Blockchain Crowdfunding: An Introduction - focused on Initial Coin Offerings (ICO)
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The document is a presentation on initial coin offerings (ICOs) which are a new way to raise money for projects using cryptocurrencies. It discusses what an ICO is, how it compares to traditional fundraising, examples like Ethereum and Filecoin which raised $18 million and $257 million respectively, potential issues with scams and lack of regulation, and the general ICO process.
Blockchain Crowdfunding: An Introduction - focused on Initial Coin Offerings (ICO)
- 1. Copyright 2017 Aaron Li (aaron@qokka.ai) Copyright 2017 Aaron Li (aaron@qokka.ai) Blockchain Crowdfunding: An Introduction focused on Initial Coin O鍖erings (ICO) Aaron Li aaron@qokka.ai Dec 5, 2017 https://www.linkedin.com/in/aaronqli/ Topics: - What is ICO? - Traditional fundraising / IPO v.s. ICO - Liquidity, Timing, Rights, Reputation - Examples: Ethereum, Filecoin - Issues with ICO - SEC and ICO scam - Regulation and laws - General ICO Process & next talk
- 2. Copyright 2017 Aaron Li (aaron@qokka.ai) Copyright 2017 Aaron Li (aaron@qokka.ai) Ethereum, $18M Raised The 鍖rst* famous ICO (7/2014) *The 鍖rst (but not famous) ICO is Mastercoin (renamed to Omni), which raised $500k in 2013
- 3. Copyright 2017 Aaron Li (aaron@qokka.ai) Copyright 2017 Aaron Li (aaron@qokka.ai) The biggest ICO (9/2017), $257M Raised
- 4. Copyright 2017 Aaron Li (aaron@qokka.ai) Copyright 2017 Aaron Li (aaron@qokka.ai) What is ICO? a new way to raise money for projects https://en.wikipedia.org/wiki/Initial_coin_o鍖ering
- 5. Copyright 2017 Aaron Li (aaron@qokka.ai) Copyright 2017 Aaron Li (aaron@qokka.ai) image source: Starbase whitepaper
- 6. Copyright 2017 Aaron Li (aaron@qokka.ai) Copyright 2017 Aaron Li (aaron@qokka.ai) Traditional Fundraising (IPO, etc.) ICO Liquidity Many years or never Usually a few months Timing Usually post-product Many rounds over years Usually pre-product Done days after ICO Rights Complex Regulated Standardised Simple Unregulated Customisable Reputation Hard to build No one cares about you Viral Growth Everyone has a stake
- 7. Copyright 2017 Aaron Li (aaron@qokka.ai) Copyright 2017 Aaron Li (aaron@qokka.ai) Ethereum ICO Token Ether (use Bitcoins to buy) Liquidity Early 2015 (months after ICO) Now tradable on every exchange Timing 2M in 7 hours 18M in 2 months Rights Run programs, trade Reputation Building Second largest cryptocurrency A landmark in blockchain history
- 8. Copyright 2017 Aaron Li (aaron@qokka.ai) Copyright 2017 Aaron Li (aaron@qokka.ai) Filecoin ICO Token Filecoin Liquidity Soon Timing $200M+ in 30 minutes Rights Store 鍖les, trade Reputation Building Tons of attention and new contributors
- 9. Copyright 2017 Aaron Li (aaron@qokka.ai) Copyright 2017 Aaron Li (aaron@qokka.ai) Initial Coin O鍖ering (ICO) Issues, compared to IPO: Scammers - e.g. Plexcoin No regulations to recover damage No supervision Failures: DAO, and many others
- 10. Copyright 2017 Aaron Li (aaron@qokka.ai) Copyright 2017 Aaron Li (aaron@qokka.ai)
- 11. Copyright 2017 Aaron Li (aaron@qokka.ai) Copyright 2017 Aaron Li (aaron@qokka.ai) Regulation? https://www.coinbase.com/legal/securities-law-framework.pdf Answers: What coins are securities? Why is SEC regulating this? How to design coins in compliance?
- 12. Copyright 2017 Aaron Li (aaron@qokka.ai) Copyright 2017 Aaron Li (aaron@qokka.ai) Initial Coin O鍖ering (ICO) Usual Process: Get a team & set up a good website Write a whitepaper (next talk: about whitepaper) Get people to know your team & project Design your currency and sell them (i.e. ICO) *checkout token creation tool: https://openzeppelin.org/ - managing $1.5 billion worth of coins
- 13. Copyright 2017 Aaron Li (aaron@qokka.ai) Copyright 2017 Aaron Li (aaron@qokka.ai) Contact Email: aaron@qokka.ai LinkedIn: https://www.linkedin.com/in/aaronqli/ LinkedIn QR: