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Status of the Token Market
William Mougayar
Investor, Advisor, Board Member
Author, The Business Blockchain
Founder, The T...
Disclosures and Market Activities
•  Book (10 languages)
•  Token Summit
•  Blogging
•  WMX Blockchain Index
•  Tech Accel...
Blockchain Ecosystem
Startups
Researchers
Scientists
Crypto
Capitalists
Meetups
Hackathons
Infrastructure
Stakeholders
Dev...
Staying True to Blockchain Fundamentals Is
EXTREMELY Important, but Often Forgotten
•  Replacing intermediaries
•  New (di...
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 @wmoug...
The point of attempting to
classify tokens is not to
better regulate them. It is
to better understand them.
© 2018 William...
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 ...
Token Value Proposition
By Whom will the token be
used; How; at what Cost; for
what Benefit; and Resulting in
what Valuabl...
The killer app for the blockchain is
not tokens, but it is the creation of
private economies, new protocols
or development...
© 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
a...
If you are thinking “Tokens”
1.  A token is not a carrot
2.  Token must be native to the
blockchain/App for maximum
levera...
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...
Reality Check: Disconnect Between
Key Relationships
1.  Value vs. Valuations
2.  Monetary Policy vs. Economic Model
3.  De...
There is no silver bullet for designing
token functionality or complying with
regulation.
© 2017 William Mougayar @wmougay...
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 (cr...
What needs more work
•  Killer features
•  Stablecoins
•  On-chain governance
•  Understanding economic models
© 2018 Will...
What won’t work
•  Boil the ocean approaches
•  Head-on disruption
•  Leading with just white papers
•  Dressed-up website...
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.  Cr...
Current Regulation Landscape
1.  4 spheres: Asia, NA, Europe, Alternative
jurisdictions (Liechtenstein, Gibraltar, Malta, ...
More Trends
1.  Separation of TGE’s between Public ICOs
and PPO’s
2.  Fiat liquidity jam due to cross-over friction
3.  To...
70%
30-40%
5-10%
Web Analogy & Where We Are
© 2018 William Mougayar @wmougayar
Web: Facebook, Twitter
Web: Internet, HTTP,...
Selling the
Vision
Build-out
Installation
Deployment
Acceleration
Vision
Realization
2018-2020
2013-2015
2015-2016
2021+
2...
My wish list for the Blockchain Economy
•  Easy APIs
•  Standards + their implementation
•  More consumer applications
•  ...
THANK YOU
William Mougayar
Investor, Advisor, Board Member
Author, The Business Blockchain
Founder, The Token Summit and W...
State of Tokens by William Mougayar - April 2018
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State of Tokens by William Mougayar - April 2018

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Where we are with Tokens and the Blockchain in April 2018.

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State of Tokens by William Mougayar - April 2018

  1. 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. 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
  3. 3. Blockchain Ecosystem Startups Researchers Scientists Crypto Capitalists Meetups Hackathons Infrastructure Stakeholders Developers Enterprises © 2018 William Mougayar @wmougayar DRUMMERSDREAMERS DOERS
  4. 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. 5. Tokens 1.0 vs. Tokens 2.0 Copying what we see vs. Inventing what we don’t see © 2017 William Mougayar @wmougayar
  6. 6. OLD NEW NEW OLD NEW NEW COMPANIES SCOPE © 2018 William Mougayar @wmougayar Segmentation of Implementations ? ✔ 1.0 2.0 B2B
  7. 7. © 2017 William Mougayar @wmougayarSource: William Mougayar Blog
  8. 8. Tokens Jargon Utility Payment Staking Asset Security Commodity Air Dropping Locking Burning © 2017 William Mougayar @wmougayar
  9. 9. The point of attempting to classify tokens is not to better regulate them. It is to better understand them. © 2018 William Mougayar @wmougayar
  10. 10. The only Token that matters is the one being actually used. © 2018 William Mougayar @wmougayar
  11. 11. Decentralization is an unusual beast © 2018 William Mougayar @wmougayar
  12. 12. Decentralization On-Chain 0% 100% 100% IDEAL ? ? © 2018 William Mougayar @wmougayar Reality
  13. 13. 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
  14. 14. 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
  15. 15. 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
  16. 16. © 2016 William Mougayar @wmougayar Blockchain circular economy disrupting the value-work equation
  17. 17. 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
  18. 18. 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
  19. 19. Token-to-Market Fit is the new Product-to-Market Fit © 2017 William Mougayar @wmougayar
  20. 20. 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
  21. 21. 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
  22. 22. There is no silver bullet for designing token functionality or complying with regulation. © 2017 William Mougayar @wmougayar
  23. 23. What needs to work What needs more work What won’t work © 2018 William Mougayar @wmougayar
  24. 24. What needs to work •  Standards •  Scalability •  Interoperability •  New exchanges / clearing houses •  Native assets (creative, finance, physical) •  Token types •  Economic models © 2018 William Mougayar @wmougayar
  25. 25. What needs more work •  Killer features •  Stablecoins •  On-chain governance •  Understanding economic models © 2018 William Mougayar @wmougayar
  26. 26. 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
  27. 27. Perfectly drafted ICO legal terms do not increase a startup’s chances of success. © 2018 William Mougayar @wmougayar
  28. 28. Regulation is easier to introduce, than to update, correct, or remove. © 2017 William Mougayar @wmougayar
  29. 29. 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
  30. 30. 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
  31. 31. 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
  32. 32. 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
  33. 33. 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
  34. 34. 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
  35. 35. 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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