 Sorry, I'm very ill today, so I'm struggling a little bit with my voice. Yes, I'm coming from the Research Institute for Crypto Economics that is based at the Vienna University of Economics and Business. And I'm very grateful for the opportunity actually to be here and to present briefly what we are doing because the last meeting of this community took place exactly in Vienna in spring 2018 and we were sitting in a small room with around 25 or 30 people so it's growing and growing and I'm very happy about that. So we as a Research Institute were founded around one year ago with the mission to contact interdisciplinary research around the blockchain paradigm in technology, economics, business and law. We are not only the Classical Research Institute in a sense that we do not only publish the scientific papers, which we of course also have to do, but we also cooperate with the different startups and with the industrial partners and of course with the universities in Austria and abroad. So this is our research agenda, which is divided into four parts. The first one, which is now central and the most important for us, are the microeconomic foundations of the token economy and here we have the researchers that are doing the game theory, the incentive design, monetary theory and agent based modeling. So all the things that are actually at the core of the token economy. Then we also cover the technical aspects such as scalability and security issues of the networks. We are the University of Business and Economics. That's why we are very active in the research regarding the blockchain applications together with our industrial partners. For example, we have now an exciting project about blockchain and sustainability. So how can you program the tokens in order to incentivize the sustainable behavior? We're also active in supply chain and trade finance field and identity in the business process research. And legal aspects are also very important. That's why around fourth of our researchers coming from the legal perspective and they also cooperate with the policy makers to understand how to regulate the whole thing. So talking a little bit about the token economy and the token engineering. This is a very new direction for our research institute that we started a couple of months ago. And what we started from we started to look what is actually over there and how can we structure and do a kind of the taxonomy of the tokens. So tokens is not a new thing because the term was used also before the blockchain arrived. It was used in economics as just a small and flat you know around piece of plastic or metal that can sometimes be used instead of money. For example in casino or in the middle ages with the nights and nights tokens. But the nights were carrying these pieces of metal and used them within the specific ceremonies. In the economic sense token is a limited legal tender so a promise to be exchanged for something of the value in the future. Token is also used as the part of the loyalty program as the voucher or gift card. In computing token means something different. It's just an object in software and hardware that represents the right to perform some operation. Now talking about the blockchain token there is no unified definition of actually what is it. Here are just a couple of them that we find useful. So from a technical perspective token is implemented as a list of blockchain addresses or user accounts that have a number associated with them. Together with first of all a set of methods used to manipulate that list transfer end tokens from A to B and rules to determine who can manipulate the list and in which way. Another simplified definition is token as a digital asset that can be transferred between two parties without requiring the concert of any other third party. The most important point here is that token has definitely a technological perspective. Without technological perspective it doesn't go to program it but it's not only a technological term. It's not only a technological construct it's a socio-technological construct. So from the technological components it's an entry in a blockchain database and from the socio-economic perspective it's reason why it exists. It's reason to be and it is defined by an agreement between a group of people and in this sense token represents some aspect of the relationships between individual members of the group. And here as a lot of previous speakers already have mentioned the central thing and the reason why the tokens are becoming the kill application of the blockchain are the power of incentives because you can program them in a certain ways and you can make with them people to do some stuff. But how to do that? It's not only a technological question. That's a question where you need the researchers. That's why we have also 30 associated researchers from different perspective that are going to work on that. Right now from the scientific point of view there is no clear taxonomy of the tokens and we decided that we could look at them from four different perspectives. The technical perspective, the rights perspective, so which types of rights are added to the token from the legal perspective, how is it regulated, and from the fungibility perspective, fungible and not fungible. So from the technical perspective maybe it's not new for a lot of you so I'm just going quickly. There are protocol tokens. These are the tokens that incentivize the users to behave in a sense of the protocol. It can be block validation incentives as a minor reward. It can be a transaction spam prevention as in Ripple for example. The app tokens they are issued on the application layers. They are standardized with the different standards, the famous ERC20. And they can represent few lines of codes, many lines of codes and so on. These app tokens can represent the physical good, the digital good, or some right to perform an action in a network or in the real world. The rights perspective is about what types of rights are actually attached to the token. And in this sense we can say that there are passive tokens and active tokens. So passive tokens they have just the right to transmit the right to an underlying economic value. Security token is the most famous example of that but also asset-backed tokens and currency tokens. There are also active tokens or access or activity rights. So this is when token is required to participate in a network that no third party controls. Here we have usage tokens. So tokens that are required to use as a service. The most famous examples are Bitcoin or Ether. So they don't give you any right but they give you just a right to use the network. The work tokens give users the right to contribute work and earn in exchange for their work. Again this is not as we can say one token is usage token and the other one is a work token. There is no clear border between these types because even if we think about the Ether, tackling the example before it is a usage token but in the moment when the Ethereum comes from proof of work to proof of stake it becomes also the work token. There are also reputation reward tokens. So they give their users their owners the privilege right to do something within the network. The interesting part is the fungibility perspective because exactly non-fungible tokens are seen as the killer application of the blockchain and they open doors to numerous digitized assets. So what is fungibility? Fungibility is ability of a currency to maintain a standard value and uniform acceptance. Meaning that a history of a currency does not affect its value and each piece of that currency is equal in value to every other piece. So 10 euros in my pockets have exactly the same value as 10 euros in your pocket. So fungible tokens they are just cash alike basically. They are indistinguishable and they can be merged or divided into larger or smaller amounts making them indistinguishable. The non-fungible tokens that's an interesting part because these are the blockchain assets that are designed to not be equal. And basically they represent the standardized ownership of a certain category of asset but the assets within that category can have very different market value. For example the ownership over a house. We're both A and B owner of the house so the same ownership but the value of the house is very different. And we have a lot of assets that's actually very different. That's why there are numerous use cases for this non-fungible tokens. Some of the examples are collectibles or piece of arts. I don't know CryptoKitties is the early example of that. Online gaming because games very often include selling and buying assets that have different value attack to them with tickets, real estates, identity and so on and so forth. So from the legal perspective that's absolutely not my field. But international regulators are still trying to understand and classify different token types and to treat them accordingly. There are tokens that are seen as occurrences and they are accordingly regulated by the financial market authorities and there are also securities that are not physical assets and they fall under the security law. Now what we are doing with the token engineering topic at our institute. As I said very very new topic. So we decided first of all to make some working packages out of it. And we first tried to identify similarities between the models that we already have in macro and microeconomics within the existing systems and try to think if these models can be applied to model also crypto economic systems or we need something new and where can we learn from the existing models. We also aim to formalize the network design and the network evaluation models based on existing economic and mathematical models. We are right now developing a taxonomy for this new emerging scientific field. We are going to design a bottom up token engineering framework and of course summarize all that in the scientific papers that we are going to publish. So these are kind of the first items to map the research questions and here not as a very classical research institute. We created the Google Doc with them. This is a living document and we are very very interested in exchanging with the community with the people that are actually designing that and not only with the researchers. So I will share the presentation and if you are interested just look at it. This is just now for now this are the list of 40 research questions and if you would like to comment to contribute or to give some examples for them please feel free to do that so that's a kind of the call for action. So thank you for listening and yes we have a lot of social media and you can track all our activities there. Thank you.