加为盈利条件。它已经看到互联网的发展和使用，具有免费分发的潜力，而不是针对可以（直接或间接）从用户那里获取收入的活动。他们相信互联网经济的潜力可以更有弹性、更协调、更关心、更富有感情、更本地化。这是一个互联网经济系统。他们称之为经济空间协议。

2、团队成员

l Akseli Virtanen——联合创始人

Akseli Virtanen是一名激进的政治经济学家和金融理论家，常驻柏林和赫尔辛基，在加利福尼亚工作了五年（在加州大学旧金山分校和斯坦福大学做访问研究员，重新设计金融工具以反映新软件的能力）。2006在赫尔辛基经济学院（阿尔托大学）获得博士学位。

l Jorge Lopez——首席架构师

15 年 Web 应用程序开发（Javascript 前端和后端，PHP）。扎实的 Javascript 全栈 Web 开发专业知识（Node.js、Express/Connect、MongoDB、Angular、MEAN STACK），适用于实时 Web 应用程序。

l Pekko Koskinen——组织架构师

他将现实设计成经过修改的、有趣的结构，尝试各种形式的日常生活。有时这些设计被认为是艺术。现实的涂鸦产生了虚构的宗教、社会形式、概念工具、次实体和自我设计。

他的大部分实验都是在生活中进行的，不受公认的认可。在传统艺术领域，他的一些由此产生的系列最终进入了机构，如Athens and Mercosul Biennials，Volksbühne, NY MoMA。这为他提供了适度的艺术信誉。

3、治理激励机制

1. 经济空间协议

The Economic Space协议是一种用于模块化和自供给经济系统的经济语言和可编程经济环境。它通过实施交易所和做市为可扩展的经济网络提供 p2p 协议；付款和结算；流动性创造和维护；投资和风险管理手段和经济治理。

该协议旨在：

l 开放：

任何人都可以创建、加入和共享经济空间。

l 可扩展：

经济网络不依赖于全局复制的可变状态，有利于分布式状态：状态转换在对等点之间是本地的。

l 分区容错：

每个对等点都能够直接相互连接和交互，不需要全局虚拟中央代理，即复制的全局虚拟机。

l 可编程：

通过简单的 API任何人都可以扩展协议以创建新的金融工具（代币）、经济空间（市场）和经济代理（价值生产组织）以及新应用和现有应用的接口，将它们转化为“经济应用”。

代币

参与的经济主体通过以下关系进行交互，每个关系都有其独特的代币。

1. 商品代币：

商品代币由经济代理人发行。代币代表对特定输出（它描述的“底层”）的权利。但它也会生成一组交换相关的信息，这些信息构成了数据丰富的经济表现的基础。

流动性代币：

流动性代币是以记账单位计价的信用的延伸。该代币必须根据经济代理人提供的代币的需求进行赎回。

权益代币：

权益代币可以由代理发行，以换取他们活动中的权益。它赋予持有人参与发行代理人经济活动产生的盈余的权利。

1）代币功能

l 商品代币具有以下属性：

1. 它们的数量由个体代理的报价/接受决定，因此由经济代理的实际产出决定并衡量其实际产出。

2. 通过市场报价定价，其中买入价为商品代币，卖出价以记账单位计价。

3. 商品生产的风险由直接生产者承担（提供的产品是否生产并进入市场；是否有接受报价）。默认风险由代币持有者承担。

l 流动性代币具有以下属性：

1. 它们以记账单位计价，因为信用清算只能发生在相同种类和面额的实体之间。实际上，流动性代币使记账单位变得生动起来，而不仅仅是作为中介其他代币估值的被动计价器：它本身成为一个分布式信贷发行单位。

2. 通过抵押信贷协议产生。这意味着信用实际上表现为自动化。

3. 他们在为交易所服务时被清算。这是通过分布式报价匹配算法进行的网络。

4. 他们有权根据发行经济代理人提供的任何产出并按要求赎回。

5. 没有动力持有它们超过结算交易所需的时间。

6. 它们没有利息或收益，也没有被设计成有效的价值储存手段，特别是因为它们面临发行人违约的风险。

l 权益代币具有以下属性：

1. 它们的价值以记账单位衡量，并反映在匹配的交易所报价中。换句话说，市场决定了它的价值并相应地波动。

2. 它们是对经济主体总体绩效的衡量。

3. 由代理人发行和接受，以换取他人的股权。

4. 它们的价格将反映被质押资产的估值，并会随着估值发生广泛变化

5. 它们揭示了由财务承诺支持的代理商的偏好

6. 他们创建有关经济状况的绩效数据

7. 它们可用于发行完全抵押的流动性代币。

2）代币间交换

代理A		代理B	操作定义	采用
Stake	⬅⮕	Stake	相互持股创建	进入共享风险位置/创造流动性/升值关系
Stake	⮕⬅	Stake	相互持股解散	退出共同风险位置/减少流动性/贬值或迁移关系
Liquidity	⬅⮕	Stake	股权买卖	发行人通过转换为股权来清算债务。将风险转移给利益相关者
Stake	⮕⬅	Liquidity	股权转让	发行人出售股份以获得流动性。网络总流动性没有净变化。
Liquidity	⬅⮕	Liquidity	流动性转移	当代理减少一个代理的信用额度或增加另一个代理的信用额度时，可能会自动发生。
Liquidity	⮕⬅	Liquidity	分布式清算	当匹配算法找到多步路径同时在两方或多方之间清算信用以结算交易时发生。
Commodity	⬅⮕	Liquidity	信用发行	打开并延长交易时间间隔。用商品换信用，稍后赎回。
Liquidity	⮕⬅	Commodity	信用清算	关闭交易时间间隔。信用交换商品，清算先前发行的信用
Commodity	⬅⮕	Commodity	（货币化）易货	完全匹配的两种商品之间的交换：无时间间隔。可能会使用净额结算，但不发行流动性代币。
Commodity	⬅⮕	Stake	质押	履行的常见案例，履行者可能会获得一个项目的股份，以换取她的劳动，或者用我们的行话来说，她的贡献。
Stake	⮕⬅	Commodity	实物“兑现”	用于同时退出风险位置和购买商品。这是财富离开网络的唯一途径（作为商品）
注：以上案例为净额结算后交易。当匹配算法试图找到报价匹配“路线”时，可能有一个或多个中间交易，或以上的组合。

3) 记账单位

记账单位是可以衡量（比较）所有其他总量的计价单位。当第一次宣布时，没有机制来确保它的采用，因为两个代理可以在任何相互同意的单位中进行测量。但要使交换扩展到整个网络，并使经济规模扩大，就需要达成更广泛的协议。

在The Economic Space协议中，由权益支持的信用（流动性代币）的发行突出了对度量单位的普遍认可，因为在净额结算过程中，信用变得非个人化：发行人之间没有直接对应关系的信用和任何特定信用发行清算的交易所。随着网络规模的扩大，以及直接净额结算中的“障碍”变得更加普遍，流动性代币的作用也越来越大。在此过程中，记账单位巩固了其作为通用计量单位的作用。这样一来，它的稳定性（相对于网络）就会增长。

记账单位的以下维度是其功能的关键：

l 它是衡量其他代币的数字。由于它不与任何单一资产挂钩（因此不受市场力量的影响），因此作为经济的内部基准，它在定义上是稳定的。

l 它通过引用它的要约而受到普遍使用。以记账单位计价发行是一种简单意义上的信用/债务形式，它意味着结算前的时间间隔。

l 参考它的报价只能通过接收方提供的互惠商品/股权/流动性来结算：所有以记账单位计价的交易必须进行净额结算。 [Ripple (XRP) 和 Stelar (XLM) 是实例基于货币的目的是发行和清除债务的认识，并且可以优化对货币的需求。实践中的 XRP 仍然被视作“金钱”，即使它只用于微秒。对于 ECSA，通过类比，“匹配”意味着同时创建和销毁以记账单位计价的条目，通过报价的第一次表达，随后的匹配，然后在没有“货币”的情况下进行净额发行或使用. ] 这是结算条件，结算需要匹配。

l 它为系统提供了固有的流动性，名义上是在发行信用工具之前。

价值三环

The Economic Space 协议的风格是一组协议，可以精确定位不同代币的角色，但需要展示这些代币类型及其表达的经济过程如何在“移动价值”过程中相互关联。

该图展示了The Economic Space协议的循环流程：

l 外圈

外环是绩效、抵押品和信贷之间流动的“真实”经济。我们使用性能（而不是生产）的概念，因为性能涵盖生产和消费：它们通过提供和接受的协议配对形成一个统一体。

l 内圈

内圈显示商品代币、权益代币和流动性代币的相互代币走势。它们与真实交易的方向相反，因为代币的分类账记录意味着它们是为了响应“真实”经济中的某些东西而发行的。

作为一个循环流程，它可以在任何点开始：性能 (Pe)、抵押品 (Co) 或信用 (Cr)，但是当我们从循环的不同点开始时，会出现不同的重点。因此，按照马克思（资本论，第二卷）的风格，我们定义：

l 性能电路（Pe – Co – Cr – Pe）

l 附属电路（Co – Cr – Pe – Co）

l 信用回路（Cr – Pe – Co – Cr）

4、联系方式

Official website—https://economicspace.agency/

Twitter — https://twitter.com/ecospaceagency

Facebook——https://www.facebook.com/economicspaceagency/

Github — https://github.com/EconomicSpaceAgency

Medium — https://medium.com/@ecsa_team

DAOrayaki DAO Research Grant:

Fund Address: 0xCd7da526f5C943126fa9E6f63b7774fA89E88d71

Voting Result：DAO Committee Yes

Grant Amount：200u

Category: Decentralized，cryptocurrency ，dApps ,DeFi, Oracles，Crowdequity、Blockchain、Future Value

Contributor：Julie，DAOctor @Daorayaki

1、Project Summary

They believe that to democratise the economy and realise the potential of the internet, need an economy with internet architecture.

They are designing an economic protocol for peer to peer economic and governance practices. This protocol will be free to use, with everyone having the same capacities to create, join and share without centralized management. The objective is to create a networked economy that draws on the potential for abundance and universal expression that lies at the heart of the Internet, to create social, not just private, value.

This is in contrast with the current economy, and its development of the internet, dominated by hierarchical states and corporate power, designed for the imposition of scarcity as the condition of profitability. It has seen internet development and usage, with its potential for free distribution, instead directed to activities that can extract (directly or indirectly) revenue from users. They believe in the potential for an internet economy that can be more resilient, more coordinated, more caring, more affective, more planetary and more information-native. This is an internet economic system. They call it the economic space protocol.

2、Team members

l Akseli Virtanen——Co-Founder

Akseli is a radical political economist and finance theorist, based in Berlin and Helsinki, after 5 last years in California (visiting researcher at UCSC and Stanford University, reengineering financial instruments to reflect the capabilities of new software). PhD 2006, Helsinki School of Economics (Aalto University).

l Jorge Lopez——Chief Architect

15 years web application development (Javascript frontend and backend, PHP).

Solid Javascript full stack web development expertise(Node.js,Express/Connect, MongoDB, Angular, MEAN STACK), for Real Time Web Apps.

l Pekko Koskinen——Organizational Architect

He design reality into modified, playful structures, experimenting with various forms of everyday life. Sometimes these designs get attributed as art. doodles of reality have resulted in fictional religions, social forms, conceptual tools, hypo-entities and self-designs.

Most of his experiments have taken place within life at large, outside credited recognition. Within the field of conventionalized arts, some of his resulting systems have ended up in institutions, such as Athens and Mercosul Biennials, Volksbühne, NY MoMA. This offers him modest artistic credit, which, in terms of influence, is mostly play money.

3、Governance and Incentive mechanisms

1. Economic Space Protocol

The Economic Space Protocol is an economic language and programmable economic environment for a modular and self contained economic system. It delivers a p2p protocol for a scalable economic network by implementing exchanges and market making; payments and settlement; liquidity creation and maintenance; means of investment and risk management; and economic governance.

The protocol is designed to be:

l Open:

Anyone can create, join, and share economic spaces.

l Scalable:

The economic network doesn’t rely on global replicated mutable state, favoring distributed state: State transitions are local among peers.

l Partition Tolerant:

Each peer is able to connect and interact with each other directly, not requiring a global virtual central agent, i.e. a replicated global vm.

l Programmable:

With a simple API, anyone can extend the protocol to create new financial instruments (tokens), economic spaces (markets) and economic agents (value production organizations) and interfaces for new and existing applications, transforming them into “Economic Apps”.

2. TOKENS

Participating economic agents interact via the following relations, each with its distinctive token.

1. The commodity token:

The commodity token is issued by an economic agent. The token represents a right to the specific output (the ‘underlier’ it describes). But it also generates a set of information associated with the exchange that forms the basis of data-rich economic performances.

The liquidity token:

The liquidity token is an extension of credit denominated in the unit of account. This token must be redeemed on demand for any token on offer by an economic agent.

The stake token:

The stake token can be issued by an agent in return for a stake in their activity. It gives the holder the right to participate in the surplus generated by the issuing agent’s economic activity.

1）Tokens function

l Commodity tokens have the following attributes:

1. Their quantity is determined by the offers/acceptances of individual agents and therefore is determined by, and a measure of, the real output of an economic agent.

2. They are priced through market offers, where the bid is the commodity token, and the ask is denominated in the unit of account.

1. The risks of commodity production are carried by the direct producer (will the offered output be produced and get to market; will there be an acceptance for an offer). Default risk is carried by the token holder.

l Liquidity tokens have the following attributes:

1. They are denominated in the unit of account, for credit clearing may only occur across entities of the same kind and denomination. In effect, liquidity tokens bring the unit of account to life as more than a passive numeraire mediating the valuation of other tokens: it becomes itself a unit of distributed issuance of credit.

2. They come into being through a collateralized credit agreement. This means credit effectively appears as automated.

3. They are cleared when they serve an exchange. This is through netting by the distributed offer matching algorithm.

4. They give a right to be redeemed on demand for any output on offer by the issuing economic agent.

5. There is no incentive to hold them longer than necessary to settle a trade.

6. They bear no interest or yield and were not designed so as to be an effective store of value, especially as they are subject to the risk of default of the issuer.

l Stake tokens have the following attributes:

1. Their value is measured in the unit of account, and is reflected in the matched exchange offers. In other words, the market determines its value and it fluctuates accordingly.

2. They are a measurement of the aggregate performance of an economic agent.

3. They are issued and accepted by agents in return for the stake of others.

4. Their price will reflect the valuation of the asset being staked, and will change broadly in relation to that valuation

5. They reveal the preferences of agents backed by financial commitment

6. They create performance data about the state of the economy

7. They can be used to issue fully collateralized liquidity tokens.

2）Exchanges between tokens

Agent A		Agent B	Operation Definition	Use
Stake	⬅⮕	Stake	Mutual stake holding creation	Entering shared risk positions / Creating liquidity / Appreciating relationship
Stake	⮕⬅	Stake	Mutual stake holding dissolution	Exiting shared risk positions / Reducing liquidity / Depreciating or relocating relationship
Liquidity	⬅⮕	Stake	Stake buying / selling	Issuer clearing debt by converting to stake. Shifts risk to stake holder
Stake	⮕⬅	Liquidity	Stake transfer	Issuer selling stake to acquire liquidity. No net change in total network liquidity.
Liquidity	⬅⮕	Liquidity	Liquidity transfer	May occur automatically when an agent reduces a credit line with one agent, or increases a credit line with another.
Liquidity	⮕⬅	Liquidity	Distributed clearing	Occurs when the matching algorithm finds a multi-step path to clear credit simultaneously across two or more parties, in order to settle a trade.
Commodity	⬅⮕	Liquidity	Credit issuance	Opens and extends trade time intervals. Exchanging a commodity for credit, to be redeemed later.
Liquidity	⮕⬅	Commodity	Credit clearing	Closes the trade time interval. Credit is exchanged for a commodity, clearing previously issued credit
Commodity	⬅⮕	Commodity	(Monetized) Barter	Exchange between two commodities with complete match: no time interval. netting might be used, but without issuance of liquidity tokens.
Commodity	⬅⮕	Stake	Stake on kind	Common case for performances, where performers might gain a stake on a project in exchange for her labor, or in our lingo, her performance.
Stake	⮕⬅	Commodity	In kind "cash out"	Used to simultaneously exit a risk position and purchase a commodity. It is the only way in which wealth can leave the network (as commodities)

Note: The cases above are post-netting trades. There may be one or more intermediate trades, or a combination of the above as the matching algorithm attempts to find offer matching "routes".

3）Unit of account

The unit of account is the numeraire by which all other aggregates might be measured (compared). When first pronounced there is no mechanism to ensure its adoption, for two agents can measure in any mutually-agreed units. But for exchange to extend across a network, and for an economy to scale, there is need for wider agreement.

In the economic space protocol, the issuance of credit (liquidity tokens) backed by stake brings to the fore a universal recognition of a unit of measure, for in the process of netting, credit becomes impersonalised: there is not direct correspondence between the issuer of credit and the exchanges cleared by any particular credit issuance. As the network scales, and the ‘blockages’ in direct netting become more pervasive, the role of the liquidity token grows. In the process, the unit of account consolidates its role as the universal unit of commensuration. And in so doing, its stability (with respect to the network) grows.

The following dimensions of the unit of account are the keys to its function:

l It is the numeraire through which other tokens are measured. As it is not tied to any one single asset, (and hence not subject to the pull of market forces), it is definitionally stable as the economy’s internal benchmark.

l It comes into general usage through the offers that make a reference to it. An issuance denominated in the unit of account is a form of credit/debt in the simple sense that it implies a time interval before settlement.

l Offers that make reference to it can only ever be settled by the reciprocal commodities/stake/liquidity that the receiver puts on offer: all trades denominated with the unit of account must be netted.[ Ripple (XRP) and Stelar (XLM) are instances of tokens based on the realization that money’s purpose is to issue and clear debt, and the need for money can be optimized away. The XRP in practice is still used as a “money thing”, even if it is only used for microseconds. For ECSA, by analogy, ‘matching’ means the simultaneous creation and destruction of entries denominated in the unit of account, through first expression of the offer, its subsequent matching, and then its netting without a “money thing” ever being issued or utilized. ] This is the condition of settlement, for settlement requires matching.

l It provides the system with innate liquidity, notionally prior to issuance of a credit instrument.

Three circuits of value

The Economic Space Protocol is styled as a set of protocols which give precision to the roles of different tokens, but there is a need to show how these token types and the economic processes they express relate together in the process of ‘value in movement’.

The diagram presents the circular flow of the economic space protocol.：

l The outer ring

The outer ring is the ‘real’ economy of the flow between performances, collateral and credit. We use the concept of performance (rather than, say, production) because performance covers both production and consumption: they are paired by the protocols of offers and acceptance forming a unity.

l The inner circle

The inner circle shows the reciprocal token movements of commodity tokens, stake tokens and liquidity tokens. They go in the opposite direction to the real transactions because the ledger recording of tokens mean that they are issued in response to the receipt of something in the ‘real’ economy.

As a circular flow, it could be started at any point: performance (Pe), collateral (Co) or credit (Cr), but different points of emphasis arise when we start at different points of the circuit. So, following the style of Marx (Capital, volume II), we define:

l The Performance Circuit (Pe – Co – Cr – Pe)

l The Collateral Circuit (Co – Cr – Pe – Co)

l The Credit Circuit (Cr – Pe – Co – Cr)

4、Contact Information

Official website—https://economicspace.agency/

Twitter — https://twitter.com/ecospaceagency

Facebook——https://www.facebook.com/economicspaceagency/

Github — https://github.com/EconomicSpaceAgency

Medium — https://medium.com/@ecsa_team

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