Presentation made in Zug, Switzerland, at the Crypto Valley Association June 2018 Conference

1. Towards The Blockchain Economy
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

4. OLD
NEW
NEW
OLD
NEW
NEW
COMPANIES
SCOPE
© 2018 William Mougayar @wmougayar
Segmentation of
Implementations
?
✔
1.0
2.0
B2B

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

6. © 2018 William Mougayar @wmougayarSource: Elementus

7. Source: Bloxy.info

8. New Tokens
Created Daily
200-300
Source: Bloxy.info

9. Total Participants
in Crowdsales
1M
Source: William Mougayar

10. Smart Contracts
Created Daily
20,000
Source: Bloxy.info

11. Smart Contracts
Used Daily
1M
Source: Bloxy.info

12. Ethereum Txns
from Smart
Contracts
53%
Source: Amberdata

13. CryptoKitties
Txns in first 6
months
2.8M
Source: Amberdata

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

15. Decentralization
On-Chain
0%
100%
100% IDEAL
?
?
© 2018 William Mougayar
@wmougayar

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

27. 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

28. Blockchain Usage Is Here
© 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