Why Are Tokens Exchanged? The 'T-C-T′' Model Derived from Marx's 'Capital' (Episode 11 of 'So That's How Blockchain Works')

In this podcast, Yoshihiko Uchida, who has a background in bank supervision at the Bank of Japan and the Financial Services Agency and currently teaches blockchain at Shunan University, Yuya Sakai, a founder of a gourmet app who has built a Web3 business by combining blockchain with Web2 services, and Shinya Otsuga, deputy editor of the crypto media "Atarashii Keizai," introduce essential knowledge about blockchain.

In this 11th episode, we build on the foundation of "What is a Token?" developed in previous episodes, starting from Marx's general formula of capital presented in 'Capital': "M-C-M' (Money → Commodity → Increased Money)." We delve into the essence of tokens, confirming that only labor as a commodity increases value through a "life-risking leap," and how money self-reproduces through the surplus value generated from it.

Furthermore, we contrast the value system of an era where "survival" was paramount with the modern era, where basic human rights are protected and the question of "living better" arises, raising the issue that contemporary capitalism may be discarding values that cannot be measured by money as "invisible things."

From this, we presented the "T-C-T'" model, replacing the money in M-C-M' with tokens. Tokens are defined as "Money (M) + Narrative (U)" and can be increased along various axes such as taste, health, environment, and service, representing an objective value that can be counted with the agreement of at least two people. Through examples like McDonald's smile for zero yen and the tipping culture, as well as carbon credits that lose their original purpose once monetized, we explored the potential of measuring and circulating the "invisible values" discarded by money through tokens.

The next episode, the 12th, is scheduled to be released on August 4, 2026.