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トークンの流動性リスクと Bancor Protocol

トークンの流動性リスクと Bancor Protocol

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Akinori Machino

October 12, 2017
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  1. • ౦ژେֶ෺ཧֶՊଔۀɾಉେֶӃதୀ • ిࢠॻ੶෼໺Ͱͷىۀ • SmatNews ॳظϝϯόʔ • ࣗಈӡసλΫγʔʗࣗಈӡసόε •

    ݱࡏ͸ݸਓͰ׆ಈத @amachino Akinori Machino ܦྺ • ҉߸௨՟ʗϒϩοΫνΣʔϯ • EthereumʗεϚʔτίϯτϥΫτ • ICO ͷ݈શԽʗඪ४Խ • τʔΫϯΤίϊϛʔͷઃܭ ࠷ۙͷڵຯͱ׆ಈ
  2. ϦεΫͱ͍ͬͯ΋৭ʑ͋Δ όϒϧԽ ๏ن੍ ϋοΩϯά ෼྾໰୊ ՝੫ ౤ࢿ࠮ٗ ࢿܾۚࡁ๏ ICO΍Γಀ͛ ICOېࢭྩ

    SEC ༗Ձূ݊ੑ લ෷ࣜࢧ෷खஈ Ծ૝௨՟๏ ίΞ vs ϚΠφʔ ങ͍ἤΓ The DAO ࣄ݅ FOMO ηΩϡϦςΟ ϓϥΠόγʔ ϋογϡύϫʔՉ઎ ٕज़ऀෆ଍ ച্ܭ্ PoW vs PoS εέʔϥϏϦςΟ໰୊ தࠃ౰ہ ա৒ظ଴ ࡶॴಘ Mt.GOX ࣄ݅ ϚωʔϩϯμϦϯά ๺ே઱ ϏοάϒϩοΫ vs ϨΠϠʔ̎ ϘϥςΟϦςΟ ಺ࡏՁ஋ Χ΢ϯλʔύʔςΟʔϦεΫ ΠϯαΠμʔ
  3. ϦεΫͱ͍ͬͯ΋৭ʑ͋Δ όϒϧԽ ๏ن੍ ϋοΩϯά ෼྾໰୊ ՝੫ ౤ࢿ࠮ٗ ࢿܾۚࡁ๏ ICO΍Γಀ͛ ICOېࢭྩ

    SEC ༗Ձূ݊ੑ લ෷ࣜࢧ෷खஈ Ծ૝௨՟๏ ίΞ vs ϚΠφʔ ങ͍ἤΓ The Dao ࣄ݅ FOMO ηΩϡϦςΟ ϓϥΠόγʔ ϋογϡύϫʔՉ઎ ٕज़ऀෆ଍ ച্ܭ্ PoW vs PoS εέʔϥϏϦςΟ໰୊ தࠃ౰ہ ա৒ظ଴ ࡶॴಘ Mt.GOX ࣄ݅ ϚωʔϩϯμϦϯά ๺ே઱ ϏοάϒϩοΫ vs ϨΠϠʔ̎ ϘϥςΟϦςΟ ಺ࡏՁ஋ Χ΢ϯλʔύʔςΟʔϦεΫ ΠϯαΠμʔ ࿩͠·ͤΜ
  4. • Bancor ͷಡΈํ͸ʮόϯίʔϧʯ • ܦࡁֶऀέΠϯζ͕ఏএͨ͠ੈք௨՟ʹͪͳΜ໊ͩশ • 2017೥6݄ʹ ICOʢ$150MΛௐୡʣ • Ethereum

    ϕʔεͷϓϩδΣΫτ • “εϚʔττʔΫϯ” Λൃߦ͢ΔͨΊͷϓϩτίϧ • ϓϩτίϧͰ͋ͬͯτʔΫϯͰ͸ͳ͍ • ެࣜͷεϚʔττʔΫϯͱͯ͠ BNT Λൃߦ • Bancor Protocol ͸ BNT ͕ͳͯ͘΋੒ཱ͢Δ • εϚʔττʔΫϯʹ͸ྲྀಈੑϦεΫ͕ͳ͍
  5. օ͕Ұ੪ʹചΓ͍ͨͱࢥͬͨΒഁ୼ͯ͠͠·͏ ४උۚʹ͸ރׇϦεΫ͕͋Δ ʘԁΛυϧʹସ͍͑ͯͩ͘͞ʗ ʘ ԁ Λ υ ϧ ʹ ସ

    ͑ ͯ ͘ ͩ ͞ ͍ ʗ ʘԁΛυϧʹସ͍͑ͯͩ͘͞ʗ ʘԁΛυϧʹସ͍͑ͯͩ͘͞ʗ ʘ ԁ Λ υ ϧ ʹ ସ ͑ ͯ ͘ ͩ ͞ ͍ ʗ υϧ͕ͳ͘ͳΔ… ʘԁΛυϧʹସ͍͑ͯͩ͘͞ʗ
  6. ४උۚΛ 1,000 ETH ༻ҙͯ͠ɺ2,000 STKN ൃߦͨ͠Βɺ1 STKN ͷՁ֨͸ 2.5 ETH

    ྫʣETH Λ४උۚͱͯ͠ CRR = 0.2 ͷ STKN Λൃߦ STKN ETH 5,000 ETH = Ձ֨ × 2,000 STKN Ձ֨ = 5,000 ÷ 2,000 = 2.5 1,000 ETH
  7. ·ͱΊ • Bancor Protocol ʹΑͬͯɺྲྀಈੑϦεΫͷͳ͍ʮεϚʔττʔΫϯʯ ΛൃߦͰ͖Δ • εϚʔττʔΫϯ͸ɺ४උ཰ (CRR) ͕ৗʹҰఆʹͳΔΑ͏ʹՁ֨ͱൃߦ

    ྔ͕ࣗಈௐ੔͞ΕΔ • εϚʔττʔΫϯ͸ɺߪೖ͞ΕΔ౓ʹ৽نൃߦ͞Εɺച٫͞ΕΔ౓ʹഇغ ॲ෼͞ΕΔ • εϚʔττʔΫϯ͸ɺߪೖྔ͕ച٫ྔΛ্ճΔͱՁ্͕͕͍͖֨ͬͯɺԼ ճΔͱՁ͕֨Լ͕͍ͬͯ͘ • ४උۚͷ؅ཧ΍Ձ֨ɾൃߦྔௐ੔͸ɺEthereum ϒϩοΫνΣʔϯ্ͷ εϚʔτίϯτϥΫτͰߦΘΕΔ