Last December I was approached by a publisher, Mango, who asked me if I would write a book about blockchain technology. A little nervously, I agreed, and I’m excited to announce the result of six months of effort:
The Basics of Bitcoins and Blockchains is an essential guide for anyone who needs to learn about cryptocurrencies, ICOs, and business blockchains. Written in plain English, it provides a balanced and hype-free grounding in the essential concepts behind the revolutionary technology.
I wrote The Basics for an audience of business people, students, practitioners, and those who are simply interested in this technology. I tried to make it entertaining even for those who are already working in the cryptocurrency or blockchain industry. For example, did you know:
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We’re gonna need another intermediary…
In 2013-15 it was trendy for online merchants to pretend to accept bitcoin as payment. It was a very cheap way to get positive media mentions and seem innovative. Overstock, Dell, Tiger direct… they were all at it after they realised it was all media upside. Even Virgin Galactic accepted bitcoin as payment for trips to space at some point (Note: I think paying for a trip to space with bitcoins is actually quite cool).
Continue reading “Frictionless Tokens Create Friction”
I’ve been at a few events recently where people talk about the “market cap(italisation)” of utility tokens issued in ICOs, and comparing them to the market cap of cryptocurrencies or (even worse) listed companies. This is truly dreadful and misleading, perhaps sometimes intentionally so. In this post I introduce two useful metrics for comparing across ICOs: the Reserve ratio, and the Commitment ratio.
For a non-hypey introduction to ICOs please see A gentle introduction to ICOs.
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Some technology startup companies are raising money in a new way, by issuing digital tokens in return for funds. This is often colloquially called “doing an ICO”, and this article aims to explain how this works.
Continue reading “A gentle introduction to Initial Coin Offerings (ICOs)”