SlideShare a Scribd company logo
SEPTEMBER 2017
INITIAL COIN OFFERINGS:
AN OVERVIEW
RECENT HEADLINES
ICO FUNDRAISING DWARFSVC FUNDING
Source: CB Insights, Fortune
Tezos $232M
Self-amending cryptographic
ledger
Bancor $153M
Price discovery and liquidity
mechanism for tokens
Top ICOs (to Aug ‘17)
Initial coin offerings (ICOs) have become the preferred avenue for blockchain startups to raise funds. Even
non-blockchain and non-fintech startups are starting to look at ICOs
EOS $185M
Open source platform for
scalable decentralized apps
Filecoin $250M
Decentralized storage
network
0
200
400
600
800
1000
1200
1400
1600
2016 2017	YTD
Investment	in	Bitcoin	&	Blockchain	Startups	(US$m)
VC ICO
US$1.5	billion	in	ICO	funding	in	2017	through	August
nearly	3x	global	VC	funding	for	bitcoin	&	blockchain
startups	in	2016
WHAT IS AN ICO?
Create blockchain
protocol layer
Token
Issuer
Generate tokens
Send cryptocurrency
Tokens
Token
Buyers
Features of an ICO
§ Tokens are digital claims to future rewards or
services
§ Transacted on blockchains (typically Ethereum);
tokens purchased via cryptocurrencies (typically
BTC or ETH)
§ Tokens can be freely and immediately tradeable
on cryptocurrency exchanges
§ Tokens are not strictly claims on equity or debt
§ Funds are not raised throughVC or financial
institutions
§ Not currenly regulated
§ Not a new phenomenon; the first token
crowdsale happened in early 2013
What an ICO isn’t
Initial coin offerings, also known as crowdsales, are a method of startup fundraising via the sale of digital
tokens over a blockchain
COMPARISON OF FUNDRAISING METHODS
ICO
Equity
Crowdfunding
Reward
Crowdfunding
VC IPO
Startup stage Prototype Prototype Prototype Prototypeàlate stage Late stage
Equity No Yes No Yes Yes
Requirement White paper (optional)
- Desired amount
- Project milestones
- Team
- Types of tokens
- Exchange ratio
Educational materials
- Investment
description
- Types of securities
- Investment limits
Educational materials
- Project description
- Marketing deck
- Types of rewards
Pitch deck
- Management
- Use of funds
- Business model
Prospectus
- Company
description
- Types of securities
- Management
- Financial info
Investors Blockchain enthusiasts Angel investors Early adopters Limited partners Public
Period 3-6 months 1-3 months 1-2 months 3-12 months >1 year
Fundraising cost Low Medium Low High High
Channel Online Online Online Offline Offline
Liquidity Medium Low Low Low High
Downside risks Project fails, fraud Bankrupt Project fails Devalue, bankrupt Price drops
FUNDRAISING STEPS
ICO IPO
1. Initiate Write a summary; announce to crypto
community to gather interest and feedback
Hire an investment bank to underwrite the
IPO
2. Documentation - White paper
- Website
Filings with SEC
- Registration statement
- Prospectus
3. Marketing PR-campaign
- Crypto forums
- Slack
Roadshow
- Pre-sale IPO to institutional investors
- Set pricing
4. Sales process Buyers send cryptocurrencies to a digital
address; smart contracts issue tokens
according to exchange ratio
Allocate shares according to book building
5. Listing Tokens listed on a crypto exchange Shares listed on an exchange
Though there are similarities in the process steps between ICOs and IPOs, token sales are faster to execute
at a fraction of the cost of traditional equity offerings
TYPICAL TOKEN USE CASES
Company Use of funds Use of tokens
OmiseGo Proprietary blockchain for interoperable digital wallets Right to validate
Tezos Proprietary blockchain that is decentralized and self-governing Right to vote
EOS.io
Proprietary blockchain that targets higher transaction speeds and
scalability than Ethereum
Right to use
Bancor
Protocol with built-in price discovery and a liquidity mechanism,
allowing users to issue tokens or exchange them automatically
Right to use
Status
Protocol that has a messaging platform and mobile browser to
interact with decentralized applications
Payment for service
TenX Protocol for crypto debit cards Profit sharing rights
BAT Protocol for digital advertising Payment for service
Civic
Protocol for on-demand, secure and low-cost access to identity
verification services
Payment for service
REGULATORY TREATMENT AROUND THE WORLD
§ No definitive regulation, but have viewed cryptocurrencies with a light touch
§ MAS has launched a tokenized version of the SGD via Project Ubin
§ Application of the HoweyTest (investment of money in a common enterprise with an expectation
of profits predominantly from the efforts of others) to ICOs to determine if a particular token
should be classified as a security falling under securities law
§ Issued a ban on ICOs on Sept 4.Top 30+ cryptocurrencies saw significant, double-digit percentage
price drops, but most have begun recovery
§ Concerns over fraud and pyramid schemes
§ No regulation at current time; cryptocurrencies viewed as assets.
Regulators have started weighing in on ICOs, some declaring or contemplating outright bans. But many are
taking more cautious approaches. Cryptocurrency markets remain volatile, but highly resilient.
§ Issued a statement on Sept 5 that certain ICO structures would classify the token issuance as a
security, which would be a regulated activity that requires license
§ Following similar approach to U.S. SEC
§ Like Japan, Korea has legalized bitcoin (July 2017) as a remittance method
§ However, a digital currency task force led by the central bank intends to crackdown on ICO
issuances and intends to introduce regulations
Why SEC may not be able to
directly regulate ICOs
Self-regulatory framework
May not involve equity
They may not fit into the
current definition of a security,
and are technically outside of
traditional legal frameworks.
Global instruments
They are funded using
cryptocurrencies that are not
controlled by any central
authority or bank.
Pseudo-anonymously
It’s not impossible to find out
who people are, but it’s not
easy, either.
Simple Agreement for FutureTokens (SAFT)
§ Based on SAFE (an agreement to raise money in exchange for equity
without having to issue debt instruments like convertible notes).
§ SAFE is only offered to “accredited investors” ($200,000 or more a year or
have a net worth of at least $1M).
Crowdfunding
§ Guidance on when digital assets are deemed securities and whether the
firms that trade digital assets must register.
§ Sell to accredited investor
§ Regulators to adopt a regulatory sandbox.
SELF-REGULATORY FRAMEWORK
Other mechanisms
§ Escrow account (third party releases funding once milestone is reached)
§ Setting a maximum investment amount
§ Use KYC process to vet investors
In the absence of regulatory comment, the Ethereum and cryptocurrency community has taken it upon itself
to explore self-policing of crowdsales
BEYOND THE HYPE:THE FUTURE OF ICOs
• Individual regulatory bodies are starting to weigh in, often in piecemeal, uncoordinated fashion
• The global, borderless nature of crowdsales will eventually require more coordinated global
regulatory standards to fuel broader adoption
• The Ethereum and cryptocurrency community is looking at self-regulation, but would possibly
welcome official regulation that tempered bad actors without stifling innovation & growth
• Rampant fraud and speculation, along with poor quality crowdsales, haven’t dampened enthusiasm
for ICOs, but the crypto community fears that they could stifle long-term growth and sustainability
of ICOs as a form of fundraising if its worst excesses are not managed
• Streamlining and mainstreaming the crowdsale process is a matter of time, as tech development
matures and better security and volatility mechanisms are created
• Despite the hype, ramp-up in ICOs activity & token prices, and questionable startups issuing
tokens, the ICO phenomenon has validated: 1) the technology to raise large sums of money quickly
and cheaply over blockchains, and 2) the willingness of investors to invest large sums of money
over blockchains
• A robust regulatory framework could open the door for the tokenization or equity, debt, and
other forms of financing.This could disrupt traditional lending and capital markets as blockchain-
driven fundraising dramatically slashes execution time and costs
Regulation
Challenges
Adoption &
evolution
Despite the short term volatility and uncertainty of ICOs and cryptocurrencies, the long term implications of
blockchain-driven fundraising are significant for SCB, potentially transforming the entire capital market industry
APPENDIX
ICOs AS ETHEREUM’S KILLER APP?
Ethereum’s unique characteristics
• One of the most active Blockchain systems with large developers
community.
• Highest chances of fast recovery in case of errors.
• The only production-ready Blockchain that supports smart
contracts.
• Turing-complete language is more complete than C+++ used in
BTC blockchain, enabling freedom in features and security models.
• The tokens issued through smart contracts are executed on
EthereumVirtual Machine (EVM), making them independent from
Ethereum public Blockchain.
Active
Ease of
Development
Independence
Features
• Tokens based on Ethereum Blockchain typically adhere to the same
standard, called “ERC-20”
• This allows tokens to be interchangeable and compatible with
different protocols and projects adhering to the same standard.
Interoperability ERC-20
Decentralized
autonomous
organizations (DAOs)
Decentralized
autonomous apps
(Dapps)
Smart contracts
Ethereum’s characteristics & features are what makes it the most popular protocol for ICOs
ETHEREUM & DAPPs AT TECH CORE OF ICOs
Decentralized
application
(Dapp)
§ A Dapp is a system – “Blockchain enabled” website, where the smart contract is what allows it to
connect to the Blockchain.
§ The traditional web application uses HTML, CSS and javascript to render a page. It will also need
to grab details from a database utilizing an API .
§ A Dapp uses similar technology as a web, but it uses a smart contract connecting to a Blockchain.
Smart contract § Smart contracts are used to generate tokens, bound by their own rules.
Front-endWebsite API Database
Front-endDapp Smart
contract
Blockchain
Manage money Money + another piece Governance systems
To execute, smart contracts rely on
“oracles” that relay up-to-date
information about the outside
world.
Users exchange Ether as a mean
to settle a contract with another
user.The network's nodes
facilitate the distribution of data.
A decentralized autonomous
organizations (DAO) is formed;
Dapps set rule on voting and
funding.
Ethereum offers the ability to program different types of smart contracts, enabling users to build decentralized
autonomous apps (DApps) and issue tokens
ETHEREUM’S TOKEN STANDARDS
ERC-20
§ A set of functions written into tokens’ smart contracts. It defines how tokens should behave,
including:
§ How to get the total token supply
§ How to get the account balance
§ How to transfer the token
§ How to approve spending the token
§ ERC20 enables tokens to seamlessly interact through different Dapps and projects on Ethereum.
Developers can predict how a token will operate and integrate with less fear of errors.
ERC-223
A new development which aims to solve ERC-20 issues:
§ (1) Eliminates the problem of lost tokens:
§ Users lose tokens when they mistakenly use the instructions for sending tokens to a smart
contract.
§ ERC-223 allows users to send their tokens to either wallet or contract with the same function
transfer, eliminating confusion and lost tokens.
§ (2) Can handle incoming token transactions, and reject non-supported tokens
§ (3) Energy savings:
§ Involves a one step process vs a 2 step process (ERC-20), saving cost.
Ethereum’s token standards, which define the functions of smart contracts, are the basis upon which the ICO
market is built
ICO STRUCTURES
ICO STRUCTURES ARE HIGHLYVARIABLE,AND DEPENDANT ONTHE OBJECTIVE OF THE TOKEN SALE
The DAO
Issuing company Slock.it
Mission The first implementation of Decentralized Autonomous Organization (DAO) code to automate
organizational governance and decision-making. It aims to codify the rules and decision-making
apparatus of an organization, eliminating the need for documents and people in governing, creating a
structure with decentralized control.
Token DAO
Platform Ethereum
Amount intended 50,000 ETH / $500,000
Amount raised $160M
Date 30 April 2016
Motivation DAO allows users to direct the DAO’s operations. Users use tokens to vote.
Fund allocation 100% to the DAO
Coin distribution 100%
Token usage • The tokens represent ownership over the DAO, which includes being able to nominate and vote
on DAO activities, nominate and vote on DAO curators.
• Any profits the DAO makes on its investments will be given back to token holders as dividends.
CASE STUDY:THE DAO
The DAO was the largest ICO in history. The key to its success is its ideology of a self-governing organization.
Omise Go
Issuing company Omise
Mission OmiseGO is an Ethereum-based financial technology company offering a decentralized exchange
(a blockchain) and a payments platform (a wallet).
Token Omise Go (OMG)
Platform Ethereum
Amount intended Cap raised from $19M to $25M
Amount raised $25M
Date 27 June 2017
Motivation Owning
Mechanism • Tokens buys the right to validate this Blockchain.Transaction fees on the network, including
payment, interchange, trading, and clearinghouse use, are given to validators who enforce
bonded contract states.
• The token will have value derived from the fees derived from this network, with the cost of
validating.
CASE STUDY: OMISEGO
OmiseGo’s use of KYC, fundraising caps, and maximum investment per investor greatly reduced the amount of
speculation and volatility
Ripple Omise
Mission Ripple’s distributed financial technology enables
banks to send real-time international payments
across networks.
The complete set of powerful payment features
that allows fast, flexible and seamless experiences
all ready built-in.
Value
proposition
• Access: Direct bank to bank settlement
• Speed: instant (4 sec vs ETH 2+min)
• Certainty: real-time traceability of funds
• Cost: lowest total cost
• White label, no redirect: invisible to
users/not
• Secure
• Automate payouts: to stakeholders with API
• Ease: one-click, no card (only bank a/c)
Target
customer
Banks (remittances, corporate disbursement) E-commerce/Enterprise (payment, transfers)
Blockchain
platform
Private Public
Validators Participating institutions (banks) Anyone with Omise server
Funding $93.6M in 7 Rounds from 27 Investors (Series B) $20.4M in 4 Rounds from 9 Investors (Series B)
CASE STUDY: RIPPLEVS. OMISE
Ripple has not raised funds through ICOs. Although it has similar mission to Omise, it’s less likely to raise
funds via ICO because it’s success is less reliant on network effects and its associated externality.
CRYPTOCURRENCY GLOSSARY
Virtual
currency
A type of unregulated, digital money, which is issued and usually controlled by its developers, and used
and accepted among the members of a specific virtual community."
Digital
currency
A form of virtual currency that is electronically created and stored. Some types of digital currencies
are cryptocurrencies, but not all of them are.
Crypto-
currency
A digital currency in which encryption techniques are used to regulate the generation of units of
currency and verify the transactions, preventing counterfeit and operating independently of a central
bank.
Alt-coin
An abbreviation of “Bitcoin alternative,” and thus describes every single cryptocurrency except for
Bitcoin.
Coins
Coins really only have one utility — to act as simple stores of value with limited-to-no other
functionality.
Usually referred to Bitcoin
Tokens
Are programmable, representing digital assets that can have a variety of values attached.They can
represent assets as diverse as vouchers, IOUs, or even objects in the real world.
Usually referred to Ether

More Related Content

What's hot

The Future of Money: Central Bank Digital Currencies
The Future of Money: Central Bank Digital CurrenciesThe Future of Money: Central Bank Digital Currencies
The Future of Money: Central Bank Digital Currencies
J. Scott Christianson
 
Asset Tokenization - An Introduction and Overview, Guest Lecture at SMU
Asset Tokenization - An Introduction and Overview, Guest Lecture at SMU Asset Tokenization - An Introduction and Overview, Guest Lecture at SMU
Asset Tokenization - An Introduction and Overview, Guest Lecture at SMU
Patrick Schueffel
 
The Tokenisation of Assets and Potential Implications for Financial Markets
The Tokenisation of Assets and Potential Implications for Financial MarketsThe Tokenisation of Assets and Potential Implications for Financial Markets
The Tokenisation of Assets and Potential Implications for Financial Markets
OECD Directorate for Financial and Enterprise Affairs
 
Cryptocurrency
Cryptocurrency Cryptocurrency
Cryptocurrency
MohitYadav291
 
DeFi - Decentralized Finance - Wallstreet Meets Blockchain
DeFi - Decentralized Finance - Wallstreet Meets BlockchainDeFi - Decentralized Finance - Wallstreet Meets Blockchain
DeFi - Decentralized Finance - Wallstreet Meets Blockchain
ThatCrypto
 
An Overview of Stablecoin
An Overview of StablecoinAn Overview of Stablecoin
An Overview of Stablecoin
101 Blockchains
 
Introduction to Blockchain and Smart Contracts
Introduction to Blockchain and Smart ContractsIntroduction to Blockchain and Smart Contracts
Introduction to Blockchain and Smart Contracts
Saad Zaher
 
cryptocurrency
cryptocurrencycryptocurrency
cryptocurrency
ShanRomio
 
Top 5 DeFi Applications
Top 5 DeFi ApplicationsTop 5 DeFi Applications
Top 5 DeFi Applications
101 Blockchains
 
Presentation on cryptocurrency
Presentation on cryptocurrencyPresentation on cryptocurrency
Presentation on cryptocurrency
Dhruv Gandhi
 
Intro to smart contract on blockchain en
Intro to smart contract on blockchain enIntro to smart contract on blockchain en
Intro to smart contract on blockchain en
Nicholas Lin
 
Upvest - Asset Tokenization - A practical deep dive
Upvest - Asset Tokenization - A practical deep diveUpvest - Asset Tokenization - A practical deep dive
Upvest - Asset Tokenization - A practical deep dive
Alexander Reichhardt
 
Web3 School
Web3 SchoolWeb3 School
Web3 School
Taiki Narita
 
Cryptocurrency in real world
Cryptocurrency in real worldCryptocurrency in real world
Cryptocurrency in real world
Lalit Kumar Gangwar
 
Introduction to Blockchain and Smart Contracts
Introduction to Blockchain and Smart ContractsIntroduction to Blockchain and Smart Contracts
Introduction to Blockchain and Smart Contracts
Techracers
 
Cryptocurrency PowerPoint Presentation Slides
Cryptocurrency PowerPoint Presentation SlidesCryptocurrency PowerPoint Presentation Slides
Cryptocurrency PowerPoint Presentation Slides
SlideTeam
 
Cryptocurrency
CryptocurrencyCryptocurrency
Cryptocurrency
Devashish Gupta
 
Cryptocurrency
Cryptocurrency  Cryptocurrency
Cryptocurrency
sanskriti2510
 
Ethereum in a nutshell
Ethereum in a nutshellEthereum in a nutshell
Ethereum in a nutshell
Daniel Chan
 
Blockchain Introduction
Blockchain IntroductionBlockchain Introduction
Blockchain Introduction
Natthawat Boonchaiseree
 

What's hot (20)

The Future of Money: Central Bank Digital Currencies
The Future of Money: Central Bank Digital CurrenciesThe Future of Money: Central Bank Digital Currencies
The Future of Money: Central Bank Digital Currencies
 
Asset Tokenization - An Introduction and Overview, Guest Lecture at SMU
Asset Tokenization - An Introduction and Overview, Guest Lecture at SMU Asset Tokenization - An Introduction and Overview, Guest Lecture at SMU
Asset Tokenization - An Introduction and Overview, Guest Lecture at SMU
 
The Tokenisation of Assets and Potential Implications for Financial Markets
The Tokenisation of Assets and Potential Implications for Financial MarketsThe Tokenisation of Assets and Potential Implications for Financial Markets
The Tokenisation of Assets and Potential Implications for Financial Markets
 
Cryptocurrency
Cryptocurrency Cryptocurrency
Cryptocurrency
 
DeFi - Decentralized Finance - Wallstreet Meets Blockchain
DeFi - Decentralized Finance - Wallstreet Meets BlockchainDeFi - Decentralized Finance - Wallstreet Meets Blockchain
DeFi - Decentralized Finance - Wallstreet Meets Blockchain
 
An Overview of Stablecoin
An Overview of StablecoinAn Overview of Stablecoin
An Overview of Stablecoin
 
Introduction to Blockchain and Smart Contracts
Introduction to Blockchain and Smart ContractsIntroduction to Blockchain and Smart Contracts
Introduction to Blockchain and Smart Contracts
 
cryptocurrency
cryptocurrencycryptocurrency
cryptocurrency
 
Top 5 DeFi Applications
Top 5 DeFi ApplicationsTop 5 DeFi Applications
Top 5 DeFi Applications
 
Presentation on cryptocurrency
Presentation on cryptocurrencyPresentation on cryptocurrency
Presentation on cryptocurrency
 
Intro to smart contract on blockchain en
Intro to smart contract on blockchain enIntro to smart contract on blockchain en
Intro to smart contract on blockchain en
 
Upvest - Asset Tokenization - A practical deep dive
Upvest - Asset Tokenization - A practical deep diveUpvest - Asset Tokenization - A practical deep dive
Upvest - Asset Tokenization - A practical deep dive
 
Web3 School
Web3 SchoolWeb3 School
Web3 School
 
Cryptocurrency in real world
Cryptocurrency in real worldCryptocurrency in real world
Cryptocurrency in real world
 
Introduction to Blockchain and Smart Contracts
Introduction to Blockchain and Smart ContractsIntroduction to Blockchain and Smart Contracts
Introduction to Blockchain and Smart Contracts
 
Cryptocurrency PowerPoint Presentation Slides
Cryptocurrency PowerPoint Presentation SlidesCryptocurrency PowerPoint Presentation Slides
Cryptocurrency PowerPoint Presentation Slides
 
Cryptocurrency
CryptocurrencyCryptocurrency
Cryptocurrency
 
Cryptocurrency
Cryptocurrency  Cryptocurrency
Cryptocurrency
 
Ethereum in a nutshell
Ethereum in a nutshellEthereum in a nutshell
Ethereum in a nutshell
 
Blockchain Introduction
Blockchain IntroductionBlockchain Introduction
Blockchain Introduction
 

Viewers also liked

Blockchain Initial Coin Offerings - The Future for Online Investing or Regula...
Blockchain Initial Coin Offerings - The Future for Online Investing or Regula...Blockchain Initial Coin Offerings - The Future for Online Investing or Regula...
Blockchain Initial Coin Offerings - The Future for Online Investing or Regula...
Alan Wunsche, MBA,CPA,CA,CBP
 
William Mougayar's Keynote at the ICO Summit, Zurich 15 Sept 2017
William Mougayar's Keynote at the ICO Summit, Zurich 15 Sept 2017William Mougayar's Keynote at the ICO Summit, Zurich 15 Sept 2017
William Mougayar's Keynote at the ICO Summit, Zurich 15 Sept 2017
The Business Blockchain
 
What is an ICO? @TechInvestMonaco
What is an ICO? @TechInvestMonacoWhat is an ICO? @TechInvestMonaco
What is an ICO? @TechInvestMonaco
Quentin de Beauchesne
 
Blockchain Angels & UK Business Angels Association Oct 16
Blockchain Angels & UK Business Angels Association Oct 16Blockchain Angels & UK Business Angels Association Oct 16
Blockchain Angels & UK Business Angels Association Oct 16
Jamie Burke
 
Blockchain Thinking: The Brain as a DAC (Decentralized Autonomous Corporation)
Blockchain Thinking: The Brain as a DAC (Decentralized Autonomous Corporation)Blockchain Thinking: The Brain as a DAC (Decentralized Autonomous Corporation)
Blockchain Thinking: The Brain as a DAC (Decentralized Autonomous Corporation)
Melanie Swan
 
AN INVESTORS VIEW ON BLOCKCHAIN
AN INVESTORS VIEW ON BLOCKCHAINAN INVESTORS VIEW ON BLOCKCHAIN
AN INVESTORS VIEW ON BLOCKCHAIN
Jamie Burke
 
Trade Coin ICO plan
Trade Coin ICO planTrade Coin ICO plan
Trade Coin ICO plan
ngxuanbien
 
Applying the Howey Test to the DAO Tokens
Applying the Howey Test to the DAO TokensApplying the Howey Test to the DAO Tokens
Applying the Howey Test to the DAO Tokens
Laura Anthony, Esq.
 
Business Opportunity Through Corporate Venture Capital
Business Opportunity Through Corporate Venture CapitalBusiness Opportunity Through Corporate Venture Capital
Business Opportunity Through Corporate Venture Capital
Paul Ark (Polapat Arkkrapridi)
 
Is there a token for that? Tokens demystified.
Is there a token for that? Tokens demystified.Is there a token for that? Tokens demystified.
Is there a token for that? Tokens demystified.
Jan Brejcha
 
29 cool slides about ICO and ITO
29 cool slides about ICO and ITO29 cool slides about ICO and ITO
29 cool slides about ICO and ITO
Vladislav Solodkiy
 
Convergence - Where Blockchain Converges With AR / VR / AI / 3d printing / dr...
Convergence - Where Blockchain Converges With AR / VR / AI / 3d printing / dr...Convergence - Where Blockchain Converges With AR / VR / AI / 3d printing / dr...
Convergence - Where Blockchain Converges With AR / VR / AI / 3d printing / dr...
Jamie Burke
 
Blockchain and Sharing Economy
Blockchain and Sharing EconomyBlockchain and Sharing Economy
ICO and Cyber security - How to protect from hackers during ICOs
ICO and Cyber security - How to protect from hackers during ICOsICO and Cyber security - How to protect from hackers during ICOs
ICO and Cyber security - How to protect from hackers during ICOs
Nagib Aouini
 
Blockchain meetup
Blockchain meetupBlockchain meetup
Blockchain meetup
QuantUniversity
 
Cryptocitizen: Smart Contracts, Pluralistic Morality, and Blockchain Society
Cryptocitizen: Smart Contracts, Pluralistic Morality, and Blockchain SocietyCryptocitizen: Smart Contracts, Pluralistic Morality, and Blockchain Society
Cryptocitizen: Smart Contracts, Pluralistic Morality, and Blockchain Society
Melanie Swan
 
Mougayar chicago blockchain_insurance presentation_nov8_2016
Mougayar chicago blockchain_insurance presentation_nov8_2016Mougayar chicago blockchain_insurance presentation_nov8_2016
Mougayar chicago blockchain_insurance presentation_nov8_2016
The Business Blockchain
 
William Mougayar - Success factors in Distributed Organizations Models - Bar...
William Mougayar -  Success factors in Distributed Organizations Models - Bar...William Mougayar -  Success factors in Distributed Organizations Models - Bar...
William Mougayar - Success factors in Distributed Organizations Models - Bar...
The Business Blockchain
 
The Grand Vision of a Crypto-Tech Economy at Steemfest
The Grand Vision of a Crypto-Tech Economy at SteemfestThe Grand Vision of a Crypto-Tech Economy at Steemfest
The Grand Vision of a Crypto-Tech Economy at Steemfest
The Business Blockchain
 
'State of Blockchain' - Consensus 2017
'State of Blockchain' - Consensus 2017'State of Blockchain' - Consensus 2017
'State of Blockchain' - Consensus 2017
CoinDesk
 

Viewers also liked (20)

Blockchain Initial Coin Offerings - The Future for Online Investing or Regula...
Blockchain Initial Coin Offerings - The Future for Online Investing or Regula...Blockchain Initial Coin Offerings - The Future for Online Investing or Regula...
Blockchain Initial Coin Offerings - The Future for Online Investing or Regula...
 
William Mougayar's Keynote at the ICO Summit, Zurich 15 Sept 2017
William Mougayar's Keynote at the ICO Summit, Zurich 15 Sept 2017William Mougayar's Keynote at the ICO Summit, Zurich 15 Sept 2017
William Mougayar's Keynote at the ICO Summit, Zurich 15 Sept 2017
 
What is an ICO? @TechInvestMonaco
What is an ICO? @TechInvestMonacoWhat is an ICO? @TechInvestMonaco
What is an ICO? @TechInvestMonaco
 
Blockchain Angels & UK Business Angels Association Oct 16
Blockchain Angels & UK Business Angels Association Oct 16Blockchain Angels & UK Business Angels Association Oct 16
Blockchain Angels & UK Business Angels Association Oct 16
 
Blockchain Thinking: The Brain as a DAC (Decentralized Autonomous Corporation)
Blockchain Thinking: The Brain as a DAC (Decentralized Autonomous Corporation)Blockchain Thinking: The Brain as a DAC (Decentralized Autonomous Corporation)
Blockchain Thinking: The Brain as a DAC (Decentralized Autonomous Corporation)
 
AN INVESTORS VIEW ON BLOCKCHAIN
AN INVESTORS VIEW ON BLOCKCHAINAN INVESTORS VIEW ON BLOCKCHAIN
AN INVESTORS VIEW ON BLOCKCHAIN
 
Trade Coin ICO plan
Trade Coin ICO planTrade Coin ICO plan
Trade Coin ICO plan
 
Applying the Howey Test to the DAO Tokens
Applying the Howey Test to the DAO TokensApplying the Howey Test to the DAO Tokens
Applying the Howey Test to the DAO Tokens
 
Business Opportunity Through Corporate Venture Capital
Business Opportunity Through Corporate Venture CapitalBusiness Opportunity Through Corporate Venture Capital
Business Opportunity Through Corporate Venture Capital
 
Is there a token for that? Tokens demystified.
Is there a token for that? Tokens demystified.Is there a token for that? Tokens demystified.
Is there a token for that? Tokens demystified.
 
29 cool slides about ICO and ITO
29 cool slides about ICO and ITO29 cool slides about ICO and ITO
29 cool slides about ICO and ITO
 
Convergence - Where Blockchain Converges With AR / VR / AI / 3d printing / dr...
Convergence - Where Blockchain Converges With AR / VR / AI / 3d printing / dr...Convergence - Where Blockchain Converges With AR / VR / AI / 3d printing / dr...
Convergence - Where Blockchain Converges With AR / VR / AI / 3d printing / dr...
 
Blockchain and Sharing Economy
Blockchain and Sharing EconomyBlockchain and Sharing Economy
Blockchain and Sharing Economy
 
ICO and Cyber security - How to protect from hackers during ICOs
ICO and Cyber security - How to protect from hackers during ICOsICO and Cyber security - How to protect from hackers during ICOs
ICO and Cyber security - How to protect from hackers during ICOs
 
Blockchain meetup
Blockchain meetupBlockchain meetup
Blockchain meetup
 
Cryptocitizen: Smart Contracts, Pluralistic Morality, and Blockchain Society
Cryptocitizen: Smart Contracts, Pluralistic Morality, and Blockchain SocietyCryptocitizen: Smart Contracts, Pluralistic Morality, and Blockchain Society
Cryptocitizen: Smart Contracts, Pluralistic Morality, and Blockchain Society
 
Mougayar chicago blockchain_insurance presentation_nov8_2016
Mougayar chicago blockchain_insurance presentation_nov8_2016Mougayar chicago blockchain_insurance presentation_nov8_2016
Mougayar chicago blockchain_insurance presentation_nov8_2016
 
William Mougayar - Success factors in Distributed Organizations Models - Bar...
William Mougayar -  Success factors in Distributed Organizations Models - Bar...William Mougayar -  Success factors in Distributed Organizations Models - Bar...
William Mougayar - Success factors in Distributed Organizations Models - Bar...
 
The Grand Vision of a Crypto-Tech Economy at Steemfest
The Grand Vision of a Crypto-Tech Economy at SteemfestThe Grand Vision of a Crypto-Tech Economy at Steemfest
The Grand Vision of a Crypto-Tech Economy at Steemfest
 
'State of Blockchain' - Consensus 2017
'State of Blockchain' - Consensus 2017'State of Blockchain' - Consensus 2017
'State of Blockchain' - Consensus 2017
 

Similar to Initial Coin Offerings: An Overview [Digital Ventures]

The future of ICOs - Thoughts after beeing back from #DEVCON3
The future of ICOs - Thoughts after beeing back from #DEVCON3The future of ICOs - Thoughts after beeing back from #DEVCON3
The future of ICOs - Thoughts after beeing back from #DEVCON3
Vidal Chriqui
 
Initial Coin Offerings as Project Finance
 Initial Coin Offerings as Project Finance Initial Coin Offerings as Project Finance
Initial Coin Offerings as Project Finance
Kenneth Wallace-Mueller
 
Introduction to Blockchain, Cryptocurrency & Altcoins
Introduction to Blockchain, Cryptocurrency & AltcoinsIntroduction to Blockchain, Cryptocurrency & Altcoins
Introduction to Blockchain, Cryptocurrency & Altcoins
ChampikeMunasinghe
 
Ico saurabh
Ico saurabhIco saurabh
Ico saurabh
SaurabhChakraverty1
 
Security Token Offering(STO) Services | STO Developement
Security Token Offering(STO) Services | STO Developement Security Token Offering(STO) Services | STO Developement
Security Token Offering(STO) Services | STO Developement
Scarlet Emilye
 
Unmasking blockchain finance
Unmasking blockchain financeUnmasking blockchain finance
Unmasking blockchain finance
Blockchain and CryptoAsset (K) Ltd.
 
Cryptocurrencies venture into the unknown
Cryptocurrencies venture into the unknownCryptocurrencies venture into the unknown
Cryptocurrencies venture into the unknown
The Block
 
ICOs as a Funding Mechanism for Blockchain Startups: The Current State of Play
ICOs as a Funding Mechanism for Blockchain Startups: The Current State of PlayICOs as a Funding Mechanism for Blockchain Startups: The Current State of Play
ICOs as a Funding Mechanism for Blockchain Startups: The Current State of Play
Parsons Behle & Latimer
 
Hybrid Token Offering
Hybrid Token OfferingHybrid Token Offering
Hybrid Token Offering
Mark Radcliffe
 
Initial coin offerings: Financing growth with cryptocurrency token sales: Dig...
Initial coin offerings: Financing growth with cryptocurrency token sales: Dig...Initial coin offerings: Financing growth with cryptocurrency token sales: Dig...
Initial coin offerings: Financing growth with cryptocurrency token sales: Dig...
OECD, Economics Department
 
ICO Pitchnight #1 by Catena Capital & Herdius and friends
ICO Pitchnight #1 by Catena Capital & Herdius and friendsICO Pitchnight #1 by Catena Capital & Herdius and friends
ICO Pitchnight #1 by Catena Capital & Herdius and friends
Balazs Deme
 
Blockchain for law & legislation
Blockchain for law & legislationBlockchain for law & legislation
Blockchain for law & legislation
Effendy Zulkifly
 
Investing in Cryptocurrencies and Token Offerings - a how to guide
Investing in Cryptocurrencies and Token Offerings - a how to guideInvesting in Cryptocurrencies and Token Offerings - a how to guide
Investing in Cryptocurrencies and Token Offerings - a how to guide
Genson Glier
 
Blockchain and cryptocurrencies a presentation by Loeb Smith Attorneys
Blockchain and cryptocurrencies a presentation by Loeb Smith Attorneys   Blockchain and cryptocurrencies a presentation by Loeb Smith Attorneys
Blockchain and cryptocurrencies a presentation by Loeb Smith Attorneys
Loeb Smith Attorneys
 
What is an Initial Coin Offering.pdf
What is an Initial Coin Offering.pdfWhat is an Initial Coin Offering.pdf
What is an Initial Coin Offering.pdf
DennisLoos8
 
Step by step instructions to assess an initial coin offering
Step by step instructions to assess an initial coin offeringStep by step instructions to assess an initial coin offering
Step by step instructions to assess an initial coin offering
Rajesh Shirsagar
 
Introduction to the World of Cryptocurrency (Summary)
Introduction to the World of Cryptocurrency (Summary)Introduction to the World of Cryptocurrency (Summary)
Introduction to the World of Cryptocurrency (Summary)
Syeirabani Hatta
 
Outlier Ventures State of Blockchain Q3 2018
Outlier Ventures State of Blockchain Q3 2018Outlier Ventures State of Blockchain Q3 2018
Outlier Ventures State of Blockchain Q3 2018
Outlier Ventures
 
How to-launch-an-initial-coin-offering
How to-launch-an-initial-coin-offeringHow to-launch-an-initial-coin-offering
How to-launch-an-initial-coin-offering
Chuong Nguyen
 
BlockToken - How to Launch an ICO or STO
BlockToken - How to Launch an ICO or STOBlockToken - How to Launch an ICO or STO
BlockToken - How to Launch an ICO or STO
Genson Glier
 

Similar to Initial Coin Offerings: An Overview [Digital Ventures] (20)

The future of ICOs - Thoughts after beeing back from #DEVCON3
The future of ICOs - Thoughts after beeing back from #DEVCON3The future of ICOs - Thoughts after beeing back from #DEVCON3
The future of ICOs - Thoughts after beeing back from #DEVCON3
 
Initial Coin Offerings as Project Finance
 Initial Coin Offerings as Project Finance Initial Coin Offerings as Project Finance
Initial Coin Offerings as Project Finance
 
Introduction to Blockchain, Cryptocurrency & Altcoins
Introduction to Blockchain, Cryptocurrency & AltcoinsIntroduction to Blockchain, Cryptocurrency & Altcoins
Introduction to Blockchain, Cryptocurrency & Altcoins
 
Ico saurabh
Ico saurabhIco saurabh
Ico saurabh
 
Security Token Offering(STO) Services | STO Developement
Security Token Offering(STO) Services | STO Developement Security Token Offering(STO) Services | STO Developement
Security Token Offering(STO) Services | STO Developement
 
Unmasking blockchain finance
Unmasking blockchain financeUnmasking blockchain finance
Unmasking blockchain finance
 
Cryptocurrencies venture into the unknown
Cryptocurrencies venture into the unknownCryptocurrencies venture into the unknown
Cryptocurrencies venture into the unknown
 
ICOs as a Funding Mechanism for Blockchain Startups: The Current State of Play
ICOs as a Funding Mechanism for Blockchain Startups: The Current State of PlayICOs as a Funding Mechanism for Blockchain Startups: The Current State of Play
ICOs as a Funding Mechanism for Blockchain Startups: The Current State of Play
 
Hybrid Token Offering
Hybrid Token OfferingHybrid Token Offering
Hybrid Token Offering
 
Initial coin offerings: Financing growth with cryptocurrency token sales: Dig...
Initial coin offerings: Financing growth with cryptocurrency token sales: Dig...Initial coin offerings: Financing growth with cryptocurrency token sales: Dig...
Initial coin offerings: Financing growth with cryptocurrency token sales: Dig...
 
ICO Pitchnight #1 by Catena Capital & Herdius and friends
ICO Pitchnight #1 by Catena Capital & Herdius and friendsICO Pitchnight #1 by Catena Capital & Herdius and friends
ICO Pitchnight #1 by Catena Capital & Herdius and friends
 
Blockchain for law & legislation
Blockchain for law & legislationBlockchain for law & legislation
Blockchain for law & legislation
 
Investing in Cryptocurrencies and Token Offerings - a how to guide
Investing in Cryptocurrencies and Token Offerings - a how to guideInvesting in Cryptocurrencies and Token Offerings - a how to guide
Investing in Cryptocurrencies and Token Offerings - a how to guide
 
Blockchain and cryptocurrencies a presentation by Loeb Smith Attorneys
Blockchain and cryptocurrencies a presentation by Loeb Smith Attorneys   Blockchain and cryptocurrencies a presentation by Loeb Smith Attorneys
Blockchain and cryptocurrencies a presentation by Loeb Smith Attorneys
 
What is an Initial Coin Offering.pdf
What is an Initial Coin Offering.pdfWhat is an Initial Coin Offering.pdf
What is an Initial Coin Offering.pdf
 
Step by step instructions to assess an initial coin offering
Step by step instructions to assess an initial coin offeringStep by step instructions to assess an initial coin offering
Step by step instructions to assess an initial coin offering
 
Introduction to the World of Cryptocurrency (Summary)
Introduction to the World of Cryptocurrency (Summary)Introduction to the World of Cryptocurrency (Summary)
Introduction to the World of Cryptocurrency (Summary)
 
Outlier Ventures State of Blockchain Q3 2018
Outlier Ventures State of Blockchain Q3 2018Outlier Ventures State of Blockchain Q3 2018
Outlier Ventures State of Blockchain Q3 2018
 
How to-launch-an-initial-coin-offering
How to-launch-an-initial-coin-offeringHow to-launch-an-initial-coin-offering
How to-launch-an-initial-coin-offering
 
BlockToken - How to Launch an ICO or STO
BlockToken - How to Launch an ICO or STOBlockToken - How to Launch an ICO or STO
BlockToken - How to Launch an ICO or STO
 

More from Paul Ark (Polapat Arkkrapridi)

Perfect Your Pitch (@ The Hive)
Perfect Your Pitch (@ The Hive)Perfect Your Pitch (@ The Hive)
Perfect Your Pitch (@ The Hive)
Paul Ark (Polapat Arkkrapridi)
 
An Introduction to Southeast Asia’s Startup Ecosystems
An Introduction to  Southeast Asia’s Startup EcosystemsAn Introduction to  Southeast Asia’s Startup Ecosystems
An Introduction to Southeast Asia’s Startup Ecosystems
Paul Ark (Polapat Arkkrapridi)
 
A VC's View on Blockchain and Cryptocurrency in Southeast Asia
A VC's View on Blockchain and Cryptocurrency in Southeast AsiaA VC's View on Blockchain and Cryptocurrency in Southeast Asia
A VC's View on Blockchain and Cryptocurrency in Southeast Asia
Paul Ark (Polapat Arkkrapridi)
 
How to Communicate Effectively for Networking & Public Speaking
How to Communicate Effectively for Networking & Public SpeakingHow to Communicate Effectively for Networking & Public Speaking
How to Communicate Effectively for Networking & Public Speaking
Paul Ark (Polapat Arkkrapridi)
 
Fintech Postcard: Thailand
Fintech Postcard: ThailandFintech Postcard: Thailand
Fintech Postcard: Thailand
Paul Ark (Polapat Arkkrapridi)
 
An Introduction to Open Banking (PSD2)
An Introduction to Open Banking (PSD2)An Introduction to Open Banking (PSD2)
An Introduction to Open Banking (PSD2)
Paul Ark (Polapat Arkkrapridi)
 

More from Paul Ark (Polapat Arkkrapridi) (6)

Perfect Your Pitch (@ The Hive)
Perfect Your Pitch (@ The Hive)Perfect Your Pitch (@ The Hive)
Perfect Your Pitch (@ The Hive)
 
An Introduction to Southeast Asia’s Startup Ecosystems
An Introduction to  Southeast Asia’s Startup EcosystemsAn Introduction to  Southeast Asia’s Startup Ecosystems
An Introduction to Southeast Asia’s Startup Ecosystems
 
A VC's View on Blockchain and Cryptocurrency in Southeast Asia
A VC's View on Blockchain and Cryptocurrency in Southeast AsiaA VC's View on Blockchain and Cryptocurrency in Southeast Asia
A VC's View on Blockchain and Cryptocurrency in Southeast Asia
 
How to Communicate Effectively for Networking & Public Speaking
How to Communicate Effectively for Networking & Public SpeakingHow to Communicate Effectively for Networking & Public Speaking
How to Communicate Effectively for Networking & Public Speaking
 
Fintech Postcard: Thailand
Fintech Postcard: ThailandFintech Postcard: Thailand
Fintech Postcard: Thailand
 
An Introduction to Open Banking (PSD2)
An Introduction to Open Banking (PSD2)An Introduction to Open Banking (PSD2)
An Introduction to Open Banking (PSD2)
 

Recently uploaded

Monitoring and Managing Anomaly Detection on OpenShift.pdf
Monitoring and Managing Anomaly Detection on OpenShift.pdfMonitoring and Managing Anomaly Detection on OpenShift.pdf
Monitoring and Managing Anomaly Detection on OpenShift.pdf
Tosin Akinosho
 
Your One-Stop Shop for Python Success: Top 10 US Python Development Providers
Your One-Stop Shop for Python Success: Top 10 US Python Development ProvidersYour One-Stop Shop for Python Success: Top 10 US Python Development Providers
Your One-Stop Shop for Python Success: Top 10 US Python Development Providers
akankshawande
 
Serial Arm Control in Real Time Presentation
Serial Arm Control in Real Time PresentationSerial Arm Control in Real Time Presentation
Serial Arm Control in Real Time Presentation
tolgahangng
 
How to Get CNIC Information System with Paksim Ga.pptx
How to Get CNIC Information System with Paksim Ga.pptxHow to Get CNIC Information System with Paksim Ga.pptx
How to Get CNIC Information System with Paksim Ga.pptx
danishmna97
 
20240607 QFM018 Elixir Reading List May 2024
20240607 QFM018 Elixir Reading List May 202420240607 QFM018 Elixir Reading List May 2024
20240607 QFM018 Elixir Reading List May 2024
Matthew Sinclair
 
Columbus Data & Analytics Wednesdays - June 2024
Columbus Data & Analytics Wednesdays - June 2024Columbus Data & Analytics Wednesdays - June 2024
Columbus Data & Analytics Wednesdays - June 2024
Jason Packer
 
Artificial Intelligence for XMLDevelopment
Artificial Intelligence for XMLDevelopmentArtificial Intelligence for XMLDevelopment
Artificial Intelligence for XMLDevelopment
Octavian Nadolu
 
Programming Foundation Models with DSPy - Meetup Slides
Programming Foundation Models with DSPy - Meetup SlidesProgramming Foundation Models with DSPy - Meetup Slides
Programming Foundation Models with DSPy - Meetup Slides
Zilliz
 
GenAI Pilot Implementation in the organizations
GenAI Pilot Implementation in the organizationsGenAI Pilot Implementation in the organizations
GenAI Pilot Implementation in the organizations
kumardaparthi1024
 
GraphRAG for Life Science to increase LLM accuracy
GraphRAG for Life Science to increase LLM accuracyGraphRAG for Life Science to increase LLM accuracy
GraphRAG for Life Science to increase LLM accuracy
Tomaz Bratanic
 
20240609 QFM020 Irresponsible AI Reading List May 2024
20240609 QFM020 Irresponsible AI Reading List May 202420240609 QFM020 Irresponsible AI Reading List May 2024
20240609 QFM020 Irresponsible AI Reading List May 2024
Matthew Sinclair
 
“Building and Scaling AI Applications with the Nx AI Manager,” a Presentation...
“Building and Scaling AI Applications with the Nx AI Manager,” a Presentation...“Building and Scaling AI Applications with the Nx AI Manager,” a Presentation...
“Building and Scaling AI Applications with the Nx AI Manager,” a Presentation...
Edge AI and Vision Alliance
 
Ocean lotus Threat actors project by John Sitima 2024 (1).pptx
Ocean lotus Threat actors project by John Sitima 2024 (1).pptxOcean lotus Threat actors project by John Sitima 2024 (1).pptx
Ocean lotus Threat actors project by John Sitima 2024 (1).pptx
SitimaJohn
 
Project Management Semester Long Project - Acuity
Project Management Semester Long Project - AcuityProject Management Semester Long Project - Acuity
Project Management Semester Long Project - Acuity
jpupo2018
 
HCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAU
HCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAUHCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAU
HCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAU
panagenda
 
Recommendation System using RAG Architecture
Recommendation System using RAG ArchitectureRecommendation System using RAG Architecture
Recommendation System using RAG Architecture
fredae14
 
Presentation of the OECD Artificial Intelligence Review of Germany
Presentation of the OECD Artificial Intelligence Review of GermanyPresentation of the OECD Artificial Intelligence Review of Germany
Presentation of the OECD Artificial Intelligence Review of Germany
innovationoecd
 
Cosa hanno in comune un mattoncino Lego e la backdoor XZ?
Cosa hanno in comune un mattoncino Lego e la backdoor XZ?Cosa hanno in comune un mattoncino Lego e la backdoor XZ?
Cosa hanno in comune un mattoncino Lego e la backdoor XZ?
Speck&Tech
 
Skybuffer SAM4U tool for SAP license adoption
Skybuffer SAM4U tool for SAP license adoptionSkybuffer SAM4U tool for SAP license adoption
Skybuffer SAM4U tool for SAP license adoption
Tatiana Kojar
 
TrustArc Webinar - 2024 Global Privacy Survey
TrustArc Webinar - 2024 Global Privacy SurveyTrustArc Webinar - 2024 Global Privacy Survey
TrustArc Webinar - 2024 Global Privacy Survey
TrustArc
 

Recently uploaded (20)

Monitoring and Managing Anomaly Detection on OpenShift.pdf
Monitoring and Managing Anomaly Detection on OpenShift.pdfMonitoring and Managing Anomaly Detection on OpenShift.pdf
Monitoring and Managing Anomaly Detection on OpenShift.pdf
 
Your One-Stop Shop for Python Success: Top 10 US Python Development Providers
Your One-Stop Shop for Python Success: Top 10 US Python Development ProvidersYour One-Stop Shop for Python Success: Top 10 US Python Development Providers
Your One-Stop Shop for Python Success: Top 10 US Python Development Providers
 
Serial Arm Control in Real Time Presentation
Serial Arm Control in Real Time PresentationSerial Arm Control in Real Time Presentation
Serial Arm Control in Real Time Presentation
 
How to Get CNIC Information System with Paksim Ga.pptx
How to Get CNIC Information System with Paksim Ga.pptxHow to Get CNIC Information System with Paksim Ga.pptx
How to Get CNIC Information System with Paksim Ga.pptx
 
20240607 QFM018 Elixir Reading List May 2024
20240607 QFM018 Elixir Reading List May 202420240607 QFM018 Elixir Reading List May 2024
20240607 QFM018 Elixir Reading List May 2024
 
Columbus Data & Analytics Wednesdays - June 2024
Columbus Data & Analytics Wednesdays - June 2024Columbus Data & Analytics Wednesdays - June 2024
Columbus Data & Analytics Wednesdays - June 2024
 
Artificial Intelligence for XMLDevelopment
Artificial Intelligence for XMLDevelopmentArtificial Intelligence for XMLDevelopment
Artificial Intelligence for XMLDevelopment
 
Programming Foundation Models with DSPy - Meetup Slides
Programming Foundation Models with DSPy - Meetup SlidesProgramming Foundation Models with DSPy - Meetup Slides
Programming Foundation Models with DSPy - Meetup Slides
 
GenAI Pilot Implementation in the organizations
GenAI Pilot Implementation in the organizationsGenAI Pilot Implementation in the organizations
GenAI Pilot Implementation in the organizations
 
GraphRAG for Life Science to increase LLM accuracy
GraphRAG for Life Science to increase LLM accuracyGraphRAG for Life Science to increase LLM accuracy
GraphRAG for Life Science to increase LLM accuracy
 
20240609 QFM020 Irresponsible AI Reading List May 2024
20240609 QFM020 Irresponsible AI Reading List May 202420240609 QFM020 Irresponsible AI Reading List May 2024
20240609 QFM020 Irresponsible AI Reading List May 2024
 
“Building and Scaling AI Applications with the Nx AI Manager,” a Presentation...
“Building and Scaling AI Applications with the Nx AI Manager,” a Presentation...“Building and Scaling AI Applications with the Nx AI Manager,” a Presentation...
“Building and Scaling AI Applications with the Nx AI Manager,” a Presentation...
 
Ocean lotus Threat actors project by John Sitima 2024 (1).pptx
Ocean lotus Threat actors project by John Sitima 2024 (1).pptxOcean lotus Threat actors project by John Sitima 2024 (1).pptx
Ocean lotus Threat actors project by John Sitima 2024 (1).pptx
 
Project Management Semester Long Project - Acuity
Project Management Semester Long Project - AcuityProject Management Semester Long Project - Acuity
Project Management Semester Long Project - Acuity
 
HCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAU
HCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAUHCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAU
HCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAU
 
Recommendation System using RAG Architecture
Recommendation System using RAG ArchitectureRecommendation System using RAG Architecture
Recommendation System using RAG Architecture
 
Presentation of the OECD Artificial Intelligence Review of Germany
Presentation of the OECD Artificial Intelligence Review of GermanyPresentation of the OECD Artificial Intelligence Review of Germany
Presentation of the OECD Artificial Intelligence Review of Germany
 
Cosa hanno in comune un mattoncino Lego e la backdoor XZ?
Cosa hanno in comune un mattoncino Lego e la backdoor XZ?Cosa hanno in comune un mattoncino Lego e la backdoor XZ?
Cosa hanno in comune un mattoncino Lego e la backdoor XZ?
 
Skybuffer SAM4U tool for SAP license adoption
Skybuffer SAM4U tool for SAP license adoptionSkybuffer SAM4U tool for SAP license adoption
Skybuffer SAM4U tool for SAP license adoption
 
TrustArc Webinar - 2024 Global Privacy Survey
TrustArc Webinar - 2024 Global Privacy SurveyTrustArc Webinar - 2024 Global Privacy Survey
TrustArc Webinar - 2024 Global Privacy Survey
 

Initial Coin Offerings: An Overview [Digital Ventures]

  • 1. SEPTEMBER 2017 INITIAL COIN OFFERINGS: AN OVERVIEW
  • 3. ICO FUNDRAISING DWARFSVC FUNDING Source: CB Insights, Fortune Tezos $232M Self-amending cryptographic ledger Bancor $153M Price discovery and liquidity mechanism for tokens Top ICOs (to Aug ‘17) Initial coin offerings (ICOs) have become the preferred avenue for blockchain startups to raise funds. Even non-blockchain and non-fintech startups are starting to look at ICOs EOS $185M Open source platform for scalable decentralized apps Filecoin $250M Decentralized storage network 0 200 400 600 800 1000 1200 1400 1600 2016 2017 YTD Investment in Bitcoin & Blockchain Startups (US$m) VC ICO US$1.5 billion in ICO funding in 2017 through August nearly 3x global VC funding for bitcoin & blockchain startups in 2016
  • 4. WHAT IS AN ICO? Create blockchain protocol layer Token Issuer Generate tokens Send cryptocurrency Tokens Token Buyers Features of an ICO § Tokens are digital claims to future rewards or services § Transacted on blockchains (typically Ethereum); tokens purchased via cryptocurrencies (typically BTC or ETH) § Tokens can be freely and immediately tradeable on cryptocurrency exchanges § Tokens are not strictly claims on equity or debt § Funds are not raised throughVC or financial institutions § Not currenly regulated § Not a new phenomenon; the first token crowdsale happened in early 2013 What an ICO isn’t Initial coin offerings, also known as crowdsales, are a method of startup fundraising via the sale of digital tokens over a blockchain
  • 5. COMPARISON OF FUNDRAISING METHODS ICO Equity Crowdfunding Reward Crowdfunding VC IPO Startup stage Prototype Prototype Prototype Prototypeàlate stage Late stage Equity No Yes No Yes Yes Requirement White paper (optional) - Desired amount - Project milestones - Team - Types of tokens - Exchange ratio Educational materials - Investment description - Types of securities - Investment limits Educational materials - Project description - Marketing deck - Types of rewards Pitch deck - Management - Use of funds - Business model Prospectus - Company description - Types of securities - Management - Financial info Investors Blockchain enthusiasts Angel investors Early adopters Limited partners Public Period 3-6 months 1-3 months 1-2 months 3-12 months >1 year Fundraising cost Low Medium Low High High Channel Online Online Online Offline Offline Liquidity Medium Low Low Low High Downside risks Project fails, fraud Bankrupt Project fails Devalue, bankrupt Price drops
  • 6. FUNDRAISING STEPS ICO IPO 1. Initiate Write a summary; announce to crypto community to gather interest and feedback Hire an investment bank to underwrite the IPO 2. Documentation - White paper - Website Filings with SEC - Registration statement - Prospectus 3. Marketing PR-campaign - Crypto forums - Slack Roadshow - Pre-sale IPO to institutional investors - Set pricing 4. Sales process Buyers send cryptocurrencies to a digital address; smart contracts issue tokens according to exchange ratio Allocate shares according to book building 5. Listing Tokens listed on a crypto exchange Shares listed on an exchange Though there are similarities in the process steps between ICOs and IPOs, token sales are faster to execute at a fraction of the cost of traditional equity offerings
  • 7. TYPICAL TOKEN USE CASES Company Use of funds Use of tokens OmiseGo Proprietary blockchain for interoperable digital wallets Right to validate Tezos Proprietary blockchain that is decentralized and self-governing Right to vote EOS.io Proprietary blockchain that targets higher transaction speeds and scalability than Ethereum Right to use Bancor Protocol with built-in price discovery and a liquidity mechanism, allowing users to issue tokens or exchange them automatically Right to use Status Protocol that has a messaging platform and mobile browser to interact with decentralized applications Payment for service TenX Protocol for crypto debit cards Profit sharing rights BAT Protocol for digital advertising Payment for service Civic Protocol for on-demand, secure and low-cost access to identity verification services Payment for service
  • 8. REGULATORY TREATMENT AROUND THE WORLD § No definitive regulation, but have viewed cryptocurrencies with a light touch § MAS has launched a tokenized version of the SGD via Project Ubin § Application of the HoweyTest (investment of money in a common enterprise with an expectation of profits predominantly from the efforts of others) to ICOs to determine if a particular token should be classified as a security falling under securities law § Issued a ban on ICOs on Sept 4.Top 30+ cryptocurrencies saw significant, double-digit percentage price drops, but most have begun recovery § Concerns over fraud and pyramid schemes § No regulation at current time; cryptocurrencies viewed as assets. Regulators have started weighing in on ICOs, some declaring or contemplating outright bans. But many are taking more cautious approaches. Cryptocurrency markets remain volatile, but highly resilient. § Issued a statement on Sept 5 that certain ICO structures would classify the token issuance as a security, which would be a regulated activity that requires license § Following similar approach to U.S. SEC § Like Japan, Korea has legalized bitcoin (July 2017) as a remittance method § However, a digital currency task force led by the central bank intends to crackdown on ICO issuances and intends to introduce regulations
  • 9. Why SEC may not be able to directly regulate ICOs Self-regulatory framework May not involve equity They may not fit into the current definition of a security, and are technically outside of traditional legal frameworks. Global instruments They are funded using cryptocurrencies that are not controlled by any central authority or bank. Pseudo-anonymously It’s not impossible to find out who people are, but it’s not easy, either. Simple Agreement for FutureTokens (SAFT) § Based on SAFE (an agreement to raise money in exchange for equity without having to issue debt instruments like convertible notes). § SAFE is only offered to “accredited investors” ($200,000 or more a year or have a net worth of at least $1M). Crowdfunding § Guidance on when digital assets are deemed securities and whether the firms that trade digital assets must register. § Sell to accredited investor § Regulators to adopt a regulatory sandbox. SELF-REGULATORY FRAMEWORK Other mechanisms § Escrow account (third party releases funding once milestone is reached) § Setting a maximum investment amount § Use KYC process to vet investors In the absence of regulatory comment, the Ethereum and cryptocurrency community has taken it upon itself to explore self-policing of crowdsales
  • 10. BEYOND THE HYPE:THE FUTURE OF ICOs • Individual regulatory bodies are starting to weigh in, often in piecemeal, uncoordinated fashion • The global, borderless nature of crowdsales will eventually require more coordinated global regulatory standards to fuel broader adoption • The Ethereum and cryptocurrency community is looking at self-regulation, but would possibly welcome official regulation that tempered bad actors without stifling innovation & growth • Rampant fraud and speculation, along with poor quality crowdsales, haven’t dampened enthusiasm for ICOs, but the crypto community fears that they could stifle long-term growth and sustainability of ICOs as a form of fundraising if its worst excesses are not managed • Streamlining and mainstreaming the crowdsale process is a matter of time, as tech development matures and better security and volatility mechanisms are created • Despite the hype, ramp-up in ICOs activity & token prices, and questionable startups issuing tokens, the ICO phenomenon has validated: 1) the technology to raise large sums of money quickly and cheaply over blockchains, and 2) the willingness of investors to invest large sums of money over blockchains • A robust regulatory framework could open the door for the tokenization or equity, debt, and other forms of financing.This could disrupt traditional lending and capital markets as blockchain- driven fundraising dramatically slashes execution time and costs Regulation Challenges Adoption & evolution Despite the short term volatility and uncertainty of ICOs and cryptocurrencies, the long term implications of blockchain-driven fundraising are significant for SCB, potentially transforming the entire capital market industry
  • 12. ICOs AS ETHEREUM’S KILLER APP? Ethereum’s unique characteristics • One of the most active Blockchain systems with large developers community. • Highest chances of fast recovery in case of errors. • The only production-ready Blockchain that supports smart contracts. • Turing-complete language is more complete than C+++ used in BTC blockchain, enabling freedom in features and security models. • The tokens issued through smart contracts are executed on EthereumVirtual Machine (EVM), making them independent from Ethereum public Blockchain. Active Ease of Development Independence Features • Tokens based on Ethereum Blockchain typically adhere to the same standard, called “ERC-20” • This allows tokens to be interchangeable and compatible with different protocols and projects adhering to the same standard. Interoperability ERC-20 Decentralized autonomous organizations (DAOs) Decentralized autonomous apps (Dapps) Smart contracts Ethereum’s characteristics & features are what makes it the most popular protocol for ICOs
  • 13. ETHEREUM & DAPPs AT TECH CORE OF ICOs Decentralized application (Dapp) § A Dapp is a system – “Blockchain enabled” website, where the smart contract is what allows it to connect to the Blockchain. § The traditional web application uses HTML, CSS and javascript to render a page. It will also need to grab details from a database utilizing an API . § A Dapp uses similar technology as a web, but it uses a smart contract connecting to a Blockchain. Smart contract § Smart contracts are used to generate tokens, bound by their own rules. Front-endWebsite API Database Front-endDapp Smart contract Blockchain Manage money Money + another piece Governance systems To execute, smart contracts rely on “oracles” that relay up-to-date information about the outside world. Users exchange Ether as a mean to settle a contract with another user.The network's nodes facilitate the distribution of data. A decentralized autonomous organizations (DAO) is formed; Dapps set rule on voting and funding. Ethereum offers the ability to program different types of smart contracts, enabling users to build decentralized autonomous apps (DApps) and issue tokens
  • 14. ETHEREUM’S TOKEN STANDARDS ERC-20 § A set of functions written into tokens’ smart contracts. It defines how tokens should behave, including: § How to get the total token supply § How to get the account balance § How to transfer the token § How to approve spending the token § ERC20 enables tokens to seamlessly interact through different Dapps and projects on Ethereum. Developers can predict how a token will operate and integrate with less fear of errors. ERC-223 A new development which aims to solve ERC-20 issues: § (1) Eliminates the problem of lost tokens: § Users lose tokens when they mistakenly use the instructions for sending tokens to a smart contract. § ERC-223 allows users to send their tokens to either wallet or contract with the same function transfer, eliminating confusion and lost tokens. § (2) Can handle incoming token transactions, and reject non-supported tokens § (3) Energy savings: § Involves a one step process vs a 2 step process (ERC-20), saving cost. Ethereum’s token standards, which define the functions of smart contracts, are the basis upon which the ICO market is built
  • 15. ICO STRUCTURES ICO STRUCTURES ARE HIGHLYVARIABLE,AND DEPENDANT ONTHE OBJECTIVE OF THE TOKEN SALE
  • 16. The DAO Issuing company Slock.it Mission The first implementation of Decentralized Autonomous Organization (DAO) code to automate organizational governance and decision-making. It aims to codify the rules and decision-making apparatus of an organization, eliminating the need for documents and people in governing, creating a structure with decentralized control. Token DAO Platform Ethereum Amount intended 50,000 ETH / $500,000 Amount raised $160M Date 30 April 2016 Motivation DAO allows users to direct the DAO’s operations. Users use tokens to vote. Fund allocation 100% to the DAO Coin distribution 100% Token usage • The tokens represent ownership over the DAO, which includes being able to nominate and vote on DAO activities, nominate and vote on DAO curators. • Any profits the DAO makes on its investments will be given back to token holders as dividends. CASE STUDY:THE DAO The DAO was the largest ICO in history. The key to its success is its ideology of a self-governing organization.
  • 17. Omise Go Issuing company Omise Mission OmiseGO is an Ethereum-based financial technology company offering a decentralized exchange (a blockchain) and a payments platform (a wallet). Token Omise Go (OMG) Platform Ethereum Amount intended Cap raised from $19M to $25M Amount raised $25M Date 27 June 2017 Motivation Owning Mechanism • Tokens buys the right to validate this Blockchain.Transaction fees on the network, including payment, interchange, trading, and clearinghouse use, are given to validators who enforce bonded contract states. • The token will have value derived from the fees derived from this network, with the cost of validating. CASE STUDY: OMISEGO OmiseGo’s use of KYC, fundraising caps, and maximum investment per investor greatly reduced the amount of speculation and volatility
  • 18. Ripple Omise Mission Ripple’s distributed financial technology enables banks to send real-time international payments across networks. The complete set of powerful payment features that allows fast, flexible and seamless experiences all ready built-in. Value proposition • Access: Direct bank to bank settlement • Speed: instant (4 sec vs ETH 2+min) • Certainty: real-time traceability of funds • Cost: lowest total cost • White label, no redirect: invisible to users/not • Secure • Automate payouts: to stakeholders with API • Ease: one-click, no card (only bank a/c) Target customer Banks (remittances, corporate disbursement) E-commerce/Enterprise (payment, transfers) Blockchain platform Private Public Validators Participating institutions (banks) Anyone with Omise server Funding $93.6M in 7 Rounds from 27 Investors (Series B) $20.4M in 4 Rounds from 9 Investors (Series B) CASE STUDY: RIPPLEVS. OMISE Ripple has not raised funds through ICOs. Although it has similar mission to Omise, it’s less likely to raise funds via ICO because it’s success is less reliant on network effects and its associated externality.
  • 19. CRYPTOCURRENCY GLOSSARY Virtual currency A type of unregulated, digital money, which is issued and usually controlled by its developers, and used and accepted among the members of a specific virtual community." Digital currency A form of virtual currency that is electronically created and stored. Some types of digital currencies are cryptocurrencies, but not all of them are. Crypto- currency A digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transactions, preventing counterfeit and operating independently of a central bank. Alt-coin An abbreviation of “Bitcoin alternative,” and thus describes every single cryptocurrency except for Bitcoin. Coins Coins really only have one utility — to act as simple stores of value with limited-to-no other functionality. Usually referred to Bitcoin Tokens Are programmable, representing digital assets that can have a variety of values attached.They can represent assets as diverse as vouchers, IOUs, or even objects in the real world. Usually referred to Ether