| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | ||
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1 | ww | KPI / Data Point | Source | Comments | Further Reading | ||||||||||||||||||||||
2 | 5.7 | Core Team & Advisors | |||||||||||||||||||||||||
3 | 7 performance. Plus, it features Volta-optimized NVIDIA CU | Experiences & Achievements | Orgchart, clear responsibilities, # of core team over time | ||||||||||||||||||||||||
4 | Sufficient professional Network | No criminal actions, reliability, responsibility & trustworthyness | |||||||||||||||||||||||||
5 | 8 | Background checks | ds | Industry sector network, Crypto Community Network | |||||||||||||||||||||||
6 | 3 | Sufficient professional Network | LinkedIn, Twitter | ||||||||||||||||||||||||
7 | 6 | Leadership & Integrity | Social Media, Coinfund Slack | ||||||||||||||||||||||||
8 | |||||||||||||||||||||||||||
9 | |||||||||||||||||||||||||||
10 | 3.3 | Community & Supporters (non tech only - see tech community below) | |||||||||||||||||||||||||
11 | 2 | Web Popularity | http://www.alexa.com/siteinfo, https://trends.google.com/trends/?hl=en, | Culture, Mission statement, firm leadership, coworker / employee feedback, ability to build a community around their project | |||||||||||||||||||||||
12 | 7 | Sentiment analysis | https://site.cointerminal.co/, https://santiment.net/, https://www.quandl.com/, https://cindicator.com/ | Is overall sentiment positive <> negative; visible trends; abrupt changes in sentiment - reasons & events | |||||||||||||||||||||||
13 | 2 | PR & Branding | https://coinfund.io/, http://icoalert.com/, https://www.forbes.com/podcasts/unchained/#16735bfc5b4f, https://www.smithandcrown.com/, https://bitcoinmagazine.com/, https://epicenter.tv/, https://www.coindesk.com/, https://www.bitcoin.com/, https://tokenmarket.net/, https://www.cryptocompare.com/, https://www.tokendata.io/, https://cointelegraph.com/, https://medium.com/token-economy, https://thecontrol.co/, https://consensys.net/ | Coverage by top crypto media, comment sections, Podcasts, Blogs, Reddit, Twitter, ICO Platforms, Research Institutes | |||||||||||||||||||||||
14 | 3 | Social Signals | https://www.coingecko.com/en, https://www.cryptocompare.com/coins, Slack, Telegram, Facebook, Twitter, Reddit | Followers, Activity, Sentiment | |||||||||||||||||||||||
15 | 3 | Signaling by smart money Investors | https://www.crunchbase.com/; https://angel.co/; | Short list: USV, Polychain, DCG, Pantera, Blueyard, Blockchain Capital, Coinfund, Earlybird, Outlier Ventures, Coinlist, BoostVC... | |||||||||||||||||||||||
16 | 3 | Signaling by corporate customers / partners | Website, Crpyto News | E.g. Ethereum & Microsoft Azure, Ripple & R3, Shapeshift & Overstock | |||||||||||||||||||||||
17 | 3 | Signaling by reputable crypto partnerships | Website, Crpyto News | Transparent partnerships, e.g. Aragon & 0x, Minebox & Sia.tech, Shapeshift & Exodus | |||||||||||||||||||||||
18 | 3 | ||||||||||||||||||||||||||
19 | 3.0 | Technology | |||||||||||||||||||||||||
20 | 33 | Project progress on code base over time | https://github.com/, https://bitbucket.org/, https://www.coingecko.com/en | Forks, Watchers, Issues, Closed issues, # new commits, # contributers, # stars | |||||||||||||||||||||||
21 | 3 | Solid whitepaper | Project Website | Covering Tech, Team, Roadmap, Token Distribution, Miner incentives, governance. Degree of detail, comprehensiveness, references, depth of thoughts... | |||||||||||||||||||||||
22 | 3 | MVP / Alpha product testing & reviews | DYI, https://www.producthunt.com/ | Test the product DIY; get early customer feedback | |||||||||||||||||||||||
23 | 3 | Quality of Code | https://github.com/ (Stars, Comments); https://codeclimate.com/ | External technology due diligence report provided? | |||||||||||||||||||||||
24 | 3 | Proprietary Core Product | Whitepaper, Github | Patents, specific technological know how | |||||||||||||||||||||||
25 | 3 | Tech stack | Project Website, Whitepaper | Use of decentralized infrastructure (IPFS, Ethereum, BigchainDB/IPDB, 0x, Aragon, Oracles); programming languages in use | |||||||||||||||||||||||
26 | 3 | Tech Roadmap | Project Website | Realistic but ambituous; high level directions; too much detail could make the project appear inflexible (problematic at early stage) | |||||||||||||||||||||||
27 | 33 | [New blockchain protocol] | Whitepaper | Consensus Algos, Scalability, Governance structures, Openness (private, public, consortium), transaction throughput, block size, state channels, sharding, fees, privacy (zero knowlege proofs, cryptography), degree of decentralization, # products built on top of protocol | On scaling decentralized blockchains: http://bit.ly/2wkW9pA Consensus in Blockchain Systems: http://bit.ly/2x9rf0I On sharding Blockchains: http://bit.ly/2vbCUuT Tezos Position Paper: http://bit.ly/2w03gAZ Ethereum Whitepaper: http://bit.ly/2x9YjGe | ||||||||||||||||||||||
28 | 3 | Adoption over time | Reporting by core team, https://ethstats.net/ | # Downloads, # active customers, churn rates, cohort analysis, "credible buzz" by open source developers, ... | |||||||||||||||||||||||
29 | 3 | ||||||||||||||||||||||||||
30 | 3.0 | Market & Competition | |||||||||||||||||||||||||
31 | 3 | Size (TAM, SAM, SOM) & Growth (CAGR) | Gartner, Cbinsigighs, Consultancy Reports (BCG, McK, Deloitte) | Either big market or massive CAGR over next 5-10 yrs | |||||||||||||||||||||||
32 | 3 | Value Chain Analysis & Market structure | Research | Degree of fragmentation; Marketsizes by subcategory; power of intermediaries; price transparency; degree of automation, degree of centralization (the higher the more likely to get disrupted by decentralized networks) | |||||||||||||||||||||||
33 | 3 | Direct & potential competitors | Pitchbook, Crunchbase, Cbinsights, Quandl | Other crypto companies in the sector? Incumbents in the sector? Team, Funding, product maturity, 1st mover etc. | |||||||||||||||||||||||
34 | 3 | Competitive edge | Research | Network effects; Entry barriers (patents, exclusivity rights, regulation / licenses), Forward / backward looking lock in for customers or community | |||||||||||||||||||||||
35 | 3 | ||||||||||||||||||||||||||
36 | 3 | Go to market strategy | Whitepaper, Website, Research | Customer target groups, product verticals, geographical market entry, Sales & Marketing Channels, growth hacks, viralities | |||||||||||||||||||||||
37 | 3 | ||||||||||||||||||||||||||
38 | 3.0 | Business Model & TGE (= token generating event) | |||||||||||||||||||||||||
39 | 3 | Business Model & Token Design | Project Website, White paper | Which kind of token is used (equity, utility)? Is the token an incremental part of the product? Why is a native token required opposed to using BTC, ETH...? | A gentle introduction to digital tokens: http://bit.ly/2x9mJzt On token value: http://bit.ly/2vV5seE | ||||||||||||||||||||||
40 | 3 | TGE structure | Whitepaper, Project Website | transparent pre sale strcuture & terms, value creation on token or (also) on equity level?, Certainty of valuation, Cap, no central banking, future issuing plan (fixed supply, inflation / deflation), incentive structure (early supporters, miners, developers, community), reasonable vesting scheme for core team & pre sale participants, Risk of market manipulation & centralization "whales", broad distribution of tokens (accredited / institutional only <> public), maximizing walfare of biggest group | Analysing token sale models: http://bit.ly/2vV9dRi Optimal Token Sales: http://bit.ly/2vb25xt The perfect token sale structure: http://bit.ly/2vlRzTv On issuing & supply - the economics of filecoin: http://bit.ly/2wva393 Aligning incentives in ICOs: http://bit.ly/2vVUYMb Toward more equitable token sales strucutres: http://bit.ly/2w0Aosz Mining incentives & strategies: http://bit.ly/2g1QrCn | ||||||||||||||||||||||
41 | 3 | Use of funds & Treasure MGMT | Whitepaper, Project Website | High level business case, product & tech, go to market, hiring strategy, How will capital be released? Who decides on it? | |||||||||||||||||||||||
42 | 3 | Trading Infrastrucutre | Whitepaper, Project Website, https://www.cryptocoincharts.info/, https://cryptowat.ch/, https://coinmarketcap.com/currencies/volume/monthly/ | Exchanges listing the token, Hardware wallet support, Software wallet support, Integrations & partnerships with leading ecosystem players. A potentially growing coin needs to be wide spread among exchanges. | |||||||||||||||||||||||
43 | 3 | TGE process & communication | Whitepaper, Website, https://icomonitor.io/#/ | Transparent Presale, Reasonable time window, peer reviews, Q&A, proactive communication, TGE through smart contract (accessible), tracking data via events, trustless handling of contributions, conditioned start and ending of TGE, crytocurrencies accepted for participation, Focus on cyber security - has a bounty program been set up to detect bugs? | https://icomonitor.io/#/ https://github.com/EthTrader/ico-review/blob/master/criteria.yaml https://coinspectator.com | ||||||||||||||||||||||
44 | 3 | TGE service providers (transparency) | Website | transparent security audits, legal audits... | Best in class service providers: https://blog.zeppelin.solutions/, http://www.mme.ch/, https://www.bitcoinsuisse.ch/ https://argongroup.com/, https://www.smithandcrown.com/, https://coinfund.io/, www.bravenewcoin.com/ | ||||||||||||||||||||||
45 | 53 | Investor rights | Whitepaper | Profit (interest, dividend), Voting / Governance / Influence of token holders, Transfer rights, public reporting, Block creation rights, Contribution rights, Access rights | Token rights: Key considerations in crypto economic design: http://bit.ly/2x9wspn | ||||||||||||||||||||||
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47 | 3 | Legal & Regulatory Guidance | Whitepaper, Project Website | Statment of clear qualification of token for different jurisdictions, details on pending regulatory proceedings, Disclosure of different legal opinions on the qualification of the token, list of countries included / excluded from ICO, | A securities law framework on blockchain tokens "Howey test": http://bit.ly/2wveMYh EU blockchain policy initiative report http://bit.ly/2imuy1k | ||||||||||||||||||||||
48 | |||||||||||||||||||||||||||
49 | 3.0 | Network Valuation & Asset Pricing [aplies only post TGE] | |||||||||||||||||||||||||
50 | [1. Historical Risk-Reward Profile] | ||||||||||||||||||||||||||
51 | Sharpe Ratio | Excess returns devided by risk. Formula: (ARR crypto asset - ARR risk free asset) / Standard Deviation Standard Deviation = volatility. The higher the number the better. | Understanding the Sharpe Ratio: http://bit.ly/2voFz3u Is bitcoin the undisputed best performing asset class of the decade? http://bit.ly/2ipYR7t | ||||||||||||||||||||||||
52 | Volatility over time (monthly / yearly) | http://coincap.io/ | price levels benchmarked against ICO, upward price trend on quarterly base. Decreasing volatility indicates a maturation of the asset. | ||||||||||||||||||||||||
53 | Price independence | https://coinmarketcap.com/ | Correlation with other assets (S&P 500, Bonds, Gold, Real Estate, Oil, emerging markets currencies) and specific other crypto tokens (e.g. Litecoin, BCH vs. BTC or ETC, NEO vs. ETH) | What is correlation? http://bit.ly/2wDZXBU | |||||||||||||||||||||||
54 | Total transaction volume over time ("Investability") | https://coinmarketcap.com/currencies/volume/monthly/ | Outlier months, Reasons for outliers, Upward Trend, % of total market trading volume. The higher the trading volumes the less votalite the asset gets. | Bitcoin: Ringing the bell for a new asset class: http://bit.ly/2ipUVDt | |||||||||||||||||||||||
55 | Global trade volumes by different fiat currencies | https://www.cryptocompare.com/coins | Sucessful coins are traded globally. Trade volumes in many different fiat currancies are an indicator for increasing maturity and decreasing volatility (= risk) | ||||||||||||||||||||||||
56 | = Market Cap minus utility value | ||||||||||||||||||||||||||
57 | Market Cap over time | http://coincap.io/ | includes utility value + speculative value utility value is likely to be the bottom in correction phases | ||||||||||||||||||||||||
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59 | [2. Current utility value] | ||||||||||||||||||||||||||
60 | Crypto "P/E ratio" | Price / "Earnings" = price / utility value. Utility value = non-trading, non speculative value. The smaller the number, the better. | Answer to: Is the asset over- or underprized (NOW) | What is P/E ratio: http://bit.ly/2intvhN | |||||||||||||||||||||||
61 | Current market shares & revenues (if applicable) | Team reportings | No standard valuation methods in crypto. Different valuation methods for equity (revenue multiples, heavily depending on phase & business model. | ||||||||||||||||||||||||
62 | Network Maturity over time | https://live.blockcypher.com/ https://etherscan.io/, https://ethstats.net/ | Total # network particpants, # nodes, Mining Power, Hash Rates, # nodes, location & distribution of nodes | ||||||||||||||||||||||||
63 | "utility" transaction volume over time (monthly) | https://www.cryptocoincharts.info/ | Total transaction volume from public ledger MINUS speculative exchange transaction volume. Tough to figure out. | What are cryptoassets actually worth (Chris Burnisk) http://bit.ly/2vYAxfI Book, Cryptoassets: the innovative investors guide: http://amzn.to/2wBM2MN | |||||||||||||||||||||||
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65 | [3. Potential future network value] | ||||||||||||||||||||||||||
66 | Revenues & market share in the future | Research, top down future market sizing | e.g. BTC: 10% of global remittance markets // Sia, Filecoin, StorJ: 10% of total petabite storage x price per GB + DNS layers. | ||||||||||||||||||||||||
67 | Token Supply trajectory | Whitepaper | Will the asset be scarce? How does the future supply look like? | ||||||||||||||||||||||||
68 | Upside potential, ARR over time | Assumptions & Calculations | Which revenues / market share at which point in time. Business Case logic. Difference between current market cap and potential future utility value. The bigger the difference, the bigger a potential return. | ||||||||||||||||||||||||
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