Whether they are junior or senior technical engineers, they all face the challenge of obtaining high-quality insights, such as benchmarks, standards, guidelines, and frameworks from the success and failure of various projects. The lack of standards is seen as a major barrier to learning efficiency. In the process of searching for the required information, people may have to conduct endless searches, constantly filtering through large amounts of data that include irrelevant and outdated information. In addition, the lack of standards is considered a major bottleneck for token systems to obtain recognition from regulatory agencies and formal organizations.
Although there have been some resources and activities around token engineering, it is evident that they have not met the current needs of practitioners, highlighting the need for more robust and accessible standards to support and expand the field.
2. Communication
Participants elaborated on the key challenges they encountered in the multifaceted concept of communication. Specific challenges include:
– Transforming qualitative narratives into quantitative mathematical functions
– Breaking down broad objectives into specific metrics
– Lack of common understanding of what token engineering is
– Unclear understanding of customer needs
– Communication issues among peers throughout the process
– Accurately conveying subtle differences in design choices to clients
– Promoting and raising awareness of the content built to the wider Web3 community
In the field of token engineering, the consideration of language goes beyond the distinction between human-readable and code languages. Token engineers need to deal with various forms of information exchange and design effective communication systems. The challenge for participants is to utilize various “languages,” including mathematics, data analysis, and visual representation, to establish effective interactive paths, each of which is a unique way of communication and expression. The lack of understanding of the token engineering field, the role of token engineers, and how to translate broad objectives into measurable indicators further increase the difficulty of consensus building and communication. Participants also reflected on the challenges they encountered in conveying work details and the ability to model and simulate. Effective communication is seen as a necessary condition for producing high-quality results.
3. Education and Accessibility
Accessibility and the rapid dissemination of knowledge are significant challenges driving the advancement of token engineering. Specifically, participants highlighted the following issues:
– Overwhelm due to multidisciplinary learning experiences
– Insufficient educational resources related to token engineering
– Lack of education or career development paths for token engineers
– Frequent tool switching and keeping up with new versions
– Limited career opportunities and lack of mentor guidance for junior token engineers
– Challenges of staying engaged and patient in the learning process
Since the concept of token engineering was introduced in 2018, there has been significant development in related resources. For example, the use of tools like cadCAD has improved accessibility to practice. Token Engineering Academy’s “Introduction to Token Engineering” course has trained hundreds of students to enter the industry, and token engineering public organizations are also providing funding opportunities for projects at various stages, promoting democratization of the industry. These are just a few initiatives that contribute to the progress of the field. However, education and accessibility still pose major challenges. In this rapidly evolving interdisciplinary field, tools, concepts, and use cases are constantly changing. As the diversity of the ecosystem increases, the required knowledge base also expands. Mechanisms to provide specialized paths for junior practitioners have yet to meet the high demand for professionals in the field.
Despite the extensive education efforts by TE Academy, TEC, and other institutions, there are still limitations in enabling individuals with no background knowledge to truly develop the corresponding knowledge and experience to excel in the field.
In summary, while the field of token engineering has made some progress, the challenges of education and accessibility remain significant in driving continuous development in the field. Here are some key summaries and recommendations:
– Strengthen the construction of educational resources: To address the issue of insufficient educational resources, the industry should develop and share educational materials more extensively, especially training on specialized knowledge and tools for token engineering.
– Innovate education models: In response to the limitations of traditional educational methods, explore more flexible and rapid learning paths, such as online courses, short-term workshops, and direct interaction with industry experts, to better adapt to the fast-paced industry development.
– Establish career development paths: Clarify and optimize the career paths of token engineers, providing multi-stage career development plans from entry-level to advanced, helping junior engineers gradually grow into senior experts needed by the industry.
– Promote industry collaboration: Encourage collaboration within the industry, including cross-company and interdisciplinary collaborative projects. This not only improves the efficiency of resource utilization but also facilitates knowledge and technology exchange and inheritance.
– Expand mentor networks: Increase investment in mentor resources and establish a more comprehensive mentorship system, especially providing more opportunities for junior practitioners to interact with experienced professionals.
Through these measures, the field of token engineering can not only address the existing issues of education and resources but also provide practitioners with broader career development opportunities and learning resources, ultimately promoting the health and sustainable development of the entire industry.
4. Funding Issues
The lack of funding models for open-source development has prompted token engineers to turn to selling consulting services and developing closed tools. Due to the competition and scarcity of resources, a new culture of secrecy has formed around knowledge sources. Specific issues include:
– Limited resources for developing complex projects
– Stakeholders often only focus on short-term returns
– Only projects seen as Ponzi schemes can obtain funding to hire token engineers
– Economic vulnerability due to high reliance on venture capital
– The limited ability of individual token engineers and the often budget-exceeding cost of hiring a complete team to handle all aspects of token engineering
– Lack of funding support for infrastructure and tools
Ensuring that the value created by projects or communities corresponds accurately to tokens, thereby unlocking more innovative funding mechanisms, is a major challenge in the field. The feasibility of design adds additional complexity as various workflows are at different stages of development. Certain functionalities and tools may be more mature while aspects such as user experience and accessibility are still evolving, depending on specific use cases. The overall state of Web3 directly impacts the working environment of token engineering. The development of numerous tools is like simultaneously constructing bridges and the mechanical equipment required for them. In addition to securing funding for the token engineering process in customer projects, participants also face the challenge of resource allocation for developing infrastructure at this complex stage.
5. Complexity and Challenges in the Early Stages
Token engineering faces the following challenges due to its complexity and novelty:
– Simultaneous multi-level innovation makes it difficult to track inputs and outputs
– The presence of numerous variables makes it difficult to determine specific reasons for success or failure
– Poor user experience and inherent risks indicate that these systems are not suitable for all users
– Attention easily disperses, lacking sustained project follow-up
– Even with the use of models and simulations, the actual behavior of people after the system is activated remains uncertain
Token engineering, especially in the field of incentive design, is still in its early stages with tremendous development potential. This field is gradually moving towards academicization, and the capabilities of Web3 are expanding rapidly. Facing the challenges of an emerging field can be daunting. Token engineering involves multiple disciplines and focuses on socio-technical complex systems, which adds to the challenges and complexity in its early stages.
The task of token engineering involves dealing with complex systems, which often include interconnected and interdependent components whose overall behavior and characteristics cannot be directly inferred from the behavior of individual parts. The interaction of components within the system leads to non-linear and emergent phenomena that are not explicitly predetermined during system design. This emphasizes the complexity and unpredictability of the task.
In the face of these challenges, we need to recognize and accept the difficulties and complexity of the emerging field and take proactive measures to promote the maturity and development of the field. Through continuous education and interdisciplinary collaboration, as well as strengthening the integration of practice and theory, the field of token engineering can better address its inherent complexity and ever-changing technological needs. Over time, the accumulation of practical experience and academic research will support the maturity of the field, ultimately achieving more efficient and fair token systems and providing practitioners and stakeholders with deep understanding and broad opportunities.
6. Regulatory Compliance
When discussing the issues that keep them up at night, the regulatory environment is the most pressing concern expressed by participants. The main reasons include:
– Unclear risks and consequences of token experiments
– Issues of responsibility, especially regarding who may be accountable for multi-stakeholder systems
– Regulatory constraints leading to a slowdown in industry development
– High risks as not all projects can bear the risk of token innovation while ensuring regulatory compliance
– Insecurity during the design phase resulting in unexpected or delayed costs
– Limited access to legal expertise in the field of blockchain-based experiments
Navigating the complex landscape of regulatory compliance presents a challenge for token engineers, affecting critical decisions at the intersection of innovation and legal frameworks. This delicate balance often translates into practical challenges, where thoughtfully designed token engineering projects may encounter delays and increased risks due to regulatory uncertainty. Many instances show that strict development models face obstacles due to legal uncertainty, hindering progress.
In summary, regulatory uncertainty and communication barriers hinder the development of the field. The lack of standardized practices and limitations in educational resources exacerbate the costs, while funding models pose additional challenges to innovation and industry growth. Despite the potential, token engineering is still in its early stages and faces numerous challenges.
