Blockchain, Bitcoin, Crypto Assets and ICOs: Emergence of ...mffev.de/wp-content/uploads/2018-09-18_MFF_JT_Vortrag2_Philipp_… · Blockchain Value Information The Internet allows

Prof. Dr. Philipp Sandner

Blockchain Center

Frankfurt School of Finance & Management

E-Mail: [email protected]

Internet: www.fs-blockchain.de

Blockchain, Bitcoin, Crypto Assets and ICOs:

Emergence of a New Asset Class

https://campus.frankfurt-school.de/clicnetclm/iFrame.do?kat_id=104873




3 © Prof. Dr. Philipp Sandner

What do we do?

Workshops, trainings, research projects,

Ethereum prototypes, startups

For whom?

Banking, mobility, Industrie 4.0, internet of things,

crypto assets, initial coin offerings

Dates

Workshop: How do ICOs work? (Dec. 2017)

Crypto Assets Conference 2018 (Feb. 2018)

Blockchain Certificate Program (May 2017)

Crypto Funds: Investment Vehicles (May 2018)

Crypto Startup Summer School (Feb. 2018)

Contact


[email protected]

www.fs-blockchain.de

Supported by:

Diese Folie unbedingt

drin lassen!

Which problem does

blockchain technology

solve?







Sample transaction on Ethereum

1

2

3


Blockchain technology provides a layer for the "Internet of

Value" in addition to the existing "Internet of Information"

Internet

Information

Blockchain

Value

Information

The Internet allows sending information: documents, PDFs, emails. Yet, value cannot

be transferred via the internet.

Blockchain technology now allows the electronic transmission of "value": e.g. money, stocks,

rights on assets. This is much more than displaying the bank account in online banking.


Payment process between two parties

Alex Sophie

Bank Bank Correspondent

bank

Correspondent

bank

A payment requires multiple stages:

this costs time and can induce errors

Ledger Ledger Ledger Ledger


The core of blockchain technology

Alex Sophie

The core of blockchain is that

all transactions of a specific asset

are recorded in one common distributed database

Ledger

The ownership for a property will thereby

be transferred from an old owner to a new owner


Blockchain technology has enabled platforms in which

platform control is decentralized

Source: Mattila et al. (2016)

Public Blockchain

(Crypto Assets)


Ranking of crypto currencies


Was als Tech-Bewegung begann, entwickelt

sich derzeit zum professionellen

Anlagemarkt

Vier Wellen von Krypto-Investoren: F-G-H-I

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Freaks, Fans, Fantasten

Geeks, Gründer, Ganoven

High-Tech Investoren, Hedge-Fonds,

High-Net-Worth-Individuals

Internationale

Institutionelle

Investoren

F

G

H

I

Source: Postera Capital (2017)


Das Blockchain- und Krypto-Ökosystem ist großenteils außerhalb etablierter Strukturen

gewachsen

Bis vor kurzem waren „alte“ und „neue“ Welt getrennt

„Neue Welt“:

Blockchain- und Krypto-

Ökosystem

„Alte Welt“:

Banken, Finanzdienstleister,

Institutionelle Investoren



An der Schnittstelle zwischen „neuer“ und „alter“ Welt entsteht eine Infrastruktur an

Dienstleistern, die professionellen Investoren investitionsfähig machen

Eine professionelle Infrastruktur für Krypto-Investoren

entsteht

„Neue Welt“:

Blockchain- und Krypto-

Ökosystem

„Alte Welt“:

Banken, Finanzdienstleister,

Institutionelle Investoren



DLT infrastructures will allow worldwide

movement of assets

Worldwide platform for asset transfers (e.g. Ethereum)



movement of assets


Payment

token to pay

for asset

transfers (e.g.

Ether)



movement of assets


Payment

token to pay

for asset

transfers (e.g.

Ether)

or executing

all business

processes

(e.g. emission)


A simple smart contract

This functions

transfers an

asset



movement of assets


Various transferable assets (e.g. ERC20 tokens)

Payment

token to pay

for asset

transfers (e.g.

Ether)

or executing

all business

processes

(e.g. emission)



movement of assets



2nd order

crypto assets

(e.g. Initial

Coin

Offerings)

Payment

token to pay

for asset

transfers (e.g.

Ether)

or executing

all business

processes

(e.g. emission)



movement of assets



2nd order

crypto assets

(e.g. Initial

Coin

Offerings)

Payment

token to pay

for asset

transfers (e.g.

Ether)

or executing

all business

processes

(e.g. emission)

Traditional

currencies

(e.g. „Crypto

EUR“, „Crypto

USD“)



movement of assets



2nd order

crypto assets

(e.g. Initial

Coin

Offerings)

Payment

token to pay

for asset

transfers (e.g.

Ether)

or executing

all business

processes

(e.g. emission)

Traditional

currencies

(e.g. „Crypto

EUR“, „Crypto

USD“)

Other

traditional

assets

(e.g. stocks,

loans)



movement of assets



2nd order

crypto assets

(e.g. Initial

Coin

Offerings)

Payment

token to pay

for asset

transfers (e.g.

Ether)

or executing

all business

processes

(e.g. emission)

Traditional

currencies

(e.g. „Crypto

EUR“, „Crypto

USD“)

Other

traditional

assets

(e.g. stocks,

loans)

or other assets

(e.g. car,

real estate,

machines)



movement of assets



2nd order

crypto assets

(e.g. Initial

Coin

Offerings)

Payment

token to pay

for asset

transfers (e.g.

Ether)

or executing

all business

processes

(e.g. emission)

Traditional

currencies

(e.g. „Crypto

EUR“, „Crypto

USD“)

Other

traditional

assets

(e.g. stocks,

loans)

or other assets

(e.g. car,

real estate,

machines)



movement of assets



2nd order

crypto assets

(e.g. Initial

Coin

Offerings)

Payment

token to pay

for asset

transfers (e.g.

Ether)

or executing

all business

processes

(e.g. emission)

Traditional

currencies

(e.g. „Crypto

EUR“, „Crypto

USD“)

Other

traditional

assets

(e.g. stocks,

loans)

or other assets

(e.g. car,

real estate,

machines)

Seamless trading of

(1) all kind of assets on

(2) one single platform on

(3) a worldwide level with

(4) close-to-zero transaction costs

(5) without intermediaries (P2P)

(6) 24 hours a day, 365 days

(7) instantly (i.e., within seconds)

(8) with no clear and settlement



movement of assets



2nd order

crypto assets

(e.g. Initial

Coin

Offerings)

Payment

token to pay

for asset

transfers (e.g.

Ether)

or executing

all business

processes

(e.g. emission)

Traditional

currencies

(e.g. „Crypto

EUR“, „Crypto

USD“)

Other

traditional

assets

(e.g. stocks,

loans)

or other assets

(e.g. car,

real estate,

machines)

Seamless bundling of

assets similarly to funds

automatically through smart

contracts, e.g.

(1) stocks



movement of assets



2nd order

crypto assets

(e.g. Initial

Coin

Offerings)

Payment

token to pay

for asset

transfers (e.g.

Ether)

or executing

all business

processes

(e.g. emission)

Traditional

currencies

(e.g. „Crypto

EUR“, „Crypto

USD“)

Other

traditional

assets

(e.g. stocks,

loans)

or other assets

(e.g. car,

real estate,

machines)




contracts, e.g.

(1) stocks or currencies



movement of assets



2nd order

crypto assets

(e.g. Initial

Coin

Offerings)

Payment

token to pay

for asset

transfers (e.g.

Ether)

or executing

all business

processes

(e.g. emission)

Traditional

currencies

(e.g. „Crypto

EUR“, „Crypto

USD“)

Other

traditional

assets

(e.g. stocks,

loans)

or other assets

(e.g. car,

real estate,

machines)




contracts, e.g.


(2) crypto assets



movement of assets



2nd order

crypto assets

(e.g. Initial

Coin

Offerings)

Payment

token to pay

for asset

transfers (e.g.

Ether)

or executing

all business

processes

(e.g. emission)

Traditional

currencies

(e.g. „Crypto

EUR“, „Crypto

USD“)

Other

traditional

assets

(e.g. stocks,

loans)

or other assets

(e.g. car,

real estate,

machines)




contracts, e.g.


(2) crypto assets

(3) real estate objects (not REITS!)



movement of assets



2nd order

crypto assets

(e.g. Initial

Coin

Offerings)

Payment

token to pay

for asset

transfers (e.g.

Ether)

or executing

all business

processes

(e.g. emission)

Traditional

currencies

(e.g. „Crypto

EUR“, „Crypto

USD“)

Other

traditional

assets

(e.g. stocks,

loans)

or other assets

(e.g. car,

real estate,

machines)




contracts, e.g.


(2) crypto assets


(4) cars or machines



movement of assets



2nd order

crypto assets

(e.g. Initial

Coin

Offerings)

Payment

token to pay

for asset

transfers (e.g.

Ether)

or executing

all business

processes

(e.g. emission)

Traditional

currencies

(e.g. „Crypto

EUR“, „Crypto

USD“)

Other

traditional

assets

(e.g. stocks,

loans)

or other assets

(e.g. car,

real estate,

machines)




contracts, e.g.


(2) crypto assets


(4) cars or machines

(5) cross-asset classes


Token Types Found in ICO Projects

5.2% Investment Token

18.6%

Payment

Token

76.2% Utility Token

Investment tokens were the most unpopular type of tokens.

Source: ICO Rating, ‘ICO Market Research Q1 (2018)


Dimension Breakdown

Technological Setup Dimension

Blockchain-/DL-

native Token

Non-native

Protocol Token

Token with other

Technological

Setup

Classes

Blockchain-native Token:

XRP

Non-native Protocol Token:

Tether

Other Technological Setup:

FoldingCoin

No-Claim Token:

Bitcoin Cash

Relative Rights Token:

Binance Coin

Absolute Rights Token:

AurumCoin

Information:

EOS

Finance and Insurance:

Stellar

Art, Entertainment and

Recreation:

FunFair

Categories

Examples

ERC20 Token

Other Non-native Protocol Token -

IT & Telecommunications, Media and

Social Media, Advertising, Marketing

and Public Relations, Payment

Systems and Services, Exchange,

Trading and Settlement Services,

Alternative Finance, Entertainment

and Gaming, Betting and Gambling,

Betting and Gambling, Health Care

and Social Assistance, Utilities,

Transportation and Warehousing, Etc.

Legal

Claim Industry

Finance and

Insurance

Art, Entertainment

and Recreation

Information

Others

No-Claim Token

Relative Rights

Token

Absolute Rights

Token

Payment Token:

Bitcoin

Utility Token:

Ethereum

Investment Token:

KuCoin Shares

Unpegged Payment Token, Pegged

Payment Token (Stable Coin), Other

Payment Token, Access Token,

Governance Token, Settlement

Token, Ownership Token, Other

Utility Token, Asset Backed Token,

Debt Token, Derivative Token, Equity

Token, Fund Token, Other

Investment Token

Economic Purpose

Utility Token

Investment Token

Token with other

Economic

Purpose

Payment Token

Token with other

Legal Claim


Classification Statistics (1/4)

19%

76%

5%

Payment Token

Utility Token

Investment Token

Economic Purpose Technological Setup

33%

10%

57%

0.38% Blockchain-/DL-native Token

Non-native ProtocolToken > Other

Non-native ProtocolToken > ERC

Token with otherTechnologicalSetup

76.23% Utility Token


Anlagemöglichkeiten in Kryptoassets: Übersicht

Anlage in Coins & Tokens

Direkt Indirekt

Erwerb über

Handelsplätze

Erwerb über

Bank/Broker

Zertifikate

Futures

Single-Asset-Fonds

Token-Fonds

Hedgefonds

Gemischte Fonds

CFDs

Anlagen in das Blockchain-Ökosystem

bzw. Krypto-Ökosystem

Infrastruktur Unternehmens-

beteiligungen

Mining

Masternoding

Aktien

Venture Capital


Example of a crypto fund

Discovering market inefficiencies for arbitrage opportunities

Source: Blocksize Capital (2018), www.blocksize-capital.com


Example of a crypto fund

Arbitrage spread analysis and trade execution

Source: Blocksize Capital (2018), www.blocksize-capital.com


Kontakt


Leiter des Frankfurt School Blockchain Center

[email protected]

Frankfurt School of Finance & Management

Adickesallee 32-34

60322 Frankfurt am Main

Germany

Kontaktieren Sie mich gerne via E-Mail, Xing,

LinkedIn oder Twitter (@philippsandner).



Geboren 1980 in Heidelberg

Kontakt: [email protected]

Studium der BWL an der Universität Mannheim

Promotion an der Ludwig-Maximilians-Universität München

Auslandsaufenthalte an der Copenhagen Business School und an

der University of California at Berkeley

Post-Doc an der Technischen Universität München

Mitgründer einer auf Innovationsstrategie und IP

spezialisierte Unternehmensberatung

Professor an der Frankfurt School of Finance & Management;

Themengebiete: Digitalisierung, Entrepreneurship und Innovation;

Leiter des Frankfurt School Blockchain Centers

Blockchain, Crypto Assets, Initial Coin Offerings (ICOs),

Digitalisierung und Entrepreneurship

Beratung von Unternehmen hinsichtlich ihrer Blockchain-Aktivitäten,

u.a. auch den ersten Crypto Fund Europas oder das koreanische

Blockchain-Startup HYCON

FinTechRat des Bundesministerium der Finanzen,

Mitgründer des Blockchain Bundesverband e.V.,

Multichain Asset Managers Association

2000-2005

2005-2011

2010-2015

2015

seit 2017

Themen

Praxis

Engagement

Documents

Blockchain, Bitcoin, Crypto Assets and ICOs: Emergence of ...mffev.de/wp-content/uploads/2018-09-18_MFF_JT_Vortrag2_Philipp_… · Blockchain Value Information The Internet allows