代币狂热：区块链的燃料（英文版）.docx

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1、TOKEN FRENZYThe fuel of the blockchainApril 2018GP. BullhoundDeabnakers in TechnologyImportant disclosures appear at the back of this reportGP Bullhound LLP is authorised and regulated by the Financial Conduct AuthorityICO FUNDING BOOMFunding explosion in 2017 For blockchain companies ICO funding ou

2、tperforms venture capital funding by a factor of 5.while J USD of venture capital funding usually franslafes into over 4 USD of ICO volume whenlooking at the top 10 ICO roundsTop 10 ICOs with prior venture capital fundingTotal venture capital fundingvs. ICO funding (USDm)名4parity181.4x8TfinXBBLOCKST

3、ACK愈 enigmaO DOMRAIDER14.1X11.8x9.3x5.1 xSource: Pitchbook. Cryptocompore. ConrrKykelccp. ICO Bench. ICO Bazccr. ICO Oops ond puWdy ovolob的 data.Note: includes CsclOMJd venture capM rcunOs. IncMdcs ICOs with I U$Dm funeb rarxxl and CO end do：。between 20 IS end 2017. 1| Kik dd not stad as blockchain

4、pcoject butreised signficant ICO funding. This resulted in a dslorlbn of the data presented.16GRBullhoundINVESTOR FOCUSVenture capital vs. ICO preferencesUSD 5,642m ICO Venture CapitalUSD 5,642m ICO Venture Capital Due to the surge in 2017, ICOs now constitute around / of all funding in blockchain s

5、tarl-ups in 2015-2017 Projects with the potential to generate traction near term prefer ICO funding. Longer term ecosystem projects are less suited for coin offeringsICO vs. venture capital funding volume across categories (2015-2017)Transactions & payment ServicesSocial, games & gamblingUSD 786mf 1

6、0 NEUFUND8EXCryptocurrency exchanges & tradingUSD 1,451mIdentHy, authentication & securityUSD 407mOtherUSD 1,040mEcosystemUSD 946m询 Bancor iC.OTlQneo JbUiadoLUSD I.OIImSource: R1chbck. Cryptoccmpare, Ccinmcrketcap. ICO Bench, ICO Baacr. ICO Dropi and pubbcly available data.Note: Inches cisclosed vee

7、ture capital rcunas. indUdes ICOs with 1 USDm Kxxis rased ond ICO end date 2015 ond 2017.I) Other includes Ooud Services. Emerpnse Biocxchan Sduhcns, Supply Chon Wuhcns and companies vHthcut Woc*cboin focus.GP. Bull houndRETURN OF VENTURE CAPITALEquity funding into blockchain is here to stayWith the

8、 rapid rise of the ICO funding market, the period from venture capital funding to the ICO has shortened significantly. This is partly driven by the fact that venture capital funding typically available for a couple of years of development was completely overtaken by ICOs as a relatively young exit r

9、oute promising more or less similar exit times.As shown in the graph, many younger companies pursuing an ICO have completely ignored venture capital funding and started raising money through a private pre-ICO round, followed up by a public ICO.However with the predicted cooldown of the ICO market, w

10、e expect to see venture capital funding picking up versus ICOs and periods of venture capital funding before ICOs increasing. Venture capital with a strong understanding and hands-on mentality that can odd value to a proposal and its execution will clearly win over crowd investor money.Number of yea

11、rs of venture capital funding prior to ICO vs. year founded4+ years3-4 years2-3 years1 -2 years1 year4+ years3-4 years2-3 years1 -2 yearsCO Bazaar. ICO Drops and pubticly ovailaWe data.Note: Inchdes dbcked ventkxe copitolrourds. includes ICOs with 1 USDm funds raised and ICO end dote between 2015 an

12、d 2017.GP.BullhoundINVESTOR INFLUENCEICO performance is driven by reputationInvestments by major blockchain investors and post-ICO trading performance are positively correlated Engagement of a reputable investor in a project appears to be a key determinant for success. It remainsto be seen if contri

13、butions of reputable investors improve projects or merely serve as a key orientation forICO investors Long-term post ICO performance will likely reveal more details on the question whether reputable investorsincrease the probability of long-term successOverallOther investors/no investorsTop ventu re

14、 capitalinvestorsMultiple (normalised vs. ETH)Funds raisedjUSDm|Funding cap reached21#ICOsSource: Pitch beck. Crptccompare, Coinmartcetccp, CO Bench, ICO Baracr. CO Drops end pubicVavaiabte data NoIe: Inc bees ICOswith 1 USDm funds raised and CO end date between 2015 and 2017.1) 6O-doyrrwItfote of I

15、CO price |acjusied fa ETH price development. ICO vobme-*Aighled). Perfonronce muriples oriy inchde ICOs with ovaitaWe 60kjy trodng 8to Doio o$ of Mach 5.2018.2) Only inch8s iCOs stich specie o bad cop on th8r fur USD 5m ICO Volume USD 5m ICO Volume cfe axj pubidv ovoio&te data. 1) Includes o COs in

16、the dotobose from toKerJoio wtch hove been cynpie：ed ond feature o specified ICO dote. CO$ Hth tifxjvaloWe funcfc rosed ore assumed to have rcised 100% Multiple11) (normalised vs. ETH| # of ICOsSource: Oyptocompace. Coinmarkefcap. K2O Bench. ICO Bafcxr.lCO Oops and putiicfy available data Mote: Incl

17、udes ICOs wrth specified hard cop.l USDm funds rased 0 nd CO end dote Detwveen 2015 ond 2017.1) 60-day multiple of ICO price (ocus？ed tor ETH prtce deveicpment. tCO voiunx?-wcghtxi|, Pcrfcrnxjnco multiply，ontymcludo ICOs avalaWc 600Mxn xlBy+n.(1.x+y+2a)的 a+3g+x)0 10 1 01 9 l 1 0 0, w 11 W 1 0 0 10 P

18、o I 0 0 io3 0LEADING PROTOCOLS& blockchain ecosystemsGR Bull houndKEY BASE PROTOCOLSWlto dominates the market?ETHEREUM WAVES BITCOIN NEO# of ICOs to dateICO volume (USD)3,213m63m27m38mMaternity of platform3293(year of release)1201S)(2016)(2059)(2O15|Market cap ratio l21.2%17.2%1.0%1.8%Market cap sha

19、re 巧18.1%n - this is the fundamentoi principle bebnd the biockchain.Con$enSy$ is a globed organi$otkn that specialises in developing blockchain software - primarily within the Etberevm ecosystem -for institutions, cofpototkxis. and governments. It also dedicates a tot of time towards building the in

20、frastructure of the pubic Ethereum ecosystem, ensuring that it con process xetitof. the iBM-bocked Hyperiedger fabric. We have strived to retain Ethereums founding principles of friendliness and cooperation as it ho$ grown. This focus has ensured that we hove maintained the diversity of people opera

21、ting on Ethereum. meaning governance and leadership S this community do not reiy on one single person, but thrive on the collective input of different classes of actors.As a result, the only metrtc I truly pay attention to is lhe number of developers operating in trie Ethereum ecosystem. Certainly.

22、ConsenSys has expanded substantiaily over the past couple of years ond we now hove around 700 employees spanning 28 countries around the worid. Likewise, the rise in monetary vdue of Ether - the cryptocurrency ctosely associated with the Ethereum protocol - has added value to the ecosystem and drawn

23、 the attention of developers. enlreprenGurs. and invesfofs. all of which are vital to our future success.This grov/th has, of course, created some challenges. Ethereum was buit primariy as an elegant solution to creating a blockchoin protocol that reflected fundamental principles of trust, privacy a

24、nd confidentiality. While most developers have spent the last three decades attempting to buiki a gobol it Infrastructure, we instead focused on harnessing cryptographic techniques that protected our basic ethos but did not operate of scale.One of our key objectives over the coming months will, ther

25、efore, be building scdobility bock into our infrastructure. There are solutions already being developed - sharping, for one, provides a potential solution to the problem of scalabiity. Similarly, I believe that 2018 wil see substantial strides made in the development of an intrenot that operates bet

26、ween different blockchoin systems - this will oiso enoWe the Ethereum protocol to scale.Banks and financial institutions were the first to tap into the potential of blockchain to create entirely new business models. Currently, vast numbers of institutions ore testing the water and using private, per

27、missioned blockchain ptatforms to innovate. Across every industry - from supply chains to energy, insurance and education - there is o &ve to move away from deed digital infrastructure to colaboration on cfcstributed ledgers.A simitaf phenomenon is taking place with the rise ol the ICO. While there

28、is some irrational exuberance attached to this new model, it is a revolutionary technology that will create o pctodigm shift. in my view, a model of businesses offering services to consumers in a one-way transaction is simply not going fo last. In its place, a market sitting on a protocoKinven, open

29、 piatfonn with many $tokehoWer$z none of whom overly control or monetise th system wH devetop. Todays developments ond the rie of token offerings t$ the start of a rransformation.When it comes to competition. Ethereum has built such a strong network effect among thousands of developers that It fetai

30、ns an exceprionaiv strong positton ahead of other similar protocols. There are some that emerge and create c level of stability, sveh os Dfinify or RChain. However, these projects hove consisrentty stnjggted to build the community that we have created through Ethereum.GP.BullhoundWHY ETHEREUM?Explan

31、ations for its dominanceRelative ease-of-useStrong communityStrong communityEthereum offers the easy-to-use scripting language Solidity and. amongst others, the ERC20 token standard which allows developers to build decentralised applications on top of Ethereum instead of needing to build and maintai

32、n their own blockchain.Better performance metricsEthereum enjoys broad acceptance in the community and can arguably be described as the standard protocol for decentralised applications. Strong supporters like ConsenSys or the Enterprise Ethereum Alliance further drive the momentum.Ethereum offers so

33、me of the best block time / speed ratios in the market (currently below 15 seconds) and is the first offering these advancements in performance. The aim of Ethereum is 50 thousand transactions per second with no loss of decentralisation.Clear vision, leadership and credibilityAddressed scamsApart fr

34、om the DAO case, the Ethereum community has been active in evaluating the feasibility and legitimacy of newly launched projects, offering an expert view for those who want to listen.While founders and key developers of Ethereum might deny the leadership aspect of their position, theyve managed to ac

35、t coherently and consistently over time offering a promise of long-term security through multiple independent development teams and preference of algorithmic governance.GP. Bull houndKEY CHALLENGESto be solvedGR Bull houndKEY CHALLENGES TO BE SOLVEDAddressing these topics willhelp enable mass adopti

36、onBLOCKCHAIN SCALABILITYDECENTRALISATION OF EXCHANGESSTAYING PRIVATEEFFECTIVE GOVERNANCECONSENSUS EFFICIENCYGP. BullhoundBLOCKCHAIN SCALABILITYHow to increase throughputSTATUS QUOVISA56,000ETHEREUM ACTUAL DAILY TRANSACTION THROUGHPUTAlready operating ciose to its limit, leading to congestion and delaysL8m 1.2m 0.6mmax. capacityJon 17 Apr 17 Jul