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Now I want to share some cool info on the purpose and role of tokens within the Blockchain ecosystem at the ICO stage.
Initial Coin Offerings (ICOs) History
Initial Coin Offerings (ICOs) are a means of fundraising for the initial capital needed to get new projects off the ground within the cryptocurrency ecosystem. More often than not, Bitcoin and Ethereum, are used to buy a quantity of project tokens. However, new projects are also being launched on alternative Blockchain platforms such as NEO or WANchain, wherein the “parent” chain’s tokens will be used to fund these ICOs. Pre-launch, ICO tokens are endorsed as functional currency in the project ecosystem. After a project’s ICO, it is available on exchanges, and then the market determines the value of those tokens. The main benefit of using the ICO funding system is that it avoids the prohibitive amount of time and expense incurred by launching a startup in the conventional method, by way of Initial Public Offering (IPO). The lengthy and costly process of ensuring regulatory compliance in different jurisdictions often makes the IPO format unfeasible for small companies. Thus, the ICO method of fundraising is far more attractive as a means of crowd funding for the project. But at the same time, an ICO is certainly riskier for the investor.
It is important to note the different stages of the token sale. Token prices generally escalate the closer the token gets to its listing date. Projects often seek funding from angel investors even before the date of the private pre-sale is set, though some ICOs do go straight to pre-sale. After potential initial investment has been sought from angel investors, pre-sale begins. Usually there will be a 15–30% discount from the public sale price. The main-sale begins after the pre-sale has concluded. At that time, normal everyday crypto enthusiasts, with no connections to the team, may buy into the project at pretty close to the ground floor price. Angel investors and pre-sale investors sometimes receive quite large discounts from main sale prices, but their tokens are locked up for varying amounts of time, to prevent dumping, or selling all their tokens for a quick profit at the time of listing. Today the vast majority of ICOs make use of the Ethereum blockchain and the ERC-20 token. The very first token sale was arranged by Mastercoin, a Bitcoin fork, in July 2013. Ethereum soon followed in early 2014, raising 3700 BTC in only 12 hours (equivalent to $2.3 million at that time, and just under $35 million today). Before late 2015 there were sporadic ICOs, with Augur, NXT and Factom all successfully raising funds. 2016 was the year that the ICO format grew to truly disrupt the Venture Capital industry. There were 64 ICOs in 2016 which cumulatively raised $103 million USD.
Tremendous Success & Why Real World Case Study
The ICON (ICX) Initial coin offering is an example of a project that reaped the rewards of a token sale done with precision of execution and clarity of vision. The project promised to build a world-wide decentralized network that would allow Blockchains of different governances to transact with one another without a centralized authority, and with as few barriers as possible. ICX offered fair and clear tokenomics, with 1 Ether buying 2500 ICX, and with 1 ETH costing approximately 250 dollars when the ICO began on September 18th. 50% of the total amount of tokens were put up for public sale, 400,230,000 out of a total of 800,460,000, equating to a fundraising goal of 150,000 Ether. One of the core reasons for the project’s spectacular success was the incredibly distinguished background of those involved, and the foundation the project had in many years of stellar achievement. ICON was originally a project developed by “The Loop”, a joint venture between DAYLI financial group and three Korean Universities. They lead the Korea Financial Investment Blockchain Consortium, one of the largest organizations of its kind in the world, boasting members including Samsung Securities. The Loop had already implemented Blockchain solutions for high profile clients well before ICX was born, including completing a KYC/AML authentication smart contract platform for Korea Financial Investment Consortium.
Real World Example of Failure & Why Case Study
The risk involved in starting your own company is huge. Over 75% of startups eventually fail, according to the Harvard Business School study by Shikhar Ghosh. The study’s findings show the rate of failure for new companies is roughly 50% after 5 years, and over 75% after 10. Shikhar Ghosh identifies the following issues as the most common factors in start-up failure: -Insufficient Market Demand -Insolvency -Wrong Team -Got beat by competition -Pricing/Cost issues -Poor Product -Need for or Lack of business model -Ineffective Marketing -Disregarding Customer desires The statistics concerning rate of failure for conventional business startups pale in comparison to the number of crypto startups that fail according to Tokendata. They are one of the most rigorous ICO trackers, recording 46% of the 902 ICO crowdsale projects initiated in 2017 as failing by the time of writing. Of these 46%, 142 collapsed before the end of the funding stage, and a further 276 had either “exit scammed” (took the money and ran) or slowly faded into eventual obscurity. With no shortage of failed and abortive projects to look into, we thought it would be more helpful to look into an ICO that was mismanaged and unsuccessful in terms of its execution, rather than being fraudulent, or terminally mismanaged.
Real World Example of Failure & Why §3
Tezos was designed as a “new decentralized Blockchain that governs itself by establishing a true digital commonwealth”. The project was a partnership between the husband and wife team of Kathleen and Arthur Breitman, and a Swiss foundation run by Johann Gevers. They had a novel idea of “formal verification”, a technique that mathematically proves the veracity of code governing transactions and heightens security of smart contracts. That idea was wholeheartedly endorsed by investors, resulting in $232 million USD raised in the 2017 crowdsale. Trouble arose after the Breitmans asked the head of the Swiss foundation they were in partnership with to step down. In Gever’s words, the Breitman’s were attempting “to bypass Swiss legal structure and take over control of the foundation”. The resulting 6 class action lawsuits that were spawned from the wreckage of one of the most successful ICOs of all time have yet to be fully resolved at the time of writing, though Gevers has stepped down and a new leadership team is in place. The Tezos Network has a prospective launch date of somewhere around Q3 2018. The debacle, though not terminal to the prospects of the Tezos network, provides a cautionary tale about the need for a clearly defined leadership structure and plan for the allocation of funds after an ICO. It is entirely possible that the Tezos project could have ridden the late 2017 market euphoria to sit near the top of the cryptocurrency hierarchy if boardroom strife could have been avoided.
Real World Example of Failure & Why §4
Projects often also “pivot” from one focus or project to another. More often than not, teams change the project name entirely, even while retaining the same core team, to try for a successful venture one more time. One such project is Chain Trade Token (CTT) which, while technically speaking, not yet a “deadcoin”, shows all the signs of shutting down operations within a few months, and “pivoting” into a new project. The CTT project aimed to be the “first blockchain-based platform for the trading of futures and options on food and raw materials (aka commodity derivatives)”. But through a combination of a non-existent social media presence, and a distinct lack of urgency in securing listings beyond decentralized exchanges, the lofty ambitions of the top-level team were left unrealized. The team has supposedly split their operations from solely Chain Trade, to a former business endeavors, and the Nebula Decentralized Exchange. The project leaders then offered a 1-for-1 token swap which has been accepted by the vast majority of CTT holders.
The ICO Process
Before even researching the particular strengths and weaknesses of any specific project in which you may want to invest, it is important to know the overall processes of the ICO crowdfunding method. This will allow you to avoid any potential pitfalls if you do decide to move forward and invest money into a particular idea or project. How does an ICO happen? Stage One: Token sale details are set: This takes place usually after release of the whitepaper, and the presentation of a project to prospective investors in forums and on social media. Stage Two: Whitelisting for private sale begins: The vast majority of all ICOs have instituted KYC checks for investors which usually involve uploading a photograph of your passport or driving license along with a selfie holding the ID. Did you know? Participation in ICOs has proven to be a regulatory nightmare in some localities. Most token sales restrict contributions from investors in China and the USA entirely, though accredited investors may participate in the USA in some cases.
Stage Three: Private/Pre-sale states: Typically, 10% of tokens will be offered to early investors at a 10–30% discount. These select few investors will likely have a close association with the team. But not all projects have a pre-sale round, some go straight to public sale. Stage Four: Whitelisting for Public/Main sale starts: The same format used for pre-sale investors is used for public sale investors, though it is a regular occurrence to see main sale KYC checks closed early due to overwhelming demand. An investor must then register a contribution wallet address. That is the address used to send cryptocurrency from, to buy the ICO tokens, and then also into which you will receive your purchased tokens. This wallet address must be a non-exchange wallet, like Blockchain.info bitcoin wallet, or MyEtherWallet for ERC-20. You already understand from the prior lesson that making a mistake with your wallet address may mean you lose the tokens forever as well as the BTC or ETH you used to purchase them. Copying and pasting your cryptocurrency public key into the whitelist wallet form is the next task to complete. And then, as the investor, you wait for confirmation of successful ICO registration from the team.
Stage Five: Public sale starts: Commonly on a specific date, though sometimes for a specific period of time. If you are interested in participating in an ICO, it is important to make your contribution as quickly as possible, or you risk sending your ETH or BTC after the hard cap has been reached, resulting in your funds being sent back. This refund can sometimes take many days, or even weeks in times of high market activity. Did you know? In 2017 it was not unheard of to find ICOs that had originally scheduled their ICO period for many weeks, but then they met with such high demand that they could close their crowdsale in a matter of hours or even in just a few minutes!
Stage Six: Tokens are allocated to successful participant investor wallets, and trading can begin on some decentralized exchanges like IDEX, or EtherDelta in the case of Ethereum based tokens. Tokens will be sent to and received by the wallet addresses from which the investor contributions were made. Stage Seven: Tokens are listed on mainstream exchanges: The tokens will then be listed on the exchanges with which the teams have negotiated listing, prior to or during the sale. It can cost huge amounts of money to list on large exchanges like Bitfinex Bittrex, Huobi or Binance, so usually smaller projects will not be listed on top 10 exchanges so quickly. As tokens are listed on more and more exchanges, their price usually rises because more and more investors are exposed to opportunities to buy that particular token.
Evaluating a Blockchain Use Case
Evaluating a particular use case for Blockchain technology, and thus how successful an ICO project’s ambitions might be in a particular market, is not a simple endeavor. As demonstrated in the graphic below, Blockchain technology has nearly limitless potential to be applied to a great variety of business areas, but as an ICO investor, you are looking for projects that have the potential to deliver significant long-term success. In the currently saturated ICO environment, some use cases have more potential than others. Ascertaining which use case is likely to have long term success is a key distinction. Also, we must recognize that businesses and corporate entities may be overeager to experiment with this new Blockchain technology, whether or not usage of the technology is actually advisable or profitable for their particular purpose. The main questions to ask when analyzing specific solutions proposed by the project are: What are the problems posed and the solutions offered? Does this particular area of business need a Blockchain solution? That is, is a Blockchain solution in fact superior to the current way this particular business operates? Is the use of Blockchain in this specific instance feasible and applicable? What are competitors doing about Blockchain projects in this same area?
A Blockchain network provides a shared, replicated, secured, immutable and verifiable data ledger. The implication for use case analysis: Shared and replicated: participants have a copy of the ledger and many people can view it or work on it Secured: Secured through cryptography Verifiable: Business rules are associated with all interactions that occur on the network Immutable: Transactions (records) cannot be modified or deleted, therefore a verifiable audit trail is maintained by the network So, with all this considered, what should we look for with regard to a possible business use case that would be best solved using Blockchain technology? 1. Data exchange that has trust issues i.e. businesses transacting with one another. Trust must be established through a multitude of verification processes with regards to employees and products. These processes increase operational cost. Example: Digital voting. 2. Any potential business process involving data storage, or compliance and risk data that get audited. Blockchain solutions would provide the regulators a real-time view of information. Example: Supply chain solutions like VeChain or WaltonChain. The possibility of close to zero operational loss would of course be attractive to any business. 3. All kinds of asset transactions. A Blockchain network, with its tamper-proof ledger, validating traceable and trackable transactions, could save many different industries untold amounts of money. Example: Tokenization of assets e.g. Jibrel Network or Polymath
Purpose of Tokens
Within the cryptocurrency ecosystem, the definition and role of a token iswidely understood. They represent programmable units of currency that sit atop a particular Blockchain, and they are part of a smart contract “logic” specific to a certain application. In the business sphere, a token can be defined as a unit of value that a project or business venture creates to enable it to self-govern. And the business venture also allows token users to connect and collaborate with its business products, while facilitating the sharing of rewards to all of its stakeholders. A token can also be described in a more general sense as a type of privately issued currency. In the past it was solely within the purview of governments to issue currency and set the terms of its governance. With the advent of Blockchain technology we now have businesses and organizations offering forms of digital money over which they, not the government or central bank, have control of the terms of operations and issuance. Wide scale adoption of these mechanisms could fundamentally alter the global economy. This is like the creation of self-sustaining, mini-economies in any sector of business or life, via a specific token or currency.
Fun Fact: Tokens of the particular Blockchain upon which the project is launched will usually have to be bought in order to be exchanged for ICO tokens, hence it is important for traders and investors to be aware of the schedule for upcoming ICOs. ETH is usually the token used for exchange because the majority of ICOs launch on the Ethereum Blockchain. But this is not always the case. During January 2018, two NEO token ICOs, both the Key TKY and Ontology ICOs, were being carried out, and this caused the NEO cryptocurrency to spike to its all-time high in excess of $160 USD. Since the product or project is more often than not in its embryonic stage at the time of the ICO crowdfunding process, the ICO token’s true function and purpose is in most cases yet to be realized. At the ICO stage the tokens can usually be grouped together into one of three categories. Knowing how to distinguish these categories involves determining the specific nature and function of the token around which the project is centered. The main and crucial distinction, is whether or not a token is a security, and therefore subject to securities registration requirements.
ICO Stage Token Categories
Howey Test: This is the test created by the US Supreme Court to ascertain whether certain transactions qualify as “investment contracts”. If they are found to fall within this classification, then under the Securities Act of 1933 and the Exchange Act of 1934, those transactions are considered “securities” and participants must adhere to registration and disclosure requirements. One of the most important and amazing considerations of the effect of Blockchain technology is that normal people with a computer science background are now empowered to make decisions and offer products and services that previously only licensed financial institutions were able to do. This is a very complex and complicated situation with serious ramifications for anyone involved. One thing to note well is that ordinary participants and actors in this arena can easily commit white-collar crime, violating serious securities laws, without even realizing it. If a token falls within the US legal definition of “Investment Contract” then you must adhere to US regulations. For that reason, many ICOs simply do not want to sell to US based investors, perhaps until all the rules and regulations are clarified.
The broad and varying definition of the term “security” is a regulatory minefield. This has always been true for traditional financial products, and now it is especially true for the as yet unregulated cryptocurrency market. In the case of SEC V. Howey, parameters were established to determine whether or not a particular financial arrangement could be classified as a security and thus be subject to securities regulations. Cooley LLP Fintech Team Leader Marco Santori has said, an arrangement is a security if it involves “an investment of money, and a common enterprise, with the expectation of profit, primarily from the efforts of others.” Investors have the option of accessing a huge range of security tokens through ICOs. Prime examples are the gold backed DigixDao (DGD) and CProp (still in crowd funding stage). A security token is fundamentally different from the currently available ICO project tokens in that it provides a legal and enforceable ownership of a company’s profits and voice in its governance much like common stock traded on any exchange. If security tokens are the next step in the evolution of crypto-finance, real estate, stocks, venture capital, and commodities can all be tokenized. The traditional markets could be fully connected to the Blockchain. Financial assets would available to anyone in the world, not just licensed or accredited investors. That is one aspect of Fintech, the financial revolution taking place today, as Blockchain technology clashes with traditional finance.
One exciting application of smart contracts on the Ethereum Network is the potential for startups to distribute equity tokens through initial coin offerings. That would reduce the hurdles that an average person has to face in order to take part in the early stages of a company’s development. And, democratic governance of a project could be conducted in a transparent manner through voting on the Blockchain. As of yet, few startups have attempted to conduct equity token sales for fear of falling afoul of the Securities and Exchange Commission (SEC) in the US. But many Venture Capital insiders are bullish on the prospect of equity tokens taking a central role in the crypto finance industry, when and as the legal issues are resolved. For example, the Delaware State legislature recently passed a bill enabling companies to maintain shareholder lists on the Blockchain. That is one major step to enable Blockchain based stock trading. Lawyers also generally believe it is only a matter of time before the regulations are clarified. Did you know? Important consideration: The Sarbanes-Oxley Act of 2002 made it unfeasibly expensive for smaller companies to be listed on exchanges, causing a halving in the number of IPOs between 1996 and 2016 (7322 to 3671). In 2017 there was an almost 5-fold increase in the number of ICOs, from 43 to 210, with the 2017 volume already being eclipsed in the first 5 months of 2018.
However, given that this area is still a regulatory nightmare for people planning to issue security and equity tokens, many projects attempt to ensure that the tokens within their specific model fall under the definition of Utility Tokens rather than securities, so as to avoid the SEC regulations altogether. If a token is imbued with a certain functionality and use within the Blockchain infrastructure of that particular project, the token can avoid being labelled as a security, and thus render SEC regulations inapplicable. Just this week in fact, the SEC made the long-awaited and momentous decision that Ether was not a security. In the words of William Hinman, director of the Securities and Exchange Commission division of corporate finance, “Putting aside the fundraising that accompanied the creation of Ether, based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions.” This means that Ethereum, in fact, fails the Howey test, which is exactly the decision the crypto world wanted. Hinman said, “When the efforts of the third party are no longer a key factor for determining the enterprise’s success, material information asymmetries recede,” Hinman said. “The ability to identify an issuer or promoter to make the requisite disclosures becomes difficult, and less meaningful.” We will now cover various use cases that projects have been adopting up to now in order to get their tokens classified as utility tokens rather than securities.
Some coins portray themselves as a company with tokens being held in a way that is analogous to voting shares of a stock. One coin held is equal to one vote. This form of token utility has a major flaw in that so-called whales (people with huge amounts of a particular cryptocurrency) can manipulate any poll conducted. The cryptocurrencies Aragon and Lykke are examples of projects that have written voting rights into the structure of their code. In-App Reward: Another common tactic to evade the security label has been the addition of in-app rewards to the functionality of a particular token. The Basic Attention Token (BAT) is the unit of currency for use with the project browser named “Brave”. The BAT is a unit of account for the advertisers, publishers and users of the platform. Filecoin, the cloud storage project that raised a record $257 million through their ICO, pays other people or companies for use of their spare storage space. Some of the many rights afforded to token holders in various Blockchain projects are described by the graphic below.
Token Roles Function
The token can be used as a mechanism through which user experience is enhanced, enabling such actions as connection with users, or joining a broader network. It may also be used as an incentive for beginning usage or for on-boarding. Examples include Dfinity and Steemit. Value Exchange: In its most basic usage, a token is a unit of value exchange within a specific app or market. This usually is made up of features that allow users to earn tokens through real work or passive work (sharing data, allowing use of storage space) and to spend them on services or internal functions within the specific market ecosystem created by that organization. Augur and KIK, amongst countless others, are projects that have implemented this functionality into their tokenomics. Toll: The token can also be used for getting onto the Blockchain infrastructure, or for powering decentralized applications run on that particular Blockchain. This ensures that users have “skin in the game”. Tolls can be derived from running smart contracts, paying a security deposit, or just usage fees. Examples include Bitcoin and Ethereum. Currency: Seeing as the particular platform or app is designed with a view towards functioning in synergy with a particular token, the token is an extremely efficient means of payment and transaction engine, resulting in frictionless transactions. This means that companies can become their own payment processors and no longer have to rely on the often unwieldy stages of conventional financial settlement involving trusted third parties in the form of banks and credit card companies.
Rights: Owning a token bequests certain rights upon the holder, such as product usage, voting, access to restricted markets, and dividends (e.g.: GAS for holding NEO). Though most businesses are trying to avoid fitting the definition of a security laid out in the Howey Test, the right to real ownership of a particular asset is sometimes granted as a result of holding a token, for example DigixDAO or Tezos.
Comparison to Traditional IPO and Equity Capital Raisings
Despite the similarity of the acronyms and the derivation of one from the other, Initial Coin Offerings and Initial Public Offerings are very different methods of fundraising. The distinction is not limited simply to the fact that IPOs are used in conventional business, and ICOs are associated with cryptocurrency. Through ICO’s, companies in their early stages issue digital tokens on a Blockchain and those tokens act as units of value for use within the ecosystem created by the project. They have many other uses, but it is also fair to say they are analogous to shares offered in an Initial Public offering.
In an IPO, shareholdings are distributed to investors through underwriters, usually investment banks. But in the case of ICO token sales, companies often do not even have an actual product to show. Often, all that there is a whitepaper, evidence of the partnerships involved and the particular social-media infrastructure they have established. IPO’s take place when a more well-established company floats shares on a stock exchange. The company would have a well-established history of success and significant reasons to expect a bright future. In the vast majority of cases, an ICO is used for a new company with no such history, just trying to get off the ground.
Another important difference is the expected return in exchange for the investment. Companies engaging in IPOs may offer participants dividend paying stocks which result in various levels of return depending on the success of the company after the shares are issued. An ICO however can offer no such guaranteed return. When buying tokens in an ICO, you do so with no promise of return. An investor who holds the tokens of a particular project does so with the promise, rather than an assurance, of future success. The main benefit to investors taking part in Initial Coin Offerings, compared to Initial Public Offerings, is the need for only basic Know Your Customer checks in the case of the ICO, compared to the costly, complex and time-consuming regulatory obstacles that must be traversed in an IPO. In the case of Initial Public Offerings, a business must obtain authorization from a number of entities before the act of “going public”. Prior to an IPO, companies are not obliged to disclose so much of their internal records or accounting. It is not so complicated to make a private company in the United States. But in the run up to going public, the company must form a board of directors, make their records auditable to the relevant authorities in one or more jurisdictions, and prepare to make quarterly reports to the SEC (or equivalent).
Relevant Factors to Consider in ICO process
When analyzing the chances of success for a specific project, and the likelihood of a favorable return on investment in the long term, it is essential to break down the project into its constituent parts, and evaluate the strengths and weaknesses of each part individually. An effective investigation and analysis would start with the team and white paper. Consider the stage the project is at,and VC investments in the project. That would lead to a good initial idea of the actual progress thus far. Next, evaluate the social media presence and the credentials of the community that has formed around the core team. If a compelling case is made by the team, (e.g.: via an in-depth dive into the use case), and the tokenomics, distribution schedule, potential competitors, as well as the team’s awareness of any future business or regulatory concerns all check out; then the ICO might present a good opportunity for investment. In the following slides we tackle each of these considerations in order so you will be able to evaluate an ICO’s worth and assign a grade for the success of each project.
Relevant Factors to Consider in ICO process
The Team First and most important, we need evaluate the background and experience of the team, the people involved in the project. Well-established developers, for example, will likely have LinkedIn profiles demonstrating their previous endeavors and occupations, from which we can judge their suitability to the project and the likelihood of the team’s success. The LinkedIn profile is a point of reference for professional accomplishments and official positions. But we can also learn more about a person from their personal accounts on Twitter, Facebook, and Medium etc. That is also a good way to follow along with the progress of the project. By investigating team members through as many means as possible, you will know how long they have been involved in cryptocurrency. If they have been around and active for a long time, they are that much more likely to be knowledgeable and capable of making better quality decisions in this business. It goes without saying that it is a huge red flag if it is too difficult to find information about the team members online, and worse still if the team members are anonymous.
Relevant Factors to Consider in ICO process
A good Whitepaper gives a detailed description of the project, the problems the team is going to solve, the timeframe projected, and methods to be used in the implementation of their ideas. If, in answering the question about what the project actually does, it seems the team is presenting ideas that are too complicated or advanced to understand, then you simply should not invest until you are satisfied you have been given the requisite level of insight to understand the concepts described. It is always possible that the whitepaper is nothing more than a salad of buzzwords and technical language intended to give the impression of competence while really doing nothing but obfuscate the truth. The whitepaper should clearly and concisely present the problems and the solutions needed. The whitepaper must give a solid and coherent answer as to who needs this project and why. Also, if the team have put no effort into explaining why a Blockchain solution is needed for this particular problem, or why such a solution is superior to its “real-world” equivalent, it is likely they are only in it for the money. We have more to say about red-flags later.
While 2016 raised a comparatively small amount in comparison to the proceeding years, there were a few specific projects that raised significant amounts of capital. These are respectable amounts of money, even by today’s standards, and especially impressive when contrasted with the immaturity of the ICO market at the time, and relative to amounts raised in traditional IPOs. Waves ($16.4mill), Iconomi ($10.6mill) and Golem ($8.6mill) were the three largest fundraisings of the year. 2017 was the year of the ICO whales. Hdac ($258mill), Filecoin ($257mill), EOS Stage 1 ($185mill) and Paragon ($183.16mill) were the largest that year. To be able to raise so much money, so quickly, in such a new market, using such a new mechanism is truly incredible. 2017 was the year that proved ICOs are for serious individuals and institutional investors as well. We have also had some phenomenal amounts raised so far in 2018. Telegram ($1.7bill), Dragon ($320mill), Huobi ($300mill) and Bankera ($150mill). Telegram might be the first mainstream example of an ICO, not only by raising close to $2billion, which would be beyond incredible and impressive even by traditional IPO standards; but also, because it is one of the first ICO companies to tangibly put a product in the hands of hundreds of millions of users, and successfully compete against traditional companies such as Facebook (MessengeWhatsApp), Microsoft (Skype) and Tencent (WeChat).
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Team Members Vincent Nguyen Team LeaderBS Eng（Columbia），MBA（MIT）10 yrs finance，AI/loT industries Vincent Nguyen Team Leader Harold Li Technical LeaderBS Comp Sci(BUPT), MS IT(CMU), MS Applied Math(Peking Uni) Tech lead at Meituan, Vinci, Flipboard Harold Li Technical Leader Jim Ai Audio Tech LeadPhD Physics（MIT） Prev.at BBN，SRI intl，Apple 12 yrs of audio，sound systems experience Jim Ai Audio Tech Lead Jun Zhang AI Tech LeadHarvard Research Fellow，PhD Math（Rice） Microsoft Principal Machine Leaming Researcher 10 yrs deep learning experience Jun Zhang AI Tech Lead Gina Hughes Media and PR LeadBS（Maryland） Prev.Head of PR at Monster Headphones Founder of TechieDiva.com Gina Hughes Media and PR Lead Cathy Cao Media and PR LeadBS MIT 3 years of AI company experience Cathy Cao Media and PR Lead Advisors Jeffrey Wernick Entrepreneur, Private Investor.40 years of investment experience including Uber and Airbnb In addition to DACC, also on QTUM advisory board Began career trading options/ futures while at the University of Chicago. Later worked at Salomon Brothers As investor, his focus expanded to the sharing economy, biomedical, and blockchain technologies Advisor Jeffrey Wernick Entrepreneur, Private Investor. Walter Komarek Co-founder INK, Angel Investor, President and Managing Partner at ForbesfoneBeing a respected figure in the European telecom market, Walter Komarek is CEO at Angel Investment and a President and Managing Partner at Forbesfone (the largest Maltese telecom company). Walter Komarek is engaged in telecom, new technologies and blockchain startups. Having graduated from the University of Salzburg, Walter Komarek has proficient expertise in business strategy and business development. Advisor Walter Komarek Co-founder INK, Angel Investor, President and Managing Partner at Forbesfone Andy Tian CEO and Co-FounderCo-Founded AIG, whose flagship product Uplive is the highest monetizing mobile live video platform across APAC and Middle East Previously GM of Zynga China and also led Google’s mobile business in China Head of the Gifto project and successfully launched the Gifto ICO Investor Andy Tian CEO and Co-Founder Philippe Bouaziz Founder of Prodware GroupPhilippe is known as one of the leading tech personas in Europe and Israel, sitting on numerous advisory boards for engineering and business schools Founded Prodware Group in 1989. Global IT solutions company (EPA: ALPRO) which has served 17,500 customers in 75 countries Advisor Philippe Bouaziz Founder of Prodware Group Jared Polite Head of Marketing at Crypto Media GroupAs an Investor in full service ICO campaigns. He has been involved with over 40 projects to date These Projects has raised north of $300MUSD Advisor Jared Polite Head of Marketing at Crypto Media Group Zhao Dong General Partner & Co-Founder of DCM ChinaOne of the top VC investors in Asia, and has raised over $30 billion of financing for tech and telecom companies Sourced and led DCM’s investment in VanceInfo (NYSE: VIT), BitAuto (NYSE: BITA), and Dangdang (NYSE: DANG), and remains as a board member Former Vice President at Goldman Sachs covering Tech, Media and Telecom Investor Zhao Dong General Partner & Co-Founder of DCM China Oliver Li Partner of Draper Dragon FundOver 10 years of VC experience with companies such as Sino-Century, Withub VC, and South River Capital Placed successful investments in software, semiconductor, gaming sectors, such as Jiaoda Withub (HK 8205), Hyron Software (Shenzhen 002195), Actions Semiconductor (Nasdaq ACTS), and Wind (financial data service company) Advisor Oliver Li Partner of Draper Dragon Fund Luca Nichetto Founder and CEO of Nichetto StudioWorld renown art and industrial designer who has won international prizes, including the Gran Design Award, the Good Design Award, the IF Product Design Award, and the Elle Designer of the Year Award Art director for numerous design brands, exhibitions and competitions in Europe, the US, and Japan Advisor Luca Nichetto Founder and CEO of Nichetto Studio Matthew Cheng Founder and Managing PartnerVC expert and founder of Cherubic Ventures, whose portfolio includes Coinbase, Flexport, Virgin Hyperloop One, Wish, Ring, TianGe Interactive, LiuliShuo, and Pinkoi Founding member at Tian Ge Interactive (1980:HK), China's largest live social video platform Selected to China's "Top 40 under 40" list from 2013-2016 by Cyzone Anchor Investor Matthew Cheng Founder and Managing Partner Justin Sun Founder of TRONFounded and successfully launched the TRON (TRX) platform and ICO Founder and CEO of PEIWO, an app aspiring to become China's Snapchat and has recorded more than 4 billion chats to date Was named a Davos Global Shaper in 2014 and was also formerly the representative of Ripple in China Investor Justin Sun Founder of TRON Omer Ozden Legal Counsel at ZhenFund and DFundInternational securities lawyer with 20 years experience VCPE, IPO's M&A, fund formation, and securities regulation Has worked with NetEase, Alibaba, Baidu, New Oriental, Suntech, E-Long and their investors, including SoftBank, Goldman Sachs, DragonTech, Warburg Pincus and Merrill Lynch Previously a Partner at Baker & McKenzie LLP and led the China securities transactional team on PE financings, IPOs and securities compliance Advisor Omer Ozden Legal Counsel at ZhenFund and DFund Yu Hong Former of 3am commuity&Kfund &QYGAME Investor Yu Hong Former of 3am commuity&Kfund &QYGAME SKY Cofounder of 3am Block Community & Foundation PartnerSerial Entrepreneur in the Social Media and Social Networks space Pioneer in the China mobile messaging space and founder of companies such as Tongxue.com Founder of Vinci Smart Headphones, world’s first standalone headphones with built-in AI Founding Partner of Roark Fund which has invested in over 20 blockchain projects Advisor SKY Cofounder of 3am Block Community & Foundation Partner Jia Tian Chief ScientistAI industry veteran and former Senior Developer at Baidu and Alibaba Currently serves as the Chief Scientist at BitFund.PE, a bitcoin fund which was founded by Xiaolai Li and has been dedicated to supporting the bitcoin community since 2013 Mr. Tian is also an advisor to multiple blockchain tech startups such as IOST, DATA, Hydro, and more Advisor Jia Tian Chief Scientist Haobo Ma AELF CEO & FounderCEO & Founder of AELF, a decentralized cloud computing blockchain network. AELF currently has a market cap of over USD 250M CEO & Founder of Hoopox which develops blockchain as a service solutions CTO & Co-Founder of GemPay, China's first Bitcoin payment company Member of Blockchain Expert Committee of China Electronic Association, and a member of Blockchain Professional Committee of China Computer Society Investor Haobo Ma AELF CEO & Founder Roy Li Ruff CEO /Ruff Chain Investor Roy Li Ruff CEO /Ruff Chain Li Quan D- fund Partnerfocuses on investment in the digital currency sector and provides end-to-end investment banking services for the project. Major investment projects: TNB, QASH, aelf, Cybermiles, LLT, MobileCoin, Beechat, etc. Investor & Advisor Li Quan D- fund Partner Kelvin Hsu Founder of BlockVC Advisor Kelvin Hsu Founder of BlockVC Huang He Co-Founder and CEO of MailTimeSerial entrepreneur and founder of 2 mobile communication companies - TalkBox and MailTime, which recently came out of Y Combinator (W16) Creator of the top podcaster in China with over 2 million views daily Co-founded and launched successful ICO for MDT (Measurable Data Token) Advisor Huang He Co-Founder and CEO of MailTime Ge Wenxing Dfund Partner Investor & Advisor Ge Wenxing Dfund Partner Grace Fan Brink Asset CEOGraduated from the department of Business Management, University of British Columbia BD Director of RuffChain Internet serial entrepreneur with years of experience of sales and marketing IoT enthusiast, in charge of several IoT operations projects Advisor Grace Fan Brink Asset CEO Ray Wu Managing Partner at Skychee VenturesFormer and partner at Cybernaut Capital Management Former Managing Director of HP’s new business ventures. Veteran at Cisco Systems, and held several senior positions leading investment, M&A, and internal incubation Dual M.B.A. degree from Berkeley and Columbia Investor Ray Wu Managing Partner at Skychee Ventures Kathy Chen Former CEO of Twitter Greater ChinaCurrently works as Area Vice President at IT and cloud company Citrix Previously General Manager of the SMS&P Greater China Team and General Manager of Cloud and Enterprise Product Group at Microsoft Previously General Manager of Eastern China Region at Cisco Advisor Kathy Chen Former CEO of Twitter Greater China Dou Wang Founder of JIC capitalBlockchain Robot inventor. Global Community operations expert. Invested more than 100 blockchain projects all over the world with high Returns. Investor Dou Wang Founder of JIC capital Jianguo-Wei Former CEO of Twitter Greater China Advisor Jianguo-Wei Former CEO of Twitter Greater China Partners
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The company is said t have already raised 1 billion dollars thanks to private investors such as General Atlantic, SoftBank Vision Fund, T. Rowe Price Associates, and Dragoneer Investment Group. The exact date of the IPO issuance is yet to be revealed, while the estimated price per share also remains unknown for now as the company is preparing ... Bitcoin price today is $15,072.88 USD with a 24-hour trading volume of $35,078,629,141 USD. Bitcoin is down 3.42% in the last 24 hours. The current CoinMarketCap ranking is #1, with a market cap of $279,405,360,953 USD. It has a circulating supply of 18,536,962 BTC coins and a max. supply of 21,000,000 BTC coins. The top exchanges for trading in Bitcoin are currently The Bitcoin Fund, managed by 3iq, has completed an initial public offering and has begun trading on the Toronto Stock Exchange (TSX). It has been a long road for 3iq and The Bitcoin Fund since ... Binance has announced the arrival of Binance US, a new twin trading platform expected to make its debut in the next two months and intended exclusively for the American market.. Binance has made it clear that it will no longer be able to guarantee the use of the Binance.com platform for US citizens from September 12th, 2019.. CZ, the CEO of Binance, has announced an update to the Binance terms ... Binance users can now buy Bitcoin with practically all of the fiat currencies in existence; Binance, which is one of the leading cryptocurrency exchanges in the world, has partnered with the peer-to-peer crypto exchange Paxful. Via this partnership, Binance users can now use 167 different fiat currencies to buy Bitcoin. Binance US, the American expansion of crypto exchange giant Binance will launch in the “coming weeks”, according to CEO Catherine Coley. Binance US is essentially the same Binance but with the ... In a blog posted last June 17, major crypto exchange Binance launched a Bitcoin indexed Token called BTCB on the Binance chain, which is their native blockchain. According to the announcement, the recently launched BEP2 token shall be traded on the crypto exchange Binance. In addition, it will be available also on “Binance DEX,” – Binance’s decentralized counterpart. Groundbreaking Cryptocurrency Exchange Launch later this year DAVOS, SWITZERLAND / ACCESSWIRE / May 26, 2020 / BloxXwop, a new Cryptocurrency and Fiat exchange, is scheduled to launch on June 4, 2020. In this guide, we've covered all you need to know about IPOs, how to select the right one, and even the best IPOs to invest in 2020. The world’s largest cryptocurrency exchange, Binance, decided to, as previously announced, earmark London citizens with new ads featuring Bitcoin. According to a tweet from August 28 that ...
These crypto IPO's will give Bitcoin and the Crypto market huge exposure. Binance's CEO CZ weighed in on Coinbase IPO plan by saying the following: "I usually don’t comment on other exchanges ... BINANCE gives a whopping 1.5 million dollars to help with the CoronaVirus that is sweeping through China. Bitcoin BTC price predictions from us NEVER touching $7,000 again to $425,000 by 2021. The Bitcoin Group #217 - Bitcoin $7000 - Factom Bankrupt - Binance buys CoinMarketCap - Coronavirus World Crypto Network. Loading... Unsubscribe from World Crypto Network? Cancel Unsubscribe ... Discord Group: https://discord.gg/qmYqg5T Best Group @ the time is: bit.ly/TeamEnforcer Telegram @BigPumpSignal Binance: bit.ly/BinanceTE Donations: Bitcoin ... #bitcoin #crypto #cryptocurrencies In this quick video we will show how to place a trade in Binance Futures.-----Telegram Group: Telegram Group :https://t.me ... #cryptocurrency #BAKKT #Bitcoin #altcoin #binance #kucoin #coinbase #ripple #cryptocurrencynews,#xrp #bnb #neo #bakkt #fidelitydigitalassets # bitcoinprice # ... We take a deep dive into Binance –With CEO ChangPeng “CZ” Zhao. We ask CZ about what he’s most excited about, whats going to happen to US customers of Binance.com, and the Binance DEX. We ...