作者:Czhang Lin

中文翻譯:Michael

日期:06/11/2018

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當新舊世界碰撞,

是否就是雙通證設計新經濟?

2017年加密貨幣經濟的繁榮吸引了來自全球金融行業的注意力,包括監管層與其他領域。瑞士對於加密貨幣做出最早之一的界定,它把通證分成三類:支付型、證券型、實用型。

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傳統股市可產生的市場溢價

2018年中,證券型通證發行(STO)關注度上升,緣於美國證券交易委員會(SEC)更傾向於這個方向,同時很多重量級加密貨幣玩家也開始調整他們的投資及產品開發以適應這些新的標準。對於大部份人來說,STO扮演著幫助傳統金融機構進入加密貨幣世界的橋樑。

但是,不同於僅僅關注一個STO概念或專注於ICO,也許對於所有的項目來說還有第三條路。新的雙通證設計指的不是簡單的2層不同應用的實用型通證,比如應用在Steem、Vechain及其他項目的;而是指,STO與實用型通證的共存。

STO是有必要的,因為政府要求相關發行方必須對自己的行為負責,以保護投資人權益以及實施稅收流程。發行證券型通證只不過代表著股份回報價值,就像在傳統金融領域,股票價值應該總是用本益比(P/E)、市銷率(P/S)、速動比率以及其他分析管道進行研究。或者像在傳統股票市場,企業有一定的基礎價值,市場價值與基礎價值的差异就是市場溢價,或是展現未來增長收益對於投資者產生的行銷文宣效應(特別是對於成長型股票來說)。對於最近的加密世界大爆發來說,這種差异應該可以被認為是行銷文宣效應,因為絕大部分項目並沒有落地實用的案例。

傳統股市可產生的市場溢價

不同於STO容易被傳統世界理解其財務價值;實用型通證將需要設計一種新的理解管道,以使它的基礎價值得到衡量。通證增長速度、內在流通、流動比率、市場需求等就全都是可能代替本益比(P/E)、市銷率(P/S)、速動比率等的名額。

由於新加密經濟的發展,傳統的資產負債表將需要進一步進化,包括衡量通證價值的新標準。財務報告結果或將證券型通證與實用型通證綜合進公司的最終價值。

對於一家傳統企業來說,應用通證經濟通常會使其證券型通證擁有比實用型通證更高的價值,因為它通常能在傳統財務報表上的計入法幣收入,除非這家公司打算轉向去中心化,將收支都轉為加密貨幣。(這將是很大膽的舉動,對這種企業懷有極大尊重。)

對於一個既存的加密項目來說,它的基金會應該進一步革新以成為一個STO實體,舉一個公鏈的例子來說明。這條公鏈對每筆交易收取費用(gas),不同於將所有的交易手續費分享給礦工,而是將其一部分轉移至STO架構下可以合法納稅的基金會。通常在這種情況下,通證經濟的價值將會大於單純的STO。

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證券型通證可產生的市場溢價

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實用型通證可產生的市場溢價

以上兩張圖將結合後,將能顯示新的雙通證模型的真實價值。

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證券型通證價格(X1)+實用型通證價格(X2)=市場價格(Y3)

不同於三部曲第一部中描述的金字塔模型,投資形式與步驟也應該進化。在不久的將來,將會有三種投資方式去參與:

股權輪融資,這會同時出讓證券型與實用型的通證池,通常適用於天使及後續戰略投資方。

STO輪,這會出讓實用型通證池作為額外的獎勵。

實用型通證輪,主要針對於用於以及個人投資者。

當然,在每個階段可以有不同輪次。

有趣的是,加密市場在過去的幾年裏不斷進化以及越來越多基金有了更加清晰的管道進入這個市場,項目方也在請求各方更加關注其核心價值。但是,因為這個市場仍處於低潮,我想引用托馬斯·愛迪生的一句話送給所有的項目方與基金方,來結束此三部曲。

“如果你希望成功,當以恒心為良友、以經驗為參謀、以謹慎為兄弟、以希望為哨兵。”(托馬斯·愛迪生)


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原文:

Sharing Trilogy: Problem, Solution and Future

Part 3

The New Economy of Dual Token mechanism

 

Author:Czhang Lin

Date:28/10/2018


The Old Meetsthe New, 

AKA new Economy of Dual Token design?

Author:Czhang Lin

Date:21/10/2018

 

2017’s crypto economy boom has caused global attention from the financial sector, the regulators and many other fields. One of the first classifications was set by Switzerland, who divided Tokens into 3 categories: payment, security and utility. In mid 2018, Security Token Offering (aka STO) became popular as the US SEC seemed to be moving into this direction and many key crypto players started to shifttheir investment and product development to fit into these new criteria. Formost people, STO acts as a bridge helping traditional financial institutionsenter into Crypto.

 

But instead of only focusing on just one STO or only ICO projects, there may be a third pathway for all projects. The new Dual Token design would not be 2 different layers oftoken application/ utility token within the project like in Steem, Vechain andmany others, but rather, refers to the “co-existence”of both the STO and utility token.

 

STOs will be needed, as governments require an entity to be responsible for its actions, so as to protect investors and implement tax processes. STOs merely represent the share return value as in the traditional financial world, and its value ought to be studied as always with PE, PS, acid ratio and many other analytical methods. Just like the traditional stock market, the firm has a certain base value and the difference between the market price and its base financial valueis the market premium, or the effect of PR on investors displaying the future growth benefit (growth stocks); in the recent Crypto burst the differences would be considered the PR hype as most projects don’t have a use case yet.

 

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Unlike STOs, where its financial value can be easily understood by the traditional world, utility tokens will need to design a new understanding to be evaluated as its “basicValue”. Token growth velocity, internal circulation, traction are all new indexes that may replace PE, PS, acid ratio and etc…

 

Due to the development of the new crypto economy, traditional balance sheets will alsoneed to evolve further, including new criteria for its token value. The financial result would include both the (STO) + utility token into the firm’sfinal value.

 

For a traditional firm, adapting token economics into its application will usually have stronger STO value versus the utility token part, as it is used to have fiat income that will display in traditional balance sheet, unless the firm isready to decentralize itself and evolve into crypto only for all expenses andprofits. (It would be bold and much respect for them! )

 

For anexisting Crypto project its foundation ought to reform further into an STO entity, giving an example of a public chain that charges gas for its transaction and instead of sharing all transaction fee towards miners, part of it would be transferred to the foundation under the STO structure, while also being taxable.Usually in this case the token economy value would be greater than STO. 


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The new dual token model will have 2 graphs which added together will show the truevalue of the project.

 

Marketgraph of STO & Market graph of Utility token


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Unlike the pyramid scheme described in the first article, the investment forms and stepsought to evolve as well.  In the nearfuture there will be 3-investment vehicles to paricpate in.

 

Equity rounds that will share both STO token and its Utility token pool, it will usually be adopted for angels or later strategic partners.

STO rounds that will share utility token pool as extra bonus rounds

Utility token rounds that is aimed mainly for the users or retail investors

 

Of course there can be various rounds at each stage.

 

It is interesting how the Crypto market has evolved within the last couple of years andmany more funds have clearer approaches to enter; projects are begging to paymore attention to its core value add. However, since the market is still cold, I would like to end the trilogy with a statement from Thomas Edison to allprojects and funds.

 

If you wish to succeed, you should use persistence as your good friend , experience asyour reference , prudence as your brother and hope as your sentry.