We examine decentralization of digital platforms through tokenization as an innovation to resolve the conflict between platforms and users. By delegating control to users, tokenization through utility tokens acts as a commitment device that prevents a platform from exploiting users. This commitment comes at the cost of not having an owner with an equity stake who, in conventional platforms, would subsidize participation to maximize the platform's network effect. This trade-off makes utility tokens a more appealing funding scheme than equity for platforms with weak fundamentals. The conflict reappears when nonusers, such as token investors and validators, participate on the platform.

中文翻译：

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通过代币化去中心化

我们将通过令牌化将数字平台去中心化视为解决平台与用户之间冲突的创新。通过将控制权委托给用户，通过实用代币进行的代币化充当了防止平台剥削用户的承诺工具。这一承诺是以没有拥有股权的所有者为代价的，在传统平台中，所有者会补贴参与以最大化平台的网络效应。这种权衡使得实用代币成为比基本面较弱的平台的股权更具吸引力的融资方案。当代币投资者和验证者等非用户参与平台时，冲突会再次出现。