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WHERE IS DECENTRALIZATION HEADED?
William Mougayar
Investor, Advisor, Board Member
Author, The Business Blockchain
Founder, The Token Summit and WMX
@wmougayar
Moscow, 8 Dec 2017

The Blockchain IS a DISRUPTIVE technology
© 2017 William Mougayar @wmougayar
3 Levels of Disruption
 TECHNICAL
 BUSINESS
 LEGAL
© 2017 William Mougayar @wmougayar
Database
Computing
Tokens as a new killer app
Native business models
Smart contracts
Googling 2.0
$14B
$100B
$430B
Source:
Coinmarketcap.com
© 2017 William Mougayar @wmougayar
“You never change things by fighting the
existing reality. To change something,
build a new model that makes the
existing model obsolete.”
---- Buckminster Fuller
The Blockchain IS
1. Cryptocurrency
2. Computing Infrastructure
3. Transaction Platform
4. Decentralized Database
5. Distributed Ledger
© 2017 William Mougayar @wmougayar
6. Development Environment
7. Open Source Software
8. Financial Services Market
9. Peer-to-Peer Network
10. Trust Services Layer
The Big Themes
1. Programming Money
2. Tokens as Utility
3. Business Process
Reengineering
© 2017 William Mougayar @wmougayar
4. Transactions in Value
5. Proving the truth
6. New Assets Liquidity
7. Governance Models
Key application areas
1. Money
2. Financial products
3. ICOs
4. Native assets trading
5. Fractional ownerships liquidity
© 2017 William Mougayar @wmougayar
What is a token?
A cryptocurrency with a special purpose
© 2017 William Mougayar @wmougayar
The killer app for the blockchain is not
tokens, but it is the creation of private
economies or ecosystems.
Tokens are just enablers to that.
© 2017 William Mougayar @wmougayar
What is Tokenomics
1. How you design your token role
2. How you distribute your tokens
3. How you govern your token monetary policy
© 2017 William Mougayar @wmougayar
Tokens 1.0 vs. Tokens 2.0
Copying what we see
vs.
Inventing what we don’t see
© 2017 William Mougayar @wmougayar
Staying True to Blockchain Technology
1. Removal of an intermediary or counterparty, and letting the
blockchain enact consequences
2. Peer-to-peer as infrastructure
3. Network effects with new protocols
4. Decentralization at many levels
5. Autonomy in governance © 2017 William Mougayar @wmougayar
ACID TEST for Tokens
1. What would happen without the token?
2. Why do you need a blockchain?
3. What is the blockchain enabling that wasn’t possible
before?
© 2017 William Mougayar @wmougayar
BLOCKCHAIN IS 90% GOVERNANCE AND BUSINESS
MODELS.
THE OTHER 50% IS TECHNICAL.
© 2017 William Mougayar @wmougayar
3 Ways to exploit the blockchain
© 2017 William Mougayar @wmougayar
Old trying New
New applying Old
New
inventing
New
Do you understand the economic
model behind your token?
© 2017 William Mougayar @wmougayar
What is a good token?
© 2017 William Mougayar @wmougayar
Will ICO success rates be better
than startups?
© 2017 William Mougayar @wmougayar
Will decentralized open source
protocols be more powerful than
their web equivalent?
© 2017 William Mougayar @wmougayar
Will decentralization deliver?
© 2017 William Mougayar @wmougayar
Will there be a crash? How?
When?
© 2017 William Mougayar @wmougayar
Will countries create their own
cryptocurrency?
© 2017 William Mougayar @wmougayar
How high is the sky, and how
shaky is the ground?
© 2017 William Mougayar @wmougayar
Will regulators poke the blockchain
in the eye, or ship it in shape?
© 2017 William Mougayar @wmougayar
Will Wall Street adopt blockchain
technology, or will a new financial
system emerge?
© 2017 William Mougayar @wmougayar
Is every asset in the world destined
to become liquid?
© 2017 William Mougayar @wmougayar
Are tokens here to stay, and will we
see more standards beyond ERC
20 & ERC 721?
© 2017 William Mougayar @wmougayar
Thoughts for 2018
1. Regulation
2. Crypto Funds
3. Scalability
© 2017 William Mougayar @wmougayar
4. “Better” blockchains
5. On-chain governance
6. Role of Foundations
THANK YOU
William Mougayar
Investor, Advisor, Board Member
Author, The Business Blockchain
Founder, The Token Summit and WMX
@wmougayar
wmougayar@gmail.com
http://startupmanagement.org/blog

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Where is Decentralization Headed by William Mougayar Cryptospace Moscow Dec 8 2017

  • 1. WHERE IS DECENTRALIZATION HEADED? William Mougayar Investor, Advisor, Board Member Author, The Business Blockchain Founder, The Token Summit and WMX @wmougayar Moscow, 8 Dec 2017 
  • 2. The Blockchain IS a DISRUPTIVE technology © 2017 William Mougayar @wmougayar
  • 3. 3 Levels of Disruption  TECHNICAL  BUSINESS  LEGAL © 2017 William Mougayar @wmougayar Database Computing Tokens as a new killer app Native business models Smart contracts Googling 2.0
  • 5. © 2017 William Mougayar @wmougayar “You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.” ---- Buckminster Fuller
  • 6. The Blockchain IS 1. Cryptocurrency 2. Computing Infrastructure 3. Transaction Platform 4. Decentralized Database 5. Distributed Ledger © 2017 William Mougayar @wmougayar 6. Development Environment 7. Open Source Software 8. Financial Services Market 9. Peer-to-Peer Network 10. Trust Services Layer
  • 7. The Big Themes 1. Programming Money 2. Tokens as Utility 3. Business Process Reengineering © 2017 William Mougayar @wmougayar 4. Transactions in Value 5. Proving the truth 6. New Assets Liquidity 7. Governance Models
  • 8. Key application areas 1. Money 2. Financial products 3. ICOs 4. Native assets trading 5. Fractional ownerships liquidity © 2017 William Mougayar @wmougayar
  • 9. What is a token? A cryptocurrency with a special purpose © 2017 William Mougayar @wmougayar
  • 10. The killer app for the blockchain is not tokens, but it is the creation of private economies or ecosystems. Tokens are just enablers to that. © 2017 William Mougayar @wmougayar
  • 11. What is Tokenomics 1. How you design your token role 2. How you distribute your tokens 3. How you govern your token monetary policy © 2017 William Mougayar @wmougayar
  • 12. Tokens 1.0 vs. Tokens 2.0 Copying what we see vs. Inventing what we don’t see © 2017 William Mougayar @wmougayar
  • 13. Staying True to Blockchain Technology 1. Removal of an intermediary or counterparty, and letting the blockchain enact consequences 2. Peer-to-peer as infrastructure 3. Network effects with new protocols 4. Decentralization at many levels 5. Autonomy in governance © 2017 William Mougayar @wmougayar
  • 14. ACID TEST for Tokens 1. What would happen without the token? 2. Why do you need a blockchain? 3. What is the blockchain enabling that wasn’t possible before? © 2017 William Mougayar @wmougayar
  • 15. BLOCKCHAIN IS 90% GOVERNANCE AND BUSINESS MODELS. THE OTHER 50% IS TECHNICAL. © 2017 William Mougayar @wmougayar
  • 16. 3 Ways to exploit the blockchain © 2017 William Mougayar @wmougayar Old trying New New applying Old New inventing New
  • 17. Do you understand the economic model behind your token? © 2017 William Mougayar @wmougayar
  • 18. What is a good token? © 2017 William Mougayar @wmougayar
  • 19. Will ICO success rates be better than startups? © 2017 William Mougayar @wmougayar
  • 20. Will decentralized open source protocols be more powerful than their web equivalent? © 2017 William Mougayar @wmougayar
  • 21. Will decentralization deliver? © 2017 William Mougayar @wmougayar
  • 22. Will there be a crash? How? When? © 2017 William Mougayar @wmougayar
  • 23. Will countries create their own cryptocurrency? © 2017 William Mougayar @wmougayar
  • 24. How high is the sky, and how shaky is the ground? © 2017 William Mougayar @wmougayar
  • 25. Will regulators poke the blockchain in the eye, or ship it in shape? © 2017 William Mougayar @wmougayar
  • 26. Will Wall Street adopt blockchain technology, or will a new financial system emerge? © 2017 William Mougayar @wmougayar
  • 27. Is every asset in the world destined to become liquid? © 2017 William Mougayar @wmougayar
  • 28. Are tokens here to stay, and will we see more standards beyond ERC 20 & ERC 721? © 2017 William Mougayar @wmougayar
  • 29. Thoughts for 2018 1. Regulation 2. Crypto Funds 3. Scalability © 2017 William Mougayar @wmougayar 4. “Better” blockchains 5. On-chain governance 6. Role of Foundations
  • 30. THANK YOU William Mougayar Investor, Advisor, Board Member Author, The Business Blockchain Founder, The Token Summit and WMX @wmougayar wmougayar@gmail.com http://startupmanagement.org/blog