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CEO at Coinsilium
(c) Coinsilium November 2016 - not for redistribution
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Eddy Travia - @startupeddy
• CEO of London-quoted blockchain technology investment and
development company (ISDX:COIN)
• Private equity fund manager in Greater China (2004-2013)
• Co-founded first Bitcoin startup incubator 'Seedcoin' in 2013
• Pioneer investor 15 blockchain companies around the world
What is a blockchain?
“ Blockchain is a peer-to-peer distributed ledger
technology for a new generation of transactional
applications that establishes trust, accountability
and transparency while streamlining business
What’s so special?
“ The distributed ledger is a permanent, secure tool
that makes it easier to create cost-efficient business
networks without requiring a centralized point of
control. With distributed ledgers, virtually anything of
value can be tracked and traded. ”
Raistones: another way to
keep wealth records
Where does blockchain come
The concept of a blockchain was first introduced by
Satoshi Nakamoto in 2008, in the midst of the
financial crisis, to serve as the ledger for Bitcoin, a
purely peer-to-peer version of electronic cash.
Public vs Enterprise Chains
• This peer-to-peer network can deliver access to a public or a private
• Running a network node may or may not require permission.
• Participating in data updates may or may not require permission.
• Transacting or accessing some or all of the data may or may not require
• R3CEV : consortium of 60 banks
• Experimenting with more than 5 ledgers (R3 collab)
• Hyperledger : led by Linux foundation and IBM
• Digital Asset Holdings : post trading settlement revamping with
ASX & DTCC (PoC for repurchase agreements)
“ The Hyperledger Project is a collaborative effort created to advance
blockchain technology by identifying and addressing important
features for a cross-industry open standard for distributed ledgers
that can transform the way business transactions are conducted globally. “
Smart Contracts & Oracles
• Smart contracts are sets of encoded instructions, embedded in
the blockchain, that can be executed by the network nodes.
• Some blockchains offer basic smart contracts capabilities (i.e.
multisig) others offer advanced smart contracts capabilities (a.k.a.
• The outcomes of the smart contract executions is often one or
• Execution of a smart contract may require accessing external
• Oracles are trusted smart contracts in charge of collecting
external data for consumption by others
“ A DAO (decentralized autonomous organization) is
[…] an entity that lives on the internet and exists
autonomously, but also heavily relies on hiring
individuals to perform certain tasks that the automaton
itself cannot do. “
source: Vitalik Buterin - May 2014
“DAOs, DACs, DAs and More: An Incomplete Terminology Guide”
Investments in Blockchain
More than US$1Bn invested to date (since 2013)
Investments in Blockchain
• Bitcoin startups focus on payments, exchanges, trading, remittances
or other digital currency activities
• Blockchain startups focus on ‘non-currency’ activities, i.e. securities
settlement, property titles, asset provenance...
• In Q1 2016 VC investment in blockchain and bitcoin companies
outpaced that for startups in other industries.
• Number of blockchain startups has grown four-fold in the last year.
• Total investment in the space exceeded $1bn across 2015 - 2016
New Financing Methods : ICOs
• ICOs are Initial Coin Offerings
• Controversy about legal status (Howey test)
• Appcoins vs. company shares
• More than $200m raised through ICOs, ex.: Golem Project raised
$8.6m (in ETH) in less than 2 hours
“ Businesses and governments can use Factom
to simplify records management, record
business processes, and address security and
compliance issues. ”
“ [Factom enables developers to] create
applications that store data in the blockchain
without the speed, cost, or size limitations of
writing data directly to the Bitcoin blockchain. “
Land Registry Project
cover article on blockchain
October 31st, 2015
“ Rather than trying to scale up blockchain technology,
BigchainDB starts with a big data distributed
database and then adds blockchain characteristics
- decentralized control, immutability and the transfer
of digital assets. “
“ Ethereum is a decentralised platform that runs
smart contracts: applications that run exactly as
programmed without any possibility of
downtime, censorship, fraud or third party
RSK smart (Rootstock)
“ RSK is the first open-source smart contract
platform with a 2-way peg to Bitcoin that also
rewards the Bitcoin miners via merge-mining,
allowing them to actively participate in the Smart
Contract revolution. RSK goal is to add value
and functionality to the Bitcoin ecosystem by
enabling smart-contracts, near instant
payments and higher-scalability. ”