Blockchain Crowdfunding: An Introduction - focused on Initial Coin Offerings (ICO)

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The document is a presentation on initial coin offerings (ICOs) which are a new way to raise money for projects using cryptocurrencies. It discusses what an ICO is, how it compares to traditional fundraising, examples like Ethereum and Filecoin which raised $18 million and $257 million respectively, potential issues with scams and lack of regulation, and the general ICO process.

Copyright 2017 Aaron Li
(aaron@qokka.ai)
Copyright 2017 Aaron Li (aaron@qokka.ai)
Blockchain Crowdfunding:
An Introduction
focused on Initial Coin Oﬀerings (ICO)
Aaron Li
aaron@qokka.ai
Dec 5, 2017
https://www.linkedin.com/in/aaronqli/
Topics:

- What is ICO?

- Traditional fundraising / IPO v.s. ICO

- Liquidity, Timing, Rights, Reputation

- Examples: Ethereum, Filecoin

- Issues with ICO

- SEC and ICO scam

- Regulation and laws

- General ICO Process & next talk

Copyright 2017 Aaron Li
(aaron@qokka.ai)
Copyright 2017 Aaron Li (aaron@qokka.ai)
Ethereum, $18M Raised
The ﬁrst* famous ICO (7/2014)
*The ﬁrst (but not famous) ICO is Mastercoin
(renamed to Omni), which raised $500k in 2013

Copyright 2017 Aaron Li
(aaron@qokka.ai)
Copyright 2017 Aaron Li (aaron@qokka.ai)
The biggest ICO (9/2017), $257M Raised

Copyright 2017 Aaron Li
(aaron@qokka.ai)
Copyright 2017 Aaron Li (aaron@qokka.ai)
What is ICO?
a new way to raise money for projects
https://en.wikipedia.org/wiki/Initial_coin_oﬀering

Copyright 2017 Aaron Li
(aaron@qokka.ai)
Copyright 2017 Aaron Li (aaron@qokka.ai)
image source: Starbase whitepaper

Copyright 2017 Aaron Li
(aaron@qokka.ai)
Copyright 2017 Aaron Li (aaron@qokka.ai)
Traditional Fundraising
(IPO, etc.)
ICO
Liquidity Many years or never Usually a few months
Timing
Usually post-product

Many rounds over years
Usually pre-product

Done days after ICO
Rights
Complex

Regulated

Standardised
Simple

Unregulated

Customisable
Reputation
Hard to build

No one cares about you
Viral Growth

Everyone has a stake

Copyright 2017 Aaron Li
(aaron@qokka.ai)
Copyright 2017 Aaron Li (aaron@qokka.ai)
Ethereum ICO
Token Ether (use Bitcoins to buy)
Liquidity
Early 2015 (months after ICO)
Now tradable on every exchange
Timing
2M in 7 hours
18M in 2 months
Rights Run programs, trade
Reputation Building
Second largest cryptocurrency
A landmark in blockchain history

Copyright 2017 Aaron Li
(aaron@qokka.ai)
Copyright 2017 Aaron Li (aaron@qokka.ai)
Filecoin ICO
Token Filecoin
Liquidity Soon
Timing $200M+ in 30 minutes
Rights Store ﬁles, trade
Reputation Building Tons of attention and new contributors

Copyright 2017 Aaron Li
(aaron@qokka.ai)
Copyright 2017 Aaron Li (aaron@qokka.ai)
Initial Coin Oﬀering (ICO)
• Issues, compared to IPO:

• Scammers - e.g. Plexcoin

• No regulations to recover damage

• No supervision
Failures: DAO, and many others

Copyright 2017 Aaron Li
(aaron@qokka.ai)
Copyright 2017 Aaron Li (aaron@qokka.ai)

Copyright 2017 Aaron Li
(aaron@qokka.ai)
Copyright 2017 Aaron Li (aaron@qokka.ai)
Regulation?
https://www.coinbase.com/legal/securities-law-framework.pdf
Answers:

What “coins” are securities?

Why is SEC regulating this?

How to design coins in compliance?

Copyright 2017 Aaron Li
(aaron@qokka.ai)
Copyright 2017 Aaron Li (aaron@qokka.ai)
Initial Coin Oﬀering (ICO)
• Usual Process:

• Get a team & set up a good website

• Write a whitepaper (next talk: about whitepaper)
• Get people to know your team & project

• Design your currency and sell them (i.e. ICO)
*checkout token creation tool: https://openzeppelin.org/

- managing $1.5 billion worth of coins

Copyright 2017 Aaron Li
(aaron@qokka.ai)
Copyright 2017 Aaron Li (aaron@qokka.ai)
Contact
Email: aaron@qokka.ai
LinkedIn: https://www.linkedin.com/in/aaronqli/
LinkedIn QR:

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Blockchain Crowdfunding: An Introduction - focused on Initial Coin Offerings (ICO)

1. Copyright 2017 Aaron Li (aaron@qokka.ai) Copyright 2017 Aaron Li (aaron@qokka.ai) Blockchain Crowdfunding: An Introduction focused on Initial Coin Oﬀerings (ICO) Aaron Li aaron@qokka.ai Dec 5, 2017 https://www.linkedin.com/in/aaronqli/ Topics: - What is ICO? - Traditional fundraising / IPO v.s. ICO - Liquidity, Timing, Rights, Reputation - Examples: Ethereum, Filecoin - Issues with ICO - SEC and ICO scam - Regulation and laws - General ICO Process & next talk

2. Copyright 2017 Aaron Li (aaron@qokka.ai) Copyright 2017 Aaron Li (aaron@qokka.ai) Ethereum, $18M Raised The ﬁrst* famous ICO (7/2014) *The ﬁrst (but not famous) ICO is Mastercoin (renamed to Omni), which raised $500k in 2013

6. Copyright 2017 Aaron Li (aaron@qokka.ai) Copyright 2017 Aaron Li (aaron@qokka.ai) Traditional Fundraising (IPO, etc.) ICO Liquidity Many years or never Usually a few months Timing Usually post-product Many rounds over years Usually pre-product Done days after ICO Rights Complex Regulated Standardised Simple Unregulated Customisable Reputation Hard to build No one cares about you Viral Growth Everyone has a stake

7. Copyright 2017 Aaron Li (aaron@qokka.ai) Copyright 2017 Aaron Li (aaron@qokka.ai) Ethereum ICO Token Ether (use Bitcoins to buy) Liquidity Early 2015 (months after ICO) Now tradable on every exchange Timing 2M in 7 hours 18M in 2 months Rights Run programs, trade Reputation Building Second largest cryptocurrency A landmark in blockchain history

8. Copyright 2017 Aaron Li (aaron@qokka.ai) Copyright 2017 Aaron Li (aaron@qokka.ai) Filecoin ICO Token Filecoin Liquidity Soon Timing $200M+ in 30 minutes Rights Store ﬁles, trade Reputation Building Tons of attention and new contributors

9. Copyright 2017 Aaron Li (aaron@qokka.ai) Copyright 2017 Aaron Li (aaron@qokka.ai) Initial Coin Oﬀering (ICO) • Issues, compared to IPO: • Scammers - e.g. Plexcoin • No regulations to recover damage • No supervision Failures: DAO, and many others

11. Copyright 2017 Aaron Li (aaron@qokka.ai) Copyright 2017 Aaron Li (aaron@qokka.ai) Regulation? https://www.coinbase.com/legal/securities-law-framework.pdf Answers: What “coins” are securities? Why is SEC regulating this? How to design coins in compliance?

12. Copyright 2017 Aaron Li (aaron@qokka.ai) Copyright 2017 Aaron Li (aaron@qokka.ai) Initial Coin Oﬀering (ICO) • Usual Process: • Get a team & set up a good website • Write a whitepaper (next talk: about whitepaper) • Get people to know your team & project • Design your currency and sell them (i.e. ICO) *checkout token creation tool: https://openzeppelin.org/ - managing $1.5 billion worth of coins

Blockchain Crowdfunding: An Introduction - focused on Initial Coin Offerings (ICO)

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