Blockchain Assets (Bitcoin, Ethereum, others), Blockchain Market, ICOs, Investment Funds on Blockchains

1. 0
Blockchain Assets: Evaluation and
Management
Marina Guryeva, cyberFund
Munich | April 2017 г.

2. 1
Blockchain Market
cyber • Fund
Bitcoin
Ethereum
Dash
Monero
Ripple
$15.482 B
$723 M
$238 M
$79 M
$186 M
$16.911 B
$4.578 B
$770 M
$527 M
$297 M
+9%
+533%
+223%
+60%
+567%
+$1.4 B
+$3.9 B
+$532 M
+$448 M
+$111 M
Source: cyber • Fund, March 2017
01/01/2017 31/03/2017
Capitalization, million USD
2013 2014 2015 2016
Number of blockchain systems and
applications
2013 2014 2015 2016
DAO
DApp

3. 2
Blockchain Ecosystem
Source: http://www.csfi.org/november-2015-fintech-briefing/, November 2015
PROVIDERS AND SERVICES
PROTOCOLS AND SUPPORTING INFRASTRUCTURE
PROGRAMMES AND SOLUTIONS
cyber • Fund

4. 3
Blockchain Assets vs Traditional Financial Assets
cyber • Fund
Source: cyber • Fund, March 2017
➢ Programmability
(open source)
➢ Auditability
➢ Accessibility
➢ Moneyness
➢ Divisibility &
Denomination
➢ Reversibility
➢ Cash Flow
➢ Maturity Period
➢ Convertibility
➢ Currency
➢ Liquidity
➢ Predictable Returns
➢ Tax Status of Returns

5. 4
Uniqueness
cyber • Fund
Blockchains are the next Internet
the Internet of Things, Values, and Everything
Autonomous Devices
Enable Internet of Things
Programmable
Decentralized Corporations
Enable disruption of traditional
corporations
Smart Contracts
Enable disruption of financial, legal
& any other middlemen activities
No theory. Proof of concepts are in production

6. 5
Investment Attractiveness
cyber • Fund
Uber on
blockchain
2009
Legal Entity
Available for SV guys
2010
Blockchain Entity
Available for Everybody
2018?
Blockchain Entity
Available for Everybody
~300%
CAGR
~400%
CAGR
500%+
CAGR
Faster than Google and Facebook together. Compound Annual Growth Rate 500%+ is feasible.
Secret sauce of blockchains:
No Taxation Low Cost General Purpose Economic Incentives
No tax enforcement.
Supranational, borderless and
permissionless
No buildings, no workers.
Once programmed work as
defined
Can disrupt dozens of
industries and thousands of
companies
Properly designed economic
incentives that
command/control network
behaviour

7. 6
Bitcoin: Market Price, Trading Volumes
Source: cyber • Fund
cyber • Fund
Chinese authorities OK
Bitcoin
Halving
Bitfinex is hacked
Chinese authorities ban
financial institutions from
using bitcoin
Major exchanges hit with
DDoS attack
Chinese authorities
issue warnings to
major exchanges
ETF approval talks
Looming hard fork

8. 7
Bitcoin: Main Trends
➢ ETF expectations
➢ Alternative solutions to scalability issue
➢ Effects of Brexit and Trump’s victory in US
➢ Increased interest from China - investors attempt to secure their assets bypassing the
authorities
➢ Lower rewards for mining
➢ Increase in number of instruments related to Bitcoin
➢ Advances in functioning of Bitcoin-network and lower costs for users
➢ Increased visibility of Bitcoin and blockchain technology
➢ Threatening destabilization of fiat currencies in China, India and Venezuela
594k
unique addresses,
used daily
1.6x
March 2017 / March 2016
$16.9B
capitalization
2.6x
March 31, 2017 / March 27, 2016
1063
ATM
1.9x
March 2017 / March 2016
322k
transactions per day
1.5x
March 2017 / March 2016
Sources: cyber • Fund, www.quandl.com, coinatmradar.com, www.newsbtc.com, www.cointelegraph.com, www.coindesk.com, www.totalbitcoin.org,
www.bitcoinmagazine.com, www.weforum.org, www.europe.newsweek.com
cyber • Fund

9. 8
Ethereum: Market Situation
Source: https://www.cryptocompare.com
cyber • Fund
Homestead release DAO hard fork
Major corporations
to join Ethereum
Enterprise
+ Melonport’s ICO
Rise on Winklevoss
ETF rejection and
Bitcoin scaling
debateDAO attack

10. 9
Ethereum: Main Trends
Source: cyber • Fund, 31 March 2017; www.cointelegraph.com, www.coindesk.com, www.coinfox.info
$4.6B
capitalization
5,3x
March 31, 2017 / March 27, 2016
110k
transactions per day
3,5x
March 2017 / March 2016
13 THash
computation capacity
of the network
9x
March 2017 / March 2016
Augur
Digix
Plutus
.$95M.
.$29M.
.$24M.
377
apps registered on
dapps.ethercasts.com
Developed projects
Iconomi
SingularDTVFirstBlood
Predictions platform
Gold trading
Contactless payments
Golem
Platform for investment funds
Distributed computing
Video rights management
E-Sport bets
+
ether.camp
=
Enterprise Ethereum
cyber • Fund
.$34M.
.$35M.
.$18M..$15M.
Melonport .$17M.
Protocol for asset management
leading IT and financial
corporations

11. 10
Blockchain Assets: Evaluation
Source: https://www.cyber.fund
cyber • Fund
Stage & Type
Criteria
Public
cryptoasset cryptocurrency
cyber•Rating Max Score 5 5
LV. Users Love Score 2 2
BR. Blockchain Reporting Score
Block reports
Market Reports
Chain reports
0,5
0,5
0,5
0,5
IS. Interoperability Score
Quantum Library
0,5
0,5
0,5
0,5
WL. Weighted Liquidity Score
Cap scoring
Turnover
1
0,5
0,5
1
0,5
0,5
CG. Compliance Score
Basic Compliance
Site
Community
Updates
Code
Science
Knowledge
Core infrastructure
Buy
Hold
Analyze
Earn
Internal Economy
Native DApps
Token DApps
1
0,5
0,05
0,05
0,1
0,2
0,05
0,05
0,5
0,4
0,05
0,05
1
0,3
0,05
0,05
0,05
0,05
0,05
0,05
0,6
0,3
0,1
0,1
0,1
0,1
0,1
GR. CMGR Score

12. 11
ICOs
Total amount of funds collected via
crowdfunding, 17.03.2017
.$128,5M.
.$15,8M.
.$10,5M.
.$8,5M.
The DAO
Waves
Iconomi
Golem
hacked
cyber • Fund
Source: cyber • Fund, March 2017
.$4,1M.Chronobank
.$3,1M.Dfinity
.$2,9M.Melonport
2017
2016
USD, M Number of ICOs

13. 12
ICOs: Evaluation
Source: https://www.cyber.fund
cyber • Fund
Stage Idea Research Implementation
Primary
Criteria
Team
Subjective
White Paper
Scientific
Code on Github
Security Audit
Risks ✪ ✪ ✪ ✪ ✪ ✪ ✪ ✪ ✪ ✪ ✪ ✪
Reasonable
Cap
< 1000
bitcoins
500-5000
bitcoins
1000-20000
bitcoins

14. 13
Blockchain Assets: Market Situation
Source: https://www.cyber.fund
cyber • Fund
Monero
Dash
Bitshares
Augur

15. 14
Blockchain Investment Alternatives
cyber • Fund
Source: https://satoshi.fund/
First blockchain-based fund
$3.3M
under management
458%
annual growth in
USD

16. 15
Portfolio Management
Source: https://www.cyber.fund
cyber • Fund

17. 16
Marina Guryeva
cyberFund
Mobile: +79629426239
E-mail: m@cyber.fund
Twitter: @Marina_Guryeva
Thank you for your attention!
cyber • Fund