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William Mougayar
Investor, Advisor, Board Member
Managing Partner, JM3 Capital
Author, The Business Blockchain
Founder, The Token Summit and WMX
@wmougayar
wmougayar@gmail.com
Zug, 21 June 2018
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
• Regulatory interactions
© 2018 William Mougayar @wmougayar
3. Tokens 1.0 vs. Tokens 2.0
Copying what we see
vs.
Inventing what we don’t see
© 2017 William Mougayar @wmougayar
5. Staying True to Blockchain Fundamentals Is
EXTREMELY Important, but Often Forgotten
ü Replacing intermediaries
ü New (digital) Value liquidity
ü Proofs of X
ü Automatically enacting consequences
ü P2P infrastructures
ü Decentralized governance
ü New technical protocols
ü New ownership models
© 2018 William Mougayar @wmougayar
14. © 2018 William Mougayar @wmougayar
Tracking the Blockchain Market with Numbers
Market Cap _ USD 280 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 June 14 2018, Source: CoinMarketCap
16. Ideals of Decentralized Applications
① P2P infrastructure
② Underlying protocols
③ Decentralized operations
④ Blockchain transactions
⑤ Distributed content
⑥ End-user ownership empowerment
⑦ Decentralized autonomy
⑧ Distribution of rewards/benefits
© 2018 William Mougayar @wmougayar
17. 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
18. Where Are All the Decentralized Apps
© 2018 William Mougayar @wmougayar
19. ① What needs to work
② What needs more work
③ What won’t work
© 2018 William Mougayar @wmougayar
20. What needs to work
• Standards
• Scalability
• Interoperability
• New exchanges / clearing houses
• Native assets (creative, finance, physical)
• Token types
• Economic models
© 2018 William Mougayar @wmougayar
21. What needs more work
• Killer features
• Stablecoins
• On-chain governance
• Understanding economic models
© 2018 William Mougayar @wmougayar
22. What won’t work
• Boil the ocean approaches
• Head-on disruption
• White papers
• Dressed-up websites
• Cool ideas
• No governance
• High valuations too early
© 2018 William Mougayar @wmougayar
23. The point of attempting to
classify tokens is not to
better regulate them. It is
to better understand them.
© 2018 William Mougayar @wmougayar
24. © 2017 William Mougayar @wmougayar
Token Utility is Simple
ü Right
ü Ownership
ü Work
ü Currency
25. 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
26. 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
29. Can the blockchain lead us to a
new world that is better than the
current one?
© 2018 William Mougayar @wmougayar
30. © 2018 William Mougayar @wmougayar
Computation
Protocols
Data
Content
Storage Work
Rewards
EarningSpending
Sharing
Industry
Trade
Law
Finance
Nations
The Blockchain Economy
31. The stone age didn’t end for a
lack of stones.
© 2018 William Mougayar @wmougayar
32. 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