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      "title": "【通证经济/Token Economics】The game changer for real estate? 下一个改变房地产行业格局的商业模式？",
      "body": "导言：上一篇文章中我分享了对初创项目FunnyChain的看法，这次我想讨论一下佐佑（aassio）。\n\n**【什么是佐佑？】**\n根据佐佑的白皮书：\n>佐佑是一个便利的加密资产平台，用户可以在此用加密货币来参加区块链技术改革后的不动产交易。每一枚佐佑币都对应了佐佑生态系统中已代币化的不动产的相应价值。不动产市场从未有过的商业革新随着区块链技术的发展将在佐佑平台实现。\n\n**【佐佑解决的是什么问题】**\n>流动性差\n>资本密集 和门槛⾼高\n>交易易成本高昂\n\n在大多数国家，不动产投资市场确实都存在这些问题，这也是为什么只有少数人有能力参与不动产的投资。\n佐佑计划分两个阶段提供解决方案：\n>第⼀步: aassioX - 交易易中⼼\n>第⼆部: aassioHOME - 不动产代币化平台 (RET)\n>第三部: aassioLIFE - 开放式未来⽣生活⽅方式与不动产行业创新\n\n这三个平台共同构成佐佑的生态系统，实现佐佑平台和用户的利益分离：\n•\t参与不动产通证化的房产所有人会得益于佐佑币（以下简称AAS）的升值\n\n•\tAAS的持有人得益于佐佑币的升值\n\n•\t假定佐佑团队也会得益于佐佑币的升值\n\n•\t佐佑团队主要得益于房产升值带来的收益（用于团队激励的部分则主要得益于佐佑币的升值）\n\n**【我的观点】**\n**实际操作中可能会遇到什么问题？**\naassio X\n目前中心化交易所有更成熟的模式和技术，但未来的趋势是中心化交易所还是去中心化交易所，还是未知\naassio HOME\n个人住宅所有人通过通证将房产过户给房地产管理公司是否有政策支持？不同的国家可能会有不同的政策，比如在中国暂时可能行不通，因为这种模式非常类似STO，而中国对ICO和STO保持着非常审慎的态度\n\n**亮点**\n•\taassio LIFE是佐佑生态系统的最创新的部分，比如AAS持有人拥有住宅的使用权等权利\n•\t佐佑生态系统的聪明设计：先发行AAS有助于AAS在交易所中并得到定价和评级，AAS得到定价和评级之后有助于aassio HOME的成功因为房产所有人将愿意使用AAS对房产所有权进行通证化\n•\t有助于增加加密货币市场的参与人数：佐佑将会有助于提高加密货币买卖的活跃度，因为假定参与佐佑不动产代币化AAS持有人都将会投资把AAS投资到其他加密货币\n•\t抗风险能力非常强的经营模式：从财务稳健性看，佐佑会有很强的举债能力因为有大量的房地产作为抵押物\n\n**竞争**\n佐佑主要面临交易所业务和房地产通证化领域的竞争，佐佑交易所采用的差异化的策略，因为佐佑主要面向发行通证的房地产类项目，但是不限于房地产类项目。\n佐佑aassio HOME也面临一些竞争，比如以下一些比较出名的项目：\n•\tATLANT\n除了解决房产投资难的问题外，ATLANT也试图抢占租房领域的市场份额，解决中介费用高和虚假点评的问题，被业界看好为“爱彼迎杀手”。\n•\tLATOKEN\n在LATOKEN，任何实物资产或者股票都可以发行通证，LATOKEN的目标是成为通证化资产领域的亚马逊\n•\tPropy\nPropy构建的是便捷的全球购房的平台，和佐佑不同的是，Propy的Token只用作用户奖励和交易服务费用支付，不存在增发和销毁\n\n**风险**\n•\t佐佑模式和炒房型投资人是矛盾的存在？\n因为炒房型投资人希望房产价格上升，但佐佑的模式存在让房产市场有价格下跌的可能，因为假定相信加密货币的房产持有人数量远超不相信加密货币的房产持有人，并且他们相信加密货币市场的获利水平比房地产更高，然后他们驱动了大量的房产在佐佑实现通证化，这些房产将会过户到佐佑房产管理公司。\n\n•\t佐佑模式将会对房地产一级市场造成困扰？\n房地产价格将会下跌，因为房地厂一级市场将会变得非常不活跃，因为二级市场的交易占比将会越来越高，假定房地产通证化市场在二级市场的占比越来越高，得益于佐佑的这类模式成为主流。\n\n•\t佐佑是一个很脆弱的生态系统因为佐佑的模式十分依赖加密货币市场的活跃度？\n佐佑解决了房地产交易的流动性问题，但背后的驱动是加密货币市场的活跃，如果加密货币投资回报下降导致加密货币市场活跃度下降，并且回报率比房地产投资要低，那么AAS存在的必要性将降低，因为投资人将会更多投资在房地产或者房地产通证是non-fungible的项目。\n\n**改进空间？**\n我认为同时发行fungible佐佑币和non-fungible佐佑币会让平台有更好的发展空间：\n•\tnon-fungible的AAS投资人将会更多的得益于房地产的增值而非AAS的增值\nNon-fungible的AAS将具有类似代表资产权益属性的通证，投资人成为房屋的股东之一。\n•\tfungible的AAS将持续收益于佐佑生态的持续发展\n两种代币可以共同起到分散市场风险的功能，对佐佑生态系统的规模增长有帮助，因为投资人将会更加多样化，可以至少涵盖这两类投资人：\n•\t认为房地产投资收益比加密货币投资收益高的投资人\n•\t认为加密货币投资收益比房地产投资收益高的投资人\n\n今天先分享这么多，下期我会继续分享更多区块链/加密货币方面的看法，欢迎大家继续关注我的主页：）\n\n-----------------------------------------------------------------------------------------------------------------------------------------------------------\n-----------------------------------------------------------------------------------------------------------------------------------------------------------\n\nPreface: In my last article, I shared some point of views regarding a new blockchain project FunnyChain, and I would like to discuss a bit about aassio.\n\n**【What is aassio？】**\nThe business model and vision of aassio stated in the white paper are：\n>aassio is a blockchain-based platform providing effortless access to the real estate market to buy, sell and hold real estate in cryptocurrencies from the convenience of your own home or office. Real estate investment has never been easier or more accessible!\n\n**【What problems is aassio going to fix】**\n>Liquidity – bad\n>Affordability - capital intensive\n>Transaction efficiency - high costs\n\nThat’s why in most countries, affordable investors are those minority engaging in the real estate investment due to the intensive capital requirement.\n\naassio is going to establish the aassioECO in three phases, and the solutions for the addressed problems would realize in the phase 1 and phase 2:\n>Phase 1: aassioX - crypto exchange\n>Phase 2: aassioHOME - real estate tokenization (RET)\n>Phase 3: aassioLIFE - future-living solutions & open source\n\nIt becomes the aassio ecosystem and it seems to have the corollary benefit related to the interest of different participants because:\n•\tHome owners benefit from the price appreciation of aassio token (hereinafter referred to as AAS)\n•\tAAS holders benefit from the price appreciation of AAS\n•\taassio team benefits from the price appreciation of AAS\n•\taassio will benefit from the price appreciation of the tokenized house\n\n**【My point of views】**\n**What are the potential challenges being faced?**\n•\taassio X\nCurrently when it comes to listing, the centralized exchange might come first in terms of the mature technology and operation. It is unknown if centralized exchange should give its way to decentralized exchange due to the better security.\n•\taassio HOME\nAre there policies supporting the ownership transfer from individual to the property management company in the way of tokenization? They vary a lot among different countries. For example, in China, it might not work because property tokenization looks like security token offering but ICO and STO are still forbidden in China.\n\n**Highlights**\n•\taassio LIFE is the most innovative part of aassio ecosystem. Features related to the utility of the property become possible, such as holders of AAS could have the rights to live in the property.\n•\tSmart design of the aassio ecosystem: Issue of the AAS before launching the aassio HOME is crucial because property owners are motivated to tokenize the property in exchange with the AAS if AAS is public listed and graded on the exchanges.\n•\taassio is committed to driving the crypto investment because the transactions between AAS and other cryptos on aassio X become possible assuming that AAS holders are motivated and active to invest in other crypto. \n•\taassio will be financially strong because aassio will benefit from its financing capability due to the ownership of a large amount of properties.\n\n\n**Competition**\naassio will be facing competitions in exchange and property tokenization. \naassio X will be implementing diversity strategy because aassio X is going to mainly focus on but not limited to real estate token projects.\naassio HOME will face some competitions, such as the following big players:\n•\tATLANTA\nATLANTA offers property tokenization and rental platform. Known as “the Airbnb killer”, ATLANTA aims at offering lowering the middleman fee and fake reviews for rentals.\n•\tLATOKEN\nLATOKEN is where any real assets or stocks could be tokenized. LATOKEN is so ambitious because its target is to become the Amazon of Tokenized Assets.\n•\tPropy\nPropy is to create a convenient cross-border property purchasing platform with the most credible legal automatic authentication. It has the different economic model from aassio because Propy only issue tokens at its first token sale which will be used to pay for the transaction fees and rewarding.\n\n**Risk**\n•\tDoes aassio ecosystem represent different interest with those making profit from real estate speculations?\n        Real estate speculators bet on the rise of the real estate price, but aassio ecosystem will be likely pushing the price down if we assume that the property owners being bullish on crypto outnumber those who are not bullish on crypto.\n•\tIs aassio ecosystem going to impact the primary real estate market?\n        Price of real estate is expected to decrease, and therefore the transaction would be probably less active. It is because the secondary market transactions would account for a higher proportion as the tokenized property market becomes more and more dominant thanks to the increasing maturity of tokenization economics.\n•\tWill aassio ecosystem be vulnerable because it is highly dependent on the activity of the crypto investment?\n        aassio for sure will offer a better solution for fixing liquidity problem of property market. Assuming that the return of crypto investment becomes lower than the real estate investment, AAS would be like to be less attractive because investors would be more motivated to invest in real estate or non-fungible tokens being property specific.\n\n**Improvement?**\nI hold the point of view that it is better for the long-term development of aassio ecosystem to issue both the fungible and non-fungible AAS:\n•\tInvestors in the non-fungible AAS would mainly benefit from the appreciation of AAS instead of the appreciation of the property\nNon-fungible AAS is token representing the property specific equity which enables the investors have part of the ownership of the property.\n•\tFungible AAS holders will benefit from the sustainable development of aassio ecosystem\nBeing coexisting, both tokens would together diversify the market risk, which would be committed to the organic development on aassio ecosystem due to the more diversity of the investors. It is therefore attractive to both the investors:\n•\tInvestors expecting higher return of property investment than crypto investment\n•\tInvestors expecting higher return of crypto investment than property investment\n\nThat’s all for today. More sharing about my findings and point of views will be followed very soon. Stay Tuned to my upcoming sharing in my channel.",
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      "body": "导言：上一篇文章中分享了我对加密资产估值的看法，就为什么需要对加密资产进行估值，以及估值方法的选择运用等进行了探讨。\n\n这期我们谈一下代币（Token）的估值，相信对区块链感兴趣的朋友也会对Token的估值感兴趣，今天我以NeoPlace为例分享我对他们的代币NPT估值的分享，然后再下一篇文章中会继续深入探讨加密资产的估值话题。\n![NeoPlace logo.png](https://cdn.steemitimages.com/DQmbDeMAAtKvxTun9GFYX5AkP3oLZ6Rj9zwBbju7PyeZAAN/NeoPlace%20logo.png)\n\n**【什么是NeoPlace?】**\n>NeoPlace协议致力于打造一个全球库存来简化跨境电商交易，使得每一个人都可以在以太坊区块链上建造属于自>己的多合一的去中心化电子商店，在全球范围内推广他们的产品，进入全球库存管理，以及收益于交易的透明>性，创造性以及自由性。\n>NeoPlace的使命是重塑跨境电商行业，在这个平台上，卖家可以在区块链上面建立自己的线上商店以及市场平>台，买家可以使用加密货币购买商品。\n\n**【NeoPlace主要解决了什么问题？】**\n1） 现存跨境电商平台交易手续费高\n2） 加密货币的消费用途非常有限\n3） 现存电商平台过于中心化\n4） 电商平台的信任问题\n\n\n**【我的看法】**\n我认为NeoPlace是非常有前景的项目，在了解到他们有发售代币的计划之后，在10月3日我有机会和团队进行面对面的交流，深入探讨了他们的商业模式以及Token的估值思路。\n\n在没有深入分析Token价值之前，我看好这个项目的原因主要以下有两点：\n1） 项目团队\n团队对于项目的重要性不能强调更多，团队创始人拥有丰富的技术资历，CEO拥有工程师背景，对技术非常重视，而且拥有INSEAD商校 MBA学位，顾问团队中也有不少区块链和加密货币领域的专家，比如StartupToken的创始人Yacine Terai先生。\n2）项目的商业模式\n》项目瞄准的是还没出现巨头的市场，即支持加密货币作为支付货币的跨境电商市场，NeoPlace提供可以发挥加密货币作为货币支付手段功能的环境。\n》直接的竞争对手很少，而且有更加完善和多样的功能服务。\n》考虑到目前加密货币的市值达到千亿美元级别，这是一个巨大的待开发的市场。\n\n虽然我不是专业的投资人，但在对NPT的价值进行了分析以及和团队见面讨论之后，我认为这个项目的内含价值是比较高的。\n团队和项目给我的印象非常深刻：他们对项目的认知非常清晰，比如平台适合什么类型的商品，以及月销量在什么范围的卖家是他们的服务对象；也在增加买家和卖家方面有不少实质性进展，比如10月2日宣布的和万链(WanChain)的合作。\n![1_CApopEPybPDJY4IsRf1_ew.png](https://cdn.steemitimages.com/DQmW9J9Fp99LpkD3K49mHRwSPjUNSiNskpVQX8VQFccya3B/1_CApopEPybPDJY4IsRf1_ew.png)\n\n**【估值思路】**\n我运用在商学院学习到的估值理论，结合这个项目的内涵，搭建了针对NPT估值的模型。\n以下是和团队核心管理层Amine和Robert讨论后经过经改良的估值公式：\n单个NPT内含价值= J\nJ = I /流通的NPT数量\nNeoPlace 平台年手续费收入 = I\nI=A x B x C x D x G\n\n**A = 市场容量**\n项目主要面向加密货币的持有人，考虑NeoPlace可能会更加接受主流加密货币（如比特币和以太币），所以潜在可消费的加密货币价值选择比特币和以太币，他们的合计市值占加密货币总市值超过60%，约1,300亿美元。\n**B = 流入跨境电商市场的货币量比例**\n这个比例没有太多可以参考的数据，但可以参考现有的电商市场渗透率，就是电商消费占总零售消费额的比例，考虑到中国拥有最多的电商消费人数和消费量，在2016年这个比例约16%，低于这个比例是比较合理的。\n**C = NeoPlace的市场份额**\n预计40%~80%是比较合理的范围，首先因为竞争对手不多，而且对比竞争对手还有一些比如团购等他们没有的特色功能（主要竞争对手可能有Origin和Open Bazaar），还处在早期的市场。\n**D = 在NeoPlace平台上用于支付的加密货币的年平均流通次数**\n这方面的统计数据比较难找到，因为加密货币还没有广泛的用作消费结算，这个数字取决于平台自身和外部因素，比如交易速度和消费者需求等。\n**E = 使用NPT支付商品和服务的比例**\n**G = 平台的平均手续费费率**\n**I = NeoPlace年手续费收入**\n**J = 单个NPT的内含价值**\n\n项目的估值是投资价值的参考，项目最终能否成功还是取决于内部和外部的因素，比如团队执行能力以及市场等因素。\nNeoPlace的团队有很强的执行力，而且是为数不多的旨在解决实质问题的好项目。\n期待下周三（10月10日）在英国伦敦举行由万链主办的Dragon's Den/Shark Tank-style presenting event看到NeoPlace发布更多的内容。\n\n今天先分享这么多，下期我会继续分享更多加密资产估值方面的看法，欢迎Steemit的伙伴们继续关注我的主页：）\n\nPreface: In my last article, I shared some point of views regarding crypto-asset valuation, discussing why it matters to value crypto-asset and potential valuation method, etc.\n\nIn this article, what I would like to focus on is the Token valuation or pricing, which I am sure blockchain believers might be interested in as well.\n![NeoPlace logo.png](https://cdn.steemitimages.com/DQmbDeMAAtKvxTun9GFYX5AkP3oLZ6Rj9zwBbju7PyeZAAN/NeoPlace%20logo.png)\nI will take NeoPlace as a case study to share how my valuation on NeoPlace’s token looks like.\nFollowing this article, I will keep on sharing more findings on crypto-asset valuation.\n**【What is NeoPlace?】**\n>The NeoPlace protocol will facilitate the cross-border e-commerce with the creation of a global inventory to help >sellers create their own e-shop/marketplace on the blockchain, promote their products world-widely, access global >inventory and benefits from transparency, creativity and freedom to do their business.\n>NeoPlace’s mission is to reshape the cross-border e-commerce. They create a platform where sellers are do their >business on Blockchain and buyers are able to make their purchase with cryptocurrency.\n\n**【What do problems NeoPlace aim at dealing with?】**\n1） High transaction fee on the existing e-commerce platform\n2） Limited use on consumption for cryptocurrency\n3） Exiting e-commerce platforms are centralized\n4） The trust mechanism on the e-commerce platform\n\n**【How does NeoPlace look like in my idea?】**\nI hold the point of view that NeoPlace is a promising project in terms of their team and business model. And I knew that they have the plan to launch the first-time token sale, on October. 3 I had the opportunity to meet their team, discussing seriously on their business model and the way they value their Token.\nBefore I conducted an analysis of their Token value, I believe in this project because of the following reasons:\n\n1）The team\nWe are aware that how important the team to a project.\nKnowing that they have co-founders’ proven project experiences on technology, CEO with engineering backgrounds and MBA degree of INSEAD, a strong believer in technology-driven business, and well-know blockchain and cryptocurrency experts as their advisor, such as Mr. Yacine Tera, the founder of StartupToken.\n\n2）NeoPlace business model\n》What is unique is that NeoPlace target at a niche market with huge unmet demand which is cross-border e-commerce allowing payment in cryptocurrency.\n》NeoPlace dedicates to create value to cryptocurrency by realizing crypto-payment on cross-border e-commerce.\n》Compared with potential competitors, NeoPlace will make a commitment to more diversified functions.\n》Considering that the cryptocurrency market cap is being a hundred billion level, it could be a huge market to be developed.\nI am not a professional investor, but I believe NeoPlace is a serious project with significant investing value since I seriously analyzed the intrinsic value of NPT and discussed a lot with the team.\nIn addition, I got impressed by the team and the project:\n• They have more than clear understanding on the project, such as what category of products could find their value on NeoPlace and what would sellers look like in terms of their sales level. Etc.\n• NeoPlace has been constantly making real progress on introducing buyers and sellers, like on October.2 they announced a long-term partnership with WanChain.\n![1_CApopEPybPDJY4IsRf1_ew.png](https://cdn.steemitimages.com/DQmW9J9Fp99LpkD3K49mHRwSPjUNSiNskpVQX8VQFccya3B/1_CApopEPybPDJY4IsRf1_ew.png)\n\n**【How I value NPT?】**\nTo value NPT, I applied the valuation theories and techniques I have learned from business school into the establishment of a valuation model by taking into consideration the business context of NeoPlace.\nThanks to a productive interview with Amine and Robert, I managed to improve my model and here is the formula:\nValue per NPT = Annual transaction fee revenue of NeoPlace / NPT number in circulation\nAnnual transaction fee revenue of NeoPlace = I\nI=A x B x C x D x G\n\n**A = Total addressable market size**\nCryptocurrency holders are regarded as the major buyers. Considering that NeoPlace would be more likely to support the leading cryptocurrency at their early stage (Bitcoin and Ethereum coin etc.), let’s look at the market cap of BTC and ETH in total which equals to approximately over $130 billion accounting for more than 60% of the total cryptocurrency market cap.\n\n\n**B = % of the major cryptocurrency holders make their purchase on the e-commerce**\nLimited relevant data regarding this ratio is found, but we could refer to the existing e-commerce to total retail sales ratio. Knowing that China has the biggest number of e-commerce consumers and transaction volume, it could be helpful to benchmark with China’s figure which is around 16% in 2016.\nFor cryptocurrency cross-border e-commerce, this ratio might make more sense to be lower than 16%.\n\n**C = % NeoPlace market share**\n40% ~ 80% should be a reasonable range of level due to:\n• Few competitors\n• More diversified functions compared to the competitors, such as group buying\n• An undeveloped market\n\n**D = Cryptocurrency velocity in a year on NeoPlace(How many times of purchase will be made on average)**\nDue to the limited use of cryptocurrency as the medium of exchange, limited data was only accessible. The velocity is highly dependent on the internal and external factors, such as processing speed and consumers’need.\n**E = NPT as a percentage of the total currency paid(%)**\n**G = Average Transaction fee rate (%)**\n**I = Annual transaction fee revenue of NeoPlace**\n**J = Value per NPT**\n\n\nValuation is one of the important references for value investment, but to ensure the success of one project is subject to some internal and external factors, such as the execution of the strategy and the market, etc.\nThe future is bright for NeoPlace due to their strong execution and NeoPlace being dedicated to bringing solutions for the exiting problems.\n\nI will also look forward to the Dragon's Den/Shark Tank-style presenting event next Wednesday in London organized by WanChain where NeoPlace is expected to pitch and share more with us.\n\nExcellent! That’s all for today. More sharing about my findings and point of views will be followed very soon. Stay Tuned to my upcoming sharing in my channel.",
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      "title": "【估值问题】关于加密资产估值的浅谈！How to value crypto asset?  <Part 1>",
      "body": "Keywords: ICO, Token, Crypto, Valuation\n\n\nHello, my friends at Steemit.\nToday I would like to share the summaries of my recent study in the valuation of the crypto asset, which is similar to the corporate valuation in terms of the fact that we don’t have perfect valuation models. Here is my consideration and summaries:\n**【Why we need to consider the valuation of crypto assets?】** \nIn the perspective of investment, a transparent mechanism on pricing crypto assets is significant for investors as the reference on their investment decision, including crypto-currency, utility token, and crypto-securities, which are the major form of crypto asset.\nIn the perspective of value investing, investors have the desire to invest in the assets when the price is below their value and ultimately sell them for profit. Therefore investors are supposed to develop their own valuation system.\n今天想和各位分享一下我最近在加密资产估值方面的学习心得，和企业估值一样，最理想的估值方法和模型暂时还不存在，以下是我的思考和总结：\n**【为什么要谈加密资产的估值？】**\n从投资的角度，加密资产投资市场需要更加公开透明的定价机制，不管是加密货币（Crypto-currency），代币（Utility token），还是证券化的加密货币（Crypto-securities），这三者是加密资产的主要存在形态。\n从价值投资的角度（这里不是特指哥伦比亚大学商学院著名的价值投资理论），投资人希望在资产价格低于投资人心中价值进行投资，最后实现变现获利，因此投资人需要了解估值并且形成自己的估值体系。\n\n**【Can valuation method used for corporate valuation work for the crypto asset?】**\nIn my point of views, they work in certain circumstances and it really depends on what is the intention for the valuation? Valuation is not a pure mathematics process, but a process of identifying the internal value with the key information. It is the value that most people are not surprised because it is within their expectation and it is the same when it comes to corporate valuation. \nDiscounted cash flow method and multiple method are the major valuation methods in corporate valuation but considering the uniqueness of crypto asset, it is better to improve the traditional valuation methods before they are applied.\n**【参考企业估值方法可行吗？】**\n我认为某些情况下是可以的，取决于目的是什么，价值评估不是单一的数学问题，而是综合重要的信息找到内在价值，也更像是找到一个符合大多数人认可的价值范围，而企业估值方法的目的也是这样（估值也是我研究生阶段研究的课题之一）。\n比较常用的估值法有现金流折现法以及倍数法，但是加密资产有自身的特殊性，因此这两个方法都需要改良后才能使用。\n\n**【Findings of the experts and scholars】**\nI studied what was shared in the call conference for crypto valuation organized by CryptoOracle and read some papers. They are really inspired and here are my summaries:\n ![](https://cdn.steemitimages.com/DQmS9ivZnNFhvXCckRM9UN1DMj6UZveMUmK81dBh1H7NxKt/image.png)\nFirstly, we are supposed to identify the value driver of the crypto asset which should be a golden principle for crypto-currency, utility token, and crypto-securities. Just as what Jay Pazos indicates in his paper: the value of utility token is originally subject to Serviceable Obtainable Market (SOM). For example, it is the food market that the utility tokens rely on when the utility token is used to pay food.\n ![](https://cdn.steemitimages.com/DQmdPEY3NfhSzMA33nFFrBy9rknmpAEmkA9Yj3Lr5yDpomR/image.png)\nSecondly, it matters to understand the factors affecting the value.\nTaking liquidity for example, when one crypto is listed in more exchange platforms, an increase in price is expected. Value is not always equal to price, but higher liquidity does add value to the crypto when we consider liquidity as the only variable factor\nLast but not least, pricing and valuation are different when it comes to the methodology.\nWhen it comes to the pricing on the public cryptocurrency, it is advisable to estimate the price using the multiple method (e.g. price to trading volume).\nBut it is different for ICO, a very popular idea is to apply the mechanism of the Quantity Theory of Money using the Fisher Equation. Investors, like Chris Burniske and Jay Pazos, show the positive attitude towards this idea.\nOther innovative ideas are proposed, such as to value the crypto by assuming that the value comes from the rotation from the gold or other assets which is based on an underlying assumption that investors in gold or other assets will shift investment to crypto.\nGreat, that’s all for today. More sharing about my findings and point of views will be followed very soon. Stay Tuned to my upcoming sharing in my channel.\n**【专家以及学者的研究发现？】**\n我看了CryptoOracle的针对加密货币的估值的电话会议讨论，以及一些学术论文，有以下小结和看法：\n首先，无论是对加密货币，还是代币，还是证券化的加密货币，核心的原则是找到价值驱动的因素，就像对冲基金经理Jay Pazos在发现代币（Utility token）的价值主要取决于代币可以服务到的市场总容量（Serviceable Obtainable Market），比如可以购买食品的代币，其价值主要由食品市场容量决定等等。\n第二，识别影响价值的因素很重要。\n比如流动性，当某种加密货币可以在更多的交易平台上交易，他的价格往往会提升，虽然价格和价值不能划等号，但如果将流动性作为单一因素孤立来看的，更高的流动性确实赋予了加密货币更多价值空间。\n第三，估值和定价的思路有所不同。\n比如针对已上市的加密货币，可以考虑使用倍数法（比如价格与交易量的比率）评估价格的合理性。\n然而针对拟ICO项目，主流的观点是参照基于货币平衡理论的费雪方程式估算加密货币的价值，这个观点的支持者包括Chris Burniske和Jay Pazos等。\n也有其他一些比较创新的提法，比如考虑有多少黄金或者其他资产的价值转移到加密资产上，作为依据评估其价值。\n今天先分享这么多，接下来我会继续分享更多我的发现以及我的想法，欢迎Steemit的伙伴们继续关注我的主页：）",
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      "permlink": "re-wenhui-a-summary-of-blockchain-investment-opportunities-based-on-my-recent-research-20180909t152751399z",
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      "body": "Great post @wenhui welcome to the Steemit Family post enjoy and explore @garrettwallace",
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      "parent_permlink": "life",
      "author": "wenhui",
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      "title": "刚刚加入Steemit大家庭，文辉的自我介绍 （Just joint Steemit. An introduction of myself）",
      "body": "大家好，\n我是文辉，很高兴大家来到我的主页，近期加入了Steemit，刚刚加入就迫不及待的和大家分享了关于区块链未来投资方向方面的个人看法。文辉在这里也简单的做一个自我介绍（以下是文辉的照片）：\nHello Everyone,\nI’m Wenhui and I am excited that you stay tuned on my Steemit page. I just joint Steemit, and on the first day joining Steemit I couldn’t help sharing with you my point of views on what would the future investment opportunities look like based on my research. And I would like to have an introduction about myself ( Here is a photo of me! )\n![Steemit自我介绍.png](https://cdn.steemitimages.com/DQmVtHN7BfV6YvJpndDcxdpdoC4z7fK4vUaeLFYVDr749V1/Steemit%E8%87%AA%E6%88%91%E4%BB%8B%E7%BB%8D.png)\n \n我来自广州，现在在法国格勒诺布尔高等商学院读金融硕士。计划在毕业后投身专注科技创新领域的风险投资，在这之前，文辉曾经在广发银行、中化集团以及中广核等企业工作过。\nI currently doing my master’s in finance degree in France, but I come from Guangzhou, China.  I decided to dedicate myself to Venture Capital with a focus on technology and innovation. Previously, I had been working on financial controlling in three companies in the past 6 years, namely China Guangfa Bank, Sinochem, and China General Nuclear Power Corporation\n\n文辉是区块链的支持者。文辉也相信区块链将会极大给经济带来巨大的变革，以及提升我们生活中方方面面的运行效率。我也决定申请成为广州市区块链产业协会的成员。\n很欢迎大家一起讨论并加入到区块链发展的浪潮中。\nI am a strong believer of Blockchain. I have firm belief that blockchain will revolutionize the economics and improve the efficiency of all aspects of our life. I also decided to join Guangzhou Blockchain Industry Association as a member. \nLet’s welcome the new era of Blockchain.",
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      "title": "A summary of blockchain investment opportunities based on my recent research",
      "body": "Dearest Steemit Friends,\n\nI believe blockchain is going to be an important driver for the evolution of economics and social development, including international clearing, payment system, and food security, etc. Here I would like to share with you some of my findings regarding what would be the possible opportunities for investments in blockchain:\n\n亲爱的Steemit朋友们，\n我相信区块链区块链即将成为推动经济飞跃以及社会发展的重要驱动因素，包括在国际银行机构清算，支付系统以及食物安全等领域。这里我很乐意和各位分享我关于区块链未来可能的投资机会方面的看法：\n\n\n• Technology focusing on giving solutions to the existing problem using blockchain, such as:\n1）Konfid.io: Enabling billing and trading of electricity in an automatic way without manual intervention with the help of smart contracts\n2）Ripple: Offering a better solution for international money transfer which simplifies the clearing process among financial institutes by reducing the clearing time and transferring fees.\n• Technology focusing on building a blockchain platform that ideally solves the impossible triangle of the blockchain, such as Seele\n• Technology focusing on developing the ideal valuation models for ICO projects.\n\n•\t专注在解决现有问题的区块链技术，比如：\n1)\tKonfid.io:使用智能合约实现电费账单以及电量交易的全自动过程，将人力的使用降低到最小化\n2)\tRipple(瑞波)：用区块链技术来实现银行等金融机构之间的国际清算过程，目的是减少清算费用和需要的时间。\n•\t可以有效解决区块链“不可能三角问题”的区块链平台或者其他项目技术，比如中国的Seele正在做这方面的研究和努力\n•\t专注在研究可以对ICO项目进行合理科学估值的模型的项目\n\n\n\n【Why “Technology focusing on giving solutions to the existing problem using blockchain technology”】\nWe could see a diversity of existing operational process in different business activities, which are not efficient enough and could be optimized with benefits such as cost saving and revenue increase.\nTaking the energy sector as an example, billing process and electricity pricing scheme see a huge potential to improve.\nThe traditional way of billing is more labor costing and takes a bunch of time for both users and electricity traders. In some cities in China, for example, billing process relies heavily on the specialists ’data collection for every single apartment which is a quite manual way.\nWhen it comes to the tariff of non-commercial use electricity, it is normally fixed and lack of flexibility for users to enjoy more options on the tariff based on different level of electricity consumption.\n\n【为什么是“专注在解决现有问题的区块链技术”】\n在不同的商业活动中，有非常多肉眼可见的各式各样的操作类的步骤，这些步骤都有很大的提升效率的空间，如果可以优化将可以极大的降低成本和提升收入。\n传统的出账单方式是低效的，对于用电的消费者以及电力公司，都需要消耗很多的人力以及时间。比如说在中国的某些城市，出账单前的准备工作很大程度上依赖于专人挨家挨户的上门去记录电表数据，这是非常低效的体力活。\n在非商业用户的电费收费标准方面，通常是固定的电价，这就很难给用户享受到根据他们用电量需求提供不同电价的选择方案了。\n\n\n【Why “Technology focusing on building a blockchain platform that ideally solves the impossible triangle of blockchain”】\nIt is commonly acknowledged that there is an impossible triangle of blockchain that means it is impossible to perfectly guarantee scalability, decentralization, and security for any blockchain system, which is a major difficulty for blockchain technology development.\nThe founder of Ethereum ever pointed out that Ethereum was only capable of balancing decentralization and security, and scalability would be something that they need to work on in the future which they are recently working on improving the scalability by optimizing their current POW consensus plugin with the help of Casper.\n\n【为什么是“可以有效解决区块链“不可能三角问题”的区块链平台或者其他项目技术”】\n大家都知道在区块链技术中存在着一个叫做不可能三角问题，意思是对于任何区块链网络，几乎不可能同时兼顾可扩展性，去中心化以及安全性，这也是阻碍区块链技术发展的一个难题。\n以太坊的创始人V神也曾经指出过以太坊只能首先兼顾去中心化以及安全性，他认为这是最根本的元素，所以如果要保留两个特性的话，首先要保留它们。至于可扩展性，目前以太坊也正在努力优化工作量算法进行扩容，计划借助Casper来实现。\n\n\n【Why “Technology focusing on developing the ideal valuation models for ICO projects”】\nICO (Initial Coin Offering) has been a major way of raising capital from public investors in the past recent year, but it turns out to be a risky way for investors who do not truly understand the ICO project because most of the ICO end up with launching no project and investors obtain nothing but worthless virtual token.\n\n【为什么是“专注在研究可以对ICO项目进行合理科学估值的模型的项目”】\nICO（首次发币）在过去几年已经逐渐成为区块链项目公开募资的主要渠道，但很多案例表明ICO对于经验比较少的投资者来说是极具风险的，大多数的ICO最终没有成果落地的产品，导致投资者除了拿到一些代币之外什么也没有得到。\n\n\nICO pricing could be either overpricing or underpricing. For example, the token price of Dragonchain which was found by Disney, increased from $0.07 to $5, which proved to be underpricing.\nBeginners are not recommended to invest in ICO because it is unlike IPO which is under strict scrutiny by regulators and exchange committee. Therefore, any loss from ICO is not under any protection from laws and regulations in many countries, while IPO investors could receive certain compensation from sponsors and underwriters when fraud is found.\n\n在定价方面，ICO的定价时常会出现严重高估或者严重低估的情况。比如，迪斯尼推出的Draganchain的代币价格，从发布时的0.07美元/币，飙升至5美元/币，可以推断在定价的时候存在比较严重的低估。\n刚刚接触ICO经验不多的投资人不建议投资ICO，因为ICO和IPO（首次公开发行股票）不一样，IPO有比较严格的审核机制，监管机构以及交易所都是法律意义上的监管者，而ICO目前并没有保障投资人的监管机制。所以，在大多数国家，保护ICO投资者遭受因项目造假带来的损失的保护机制是缺失的，反观IPO投资者，如果因为被投资公司出现严重上市造假行为，投资人有可能可以从保荐人和承销商获得赔偿。\n\n\nBut there are successful ICO which are based on promising projects with great potentials, such as Ethereum and Ripple which turns out to be dedicated to developing a commonly used blockchain platform and blockchain-based application for unsolved problems.\nInvestors could research on the feasibility of the ICO and form their own judgment on the valuation of the ICO projects by studying their white paper which elaborates the project and the team in details. Experienced investors, including those institute investors, are capable of differentiating promising projects.\nTherefore, it is important to have valuation models that could quantify how much value the project could bring for investors who are going to invest in ICO.\n\n话虽如此，但也是有很成功的ICO项目的，他们都是基于非常有潜力的项目，比如以太坊和瑞波，都是建立在优质的项目基础之上的，以太坊致力于建立最广泛使用的区块链平台，而瑞波则致力于打造最理想的跨境清算的解决方案。\n投资人通常可以通过ICO项目的白皮书，去研究项目的可行性从而做出估值方面的判断，白皮书通常会很详细的介绍项目和团队。对于有经验的投资人，包括机构投资者，他们更善于识别优质的项目。\n因此，ICO的估值模型就显得尤为重要了，一个好的估值模型可以告提供量化的数据诉投资人ICO项目可以带来多少的价值。",
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      "author": "wang-peilin",
      "permlink": "23-steemit-23-tips-to-help-you-succeed",
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      "parent_author": "hushuilan",
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      "author": "wenhui",
      "permlink": "re-hushuilan-steemit-resteemit-20180905t171354341z",
      "title": "",
      "body": "这个功能太酷炫了，但我试了一下没有成功呢？按了enter以后弹出网页存在风险的提示，然后被转到了这个网址：https://23.92.208.22/blockchain/@wenhui/a-summary-of-blockchain-investment-opportunities-based-on-my-recent-research，是不是ReSteem已经不能这样用了呢？感谢",
      "json_metadata": "{\"tags\":[\"cn\"],\"links\":[\"https://23.92.208.22/blockchain/@wenhui/a-summary-of-blockchain-investment-opportunities-based-on-my-recent-research，是不是ReSteem已经不能这样用了呢？感谢\"],\"app\":\"steemit/0.1\"}"
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