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Digital Token Valuation by Roberto Moro-Visconti,Andrea Cesaretti Pdf
This book looks at the analogic application of standard corporate valuation approaches to trendy digital tokens, expressed by cryptocurrencies, and validated through blockchain systems. Whereas traditional firm appraisal follows institutional guidelines and best practices, frontier research still must define the boundaries of these trendy issues, linking a strong theoretical background to practical advances that still need fine-tuning. This book, written by an academic and a senior consultant, combines theoretical rigor with practical insights, providing an innovative framework for evaluators, managers, and practitioners, and academics of corporate valuation and financial technology.
A Critical Appraisal of Initial Coin Offerings by Dominika Nestarcova Pdf
A Critical Appraisal of Initial Coin Offerings: Lifting the “Digital Token’s Veil” examines the merits of regulating initial coin offerings under traditional securities regulations and provides and in-depth analysis of digital tokens as a new asset class.
Valuation of Crypto Assets. A Conceptual Framework and Case Application to the IOTA Token by Abdulkarim Ajouaou Saidi Pdf
Master's Thesis from the year 2018 in the subject Business economics - Controlling, grade: 2.0, Berlin School of Economics and Law, language: English, abstract: This thesis aims at elaborating fundamental valuation techniques for crypto assets. Since research in this field is still at the very beginning this work intends to provide investors, financial analysts, token issuers, researchers or crypto enthusiasts a framework of how to determine the fundamental value of this emerging asset class. To do so, three main research questions are formulated: 1. How can the fundamental value of crypto assets be determined? 2. Which valuation techniques can be applied to the different token types? 3. What is the fundamental value of the IOTA token? In order to answer the questions, the thesis will progress in the following manner: First, the reader will be introduced to distributed ledger technology (DLT) and blockchain, which represent the underlying technology of crypto assets. In the next step the term ‘crypto asset’ will be defined. It will be elaborated to what extent crypto assets can be considered as a new asset class and how crypto assets can be classified into different types. The terminological part will end up with a discussion of the fundamental value of this new asset class. The main body of the thesis consists of two parts, a theoretical (conceptual) and a practical (applicational) part. The theoretical part aims to collect and evaluate all current valuation methods for crypto assets. Different absolute as well as relative valuation techniques will be elaborated, namely the Discounted Cash Flow (DCF) model and CAPM, the asset rotation theory, the Equation of Exchange, the NVT ratio, Metcalfe’s Law, the cost of production approach as well as the accessibility discount. The second part of the main body comprises a case application of one valuation model, namely the Equation of Exchange, to the IOTA token.
Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond by Chris Burniske,Jack Tatar Pdf
The innovative investor’s guide to an entirely new asset class—from two experts on the cutting edge With the rise of bitcoin and blockchain technology, investors can capitalize on the greatest investment opportunity since the Internet. Bitcoin was the first cryptoasset, but today there are over 800 and counting, including ether, ripple, litecoin, monero, and more. This clear, concise, and accessible guide from two industry insiders shows you how to navigate this brave new blockchain world—and how to invest in these emerging assets to secure your financial future. Cryptoassets gives you all the tools you need: * An actionable framework for investigating and valuing cryptoassets * Portfolio management techniques to maximize returns while managing risk * Historical context and tips to navigate inevitable bubbles and manias * Practical guides to exchanges, wallets, capital market vehicles, and ICOs * Predictions on how blockchain technology may disrupt current portfolios In addition to offering smart investment strategies, this authoritative resource will help you understand how these assets were created, how they work, and how they are evolving amid the blockchain revolution. The authors define a clear and original cryptoasset taxonomy, composed of cryptocurrencies, cryptocommodities, and cryptotokens, with insights into how each subset is blending technology and markets. You’ll find a variety of methods to invest in these assets, whether through global exchanges trading 24/7 or initial cryptoasset offerings (ICOs). By sequentially building on the concepts of each prior chapter, the book will provide you with a full understanding of the cryptoasset economy and the opportunities that await the innovative investor. Cryptoassets represent the future of money and markets. This book is your guide to that future.
Author : Mr. José M. Garrido Publisher : International Monetary Fund Page : 67 pages File Size : 45,8 Mb Release : 2023-07-28 Category : Business & Economics ISBN : 9798400250149
Digital Tokens: A Legal Perspective by Mr. José M. Garrido Pdf
Tokens are units digitally represented in a distributed ledger or blockchain. The various uses of this technology have the potential to transform a wide array of economic activities, from traditional commercial transactions to sophisticated financial undertakings. This paper explores the similarities and differences of tokens with traditional legal instruments in commercial law and how tokens could offer superior solutions, provided that proper legal foundations are established for their operation, including aspects of the law of securities and consumer protection law.
In late 2008, under the long shadow cast by the most severe economic crisis in generations, a revolutionary new form of currency was quietly being shaped. At the time no one could have predicted that an obscure form of electronic money would in less than a decade prove to be the most important financial innovation of the 21st century—a tool that would spark an entire new economic institution: crypto economy. That once-obscure money was known as Bitcoin, and today it is the highest valued digital coin. And though consumers continue to scramble to cash in on the trending currency, the technology behind Bitcoin known as Blockchain, which allows the currency to bought and sold without regulation by a government, remains a mystery to the public. In Crypto Economy, Aries Wanlin Wang provides the definitive blueprint for understanding how Bitcoin, Blockchain, and other digital technologies are disrupting traditional financial institutions and forever changing the world of commerce.
Mastering Tokenomics, presented by KRYPTOKRAKEN(TM) PRODUCTIONS, is an unparalleled course designed to equip learners with a comprehensive understanding of Tokenomics - the backbone of the blockchain ecosystem. This course meticulously delves into the tokenized world, offering insights into how digital assets drive transactions and shape the functionality of their respective ecosystems. Module Overview: Introduction to Tokenomics: A foundational module that introduces learners to the evolution and pivotal role of Tokenomics in the blockchain world. Types of Digital Tokens: Discover diverse digital tokens, including utility, security, governance tokens, NFTs, and more, exploring their impact on Decentralized Finance (DeFi). Token Creation and Distribution Mechanisms: Gain knowledge on the mechanisms of token creation and distribution, covering ICOs, STOs, Airdrops, Forks, and more. Economic Models in Tokenomics: Dive into the economic models integral to Tokenomics, discussing incentive structures, token velocity, and network effects. Regulatory Landscape and Compliance: Navigate through the global regulatory frameworks, including AML and KYC compliance. Case Studies and Real-World Applications: Examine real-world applications and case studies of market leaders like Bitcoin, Ethereum, and the growing field of NFTs. Market Dynamics and Token Valuation: An in-depth analysis of market dynamics and token valuation, including factors influencing token pricing. Utility and Functionality of Tokens: Focus on the practical use of tokens in governance, DeFi applications, and as mediums of exchange. Emerging Trends and Future of Tokenomics: Explore emerging trends in Tokenomics, discussing its role in DeFi, the rise of DAOs, and the intersection with traditional finance. This publication is complete with a full glossary of terms to aid in a complete understanding of the concepts presented in the course. Dive into the dynamic sphere of digital finance today. Seize the opportunity to master Tokenomics with our comprehensive course tailored for both beginners and seasoned professionals. Your path to becoming a Tokenomics authority starts here - get your course now
A Practical Guide for Startup Valuation by Sinem Derindere Köseoğlu Pdf
This book sheds new light on the most important contemporary and emerging startup valuation topics. Drawing on the first-hand professional experience of practitioners, professionals, and startup experts from various fields of finance, combined with a sound academic foundation, it offers a practical guide to startup valuation and presents applications, practical examples, and case studies of real startup ecosystems. The book discusses pressing questions, such as: Why are startups in California are higher valued than those in New York? Or why do startups based in London receive higher valuations than those in Paris, Berlin, or Milan, even when they are based in similarly-sized economies, share the same industries, and often even have the same investors? Answering these questions, the authors present key topics, such as hierarchical and segmented approaches to startup valuation, business plans, and sensitivity analysis, many methods such as venture capital valuation, first Chicago valuation, scorecard valuation, Dave Berkus valuation, risk factor summation valuation, and discounted cash flow valuation, in addition to business valuation by data envelopment analysis and real options analysis, as well as critical conceptual issues in the valuation such as expected returns of the venture capital and price versus value concepts, among others. The book will help angel investors, venture capitalists, institutional investors, crowd-based fractional investors, and investment fund professionals understand how to use basic and advanced analytics for a more precise valuation that helps them craft their long-term capital-raising strategy and keep their funding requests in perspective. It will also appeal to students and scholars of finance and business interested in a better understanding of startup valuation.
Mastering Crypto Assets by Martin Leinweber,Jörg Willig Pdf
A definitive, all-encompassing book on digital assets of all types for investors Mastering Crypto Assets: Integrating Bitcoin, Ethereum and More into Traditional Portfolios offers both institutional and professional investors a guide for the integration of crypto assets into traditional portfolios. It provides comprehensive explanations of the structure of this new asset class and its impact on opportunities and risks in the portfolio context. With the recent explosion in digital assets, and investors need as much information and insight as possible to invest in them intelligently. Cryptocurrencies and other tokens can cause confusion when investors are unaware of how to classify them within a portfolio strategy. This book argues that digital assets deserve their own place in the portfolio, comparable to cash and gold. Each type of digital asset fulfills different functions and value propositions. The book offers a comprehensive classification of the digital asset landscape, highlighting the key drivers of value. Nevertheless, the crypto space is very immature, and a lot of projects will not survive. Therefore, investors need a process in place, regardless of whether they invest based on quantitative or fundamental criteria. Digital Asset Revolution explores how blockchain-based assets store information and value, so you can create investing techniques and rules on a strong foundation of knowledge. You’ll also find a different methods of applying valuation concepts to digital assets and how value capturing works in a digital world. Learn how bitcoin and other digital assets act as digital stores of value, and how to understand their place within a traditional portfolio A detailed taxonomy of cryptocurrencies, including Bitcoin, Altcoins, and the rising phenomenon of NFTs Consider the unique risk/return characteristics of various digital asset classes Adapt traditional investing methods and concepts to digital asset investment Methodologies for valuing crypto assets, including a statistical approach and the network effect An overview of Index Investments in the digital asset space, highlighting the importance of price data and the various types of indexes This is a valuable guide for institutional investors, individual investors, and anyone interested in alternative approaches to investing in digital assets.
Digital Labour Markets in Central and Eastern European Countries by Beata Woźniak-Jęchorek,Kamilla Marchewka-Bartkowiak Pdf
This book examines the impact of the COVID-19 pandemic on changing labour markets and accelerating digitalisation of the workplace in Central and Eastern Europe. It provides an innovative and enriching take on the work experience from the pandemic times and discusses the challenges of ongoing changes in labour markets and workplaces in a way that is not covered by the extant literature. The impact of the COVID-19 pandemic and digitalisation on labour market outcomes is analysed throughout 12 chapters, by 34 labour market experts from various CEE countries. Most chapters are based on empirical methods yet are presented in an easy-to-follow way to make the book also accessible for a non-scientific audience. The volume addresses the three key goals: to better understand the impact of the COVID-19 pandemic on the adoption of workplace digitalisation in the selected labour markets in CEE countries and the potential trade-offs facing those who do and do not have access to this benefit to complement the labour market research by incorporating the outputs of changing demand for skills to contribute new insight into policies and regulations that govern the future of work The book argues that the recent COVID-19 pandemic was a sombre reminder of the relevance and necessity of digital technology for a variety of sectors and market activities. It concludes that to downside the risks of vanishing jobs, as well as to minimise the threats and maximise the opportunities of digitalisation in CEE countries, labour market partners need to consider an effective governance tool in terms of inclusive access to the digital environment, re-skilling, and balanced regulations of the more problematic facets of digital work. The book will be of interest to postgraduate researchers and academics in the fields of labour economics, regional economics, and macroeconomics. Additionally, due to the broader policy implications of the topic, the book will appeal to policymakers and experts interested in labour economics. The Introduction, Chapters 4 and 12 of this book are freely available as a downloadable Open Access PDF at http://www.taylorfrancis.com under a Creative Commons Attribution-Non Commercial-No Derivatives (CC-BY-NC-ND) 4.0 license.
The Currency Revolution by Daniel Mark Harrison Pdf
Not since the publication of The Wealth of Nations in 1776 has there been such an important and historically-significant book written as The Currency Revolution by Daniel Mark Harrison. In The Currency Revolution, Harrison analyses currencies in fiat and digital form alike, proposing radical yet sound new economic theories in the process that will have us redefine the way that trade and tender is carried out today. The Currency Revolution is the only ever book to cover the rise of the digital asset movement and Blockchain technology as an avant-garde economic event of its own. Drawing on countless data references, hypothesising new economic theories for a contemporary, connected world, Daniel Mark Harrison lifts the lid on the explosion of value that is going on under the surface of our economy today, and points to where it will lead us in the future. The Currency Revolution is nothing short of a brand new, controversial must-read for technologists and economists alike.
Praise for Digital Finance "Digital Finance was helpful in articulating questions the reader potentially didn't know they needed to ask. Hines explains complex terms in a way that is digestible for anyone with a basic business background. The conceptual explanations were also concise and intentional, covering just what I wanted to know to have a solid understanding of a tokenized ecosystem and why there may be advantages found in decentralized finance vs. traditional lending." —Kathryn Carlisle, Senior Managing Director, Blockchain Center for Excellence, University of Arkansas "Baxter does a terrific job explaining the revolutionary technologies that are affecting the financial industry and shows just how transformational those will be in the coming wave of digital finance. This book is a must for those who want a better understanding of how blockchain is going to improve the financial industry." —Jake Ryan, author, Crypto Asset Investing in the Age of Autonomy; CIO, Tradecraft Capital "Digital Finance provides a comprehensive review of the security token marketplace and provides a powerful vision of what to expect in the coming years as blockchain transforms finance. The chapter on DeFi points to a massive emerging market as the transaction efficiency of security tokens meets the scale and transparency of DeFi self-processing assets—the true antidote to prevent a repeat of the 2008 Global Financial Crisis. This book is perfect for the blockchain novice or expert with straightforward examples to support a thorough analysis of the rapidly evolving digital finance market." —Dan Doney, Chief Executive Officer, Securrency "Educate yourselves on the future of finance! Digital tokenization of securities is bringing in new investors and issuers, democratizing access to capital. Baxter's book is a must-read for anyone who wants to get ahead of the curve." —Spencer Dinwiddie, NBA All-Star; Founder, DREAM Fan Shares "Don't let complicated words like blockchain and tokens prevent you from learning about the future of finance. Capital markets are being transformed right before our eyes, and Baxter details exactly how that is happening on a molecular level." —Kyle Sonlin, host, The Security Token Show
Perspectives for Digital Social Innovation to Reshape the European Welfare Systems by F. Davide,A. Gaggioli,G. Misuraca Pdf
Social welfare is riddled with ingrained problems that have already defeated all standard approaches, and reform calls for counterintuitive action. Digital Social Innovation (DSI) is primarily about promoting grassroots initiatives to address localized societal problems, and is not normally talked about in relation to welfare reform, but perhaps social innovation initiatives, with their localized and case-based approach, could help to solve the enormous structural problems faced by our welfare democracies today. This book addresses the potential and implications of DSI for the reform of the European welfare state. The 14 papers collected here focus on key issues, such as the nature of social innovation and its effects; scaling up to address structural problems and make systemic change; new social risks and challenges; the role of digital thinking and emerging technologies; public governance approaches; tolerance of institutions; integrating innovation in the welfare system; and the empowerment of marginalized citizens. These topics are examined from an integrated and multi-disciplinary perspective, taking into consideration not only current EU debate on policy trends for social protection, but also the nature of digital transformation and its effects on social change. The book also highlights barriers to adoption, as well as the potential limitations and failures of this emerging approach. Digital social innovation is an emerging discipline that deserves more attention from policy makers and more resources from government. Drawing on welfare studies, political science, sociology, psychology, law and computer science, this book will be of interest to researchers, practitioners and policy makers alike.