Tokenisation, gamification and behavioural change
With the ongoing explosion of cryptocurrency altcoins billing themselves as ‘tokens of utility’, it’s strange that the social benefits of token economy system aren’t being discussed with more enthusiasm.
Many people in the crypto world are guilty of focusing on increasing value, and ignoring the positive impacts the new systems we are creating can have with only the smallest of efforts. The most obvious of these systems we can easily apply is the model of tokenisation. For the uninitiated, tokenisation is a rewards system in which items of value (tokens) are awarded when certain targets are met, in order to reinforce positive behaviour. The strengths of these systems come from their simplicity, the fact they use positive reinforcement, and their ability to subtly influence long-term behavioural change.
Examples of these systems already exist everywhere, most commonly in schools in the form of things like gold stars and smiley faces to track children’s behaviour or learning progress. More commonly, such systems are labelled as ‘gamification’, adding a competitive and community element to tasks and activities. While stars and smiley faces might work well to get children to behave better, adults require something a bit more tangible — financial incentive. The crypto sector is already awash with competitions where people can win tokens, but here at Energi Mine we’re attempting to do more by creating a tokenised reward system at the very heart of our business.
We are looking to combine the untapped tokenisation synergy in the crypto sector with the dire need for the positive change it can bring in the energy sector and wider society. Similar systems have been quietly changing people’s behaviour for years already. For example, governments the world over have begun to regulate the sale of plastic bags, requiring people to pay a small amount of money per bag in order to discourage their use, and nudge them towards re-usable bags. This has resulted in a huge reduction in disposable plastic bags wherever such policies exist.
Recently, we’ve seen successful government ‘deposit’ schemes introduced in several countries for single use plastic and glass bottles. This involves increasing the price of products using bottles by a small amount, that can later be refunded when the bottles are recycled. At face value it may seem as if the deposit scheme is a costly method of achieving change. However, it is ultimately cost-neutral for the consumer if they adapt. This minor change is a price worth paying for the protection of our invaluable marine environment. If Norway is capable of recycling 94% of its single use plastics, we should easily be able to do the same.
There is little doubt that financial incentivisation works. When faced with a financial penalty or a change in behaviour, people will adapt in order to avoid having to pay. Energi Mine seeks to build on this fundamental of human nature by actively rewarding people with Energi Tokens (ETK) when they engage in energy saving behaviour. For example, phase one of the ETK rewards app will enable owners of electric vehicles to upload proof of purchase documentation to claim tokens, giving them the option to earn a financial reward for doing the right thing for the environment.
This is only the beginning. Soon, the Energi Token system will financially reward people for other types of energy saving behaviour, such as using public transport and buying energy efficient appliances to cut energy consumption. ETK has financial value that creates a ‘profit’ motivation for consumers to conserve energy. This results in people who are naturally motivated to save energy due to the financial reward. Positive behaviour traits gradually become unconscious actions, subtly teaching good behaviour without being heavy-handed.
For more information about EnergiToken and its energy-saving reward scheme, please visit www.energitoken.com, follow on Twitter at @EnergiMine or join the Energi Mine Telegram group.
