Related papers: Token vs Equity for Startup Financing
We construct a privacy-preserving, distributed and decentralized marketplace where parties can exchange data for tokens. In this market, buyers and sellers make transactions in a blockchain and interact with a third party, called notary,…
Liquid staking and restaking represent recent innovations in Decentralized Finance (DeFi) that garnered user interest and capital. Liquid Staking Tokens (LSTs), tokenized representations of staked tokens on Proof-of-Stake (PoS) blockchains,…
Initial Coin Offerings (ICO) are public offers of new cryptocurrencies in exchange of existing ones, aimed to finance projects in the blockchain development arena. In the last 8 months of 2017, the total amount gathered by ICOs exceeded 4…
Blockchain technology is one of the key technologies that have revolutionized various facets of society, such as the banking, healthcare, and other critical ecosystems. One area that can harness the usage of blockchain is the real estate…
Committee-based blockchains are among the most popular alternatives of proof-of-work based blockchains, such as Bitcoin. They provide strong consistency (no fork) under classical assumptions, and avoid using energy-consuming mechanisms to…
In the domain of technology startups, biotechnology has often been considered as specific. Their unique technology content, the type of founders and managers they have, the amount of venture capital they raise, the time it takes them to…
Traditional centralized energy systems have the disadvantages of difficult management and insufficient incentives. Blockchain is an emerging technology, which can be utilized in energy systems to enhance their management and control.…
Transactions submitted through the blockchain peer-to-peer (P2P) network may leak out exploitable information. We study the economic incentives behind the adoption of blockchain dark venues, where users' transactions are observable only by…
This paper discusses the issues with liquidity that inhibit adoption of so-called wrapped tokens, i.e. digital assets issued in one blockchain ecosystem (origin) with representation in other blockchain networks (destination), and an…
Second-price auctions with deposits are frequently used in blockchain environments. An auction takes place on-chain: bidders deposit an amount that fully covers their bid (but possibly exceeds it) in a smart contract. The deposit is used as…
High-frequency trading, in both traditional and decentralized markets, induces latency races and redundant order flow as traders spend resources to win time-sensitive opportunities. We show that auctioning artificial time priority can…
Blockchain technology has become one of the most popular trends in IT over the last few years. Its increasing popularity and the discovery of ever more use cases raises the question of how to improve scalability. While researchers are…
The crowdfunding market size has increased exponentially, reaching tens of billions of dollars and showing the popularity of crowdfunding. However, according to Kickstarter, 35% backers did not receive rewards on time. To maintain the trust…
This paper asks why startups in the blockchain industry are exiting to Decentralized Autonomous Organizations (DAOs), an outstanding phenomena in the wider digital economy which has tended to retain centralized ownership and governance…
We propose a novel payment mechanism for use by victims of large-scale conflict or natural disasters to conduct critical economic transactions and rebuild damaged infrastructure in the absence of both cash and traditional electronic payment…
This paper examines discrimination by early-stage investors based on startup founders' gender and race using two complementary field experiments with real U.S. venture capitalists. Results show the following. (i) Discrimination varies…
The process of matching startup founders with venture capital investors is a necessary first step for many modern technology companies, yet there have been few attempts to study the characteristics of the two parties and their interactions.…
Bitcoin is a decentralized P2P digital currency in which coins are generated by a distributed set of miners and transaction are broadcasted via a peer-to-peer network. While Bitcoin provides some level of anonymity (or rather pseudonymity)…
Take up of microcredit by the poor for investment in businesses or human capital turned out to be very low. We show that this could be explained by risk aversion, without relying on fixed costs or other forms of non-convexity in the…
A blockchain faces two fundamental challenges. It must motivate users to maintain the system while preventing a minority of these users from colluding and gaining disproportionate control. Many popular public blockchains use monetary…