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Initial Commons Offering for Integral Blockchain

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Initial Commons Offering for Integral Blockchain

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What is Integral Blockchain?
Commons based Peer Production
Initial Coin Offering / Initial Commons Offering
Protocol Cooperativism
ICO Trend / ICO Ecosystem
Token Economy Design Guide
Algocratic Governance
LEX Cryptographica
Crypto Catallaxy

What is Integral Blockchain?
Commons based Peer Production
Initial Coin Offering / Initial Commons Offering
Protocol Cooperativism
ICO Trend / ICO Ecosystem
Token Economy Design Guide
Algocratic Governance
LEX Cryptographica
Crypto Catallaxy

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Initial Commons Offering for Integral Blockchain

  1. 1. ‘Initial Commons Offering’ for 『Integral Blockchain』 Jongseung Kim SK Telecom Blockchain Business Development Unit 2018.4.27
  2. 2. Cryptocurrency Market Cap. <Source:https://coinmarketcap.com/charts> Total Market Cap. : $400B ~ $829B
  3. 3. Percentage of Total Market Capitalization (Dominance) <Source:https://coinmarketcap.com/charts>
  4. 4. MITH Coin Chart (bithumb) <Source:https://www.bithumb.com/#> Price 250  28,812  590 !!!
  5. 5. Is Technology Something to Love or Fear? <Source:http://iflas.blogspot.kr/2018/04/integral-technology-in-blockchain.html?m=1> Technological Optimism Technological Pessimism Technological Determinism Technological Neutralism Technological Constructivism Technology and Society Influence Each Other
  6. 6. What is Integral Technology? <Source:http://iflas.blogspot.kr/2018/04/integral-technology-in-blockchain.html?m=1> Technologies need to be more internally and externally coherent. Internal coherence describes how their design does not undermine the intention for their creation. External coherence describes how their design does not undermine the social and political system that they depend upon and which holds technologies. Stakeholder Accountability  Intended Safety Optimal Availability Avoiding Externalities Meaningful Purpose Managing Externalities
  7. 7. The Need of ‘Blockchain for Good’ <Source:https://www.weforum.org/agenda/2018/04/blockchain-survive-backlash-social-purpose-jem-bendall> Is it appropriate for people apparently seeking economic justice and equal opportunity to use a blockchain in which only heavily invested actors receive new tokens? Is it appropriate for those seeking to put a new medium of exchange in the hands of the masses to use a blockchain whose tokens are mostly hoarded by speculators? Is it appropriate for a carbon emissions reduction project to use a blockchain which emits as much CO2 as a small country? Most blockchain projects bolt a purpose onto code and governance systems that were designed without public interests in mind.
  8. 8. What is Integral Blockchain? ‘Integral Blockchain’ initiatives aligns its codebase and internal governance with positive social and environmental outcomes. These projects strive to be an integral part of a healthy society, rather than ends-in-themselves. <Source:https://www.weforum.org/agenda/2018/04/blockchain-survive-backlash-social-purpose-jem-bendall> Holochain Local Pay Meaningful Services to Humanity
  9. 9. The Battle Over the Institutional Ecology To what extent will resources necessary for information production and exchange be governed as a commons, free for all to use and biased in their availability in favor of none? Substantial Redistribution of Power and Money Property, together with contract, is the core institutional component of markets, and a core institutional element of liberal societies. Commons are another core institutional component of freedom of action in free societies, but they are structured to enable action that is not based on exclusive control over the resources necessary for action. <Source:YochaiBenkler,‘TheWealthofNetworks’,2006>
  10. 10. Commons-based Peer Production A new modality of organizing production based on sharing resources and outputs among widely distributed, loosely connected individuals who cooperate with each other without relying on either market signals or managerial commands Decentralized Collaborative Nonproprietary Depending on individual action that is self-selected and decentralized, rather than hierarchically assigned <Source:YochaiBenkler,‘TheWealthofNetworks’,2006>
  11. 11. 4 Types of Commons Open Commons Limited-access Common Resources Open Access Regulated Commons <Source:YochaiBenkler,‘TheWealthofNetworks’,2006>
  12. 12. Currencies of the Commons <Source:CharlesEisenstein.‘SacredEconomics’,2011> Decentralized Self-Organizing Emergent Peer-to-Peer Ecologically Integrated
  13. 13. Value Systems of Commons Functional Value Ideological Values Social Value Technical Value (Utility) Objectively Quantifiable Emotional Value (Social Capital) only be Qualitatively and Subjectively Assessed Abstract Value (Freedom, Autonomy, Cooperation etc.) Transcendental Character (Ethical or Moral Principles) <Source:PremaveraDeFilippi,‘TranslatingCommons-BasedPeerProductionValuesintoMetrics’,2015>
  14. 14. Commons based Cryptocurrency <Source:https://coinmarketcap.com/charts> Created with a view to support, promote, or incentivize ‘Commons based Peer Production’ Incentivize the members to work for the community and make the community network self-sustainable
  15. 15. From Coin to Commons Initial Coin Offering Initial Commons Offering
  16. 16. Protocol Cooperativism BEYOND PLATFORMS : PROTOCOLS * Protocol : Language, Convention, Standard <Source:https://platform.coop/stories/protocol-cooperativism> Platform company model is not one that takes full advantage of the potential to have a truly distributed network. They still have a central platform operator at their core, providing coordination, quality assurance and, most essentially, trust. However, it is possible to go beyond platforms to protocols – to commonly agreed ways of operating. “Blockchain based Protocol”
  17. 17. ICO Ecosystem Cryptocurrency Exchange Investor (Wallet Address) ICO Foundation (Wallet Address) Blockchain Start-up ICO Consulting Company Blockchain System Delivery Delivery/Operation Fee Ether/ Bitcoin Donation New Token Sales Listing Fee(?) Listing Fiat Money Crypto- currency Service Fee Legal/ Financial Advice
  18. 18. Different Fundraising Types <Source:NikolausLipusch,‘InitialCoinOfferings’,2018> Transaction Costs Intermediation Low High High ICO Crowd- funding VC IPO
  19. 19. ICO Funding Trend <Source:https://www.coindesk.com/ico-tracker> All-Time Cumulative Funding : $12.11B
  20. 20. ICO Funding Size & Number <Source:https://www.coindesk.com/ico-tracker> 343 202$6.33B$5.48B 1Q1Q
  21. 21. What is Token? <Source:MelanieSwan,‘BlockchainEconomics’,2018> Token : A complicated and feature-rich form of money, and a tool for enabling participants - Programmable functions built into tokens : access, voting, action-taking, fundraising, dividends, notification, participation, liquidity. (tradability, exchangeability) Tokenization : Process of turning an asset, right, or digital good into an interchangeable unit to power an ecosystem Participation Voting Choosing Resource Access
  22. 22. Tokens-Regulations (Swiss FINMA Guideline) <Source:https://www.finma.ch/en/news/2018/02/20180216-mm-ico-wegleitung> Payment Tokens Utility Tokens Asset Tokens are synonymous with cryptocurrencies and have no further functions or links to other development projects. Tokens may in some cases only develop the necessary functionality and become accepted as a means of payment over a period of time. are tokens which are intended to provide digital access to an application or service. represent assets such as participations in real physical underlyings, companies, or earnings streams, or an entitlement to dividends or interest payments. In terms of their economic function, the tokens are analogous to equities, bonds or derivatives.
  23. 23. Token Classification Framework Technical Layer Blockchain-native Token, Non-native Protocol Token, dApp Token Legal Status Utility Token, Security Token, Cryptocurrency Underlying Value Asset-backed Token, Network Token, Share-like token Purpose Cryptocurrency, Network Token, Investment Token Utility Usage Tokens, Work Tokens, Hybrid Tokens <Source:http://www.untitled-inc.com/the-token-classification-framework-a-multi-dimensional-tool-for-understanding-and-classifying-crypto-tokens> Cryptographic Token
  24. 24. Price-Stable Cryptographic Token <Source:https://hackernoon.com/stablecoins-designing-a-price-stable-cryptocurrency-6bf24e2689e5> Fiat- Collateralized Crypto- Collateralized Non- Collateralized 100% price-stable Simplest Less vulnerable to hacks Centralized Expensive and slow liquidation into fiat Highly regulated Need regular audits Ex) Tether, TrueUSD, Digix Gold More decentralized Can liquidate quickly and cheaply Can be used to create leverage Less price stable than fiat Tied to the health of a particular cryptocurrency Inefficient use of capital Ex) BitUSD, Dai No collateral required Most decentralized and independent Ex) Basecoin Require continual growth Most vulnerable to crypto decline Difficult to analyze safety bound or health
  25. 25. Token Archetypes <Source:http://www.untitled-inc.com/the-token-classification-framework-a-multi-dimensional-tool-for-understanding-and-classifying-crypto-tokens> Commons based Cryptographic Token
  26. 26. Design of Tokenized Ecosystem <Source:https://blog.oceanprotocol.com/towards-a-practice-of-token-engineering-b02feeeff7ca> Game Theory Mechanism Design Analyzing incentives from an economic standpoint Synthesizing incentivized systems Token Engineering for Social Commons
  27. 27. Token Economy Design Rule for ICO <Source:https://blog.icofunding.com/tokens-and-tokenomics-the-magic-of-icos-a7a886ca323c> The Discount Exclusive Membership Network Effect Disintermediation Data Monetization Payment System Token Supply and Demand  Provides a significant advantage to users of the tokens  Incentivises users to be early adopters of the token  Incentivises players to bring new users to the ecosystem  Is appealing to token buyers at the ICO in their “speculative” role, as something that will appreciate if the project gets traction
  28. 28. Tokenized World Asset Servitization Asset Tokenization Social Value Realization Consensus Algorithm Issuing Token Commons based Cryptographic Token
  29. 29. Governance Shift (From Rule of Law to Rule of Code) Bureaucratic Governance rule of office Panotic Governance rule of gaze Algocratic Governance rule of code Bureaucratic Paper-based System  Technologically driven Code-based System (for Anti Monopoly, Decentralized Authority) <Source:A.Aneesh,‘TechnologicallyCodedAuthority:ThePost-IndustrialDeclineinBureaucraticHierarchies’,2002>
  30. 30. Code as Law “LEX Cryptographica” ‘Autonomous’ Code-based Rules “By relying on blockchain technology, governments could regulate society more efficiently by reducing the costs of regulatory compliance and law enforcement, automating laws, while simultaneously reducing the degree of uncertainty that is inherent in the legal prose.” - Primavera De Filippi, <Blockchain and the Law>
  31. 31. Cases of Algorithmic Governance Decentralized Autonomous Organization Smart Term Sheet, Due Diligence 2.0 (Hogan Lovells)
  32. 32. Crypto-Catallaxy Spontaneous Order Mutual Adjustment Spontaneous Organization ‘Game of Catallaxy’ (F. A. Hayek) Commons-based Cryptocurrency Algocratic Governance Social Decentralism
  33. 33. “Omnia Sunt Communia” - Thomas Müntzer

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