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Shorish Jamsheed, #Crypto42, Token Valuation and Design

CryptoCurrency Token Valuation and Design

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Shorish Jamsheed, #Crypto42, Token Valuation and Design

  1. 1. A New World? CryptocurrencyToken Valuation And Design Dr Jamsheed Shorish http://shorishresearch.com http://linkedin.com/in/jshorish jamsheed@shorishresearch.com Crypto42Token Investment Summit — 16 April 2018
  2. 2. Traditional Roles of Money: Reflected in a SingleValue • Cryptocurrencies can fulfil traditional roles of fiat money: • Store of Value • Medium of Exchange • Unit of Account • The “price” of money reflects all roles, but (perhaps) fundamentally as a Medium of ExchangeImage source: clipart.com
  3. 3. Do Cryptocurrencies Have A FundamentalValue? • Bitcoin has an underlying “fundamental” value. • But: speculative (market) value is unoptimised/unregulated. • Valuations as Store-of-Value, Medium-of-Exchange lower than they could be. Image source: clipart.com
  4. 4. • A cryptocurrency token is not single valued—it is a multivalued instrument. • Utility value: defines interaction with protocol • Incentivises behaviour • Security value: future consumption • Governance value: rights management • Speculative value: market • Funding value: ICO, pre-seed etc. A Cryptocurrency Token is Natively Multivalued
  5. 5. TokenValuation • Token value “lives” in a d-dimensional space: • Token design requires getting each of these valuations “right”. • Which values a token has is a collectively endogenous problem. v := (v1, v2, . . . , vd) 2 V 1 ⇥ V 2 ⇥ . . . ⇥ V d <latexit sha1_base64="Zve6MKRGOB63e3qOxb6z9tRqn6o=">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</latexit><latexit 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  6. 6. Measuring a Token’sValue(s) • Token “metric”: opportunity cost + value-added • Utility cost: next best protocol/incentive • Security cost: next best investment; underlying • Governance cost: centralisation vs. decentralisation • Speculation cost: market
  7. 7. • For optimisation, a multiobjective function must exist: U<latexit sha1_base64="t4macPuOocSbIndmeK3Pzg6JluE=">AAAB53icbZA9SwNBEIbn4lc8v6KWNodBsAp3NmohBm0sE/BMIDnC3mYuWbO3d+zuCeEI2NtYqNj6a+zt/DduPgpNfGHh4X1n2JkJU86Udt1vq7C0vLK6Vly3Nza3tndKu3t3KskkRZ8mPJHNkCjkTKCvmebYTCWSOOTYCAfX47zxgFKxRNzqYYpBTHqCRYwSbay63ymV3Yo7kbMI3gzKl5/2xSMA1Dqlr3Y3oVmMQlNOlGp5bqqDnEjNKMeR3c4UpoQOSA9bBgWJUQX5ZNCRc2ScrhMl0jyhnYn7uyMnsVLDODSVMdF9NZ+Nzf+yVqajsyBnIs00Cjr9KMq4oxNnvLXTZRKp5kMDhEpmZnVon0hCtbmNbY7gza+8CP5J5bzi1b1y9QqmKsIBHMIxeHAKVbiBGvhAAeEJXuDVureerTfrfVpasGY9+/BH1scPjDGOdw==</latexit><latexit 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  8. 8. Optimal Token (Mechanism) Design • The more decentralised the blockchain, the greater the need for incentive engineering • Mechanism design: an engineering solution for blockchain ecosystems • Allows incentive alignment without an external third party authority.
  9. 9. Design Determines Regulation • Initial Coin Offerings &Token Generation Events = important part of the blockchain business model/use case • Regulation will become vital to implement ICOs/TGEs => close collaboration of token designers with legal experts required • Governments will need to coordinate with token design experts to understand token use cases and implement proper regulations.
  10. 10. Moving Forward:TokenValue & Design Framework • Currently token distribution is hampered by poor valuation understanding • Placing tokens on firm multidimensional footing will help • Mechanism design improves valuation and elicits truthful behaviour • Requires an understanding of: game theory, contract theory, incentives • Requires an appreciation of: economic engineering; securities design; regulation
  11. 11. Thank you for your attention! http://shorishresearch.com http://linkedin.com/in/jshorish jamsheed@shorishresearch.com

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