Abstract: Traditional knowledge communities often have such problems as low quality of knowledge sharing and insufficient knowledge incentives. The emergence of knowledge community based on blockchain-token provides a solution for online knowledge incentives. However, the incentive effect of blockchain-tokens is still unclear in practice. To this end, this paper takes the Steemit community as the research object, and analyzes the effect of token incentives in the knowledge community by employing the panel vector autoregression model. The empirical results show that token incentives have a positive impact on the quality of knowledge sharing, but a negative impact on the amount of knowledge sharing. Besides, compared with social interaction, token incentives have a smaller impact on users' knowledge sharing behavior. Based on the above conclusions, this paper analyzes the main reasons and puts forward corresponding suggestions on the token design and knowledge governance for blockchain-based knowledge community.

Key words: knowledge community, knowledge sharing, blockchain, token economy, panel vector autoregression model