加密经济协议其中一个最强大的特征是能够形成激励结构，让每一个人不受限制地为共享目标做出贡献。通过微调，这类激励结构可以实现大规模的协同工作，促进特定目标的实现。
这代表着资本形成功能的逐步改善。
迄今为止，绝大多数加密创新都集中在数字社区和经济协调上；然而，代币也为超越数字世界，扩展到物理世界的资本形成和人际协调创新创造机会。
我们将这个理论称为“物理工作证明”。符合这一理论的协议会激励人们从事可验证的工作，构建现实世界的基础设施。与有形基础设施建设的传统资本形成形式相比，这些不受限制、可信和中立的协议具有以下特征：
- 可以更快地建设基础设施——速度往往要快10到100倍
- 更符合超本地化市场需求
- 更具成本效益
在此主题下，我们的第一项投资是Helium。Helium是激励人们建立和管理微蜂窝塔等物理电信网络的加密经济协议。Helium网络由挖掘Helium协议的原生代币HNT的“主机”构建，以换取通过网络创建覆盖范围和传输数据。Helium网络于2019年8月启动，在两年半时间里已发展到60多万热点，目前在全世界范围内提供连接和覆盖。
相比之下，整个美国电信业拥有417,000座蜂窝塔，估计全世界蜂窝塔总数在300-800万座之间。Helium网络在30个月内达到类似规模，原因是它强大的激励能力鼓励人们在全世界建立网络。中心化公司通过自上而下的严格流程建立网络，但分散化加密经济协议能够以自下而上的方式在世界各地实现更快地增长。
在规模或能力上，Helium热点仍不及公司建设的蜂窝塔，但其实也并不需要。Helium网络通过更多热点来弥补，这些热点的部署成本远低于竞争对手。不受限制的加密经济协议依赖冗余提供网络级可靠性，只有个别网络节点不可靠。传统电信网络在建造新的蜂窝塔时需要承担劳动力成本，而Helium网络的劳动力成本为0。这种非对称优势使Helium能够在新的维度上与传统电信竞争：Helium网络由更高密度的小型天线组成。
我们最近宣布投资Hivemapper，这是另一个通过加密激励机制从数字跨越到现实领域的协议。Hivemapper是通过行车记录仪构建的分散地图，是地图构建方式的根本转变。
Google和Apple地图中的街景照片由其雇员用带有3D相机的专门汽车拍摄。这些汽车每天需要工作超过12小时，但Google和Apple的地图仍经常过时。这些汽车和司机成本太高，企业无法一直投入资源。因此，并没有实时地图，或接近实时地图的产品。
Hivemapper将测绘工作外包给已经拥有“足够好”硬件的个人，这种新方法以更高频率和更低成本更新地图。世界上每天都有数亿人开车。想象一下如果有1%的驾驶者在行驶时对周围道路进行测绘。地图将在几个小时或几天内覆盖每条新的高速公路、小型企业、附近街区和路面凹坑。只有Hivemapper的原生代币HONEY才能激励人们不断向其地图提供更新信息。
Hivemapper不仅仅限于街道地图，街道地图只是其起点。该网络还可以收集和测绘其他类型的数据，例如空气污染、无线覆盖质量、噪音、天气等。很显然，Hivemapper能够以低于苹果和谷歌的成本创建地图。由此，物理工作量证明自然也适用于其他使用案例。
Helium和Hivemapper仅仅是使用加密激励机制弥合物理和数字世界的其中两个协议。Multicoin Capital对这个领域很感兴趣，相信设计空间非常广阔。我们还认为，这是以新的资本形成形式破坏高资本支出业务模式的最佳机会。
有些人可能会认为，这种协调模式可以以不加密的方式推广，回报配合者的股票协议和奖励在大多数中心化组织中已经存在。然而，加密经济协议拥有以下五项关键优点：
- 快速规模化——不受限制的无边界协议可以在许多国家和地区内同时发展。
- 可信中立--可信中立网络向利益攸关方保证，这些规则不能被任意改变。
- 集体所有--是用户拥有，能够产生忠诚、调整激励措施，并推动增长的系统。
- 无成本付款——区块链允许进行点对点微额付款，而传统付款系统无法支持。
- 与DeFi rails接轨——DeFi rails可通过自动化市场制造商提高流动性。随着时间的推移，我们还期望物理工作量证明网络能够利用其他可组合的DeFi原生工具，包括NFT市场、社交代币、衍生品等。
鉴于人类社会几百年来在中心化资本形成方面所具有的集体经验，自然倾向于以中心化方式解决这类问题，由单一公司决定谁、什么时候、在哪里以及如何得到补偿。我们认为，在互联网时代，这种模式已经过时。对于一个作出中心化规划，并酌情补偿利益攸关方的公司，其有效性永远比不上在自由市场供需情况下扩大规模并补偿其最具生产力行为人的适当设计的无限制网络。
小型个人经营者迄今为止还没有能力在大规模基础设施（如电信、测绘、电网、第三方物流等）上与大公司竞争。物理工作量证明是企业运营和规模扩大在模式上的转变。加密经济协议使得人们可以在不需要中心化、交纳租金的情况下协调经济活动，并将帮助这些行业从公司建制转向品质资本主义和更自由的市场。
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