Chicago University/Ecole Polytechnique Economist Philippe Février joins IOV project

Philippe Février, the Chief Economist who previously directed the industrial organization department in CREST, the Center for Research in Economics and Statistics, has joined IOV with a team of data scientists pulled from some of the most prestigious global research institutions. They aim to solve major industry challenges by developing economic models that will help IOV target a blockchain enterprise services market which Gartner estimates will grow to $176 Billion within the next five years.

Février’s career first achieved fame in 2003 when during a Fulbright Grant he authored his PhD dissertation on “A Theoretical, Empirical and Experimental Study of Multi-Unit Auctions,” which received the French Association of Economics Prize for the best French thesis of that year. In addition to holding a directorship at CREST, since then he has received over 200 citations for various published articles, has taught at notable institutions such as The University of Chicago, the Ecole Polytechnique, and the ENSAE, and has participated in private industry research studies spanning advertising, media sales, and transportation logistics.

His academic specializations include auction design, contract theory, anti-collusion and game theory, and empirical industrial organization. Février points out that “working on blockchains is an opportunity to design a new economic model.” He continues: “Entering this industry with IOV is exciting, because IOV has the ambition to create and structure a global ecosystem in which all blockchains are linked together and interoperable. I believe IOV, through its vision and technology, has the potential to revolutionize the blockchain industry. The exchanges will be more fluid and accessible for all kinds of firms and users, and the market much wider. I am happy to be in a position to structure a model that will have a global and positive impact for the whole economy.”

According to a trend insight report by Gartner, which is one of the world’s leading research and advisory companies (Gartner, Inc.: NYSE IT), within the next 5 years blockchain will be a $176 Billion market as corporations integrate it into their business models. Thousands, and soon millions of independent blockchains will be created, introducing their tokens and coins.

As the blockchain market matures, so likewise must the economy built on digital assets. Many key questions remain open. How, for instance, will this new economy of tokens and coins be designed? Who will define the pricing or long term viability of the token? How do we control speculation and volatility? How will cross-token finance operate? Designing economic models should be an integral component of any blockchain company. Without a proper model of crypto economies, many of them are destined to fail in the long run. Understanding these topics is crucial for the long term success of the blockchain industry as a whole.

IOV proposes a unique economic system based on the Blockchain Name Service, which is equivalent to the DNS (Domain Name Service) of the internet. DNS is crucial for operating the digital economy. The Blockchain Name Service will play a similar role in the Internet of Values created by blockchains. The IOV Token is the staking token of the Blockchain Name Service, and it will be needed to therein register or update the metadata of a blockchain or its associated tokens. But the Blockchain Name Service is efficient only when there is a rational economic model behind it, supporting name auctions along with a market for the millions of blockchains that will be created in the future.

IOV Co-Founder Karim Ganem adds: “A great technology that aims to be massively adopted needs to rely on a solid theoretical framework and mathematical models of economics, so we are happy to start this collaboration with a chief economist to think a model ahead.”

Blockchain will play a fundamental role in creating the economy of the future. Establishing a solid theoretical framework, actualized through soundly designed economic models, is a crucial component to building an Economy of Trust based on blockchain systems. Trust must be built on sustainable economic mechanisms: defined transparently, and executed trustlessly so that fairness and honest behaviour are ensured among participants in the system. IOV recognizes that this is how the blockchain industry should and must operate in order to become adoptable on the massive scale of the enterprise markets it is targeting.

To learn more about IOV, visit: www.iov.one

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