Blockchain as an Asset Class – An Introduction for Institutional Investors

This article is aimed at institutional and other professional investors who are considering making an allocation to blockchain. It examines the best practices for token investing that have been adopted by institutional investors globally. In this article, blockchain investments refer to investments in tokens. The article excludes traditional equity investments made into startups that make use of blockchain technology.

Towards an Internet-Native Economy

The world’s most valuable companies are born during platform shifts. During platform shifts, new entrants have the opportunity to build services that make use of the new functionalities provided by a new platform. Today’s web incumbents (GAFA) managed — exceptionally — to thrive over two platforms as the primary business model (gathering data and selling ad space) remained the same over both the Internet and Mobile eras. When a new computing platform changes the prevailing business model, new entrants have an opportunity to dethrone the incumbents.

Lohkoketjuprotokolla on Internet-pohjainen markkinapaikka

Lohkoketjuteknologia mahdollistaa päätöksenteon Internetissä. Globaali yhteisö — joka koostuu toinen toisilleen tuntemattomista tahoista — voi taloudellisten kannustimien avulla päästä yhteisymmärykseen siitä, mitä on tai ei ole tapahtunut. Eli siitä, onko tietty lohkoketjun jäsenten välinen transaktio toteutettu sen sääntöjen mukaan. Kyky tehdä päätöksiä on kaiken tuottavan toiminnan perusta — nyt tätä tuottavaa toimintaa voidaan harjoittaa suoraan Internetissä, usean miljardin tahon toimesta.

Mot En Internet-Nativ Ekonomi

Teknologiplattformar utgör infrastruktur för informationsteknologi. En ny teknologiplattform kännetecknas av att den medför nya egenskaper och distributionskanaler. PC:n möjliggjorde utvecklandet av ordbehandlare, kalkylblad och en mängd andra lokala applikationer. Internet kopplade ihop PC:na i ett globalt kommunikationsnätverk, medan smarttelefoner gjorde datorer mer tillgängliga och erbjöd nya egenskaper genom att inkludera funktionalitet av GPS och kamera.

Kohti Internet-natiivia taloutta

Maailman arvokkaimmat yritykset syntyvät teknologia-alustojen murrosvaiheessa. Murrosvaiheessa uusille toimijoille avautuu mahdollisuus rakentaa uuden teknologia-alustan uusia toiminnallisuuksia hyödyntäviä palveluita. Internetin nykyiset suuryritykset (GAFA) selvisivät poikkeuksellisesti yhden murrosvaiheen yli, koska liiketoimintamalli (datan kerääminen ja mainostilan myyminen) Internet ja älypuhelin ajanjaksoina pysyi samana.

Blockchains Enable Internet-Based Companies

Cryptocurrencies, digital currencies, digital assets, cryptoassets, work tokens, utility tokens etc. are abstractions to describe ownership rights in Internet-based companies. The wide use of different and complex terminology reflects the nascency of the space. Over time, terminology should be streamlined to reflect what the technology really is all about. When blockchain becomes a widely used computing platform, we will not talk about cryptoassets or Decentralised Autonomous Organisations or DAOs. Instead, we’ll revert to talking about companies and shares.

The Case for Many Different Tokens

A company’s shareholders influence how the company is operated. Likewise, a protocol’s tokenholders influence how the protocol is operated. A separate share or token offers security to an entity’s governance. If someone would want to meaningfully influence the governance of a specific company, they’d have to buy a significant share of that company’s or protocol’s shares or tokens, increasing the price while doing so. If they subsequently voted to sabotage the company’s or protocol’s operations, they’d be destroying the value of what they just purchased.

Blockchainteknologi — en inblick i dess bakgrund, nuläge och framtida potential

På tio år har blockchainteknologi utvecklats från ett foruminlägg till en institutionell tillgångsklass. Bitcoins tekniska specifikation publicerades år 2008 och de första betydande riskkapitalinvesteringarna inom teknologin gjordes år 2013. Lanseringen av Ethereum år 2015 fångade uppmärksamheten hos ett flertal utvecklare, vilket resulterade i en ny våg av innovation inom applikationsutveckling. Industrin är fortfarande i startgroparna då branschens totala marknadsvärde (idag 2.1.2020) ligger under 200 miljarder dollar.

Why Crypto Unlocks Innovation on the Internet

In only a few decades, the Internet went from a highly decentralised architecture to one controlled by a few powerful gatekeepers. This created monopolies, limited access for developers, and ultimately slowed down innovation. Crypto protocols aim to break up this highly centralised architecture and provide developers a level playing field. Applications can again be solely built on open and permissionless protocols, with additional valuable features to them.

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