Presentation at Blockchain Unchained in Geneva, Sept 12 2018, covering the landscape of investment opportunities in the blockchain sector.

1. How to Invest in Blockchain
William Mougayar
Investor, Advisor, Board Member
Managing Partner, JM3 Capital
Author, The Business Blockchain
Founder, The Token Summit and WMX
@wmougayar
wmougayar@gmail.com
Geneva, 12 September 2018

2. NOT… Speculate.
NOT… What to invest in.
➔ How to THINK about the
investment landscape
© 2018 William Mougayar @wmougayar

3. ① Who
② What
③ How
© 2018 William Mougayar @wmougayar

4. Disclosures and Market Activities
• Book (10 languages)
• Token Summit
• Active blogging
• WMX Blockchain Index
• Tech Accelerators & VC
relationships
• Knowledge websites
• Strategic Advisory
• Boards & Foundations
• Startups Investments
• ICOs participation &
Advisory
• Regulatory interactions

5. © 2018 William Mougayar @wmougayarSource: Elementus

6. Source: Bloxy.info

7. 70%
30-40%
5-10%
Web Analogy & Where We Are
© 2018 William Mougayar @wmougayar
Web: Facebook, Twitter
Web: Internet, HTTP, HTML
Web: Java, Oracle, Microsoft

8. Blockchain Landscape
© 2018 William Mougayar @wmougayar

9. ① Consumers
② High Net Worth, Family Offices
③ Institutional Funds
© 2018 William Mougayar @wmougayar
Who is investing?

10. Instruments and Liquidity
© 2018 William Mougayar @wmougayar
CC Derivatives (e.g.
futures, Indices, ETF’s)
Equity
Future Token Rights
Cryptocurrencies
Token Offerings

11. Tokens 1.0 vs. Tokens 2.0
Copying what we see
vs.
Inventing what we don’t see
© 2017 William Mougayar @wmougayar

12. OLD
NEW
NEW
OLD
NEW
NEW
COMPANIES
SCOPE
© 2018 William Mougayar @wmougayar
Segmentation of
Implementations
?
✔
1.0
2.0
B2B

13. Some Decentralization Examples
• Blockchains
• P2P Commerce (OpenBazaar)
• CryptoAssets Trading (CryptoKitties)
• Decentralized Exchanges (0x)
• Decentralized Storage (Storj, Filecoin)
• Decentralized Computing (Golem, Dfinity)
• Decentralized Content (Peepeth)
• More…
© 2018 William Mougayar @wmougayar

14. Tokens Segmentation
1. Cryptocurrency
2. Functional Tokens with utility (Work,
Governance, Right, Payment)
3. Security Tokens (Equity, non-
Equity/Collateral-ized)
4. Cryptoassets (Collectibles, Art, Digital
assets)
© 2018 William Mougayar @wmougayar

15. Source: Bloxy.info
ERC-721
Token
Activity

16. Source: Bloxy.info
ERC-721 Token
Functions

17. © 2018 William Mougayar @wmougayar

18. 10 Things you Can Do on the Blockchain
that you Can’t on the Web
1. Send money from one person to another without traditional
intermediaries.
2. Be the sole owner of a digital good, digital collectible or a real asset’s
crypto proxy.
3. Earn money as a reward for work done (by a computer or human).
4. Be your own bank, and hold your own cryptocurrency.
5. Sell or buy something without any central co-ordinating authority.
6. Share unused computing or storage capacity and get paid for it.
7. Store content on a decentralized network that would never go down or
get censored.
8. Contribute to recording something on the blockchain.
9. Pay for a service or good using a cryptocurrency you earned.
10. Earn cryptocurrency for data you shared.

19. 
CoinMarketCap.com
DAppBoard.com

20. © 2018 William Mougayar @wmougayar
Tracking the Blockchain Market with Numbers
Market Cap _ USD 189 B *
Daily Trades _ USD 18 B
Total Raised _ USD 26 B
Coins Traded _ 1,639
Apps _ 5,000+
Macro View
• Active Users (Daily, Weekly or
Monthly)
• Total transactions (number)
• Value of transactions (value)
• Balances in smart contracts (value)
• Transactions to/from contracts
(number)
• Value of transactions to/from
contracts (value)
• Blockchain rewards to users (value)
• Wallets value (value)
Outcomes
• Unique addresses
• Active addresses
• Wallets
• Nodes
• Transactions per second
• Blocks per hour
• Developers
• API calls
• Software downloads
• Repositories
• Commits
• App downloads
• Clients
Activity (numbers)
Traction View
* as of Sept. 12 2018, Source: CoinMarketCap

23. © 2018 William Mougayar @wmougayar

24. ① Consumers: Public ICOs, Public
Cryptocurrencies, Indices, Managed Funds.
② High Net Worth, Family Offices:
Public/Private ICOs or Equity as accredited
investors.
③ Institutional Funds: Hedge funds, VC
funds, Hybrid funds, across the whole spectrum.
© 2018 William Mougayar @wmougayar
How to invest?

25. Selling the
Vision
Build-out
Installation
Deployment
Acceleration
Vision
Realization
2018-2020
2013-2015
2015-2016
2021+
2016-2018
2019-2021
Blockchain: The Evolution
We are here
© 2017 William Mougayar @wmougayar

26. © 2018 William Mougayar @wmougayar
Computation
Protocols
Data
Content
Storage Work
Rewards
EarningSpending
Sharing
Industry
Trade
Law
Finance
Nations
The Blockchain Economy

27. The best way to invest in the
blockchain is to invest your time
using blockchain Apps to learn
and earn.
© 2018 William Mougayar @wmougayar

28. The stone age didn’t end for a
lack of stones.
© 2018 William Mougayar @wmougayar

29. THANK YOU
William Mougayar
Investor, Advisor, Board Member
Managing Partner, JM3 Capital
Author, The Business Blockchain
Founder, The Token Summit and WMX
@wmougayar
wmougayar@gmail.com
http://startupmanagement.org/blog
jm3.capital