3. Consensus Algo
Objective Hybrid Subjective
PoW & PoS Casper, Tendermint Ripple, Stellar
Economic Incentives Economic Incentives +
Authority of Nodes
Authority
How nodes validate inputs and save a timeline
3
4. Mining as a concept
Cyberspace
World of bits
Calculation Storage Transmission
Meat Word
World of atoms
Production Transportation Distribution
How participants earn rewards
Bitcoin PoW is a proof of concept
cyber • Fund 4
5. Economic Network Infrastructure
Cyberspace
World of bits
Calculation Storage Transmission
Protocol Layer
Cases
EVM IPFS No
Economic Layer
Cases
Ethereum
Gridcoin
Steem
Lisk
Sia
Storj
Safe Network
Swarm
Filecoin
Factom
No
cyber • Fund 5
6. Networks of Intelligent Entities
Economic activities
based on preprogrammed immutable rules
cyber • Fund 6
13. Robotics and AI
Source: Visual Capitalist
minus ~20 mln jobs in 5 years
minus ~30 mln jobs in 10 years
minus ~40 mln jobs in 15 years
Blockchain is perfect command and control tool
cyber • Fund 13
14. If a robot can Earn, Hold and Pay,
well….
He (or she) can do Everything that You Can
cyber • Fund
cases
Labs
14
30. Blockchain Space
DAOs & Dapps
Public
Blockchain Services
Private
Permissioned Blockchains
Private
Tokens!
Bitcoins Only
$10B market cap
Legal Entity
Coinbase or 21.co
Fiat Only
~ $5B private cap
Legal Entity
Eris or Linux Foundation
Unknown
Censorship Resistance
Immutability
Crypto-Fiat Bridge
Compliance
Consulting for service providers
Cost reduction for enterprises
Our Focus
cyber • Fund 30
31. Blockchain Assets vs Traditional Assets
Blockchain Assets in Public Ledgers Traditional Assets
Availability Global
Transferable
Public - Locked in Markets
Private - Closed Groups
Full control Yes No
Taxation Optional Mandatory
Limits No Yes
Transparency Cheap Expensive
Privacy Cheap Impossible
Programmability Yes No
Examples Bitcoin - bitcoins
Ethereum - ethers
Factom - factoids
Coinbase - US equity
21 Inc. - US equity
Factom Inc. - GB equity
cyber • Fund 31
32. Forget About Bitcoin Maximalism
cyber • Fund
Total share of Bitcoin
in cybereconomy
70%
32
33. Lifetime Blockchain Crowdsales
cyber • Fund
Raised Diluted Dead Results
$ 200 mln
250 000 bitcoins
~ 10%
Mining + Dev
$ 1 mln
5.5 projects
+ $ 1.4 bln
+ 3 mln bitcoins
29 projects
on paper
23.5 projects
live
20 000 people participated
33
34. Secret Sauce
cyber • Fund
White paper and/or PoC Code
7x return
in 32 month
Including DAO fail. Overwise 30x
34
35. Blockchains as the Biggest Opportunity
since the Internet
The new Internet of Things, Values, Chains and everything
No theory. Proof of Concepts are in Production clickable
Smart Contracts Autonomous Devices Programmatic Corporations
Finance, Law & Middlemen disruption enabled Control Layer for Internet of Things Disruption of White Collars enabled
cyber • Fund 35
36. Blockchains as the Safe Haven
What would you do if Everything fall?
How to save my money?
Negative Interest Rates Bearish Stocks Still Overheated Real Estate
Fiat Finance is under Existential Threat Buy or Hold or run to Gold? Miserable Bank Deposits?
cyber • Fund 36
37. What if Uber is designed
like Bitcoin?
2009
Legal Entity
Available for SV guys
2010
Blockchain Entity
Available for Everybody
2016?
Blockchain Entity
Available for Everybody
~300%
CAGR
~350%
CAGR
>400%
CAGR
Why Blockchain Investments are Superior?
Blockchain secret sauce?
Tax Free Low-cost General Purpose Tech Economic Incentives
No ability to enforce without owner
permission. Supranational,
borderless and permissionless.
No need for buildings and people to
operate. Once programmed it just
works as defined.
1 specialized blockchain can disrupt
dozens of industries and thousands
of companies.
In the core of success are properly
designed economic incentives that
command&control network behaviour
cyber • Fund 37
39. cyber • Rating
Evaluation Space Digital Assets Economy
proofs are in a blockchain
Paper Assets Economy
proofs are on a paper
Evaluation Purpose Growth & Risks Creditworthiness
Truthfulness Algorithmic Opinionated
Evaluation Process Community Driven Closed Expert Circle
Decision Making Decentralized Centralized
Rating Acquisition Nearly Free F@#%ing Expensive
Score Freshness Near Real Time Months of Delay
Base on
Open Source
Decentralized Measuring Spec
IFRS
GAAP
How to Evaluate Assets of the Next Internet?
White paper draft & Proof-of-Concept implementation 39
41. Decentralized Autonomous Organization or DAO is a decentralized network of
nodes, defined by consensus protocol and programmed to perform autonomous
transactions by dividing work into computationally intractable tasks (which it
incentivizes humans to do) and tasks which it performs itself.
★ Organisation
They are free and independent entities
★ Autonomous
Once up to speed, they no longer need or heed their
creators
★ Distributed
There are no central points of control or failure that
can be attacked
★ Transparent
Their books and business rules are auditable by all
★ Confidential
Customer information is securely and incorruptibly
protected
★ Trustworthy
Because no interaction with them depends on trust
★ Fiduciaries
Acting solely in their customers’ and shareholders’
interests
★ Self-regulating
They robotically obey their own rules
★ Incorruptible
No one can exercise seductive or coercive influence
over them
★ First-class entities
They possess their own digital resources
What is DAO?
41
42. What is DApp?
Decentralized Application or DApp is an application built on top of some consensus
protocol and satisfies the following criteria:
➔ generate tokens according to a set of criteria
➔ could distribute tokens at the beginning of its operations
➔ tokens are necessary for the use of the application
➔ any contribution from the users is rewarded by payment in the application’s tokens
★ Open source ★ Decentralized ★ Autonomous
Source code is open for
everybody
Data and records are
cryptographically stored in a
public, decentralized blockchain
or distributed ledger
Operate autonomously, with no
entity controlling the majority of
its tokens at the time of issue
cyber • Fund 42
47. Tips for devs
● Spend 3 months in order to make sense of what has
been done, before you start to invent your own bike.
● Try technology yourself!
● Write a paper first. Take a feedback
cyber • Fund 47
51. 100x
in 72 months
50x
in 22 months
10x
in 13 months
4x
in 25 months
Satoshi • FundSince 2011
Blockchain Asset Management
We Proud of our Decisions Proof
cyber • Fund 51
52. 50% in $ and 15% in BTC
Profitability Since Inception
15%
in Possession of Portfolio Managers
$0.5M
Assets Under Management
First Satoshi•Fund product
Satoshi • PieSince 2016
Blockchain Traded Fund
cyber • Fund 52