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[Japanese translation] The tech landscape surrounding distributed ledgers 日本語

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Special thanks to Kevin Takaoka for providing the Japanese translation of this presentation. This is an abbreviated presentation based on R3CEV research first publicly shown at the Gaiax – Blockchain University event “Blockchain Summit” held in Tokyo on December 18, 2015: http://gaiax-blockchain.com

All citations and references can be found here: http://www.ofnumbers.com/2015/12/19/the-evolving-distributed-ledger-tech-landscape/

Copyright R3CEV 2015 All Rights Reserved

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[Japanese translation] The tech landscape surrounding distributed ledgers 日本語

  1. 1. Private & Confidential Overwhelmingly fluid as of December 2015 The tech landscape surrounding distributed ledgers 分散型レッジャーを取り巻く技術環境
  2. 2. R3: Blockchain University session in Tokyo One outside view combines both cryptocurrency startups – that are building consumer-facing virtual currency-related products – together with non- cryptocurrency, distributed ledger companies such as those catering to capital markets. 暗号通貨スタートアップ(消費者用デジタルカレンシー)と暗 号通貨から切り離された分散型レッジャースタートアップ(資 本市場用)がしばしば混同される 2
  3. 3. R3: Blockchain University session in Tokyo 3
  4. 4. R3: Blockchain University session in Tokyo In practice there is a wide gulf between the services that a Bitcoin-only company like Coinbase provides versus a distributed ledger software provider like Chain.com currently does. ビットコインだけの企業(Coinbaseなど)と分散型レッジャー プロバイダー(Chainなど)との間には大きな違いがある 4
  5. 5. R3: Blockchain University session in Tokyo While it may change as the industry matures, many other analysts also still lump all distributed ledger- related companies into “Bitcoinland” 今のところ多くのアナリストは、この分散型レッジャースタート アップを「ビットコインの仲間」だと思い込んでいる 5
  6. 6. R3: Blockchain University session in Tokyo On October 8, 2015 6
  7. 7. R3: Blockchain University session in Tokyo On November 2, 2015 7 ビットコインスタートアップへの投資額が10億ドルに
  8. 8. R3: Blockchain University session in Tokyo But there probably has not been $1 billion invested in Bitcoin-specific companies as an aggregate (yet). Cannot conflate cryptocurrency-dependent startups with companies using or building non-cryptocurrency- based distributed ledgers. They are not the same thing. しかし、ビットコインに限定したスタートアップへの投資額が10億 ドルと言うのは正確ではない ビットコインスタートアップと分散型レッジャースタートアップは異 なる 8
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  10. 10. R3: Blockchain University session in Tokyo 以下はシリーズA以降までのファンドを得た「ビットコイ ン」スタートアップ (e) stands for “exchange” Abra: ($14 m) BitPay: ($32.5 m) (e) Circle: ($76 m) (e) Huobi: ($10 m) (e) Ripple Labs: ($38.47 m) Align Commerce ($12.5+ m) Bitstamp: ($10 m) (e) Coinbase: ($106 m) (e) itBit: ($28.25 m) (e) Shapeshift: ($2.13 m) (e) Bitex.la: ($4 m) (e) BitX: ($4.82 m) Coinplug: ($8.3 m) (e) KnC: ($29 m) Spondoolies: ($10.5 m) BitFlyer: ($6.94 m) (e) Blockchain.info ($30.5 m) Coinsetter: ($1.9 m) (e) Korbit: ($3.4 m) (e) Uphold, formerly Bitreserve: ($14.6 m) (e) BitFury: ($60 m) Blockstream: ($21 m) Cryex: ($10 m) (e) Kraken: ($6.5 m) (e) Vogogo ($21 m) BitGo: ($14 m) BTCC, formerly BTC China: ($5 m) (e) Filament: ($6.2 m) Mirror, formerly Vaurum: ($12.8 m) (e) Xapo: ($40 m) (e) BitGold: ($5.3 m) ChangeTip: ($4.25 m) Gem.co ($10 m+) OKCoin: ($11 m) (e) 21inc: ($121 m) Bitnet: ($14.5 m) Chain: ($43.7 m) GoCoin: ($2.05 m) (e) Peernova: ($19 m) 合計: $875 m 10
  11. 11. R3: Blockchain University session in Tokyo More than meets the eye 表には表れない事実 11
  12. 12. R3: Blockchain University session in Tokyo Observations 状況 Before looking at pivots: 分散型レッジャーが注目される前 – Ignoring for the moment the long-tail of seed stage firms that failed to gain traction (which likely represents around $75-100m in funding over the past 3 years) 失敗に終 わっていった数多くのシードステージスタートアップ(おそらく過去三年で$75-100百万ほど) – Ignoring the unannounced Series A rounds (BP) 発表されていないシリーズA – Also ignores the unannounced funding for Chinese mining/exchanges 中国のマイニングやエクスチェンジマーケットへのファンディング The majority of Series A or higher startups (20 out of 39) began or currently are, some kind of virtual currency exchange and/or custodial wallet. 半数以上(39のうち20)のシリーズA以降スタートアップはデジタルカレンシーエクスチェンジあるい はウォレット A significant portion of the funding also went towards “mining” related companies, but those do not really build the software-side of the ecosystem. Mining is a forex play: a short on local fiat and long on cryptocurrency. 多くの資金はまたマイニングスタートアップにも流れたが、ソフトウェアのエコシステム作りには寄与 せず(マイニングは現金を売り、デジタルカレンシーを買うトレード) 12
  13. 13. R3: Blockchain University session in Tokyo 以下多くの会社はビットコインスタートアップから脱却 リブランドあるいはさまざまな方法でピボット(転換) Abra ($14 m) originally launched as a “rebittance” company, still claims to use the Bitcoin network but the word Bitcoin does not appear on its homepage Vogogo ($21 m) the word Bitcoin does not appear on its frontpage BitGold ($5.3 m) pivoted from Bitcoin last December Gem.co ($10 m+) recently pivoted from cryptocurrency-only to a “blockchain” agnostic service provider like Chain; the word bitcoin does not appear on its homepage Bitreserve ($14.6 m) rebranded as Uphold and now vocally moving away from Bitcoin BTC China ($5 m) still focused on its virtual currency exchange renamed itself as BTCC to move further abroad into the international marketplace ChangeTip ($4.25 m) removed the word Bitcoin from its frontpage, now focused on USD-denominated tips itBit ($28.25 m) in addition to running its virtual currency exchange, they also launched the Bankchain initiative this past summer Chain ($43.7 m) after closing its recent B round, remarketed from Bitcoin-only and removed the word Bitcoin from its frontpage except in the headlines of past news articles DAH ($35mil est) originally planned on using the Bitcoin blockchain but broadened its scope during the summer after acquiring Hyperledger; the word Bitcoin does not appear on its homepage although it still uses the Bitcoin network for certain product launches (like Pivit) Circle ($76 m) slightly rebranded after receiving a Bitlicense; its new 60 second ad does not use the word Bitcoin Symbiont originally used the Counterparty platform and the Bitcoin network as part of its financial service, but has now built a permission-based system Cryex ($10 m) the word Bitcoin does not appear on its frontpage Align Commerce ($12.5m), Serica, Melotic and many others do not use the word Bitcoin on their homepages yet still use the Bitcoin network for some lines of business Mirror, formerly Vaurum ($12.8 m) the word Bitcoin does not appear on its frontpage (but does on some older blog posts) Several East Asian exchanges have quasi-pivoted (but not announced) into traditional fintech Peernova ($19 m) originally a Bitcoin mining company that is no longer affiliated with Bitcoin at all Ripple while it has deep ties to the cryptocurrency wing (via XRP), it is not a “Bitcoin” company 13
  14. 14. R3: Blockchain University session in Tokyo Is this splitting hairs? When drilling down, over the past year these specific pivots represent roughly $100 million of funding that is now focused on non-cryptocurrency distributed ledgers 一見些細だが実は重要 過去一年間のこうしたピボットはおよそ$100Mファンディングを占めており、 スタートアップは分散型レッジャーに衆力し始めている 14
  15. 15. R3: Blockchain University session in Tokyo 倒産(デッド)/死に体(ゾンビ):過去一年 デッド: Bonafide Cavirtex (shut down and acquired by Coinsetter) Vault of Satoshi Buttercoin Yacuna Harborly Swarm Sator Square CoinTerra Tembusu ゾンビ: Bitpay (laid off half of employees) Coinsetter (one person left) AtlasATS TruCoin Magnr, formerly BTC.sx Coinarch LedgerX 15
  16. 16. R3: Blockchain University session in Tokyo Why have they pivoted or rebranded? That is an entirely different presentation but the main reason is that: consumer adoption and global uptake has been marginal across the board (which is one of the reasons why none of the “big” companies post actual usage statistics). なぜ多くのスタートアップはピボットまたはリブランド? 結局消費者が使うメリットが乏しく、世界規模での理解も得ら れていない 16
  17. 17. R3: Blockchain University session in Tokyo What does the real “blockchain” or “distributed ledger” landscape look like then? 本当のブロックチェーン=分散型レッジャーとはなにか 17
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  19. 19. R3: Blockchain University session in Tokyo Is the word “blockchain” a euphemism for “virtual currency?” ブロックチェーンはデジタルカレンシーの遠回し表現か? To some venture capitalists it is a “code word” but only 5 of those companies above are still affiliated with Bitcoin in a non-marginal manner (Blockstream, itBit, Tradeblock, DAH, AlphaPoint). そういう人もいるが、前頁スタートアップのうちビットコインに大きなリ ソースを割いているのは以下の五社のみ(Blockstream, itBit, Tradeblockk, Digital Asset Holdings, AlphaPoint) Many other companies are not trying to create convertible virtual currencies. 他の多くもデジタルカレンシーを作ることには注力していない 19
  20. 20. R3: Blockchain University session in Tokyo Building infrastructure インフラ設計 20
  21. 21. R3: Blockchain University session in Tokyo 下層レイヤーを作っているスタートアップ SETL (London) DAH (NYC) TradeBlock* (NYC) Ripple Labs (SF) itBit (NYC) Overstock/T0 (Utah) Peernova* (San Jose) Symbiont (NYC) Blockstream (San Mateo / Montreal) Chain (SF) Clearmatics (London) Dwolla (SF) OpenChain (Dublin) Monetas (Switzerland) Ascribe* (Berlin) MultiChain (Israel) DiQi (Taipei) Cambridge Blockchain (Boston) GuardTime (Brussels) Tendermint (SF) AlphaPoint (NYC) Credits (Isle of Man) Far Horizon Capital (Thailand) Pactum/Uledger (Kosovo) INFRA Project (Ukraine) Stellar (SF) Domus Tower (SF) And various altcoins Total funding: collectively raised or trying to $200 million in aggregate Total employees: collectively about 500 people 21
  22. 22. R3: Blockchain University session in Tokyo 22
  23. 23. R3: Blockchain University session in Tokyo アプリケーションレイヤー • Hitfin (E) • Skuchain • Provenance (B) • Ldger (R) • Eris (E)/(TM) • String (E) • Vennd (CP) • Fluent (OA) • Wave (B) • OTDocs (NXT) • Manifold • Everledger (E) • Chronicled (B) • Epiphyte (B) • Tierion / Factom (B) • BlockApps (E) • Cobalt (TM) • Monetsu • More than a dozen others 23
  24. 24. R3: Blockchain University session in Tokyo 新しいエコシステムにおけるそのほかのスタートアップ APIスタートアップ(ピボットあるいは新規サービス追加): BlockCypher and Gem デベロッパー向けサービス: AppliedBlockchain, B9, Cryptonomex, DX Markets, MetaLair, EthCore, ConsenSys, Levvel, Brainbot (Hydrachain), Emercoin, Cryptiv 資産移転: Otonomos, Digix, MarketX, Liquidbricks/Securrency (R), Estatecreate, Kynetix 大規模コンサルティングファームやソフトウェアベンダーもブロックチェーンチームを形成し 始めてきている: Microsoft (BaaS), PwC, Tata, Accenture, E&Y, Deloitte (Rubix), The Linux Foundation Open Ledger Project (IBM, Cisco, Intel, VMware) 24
  25. 25. R3: Blockchain University session in Tokyo This also does not include a number of very small pre-seed startups that have arisen over the past couple of months. 実はこの数か月で出現してきているプレシードの多くのスタートアップ も含まれていない Or other orthogonally-related companies looking for some kind of partnership as it relates to hardware wallets, multisig, IoT and data analysis (e.g., Case, Ledger, Sig3, Rivetz, Filament, Slock.it, Blockseer, Chainalysis, Coinalytics, etc.). また、ハードウェアウォレット、マルチシグ、IoTやビッグデータにまつ わる会社も出てきている(e.g., Case, Ledger, Sig3, Rivetz, Filament, Slock.it, Blockseer, Chainalysis, Coinalytics, etc.) 25
  26. 26. R3: Blockchain University session in Tokyo What about common standards? An internal random sampling of 11 startups in this ecosystem showed a strong desire to work with an open standard instead of creating many new proprietary versions. 共通点は? 11のスタートアップをこれらからランダム抽出してみてわかる のは、独自のシステムを構築して提供するのではなく、既存 企業と協力しながらオープンスタンダードを作ることに注力し はじめている 26
  27. 27. R3: Blockchain University session in Tokyo What should your financial institution ask startups? デューデリジェンス:スタートアップに求めるべきもの Due to the amount of the confusing pivoting and rebranding that has taken place, some important questions while doing due diligence: 複雑なピボットやリブランディングが起こっているため以下の基準が重要 – Many “lost” startups that look for use-cases without understanding the existing financial services industry: why is your startup using a blockchain in the first place?現在のファイナンスサービスの理解なくユー スケースを求めないスタートアップは失敗する→そもそもそのスタートアップ は何のためにブロックチェーンを使っているのか – Is your system designed so that settlement occurs “through” the ledger versus settlement “on the ledger”? レッジャーを通じて取引を成約させた いか、レッジャー上に取引を記録したいか? 27
  28. 28. R3: Blockchain University session in Tokyo Diligence cont’d (続き) – What blockchain or distributed ledger is your startup currently using? Is it based off a public blockchain, does it need to use a cryptocurrency? • Blockchain-agnostic is a gimmicky term; you cannot always port an app from Ethereum and immediately use it on Bitcoin and vice-versa (e.g., OP_RETURN is too small) どんなブロックチェーンや分散レッジャーを使っているか?ビットコインなら、ビットコインを 使わなければいけない理由は何か?スタンスを取らない、というところは怪しい。 Ethereumを使えばBitcoinに簡単には移行できない – How robust are the transaction management capabilities of your system; does it meet a wide array of non-functional requirements (e.g., life cycle event tracking, trade reporting, margining, collateral management, identity management)?現状システムの 取引管理能力がどれほど高いか?機能的な面ではない要件もみたいしているか(例:ライ フサイクルイベントトラッキング、マージニング、担保管理、アイデンティティ) – Have you modeled out how your system or application will integrate with existing infrastructure?既存のシステムやアプリケーションが今存在しているインフラにどのように 当てはまるかモデルが組めているか? 28
  29. 29. R3: Blockchain University session in Tokyo Questions or comments? tim@r3cev.com Confidential and Proprietary

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