Andreas Park PRO
Professor of Finance at UofT
Crypto-Economics and Blockchains
Andreas Park
Key Challenges for the Blockchain/Crypto Community for 2019
Technology
Legal/Regulation
Economic functions
Key Economic Questions for Blockchain Design
-
system governance
-
political economy
-
-
contract/token design
-
corporate finance
-
-
How does platform payment interactions with outside world
-
open-economy macro
-
-
How much do we have to pay operators to maintain the chain?
-
mechanism design
-
The Problem: Crypto-Schizophrenia
libertarian view of markets & regulation
rejection of economics and finance
My beef with the crypto community
blockchain
=
technology + economics
Three Fallacies for Crypto Markets
crypto assets = traditional equities
crypto trading = traditional trading
crypto entities = traditional firms
My beef with the non-crypto world
What is a token?
State of the Debate on Tokens
Is there economic merit to tokens?
Do tokens solve an economic problem?
ICO/Token Financing
general idea: sell future output
two approaches for token sales
- sell a fraction of future revenue
- = revenue sharing
- sell units of future output
- = output presale
Problem: leads to overinvestment
But: if you first pre-sell and then share revenue, then tokens are economically superior to equity financing
Problem: leads to underinvestment
@financeUTM
andreas.park@rotman.utoronto.ca
slides.com/ap248
sites.google.com/site/parkandreas/
youtube.com/user/andreaspark2812/
Key Technology Questions for Blockchain Design
interoperability
cybersecurity and privacy
functionality
scalability
smart contract features and verification
OSC Academy
By Andreas Park
OSC Academy
I used this short deck for a presentation at the 2019 OSC Academy.
