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Status of the Token Market
William Mougayar
Investor, Advisor, Board Member
Author, The Business Blockchain
Founder, The Token Summit and WMX
@wmougayar
wmougayar@gmail.com
Disclosures and Market Activities
•  Book (10 languages)
•  Token Summit
•  Blogging
•  WMX Blockchain Index
•  Tech Accelerators & VC
relationships
•  Knowledge websites
•  Strategic Advisory
•  Boards & Foundations
•  Startups Investments
•  ICOs participation
•  Cryptocurrency
•  Regulatory interactions
© 2018 William Mougayar @wmougayar
Blockchain Ecosystem
Startups
Researchers
Scientists
Crypto
Capitalists
Meetups
Hackathons
Infrastructure
Stakeholders
Developers
Enterprises
© 2018 William Mougayar @wmougayar
DRUMMERSDREAMERS DOERS
Staying True to Blockchain Fundamentals Is
EXTREMELY Important, but Often Forgotten
•  Replacing intermediaries
•  New (digital) Value liquidity
•  Proofs of X
•  Automatically enacting consequences
•  P2P infrastructures
•  Decentralized models
•  New protocols
© 2018 William Mougayar @wmougayar
Tokens 1.0 vs. Tokens 2.0
Copying what we see
vs.
Inventing what we don’t see
© 2017 William Mougayar @wmougayar
OLD
NEW
NEW
OLD
NEW
NEW
COMPANIES
SCOPE
© 2018 William Mougayar @wmougayar
Segmentation of
Implementations
?
✔
1.0
2.0
B2B
© 2017 William Mougayar @wmougayarSource: William Mougayar Blog
Tokens Jargon
Utility
Payment
Staking
Asset
Security Commodity
Air
Dropping
Locking
Burning
© 2017 William Mougayar @wmougayar
The point of attempting to
classify tokens is not to
better regulate them. It is
to better understand them.
© 2018 William Mougayar @wmougayar
The only Token that
matters is the one
being actually used.
© 2018 William Mougayar @wmougayar
Decentralization is
an unusual beast
© 2018 William Mougayar @wmougayar
Decentralization
On-Chain
0%
100%
100% IDEAL
?
?
© 2018 William Mougayar
@wmougayar
Reality
What is a token?
A unit of value that an organization
creates to self-govern its business model,
and empower its users to interact with its
products, while facilitating the
distribution and sharing of rewards and
benefits to all its stakeholders.
© 2017 William Mougayar @wmougayar
Token Value Proposition
By Whom will the token be
used; How; at what Cost; for
what Benefit; and Resulting in
what Valuable Transactional
Activity?
© 2017 William Mougayar @wmougayar
The killer app for the blockchain is
not tokens, but it is the creation of
private economies, new protocols
or development ecosystems.
Tokens are just enablers to that.
© 2017 William Mougayar @wmougayar
© 2016 William Mougayar @wmougayar
Blockchain circular economy disrupting
the value-work equation
On Token Economic Models
1.  Theory is always perfect, there
is no skin in the game yet
2.  Token functionality is being
abused
3.  We don’t know what we don’t
know
© 2017 William Mougayar @wmougayar
If you are thinking “Tokens”
1.  A token is not a carrot
2.  Token must be native to the
blockchain/App for maximum
leverage
3.  If not, proving the Token-to-
Market Fit will be more difficult
© 2017 William Mougayar @wmougayar
Token-to-Market Fit
is the new
Product-to-Market Fit
© 2017 William Mougayar @wmougayar
ACID TEST for Tokens
1.  What would happen without the
token?
2.  Why do you need a blockchain?
3.  What is the blockchain enabling
that wasn’t possible before?
© 2017 William Mougayar @wmougayar
Reality Check: Disconnect Between
Key Relationships
1.  Value vs. Valuations
2.  Monetary Policy vs. Economic Model
3.  Demand vs. Supply Drivers
© 2017 William Mougayar @wmougayar
There is no silver bullet for designing
token functionality or complying with
regulation.
© 2017 William Mougayar @wmougayar
What needs to work
What needs more work
What won’t work
© 2018 William Mougayar @wmougayar
What needs to work
•  Standards
•  Scalability
•  Interoperability
•  New exchanges / clearing houses
•  Native assets (creative, finance, physical)
•  Token types
•  Economic models
© 2018 William Mougayar @wmougayar
What needs more work
•  Killer features
•  Stablecoins
•  On-chain governance
•  Understanding economic models
© 2018 William Mougayar @wmougayar
What won’t work
•  Boil the ocean approaches
•  Head-on disruption
•  Leading with just white papers
•  Dressed-up websites
•  Cool ideas
•  Advisors that are not
•  No accountability to investors
© 2018 William Mougayar @wmougayar
Perfectly drafted ICO legal
terms do not increase a
startup’s chances of success.
© 2018 William Mougayar @wmougayar
Regulation is easier to
introduce, than to update,
correct, or remove.
© 2017 William Mougayar @wmougayar
What Should Regulators Do?
1.  Apply existing regulations
2.  Update existing regulations
3.  Allow Self-Regulation
4.  Create new regulations
5.  Freeze regulation with Safe Harbors
6.  Recognize a new asset class
7.  Harmonize global regulation
© 2018 William Mougayar @wmougayar
ü  Innovative
ü  More Difficult
ü  Easiest *
* for regulators
Current Regulation Landscape
1.  4 spheres: Asia, NA, Europe, Alternative
jurisdictions (Liechtenstein, Gibraltar, Malta, Cayman,
etc.)
2.  Balkanization of regulation is already here
3.  Competition vs. Harmonization
4.  Classification of tokens will be difficult
© 2018 William Mougayar @wmougayar
More Trends
1.  Separation of TGE’s between Public ICOs
and PPO’s
2.  Fiat liquidity jam due to cross-over friction
3.  Token exchange rights as an equity roll-
over
4.  New types of sub-tokens and token stability
5.  Build it before they come mandatory for
creating the utility
© 2018 William Mougayar @wmougayar
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
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
My wish list for the Blockchain Economy
•  Easy APIs
•  Standards + their implementation
•  More consumer applications
•  More (traditional) governance
è More blockchain, less tokens
© 2018 William Mougayar @wmougayar
THANK YOU
William Mougayar
Investor, Advisor, Board Member
Author, The Business Blockchain
Founder, The Token Summit and WMX
@wmougayar
wmougayar@gmail.com
http://startupmanagement.org/blog

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State of Tokens by William Mougayar - April 2018

  • 1. Status of the Token Market William Mougayar Investor, Advisor, Board Member Author, The Business Blockchain Founder, The Token Summit and WMX @wmougayar wmougayar@gmail.com
  • 2. Disclosures and Market Activities •  Book (10 languages) •  Token Summit •  Blogging •  WMX Blockchain Index •  Tech Accelerators & VC relationships •  Knowledge websites •  Strategic Advisory •  Boards & Foundations •  Startups Investments •  ICOs participation •  Cryptocurrency •  Regulatory interactions © 2018 William Mougayar @wmougayar
  • 4. Staying True to Blockchain Fundamentals Is EXTREMELY Important, but Often Forgotten •  Replacing intermediaries •  New (digital) Value liquidity •  Proofs of X •  Automatically enacting consequences •  P2P infrastructures •  Decentralized models •  New protocols © 2018 William Mougayar @wmougayar
  • 5. Tokens 1.0 vs. Tokens 2.0 Copying what we see vs. Inventing what we don’t see © 2017 William Mougayar @wmougayar
  • 6.
  • 7. OLD NEW NEW OLD NEW NEW COMPANIES SCOPE © 2018 William Mougayar @wmougayar Segmentation of Implementations ? ✔ 1.0 2.0 B2B
  • 8. © 2017 William Mougayar @wmougayarSource: William Mougayar Blog
  • 10. The point of attempting to classify tokens is not to better regulate them. It is to better understand them. © 2018 William Mougayar @wmougayar
  • 11. The only Token that matters is the one being actually used. © 2018 William Mougayar @wmougayar
  • 12. Decentralization is an unusual beast © 2018 William Mougayar @wmougayar
  • 13. Decentralization On-Chain 0% 100% 100% IDEAL ? ? © 2018 William Mougayar @wmougayar Reality
  • 14. What is a token? A unit of value that an organization creates to self-govern its business model, and empower its users to interact with its products, while facilitating the distribution and sharing of rewards and benefits to all its stakeholders. © 2017 William Mougayar @wmougayar
  • 15. Token Value Proposition By Whom will the token be used; How; at what Cost; for what Benefit; and Resulting in what Valuable Transactional Activity? © 2017 William Mougayar @wmougayar
  • 16. The killer app for the blockchain is not tokens, but it is the creation of private economies, new protocols or development ecosystems. Tokens are just enablers to that. © 2017 William Mougayar @wmougayar
  • 17. © 2016 William Mougayar @wmougayar Blockchain circular economy disrupting the value-work equation
  • 18. On Token Economic Models 1.  Theory is always perfect, there is no skin in the game yet 2.  Token functionality is being abused 3.  We don’t know what we don’t know © 2017 William Mougayar @wmougayar
  • 19. If you are thinking “Tokens” 1.  A token is not a carrot 2.  Token must be native to the blockchain/App for maximum leverage 3.  If not, proving the Token-to- Market Fit will be more difficult © 2017 William Mougayar @wmougayar
  • 20. Token-to-Market Fit is the new Product-to-Market Fit © 2017 William Mougayar @wmougayar
  • 21. ACID TEST for Tokens 1.  What would happen without the token? 2.  Why do you need a blockchain? 3.  What is the blockchain enabling that wasn’t possible before? © 2017 William Mougayar @wmougayar
  • 22. Reality Check: Disconnect Between Key Relationships 1.  Value vs. Valuations 2.  Monetary Policy vs. Economic Model 3.  Demand vs. Supply Drivers © 2017 William Mougayar @wmougayar
  • 23. There is no silver bullet for designing token functionality or complying with regulation. © 2017 William Mougayar @wmougayar
  • 24. What needs to work What needs more work What won’t work © 2018 William Mougayar @wmougayar
  • 25. What needs to work •  Standards •  Scalability •  Interoperability •  New exchanges / clearing houses •  Native assets (creative, finance, physical) •  Token types •  Economic models © 2018 William Mougayar @wmougayar
  • 26. What needs more work •  Killer features •  Stablecoins •  On-chain governance •  Understanding economic models © 2018 William Mougayar @wmougayar
  • 27. What won’t work •  Boil the ocean approaches •  Head-on disruption •  Leading with just white papers •  Dressed-up websites •  Cool ideas •  Advisors that are not •  No accountability to investors © 2018 William Mougayar @wmougayar
  • 28. Perfectly drafted ICO legal terms do not increase a startup’s chances of success. © 2018 William Mougayar @wmougayar
  • 29. Regulation is easier to introduce, than to update, correct, or remove. © 2017 William Mougayar @wmougayar
  • 30. What Should Regulators Do? 1.  Apply existing regulations 2.  Update existing regulations 3.  Allow Self-Regulation 4.  Create new regulations 5.  Freeze regulation with Safe Harbors 6.  Recognize a new asset class 7.  Harmonize global regulation © 2018 William Mougayar @wmougayar ü  Innovative ü  More Difficult ü  Easiest * * for regulators
  • 31. Current Regulation Landscape 1.  4 spheres: Asia, NA, Europe, Alternative jurisdictions (Liechtenstein, Gibraltar, Malta, Cayman, etc.) 2.  Balkanization of regulation is already here 3.  Competition vs. Harmonization 4.  Classification of tokens will be difficult © 2018 William Mougayar @wmougayar
  • 32. More Trends 1.  Separation of TGE’s between Public ICOs and PPO’s 2.  Fiat liquidity jam due to cross-over friction 3.  Token exchange rights as an equity roll- over 4.  New types of sub-tokens and token stability 5.  Build it before they come mandatory for creating the utility © 2018 William Mougayar @wmougayar
  • 33. 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
  • 35. My wish list for the Blockchain Economy •  Easy APIs •  Standards + their implementation •  More consumer applications •  More (traditional) governance è More blockchain, less tokens © 2018 William Mougayar @wmougayar
  • 36. THANK YOU William Mougayar Investor, Advisor, Board Member Author, The Business Blockchain Founder, The Token Summit and WMX @wmougayar wmougayar@gmail.com http://startupmanagement.org/blog