DISCLAIMER: The authors of this article by no means are advocating, advising or persuading anyone to invest in Cryptocurrencies, ICOs or any other form of investment. Investments are subjected to market risks and you must do your own research before investing and seek financial advise and help from qualified personnel. Any businesses or companies quoted in this article have not paid us financially or through any other means for profit or gain. The authors also do not intent to challenge, disrespect or disobey any specific government, institution or personnel of authority including Banks, Financial regulators, governing bodies and laws of the land. All viewpoints in this article are our own and does not relate to any company, partner, employment or body that we are associated with in our day to day life.
THE HEADLINE: As we reflect upon on 2017, it is probably fair to make a bold statement that it has been a phenomenal leap forward for the trio of Blockchain, Cryptocurrency and the ICO. Here is why: • Bitcoin (the most popular cryptocurrency and once defamed as a ‘hyper-coin’) hit another all-time high passing $8000. Today, Bitcoin is worth about $50 billion and has been accepted under the law and tax frameworks of Canada, Australia, and Japan. • Ethereum network (platform) and its own fuel ( coin) Ether has appreciated more than 2,800% since it was launched in 2015. • Underlying Blockchain technology is no more a hype, it is disrupting every industry through its secure public ledger • ICOs have raked in over 3.6 Billion Dollars, the largest ICO in 2017 has been Filecoin raising over 257 Million Dollars. This is the just beginning of the ICO revolution where IPOs and traditional stock exchanges are going to become a thing in the past.
Let’s admit it. We either have a tribe of people who love the whole concept of decentralized and autonomous Peer to Peer network completely secure and away from the control of the regulators and bureaucrats OR you still belong to the other tribe, you think Cryptocurrencies are dark alleys and ‘good’ people should stay away lurking in these areas. We respect views on either side and we would like to just attempt to demystify few basic practical concepts here that one should know if you are new to this so called “Crypto Tribe”.
EVOLUTION OF CRYPTO AND BITCOIN The first internet currency, known as DigiCash, was created by David Chaum and is said to have its origin from Netherlands. This was arguably the first attempt, but the idea failed and the company went bankrupt in 1998. Keeping up with the trend PayPal ( one of the global leaders in Payments Industry) was next to follow-up and became highly successful, but did not create an actual cryptocurrency. So history was made when the first real cryptocurrency, Bitcoin, was invented by someone went by the pseudonym Satoshi Nakamoto in 2008 and went online in 2009. There has been several failed attempts to identify this person. This ground breaking and revolutionary makes it possible to take to replace central authorities, government, watchdogs bureaucrats and politicians with the decentralized blockchain, and take power away from Wall Street. Bitcoin has already broken its own records several times since it started. The chart below will obviously blow your mind if you have not tracked Bitcoin recently. In less than 8 years Bitcoin has given over 8000% return. From 0 to 8000 USD per coin. And ofcourse there are talks of the next bubble and market for Bitcoin crashing down anytime. Really? Let’s address them a bit later in this paper.
The legacy of crypto goes back to the days of World War II when cryptographic systems were devised to securely transmit messages between various parties. All has happened is the technology and evolution has progressed since with the advancement of Computer systems and underlying hardware and software. We hence now have a very powerful system on the network for anyone to harness.
WHAT IS BLOCKCHAIN? A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. By design, blockchains are inherently resistant to modification of the data. A blockchain can serve as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way not in citation given. For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority. And that is the latest Wikipedia definition for you. However, in layman terms, what is the best way to explain it? Let’s think of a used-car for a purpose of illustration. The new buyer would like to ensure that the car is genuinely owned by the seller, that the car servicing history is fully up to date and any major issues has been picked up transparently in the car service history. In real world that may not be possible always. Let’s take another example. We go to our regular family doctor ( GP). Their computer has full history of our health records from illness, diagnosis, medicines and treatments. If we go to another city, it would be very important that the new doctor has full information as well. Sometimes things do not work that way. And this is where the power of Blockchain comes into play. Blockchain is like a decentralized and distributed computer or electronic database existing on multiple computers at the same time ( but not owned by any big company specifically atall). The database keeps growing continuously as new sets of key information, or ‘blocks’, are added to it. Each block contains a very important information - timestamp and a link to the previous block. These then actually form a chain, everyone in the network gets a copy of the whole database but the database is not managed by any particular body, person or corporation. Entire old block are preserved forever and new blocks are added to the ledger irreversibly, making it next to impossible to manipulate by faking documents, transactions and other information. And yes, hackers know this and they have no interest in this area as they cannot manipulate here. They will most likely to continue to pry on large private businesses and public sector for ransom not Blockchain for a very long time or may be forever! It is also worthwhile mentioning here that since Blockchain runs on a public network, there are concept of ‘mining’ and rewards to the ‘miners’. In simple terms, people are rewarded for allowing their computers to be used for harnessing the ‘processing power’ of Block execution. Every new transaction on a block ofcourse needs to be executed. Now that you have got a bit of history of the whole Cryptocurrency and Block chain technology mumbo-jumbo, you may be thinking what about another term ICO which everyone keeps talking at the Pub and every now and then on various websites and journals. What are ICO really? Let’s get that out of way as possible.
THE DAWN OF INITIAL COIN OFFERING ( aka ICO) You are probably already familiar with the traditional stock market and the concept of Initial Public Offering ( IPO), so we will not go too deep into it. But in a nutshell, until recently businesses have raised money from the public by listing their businesses on the famous stock exchanges. Ofcourse, it is not possible for Mr. John Smith from a little village selling his home made secret strawberry jam globally until he has deep pockets. Neither he can even dream of getting his business listed on a stock exchange to raise cash from public. Hence listing businesses and raising cash has remain the forte of the big and bold with the backing of Venture Capitalist firms, Private Equity firms and the Brokers. And ofcourse there has been the means of the “Angel Investor” who would give cash by taking significant equity stake in a business started by the entrepreneur with their blood and sweat. Then emerged the concept of “Crowd Funding”. Online project funding websites like kickstarter, crowdcube, seedrs emerged. They allowed entrepreneurs to request for funds from the public. But these methods have raised limited funds, grossly regulated by the local authorities and not everyone could raise money from here. So you may ask what IPOs and Crowdfunding has anything to do with Blockchain technology and ICOs? Well what if we say that there are investors out there who believe in the disruptive nature of Blockchain Technology and are also early adopters of cryptocurrency such as bitcoin. Then there is whole liberal aspect of the unregulated market which makes the whole world shift towards a very different perspective. Now an entrepreneur could actually raise money for building their business from very early stages ( sometimes from just a concept level) and accepting the money not in traditional currency ( aka Fiat currency) but Cryptocurrency. And further, each of these new projects could even release their own version or token of an underlying cryptocurrency or digital currency. Now that’s sexy and awesome isn’t it? Well, we are not going to down the route here to inform the readers it is good or bad practice in this paper. We will leave that opinion formation to yourself. Now that you got a high level understanding of ICOs, the next thing you may want to know is that it is pretty straight forward to invest into an ICO ( we will cover more in this paper later). But you need to understand is ICOs just like an IPO are for short duration. Usually they last for few weeks (typically 4 weeks). You get bonus Tokens or the crypto coin to invest early. Once the ICO minimum target is reached ( Softcap) the coins gets listed on the CoinExchange and they start trading. Coinexchange? What are these then? Quite simple, just go back to the analogy between a traditional stock and traditional stock exchange. Very simple concept really. How you buy, sell and do the nitty-gritty just differs. Since there are no brokers or regulators involved here. The whole process is really simple and quick. It may worthwhile sharing a quick snapshot of the ICO market worldwide: It is mind boggling to see that new businesses in really concept stages are raising more money than traditional businesses in just few hours of ICOs getting listed. Obviously this is really bothering lot of people in high ranking posts. We are not here to again debate who is right or wrong here. What we essentially want you to understand is some of these ICOs are really shaping the next wave of revolution.
How many of you believed that a Smart Phone with a so called ‘mobile app’ would be worth billion of dollar? Look at Uber, Alibaba, Airbnb, Facebook. Why no one complains about their valuation? May be because these businesses have backing of very large venture capitalists, Private Equity firms? But who runs these VCs and PE firms? Do you really need 70 Billion Dollars to run a Taxi mobile app? We honestly do not know. But what we know for sure is disruptive technologies and businesses built on top of them always have an edge. And then you combine the technology and handover its power to the people you create a social eco-system that is so strong and powerful that it can override and form its own status. And that is what is happening with the ICOs. People are investing into their trust and belief. Now that’s more powerful than any single bank, government or institution !
If you have followed this paper so far, you should have started to get an idea of what is really going on here about the trio – Blockchain Technology, Cryptocurrencices and ICO. However, I am sure you still have may have zillion questions about how you do certain things. Let us try give you answers to some of the most common questions asked by those who really want to get involved.
FREQUENTLY ASKED QUESTIONS Question 1: I am interested in buying and investing into a Cryptocurrency. Should I buy Bitcoin? Answer: Bitcoin is one of the most popular cryptocurrency. We can not advise you anything specific as you need to do your own research. The number of cryptocurrencies available over the internet as of 6 November 2017 was over 1172 and growing. A new cryptocurrency can be created at any time. By market capitalization, Bitcoin is currently (2017-08-19) the largest blockchain network, followed by Ethereum, Bitcoin Cash, Ripple and Litecoin.
Question 2: I am interested in investing into a ICO that what research and due-diligence I need to do ? Answer: We are glad that you mentioned the two magical words “research” and “due-diligence”. That is the most important golden nugget that we want you to take-away from this paper. Never-ever invest into a ICO unless you have researched it for how long it takes to build a strong opinion. Here is a good article that gives some really good tips. One quick tip from us would be ensure that Team is really strong and they are genuine people. http://mashable.com/2017/10/25/survive-ico/#CDVyGFJOiiqF
Question 3: How do I find out about upcoming ICOs and useful related news and press releases? Answer: There are plenty of websites now that can give you early headsup and keep you well informed. Our favourites are ICOBENCH, COINDESK, ICOALERT.
Question 4: Where can we buy and sell ICO and cryptocurrencies? Answer: If you are newbie, it may be a good idea to ask someone in your close network to guide you. There are lots of information and instructional video available on Youtube and other social media network and blogs. Sometimes too much information leads to confusion. You may also want to look into tutorials and training available at UDEMY.COM. But please steer away from self-proclaimed gurus. Do not buy any quick rich scheme related courses and scams. We have found that for beginners https://www.myetherwallet.com/
are good starting point for Ethereum Blockchain related transactions.
Question 5: When is a good time to invest in Cryptocurrency? Answer: We wish we had the crystal ball to give you the answer. If we had this crystal ball in 2009 ( when Bitcoin started), we would be very rich people right now. But with a bit of research and education, you can master this. You need to make your own decision when is the right time for you.
Question 6: ICO and Cryptocurrency are all hype and dodgy? Answer: We are assuming you are a beginner, you do not know enough about Blockchain technology and how it works, you possibly have not spent enough time learning and tracking about cryptocurrencies. There is also a possibility you have never invested in a cryptocurrency or ICO. Or possibly you invested in a ICO that was a scam. You possibly could be a sophisticated investor in property, traditional shares, gold, forex and much more. But may be you do not want to know any more about Digital currencies or Technology as it is not your “comfort zone”. So the question is how much of homework you have done to assess if this whole concept for you is really interesting or completely ruled out? The decision end of the day is yours.
AUTHOR: Avijeet Jayashekhar: Has over 20 years of entrepreneurial, management consulting , Technology leadership in UK Financial Services Industry. He also has a long successful property investment business in UK. In his last stint, as Vice President of Barclays Bank UK, he managed large Technology Programme in next generation technologies such as Artificial Intelligence, Robotic Process automation and Digital Payments including Blockchain. He has track record of setting up 3 successful global Technology businesses. Integrally part of the London Fintech and PropertyTech businesses, he is a popular mentor and speaker. He has a Bachelor’s degree in Electronic and Computer Science, a Business Management Qualification and Project Qualification from Stanford University. He is a British Citizen of Indian origin and lives near London with his family. Linkedin: https://www.linkedin.com/in/avijeetjs/
REFERENCES: https://icobench.com/stats https://www.coinbase.com/ https://www.icoalert.com/ https://www.coindesk.com/information/what-is-a-distributed-ledge https://tokentarget.com/the-evolution-of-the-ico-2017-and-beyond-2/ http://www.ilovegrowingmarijuana.com/the-basics-of-cryptocurrency/ http://www.telegraph.co.uk/technology/0/cryptocurrency/ https://themerkle.com/top-10-cryptocurrency-icos-throughout-2017-to-date/ https://en.wikipedia.org/wiki/Blockchain http://mashable.com/2017/10/25/survive-ico/#CDVyGFJOiiqF https://en.wikipedia.org/wiki/List_of_cryptocurrencies https://en.insider.pro/tutorials/2017-09-04/what-blockchain-laymans-terms/
You will not be disappointed after reading this.
- Jawahar Lal Nehru – 16 years 286 days
- Indira Gandhi – 15 years 91 days
- Rajiv Gandhi – 5 years 32 days
- Narasimha Rao – 4 years 11 months
- Manmohan Singh – 10 years 4 days….. In these total 57 years, these people could not get Achche din”
Pappu wants achche din in just 12 months. Such a Shame Double Standard thinking……
We have elected a prime minister not a magician. (Must Read)…..
Why is Narendra Modi making more foreign visits ???
- For the first time after 42 yrs Indian Prime Minister visited Canada not to attend some meeting but as a specific state visit, in a Bilateral deal, India was able convince to Canada to supply Uranium for India’s Nuclear reactors for next 5 years. It will be of great help to Resolve India’s Power problems. . . .
- Canada approves visa on arrival for all Indian tourists. . . .
- Australia is set to sign a Nuclear Power deal with India to supply around 500 tonnes of Uranium to India……
- Satya Nadella (Microsoft), Indra Nooyi (Pepsico), Sheryl Sandberg (Facebook), Jeff Bezos (Amazon), Mark Zuckerberg (Facebook) discusses possible investments……
- Israel inks $5 million deal for Joint Educational Research programme……
- $20 billion investment from Xi and his Chinese counterparts……
- 2 Billion Euros support from France for sustainable development in India……
- Airbus to increase outsourcing in India from 400 million euros to 2 billion euros over the next five years……
- French National Railways has agreed to co-finance an execution study for a semi- high speed project on upgradation of the Delhi-Chandigarh line to 200 kmph…….
- Canada agrees to supply 3,000 metric tonnes of uranium to India from this year to power Indian atomic reactors…….
- Japan and India agree to jointly produce mixed rare earth.
And While we are all yearning for a transformation, development, etc. There is someone who is actually setting up the infrastructure for it……
Marketing of ‘Brand India’ has never been so important……
Number of days Modi stayed abroad touring 15 countries as a PM on official trips = 45……
Number of days Rahul stayed abroad (Bangkok) without informing his voters = 57…….
Now read the description below: 1. BJP Govt. convinced Saudi Arabia not to charge “On-Time Delivery 1 Premium charges” on Crude Oil – Young Petroleum Minister Dharmendra Pradhan & External Affairs Minister Sushma Swaraj sealed the deal. Saved the country thousands of crores… . .
- India will build 4 Hydroelectric power stations + Dams in Bhutan (India will get lion’s share in Green energy that will be produced in future from these projects) . .
- India will build Biggest ever dam of Nepal (China was trying hard to get that) – India will get 83% Green energy produce from that hydro power station for free – in future. . . . .
- Increased relationship with Japan and they agreed to invest $ 30 Billion in DMIC (Delhi – Mumbai Investment Corridor)..
- Increased strategic relationship with Vietnam and Vietnam has now agreed to give contract of Oil exploration to ONGC-Videsh (UPA was not ready to take this at all because they were worried about China – and getting into a conflict of interests on south China sea)
- Increase Oil Imports from Iran, despite the ban by USA. . Iran agreed to sell in Indian Rupees and it saved our Forex, not just for now, but protected India from future currency fluctuations. India also gets to build “Chabahar” port of Iran, encircling Pakistan. Because we well have exclusive access for our Naval ships in this port.
- Australia- despite Australia being a major supplier of Coal & Uranium. . . NaMo was able to convince Tony Abbott and now Australia will supply Uranium for our energy production. . .
- China leaning President Rajapakse lost elections in Sri Lanka – Remember UPA lost “Hambantota” port development – read latest report of CIA, where they mention RAW has played a major role in power shift of Sri Lanka. Sri Lanka has backed out of Chinese contract and shifted to Indian project managers.
- With China, as Trade Deficit was increasing, NaMo forced their hand. Anti-Dumping will come soon so China will invest heavily into India. – China has already committed $ 20 billion Investment in India. That’s nearly ₹140,000 crores.
- On Security – I think adding Ajit Doval to his team is the best decision by NaMo. See the recent tie-up with Pentagon, Israel & Japan. . Now see how we stopped the Terror Boat and listen to his words … “Any Mumbai like attack from Pakistan and Pakistan will lose Baluchistan!” That’s the language of deterrence that I want to hear as an Indian. We won’t hit first, but if you do, we surely won’t turn the other cheek…. . . .
- India approved the border road in the NorthEast and around India- China border – Remember just because of China’s opposition, the ADB (Asian Development Bank) didn’t give us funds during UPA regime and UPA held that file under “Environment Ministry control – Remember the infamous “JAYANTHI TAX “? No one bothered about the disastrous effect on our armed forces.
- India managed to bring back 4,500+ Indians from War zone in Yemen and also brought foreign nationals of 41 different countries, which put India’s name onto the highest platform globally in conducting that rescue mission – PM Narendra Modi specially talked to the new Saudi Arabian king Salman and told him to allow Indian Airforce planes to fly – as Saudi Arabia was attacking on Yemen and Yemen skies was declared NO-FLY Zone: thanks to this we got an assured clear window of a few hours and guys guess who coordinated this? Ajit Doval, Sushama Swaraj and Gen V K Singh. All in person…. When was the last time you ever heard of ministers involved personally in such efforts that didn’t fetch thousands of crores?? Guess the religion of those rescued?? But it isn’t secular.
- India’s Air defense was getting weaker by the day, UPA was very happy to let it happen despite repeated specific inputs from the armed forces, NaMo renegotiated Rafale fighter Jets deal with France personally and bought 36 Jets on ASAP basis. At better than rack rates. No middlemen, no commissions…
- $35 billion investment by Japan over a period of 5 years and along with it their expertise in making bullet trains……
- Till recently we were exclusively buying Nuclear Reactors from Russia or USA and it was much like beggar kind of situation because they were worried about usage of Nuclear reactor for some other use. So only what they opted to give us, we could get. . Now Narendra Modi was able to convince France and now France will make Nuclear reactors with the latest technology in India. On MAKE IN INDIA efforts.. with collaboration with an Indian company as a partner. . .
- During 26th Jan. visit of Barack Obama , NaMo convinced USA to drop rule of Nuclear fuel tracking and sorted out Liabilities rules which now open the gates for next
- Nuclear power plant projects. . . . Isn’t this good enough to improve the lot of India?
Let’s be sensible to analysis & make a judgment. Specially, for those who questioned about Modi’s foreign trip..
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