Author: Zhang Feng
The traditional industrial internet focuses on optimizing internal processes and industrial chain collaboration using technologies such as big data, cloud computing, and artificial intelligence. However, its core bottleneck lies in the fact that while data can be shared, assets struggle to achieve efficient and trustworthy free circulation. The flow of value still relies on traditional, centralized financial infrastructure, which presents issues such as high friction, low efficiency, and high barriers to entry.
The concept of "coin-stock linkage," which seems to belong to the financial market, provides us with a key to unlock the challenges of value circulation in the industrial internet. Its essence is not merely a simple speculation on the correlation between stock prices and token prices, but rather a digital revolution of assets that begins at the financial end and ultimately sweeps through the entire industrial ecosystem. This will powerfully promote the industrial internet to develop in deeper and broader dimensions from the asset side.
1. The Essence of the Industrial Internet is Asset On-Chain and Intelligent Circulation
To understand the profound significance of coin-stock linkage, we must first re-examine the ultimate goal of the industrial internet. The deep core of the industrial internet is to achieve the digitalization, networking, and intelligence of business needs both inside and outside the industry. The core bottleneck and final destination of this process are the confirmation of asset rights, registration, circulation, and trading. Here, "assets" is a broad concept that goes beyond physical assets like factories and equipment, and also includes:
Intellectual Property: Patents, trademarks, copyrights, design drawings, etc.
Goods and Products: Physical goods in various stages of production, logistics, and warehousing.
Services and Capacity: Future computing services, logistics capacity, advertising space, etc., that can be reserved.
Data Assets: Business operation data, user profiles, supply chain data, etc.
Financial Assets: Accounts receivable, orders, debts, etc.
Under traditional models, the circulation of these assets faces significant challenges: difficult confirmation of rights, high verification costs, cumbersome transaction processes, and insufficient liquidity. Blockchain technology provides the industrial internet with a "trust machine" and a "value protocol." The deepening of the industrial internet essentially involves "on-chaining" the aforementioned types of assets in various forms, transforming them into digital assets:
Security Tokens: Representing equity, debt, or fund shares, enjoying financial rights such as dividends and voting. This reflects the "stock" aspect of "coin-stock linkage" on the chain.
Commodity Tokens or Utility Tokens: Representing ownership or rights to profits from physical goods, such as a ton of copper or a barrel of crude oil.
Payment Tokens: Used within a specific ecosystem to pay service fees, purchase goods, or unlock specific functions.
NFTs (Non-Fungible Tokens): Representing unique assets, such as individual artworks, digital collectibles, property rights, specific orders, etc.
By going on-chain, assets achieve digital twins and even promote digital natives, possessing characteristics such as programmability, divisibility, high liquidity, and 24/7 global trading. The industrial internet thus transcends information interconnection, elevating to value interconnection, forming a value network based on smart contracts where assets can be freely and intelligently traded.
2. The Essence of Coin-Stock Linkage: On-Chain Value Linkage of Enterprise Ecosystem Assets
"Coin-stock linkage" is often intuitively understood as the correlation between the prices of related tokens (usually utility tokens) and the company's stock price through participation in crypto businesses. However, this is merely a surface phenomenon. Its deeper essence is: A company (especially platform-type or ecosystem-type enterprises) tokenizes the core value units within its ecosystem and builds a new value system on the blockchain that complements and drives the original equity value system.
On one hand, stock on-chain: This is the most direct linkage. Companies can issue part of their equity in the form of security tokens (STOs) on compliant blockchain exchanges. This makes stock trading more efficient and transparent, reaching a broader global investor base.
On the other hand, ecosystem rights on-chain: This is the more imaginative part. For example, an e-commerce platform can issue platform tokens for paying fees, enjoying discounts, participating in governance, and using part of the platform's profits to buy back and destroy the tokens, linking their value to the platform's performance; a gaming company can issue NFTs for its in-game virtual assets (items, land), with game tokens serving as the medium of circulation within the ecosystem's economic system. The company's success reflects the prosperity of the ecosystem, thereby driving up the value of tokens and NFTs; a manufacturing enterprise can tokenize its future production capacity or services, pre-sell them, and lock in demand.
"Coin-stock linkage" is no longer the price fluctuations of two isolated markets but the intrinsic linkage of on-chain asset values at different levels within the same enterprise ecosystem. Equity (on-chain or off-chain) represents the right to claim ownership of the enterprise and future cash flows, while ecosystem tokens represent the rights and utilities of using its products, services, and networks. Together, they form a complete picture of enterprise value. The widespread use and appreciation of ecosystem tokens will enhance the company's fundamentals and profitability, thereby driving up stock prices; conversely, the brand effect and financial strength brought by rising stock prices can feed back into ecosystem construction, promoting token applications. This creates a virtuous cycle of asset value between "on-chain and off-chain."
3. Development Path: The Wave of Asset On-Chain from Financial End to Industrial End
The true development of coin-stock linkage will not remain at the level of financial speculation; it will follow a clear path of gradual penetration from the financial end to the industrial end, ultimately maturing into a Web3-based industrial internet.
Phase One: Financial Assets First, Exploring Compliance Models. This phase starts with the on-chaining of "stocks." Early participants are often tech companies, financial institutions, and venture capitalists seeking innovative financing efficiency. The core task of this phase is to establish a compliance framework, verify technical feasibility, and cultivate market awareness. At this time, "linkage" is more conceptual, serving as a supplementary experiment to traditional capital markets.
Phase Two: The Rise of Ecosystem Tokens, Activating User Networks. As the regulatory environment gradually clarifies and technological infrastructure improves, more companies begin to issue non-security utility tokens or community governance tokens. These tokens are closely tied to their core business, used to incentivize user participation, build communities, and lubricate internal economic systems. For example, social platforms reward content creators, and sharing economy platforms incentivize both supply and demand sides. In this phase, the main body of value creation expands from capital providers to a broad range of ecosystem participants, and the value of "coins" begins to genuinely correlate with the activity level of the ecosystem, resulting in a more substantial linkage with the value of "stocks."
Phase Three: All-Factor Assets On-Chain, Building an Industrial Value Internet. This is the mature stage of development. Based on the first two phases, companies will tokenize a broader range of industrial assets—from raw materials, orders, and accounts receivable to data and intellectual property. Smart contracts will automatically execute complex business logic (such as automatic settlement in supply chain finance, automatic distribution of copyright revenues). The company's balance sheet will evolve into a dynamic "digital asset balance sheet" composed of various tokens. At this point, the "coin" in "coin-stock linkage" has generalized into an "asset token system" for the entire enterprise and even the industrial chain. Stocks are merely a foundational equity certificate within this vast token economic ecosystem. The industrial internet ultimately achieves a leap from "information internet" to "value internet," becoming an open, transparent, and composable Web3 network.
4. Multiple Risk Challenges
The development process of this grand blueprint will not be smooth sailing; it is driven by multiple factors while also facing severe challenges.
Technical risks, including security issues such as smart contract vulnerabilities, blockchain network attacks, and private key loss, remain a looming sword of Damocles. The stability and security of the system are lifelines.
Compliance and regulatory challenges are the greatest sources of uncertainty. How to define the legal attributes of tokens (are they securities, commodities, or utility certificates)? How to cope with the fragmentation of global regulation? How to implement anti-money laundering (AML) and know your customer (KYC) measures? Solving these issues requires long-term, in-depth communication and collaboration between enterprises and regulatory agencies.
Market and financial risks: The on-chain asset market is still immature, potentially facing issues such as insufficient liquidity, price volatility, and market manipulation. How to apply the mature experiences of traditional financial risk management in a decentralized environment is a new challenge.
Cognitive and talent gaps: Traditional industry leaders have a shallow understanding of Web3, and there is a severe shortage of composite talents who possess industry knowledge, financial experience, and blockchain technology, which will become a limiting factor for the speed of transformation.
Challenges of business model integration: Not all companies are suitable for issuing tokens. Designing a reasonable and sustainable token economic model that organically integrates with existing business models rather than conflicting with them is a significant test of the company's innovation capabilities.
Coin-stock linkage is by no means a fleeting capital game but a profound prelude to transformation that begins in finance and ends in industry. It reveals that asset on-chain is an inevitable path for the deepening development of the industrial internet. By tokenizing the core value units within the enterprise ecosystem—from financial rights to product services—we are building a value collaboration network that is more efficient, fairer, and more open than the current internet.
This process is destined to be gradual and full of challenges, but the direction it represents is clear. When assets can flow and trade intelligently and seamlessly around the world like information, the truly meaningful industrial internet we envision—namely, the global value internet based on Web3—will arrive. In the future, coin-stock linkage will no longer be a concept that needs to be deliberately emphasized but rather a natural and inevitable underlying law of that new economic ecosystem.
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