Web3-Blockchain Research Q1 2022.pdf

Frameworks, Investment Theses, and Value
Concentration Deep Dives
Tim Devane, Q1 2022
Blockchain - Web3 Venture Research

Table of Contents
3 Project Statement
4 Blockchain Basics
5 Foundational Value
6 Industry Growth & Financing Background
10 Initial Insights
13 Theses & Frameworks
19 Value Concentration: Enterprise Transaction & Revenue Attribution
22 Deep Dive: B2B Transaction Flow
25 Deep Dive: Programmatic Spend Attribution
28 Deep Dive: Contract Lifecycle Management
31 Value Concentration: Digital Data Security
34 Deep Dive: Permissioned Blockchains
37 Deep Dive: Distributed Databases
40 Addendum: Identity & Compliance
41 Value Concentration: Mining Operations
43 Deep Dive: Mining Infrastructure Fidelity
46 Appendix
52 Citations & Sources

Project Statement: Making Sense of Real Opportunities
In an industry that’s proven to be perpetually hyped and persistently funded
despite deferred mass adoption of its underlying technology, develop investment
theses and frameworks for the concentric sectors of blockchain-web3 through
conducting empirical research into the underlying technologies, current and future
products and services, as well as their applicable market segments.
This venture research project has been aided by 50+ industry expert interviews,
including investors, entrepreneurs, operators, academics, and regulators.

Blockchain Basics
The five transformative principles
of the underlying technology:
1
2
3
4
5
Peer-to-Peer Transaction
Communication occurs directly
between peers instead of through
a centralized third party. Each node stores
and forwards information to all other nodes.
Distributed Database
Each user on a blockchain has access to the
entire database and complete history. No single
party controls the data. Every party can verify
the records of its transaction partners directly,
without an intermediary.
Network Transparency, User Pseudonymity
Every transaction is visible to anyone with
access. Each node, or user, has a unique address
that identifies it. Users can choose to remain
anonymous or provide proof of their identity to
others. Transactions occur between blockchain
addresses.
Computational Logic
blockchain transactions are programmed
computational logic. Users can set up
algorithms and rules that automatically
trigger transactions between nodes.
Irreversibility of Records
Records cannot be altered, because
they’re linked to every transaction
record on the chain before them.
Recording on the database is permanent
and chronologically ordered.

At the core of this research project is the foundational belief that the
unique principles of the blockchain have the potential to be the
technology at the core of a transformative new paradigm shift to a
decentralized, user-centric web, on par with the creation of the internet
1.0 and the mobile-first paradigm shift of the past fifteen years.
Ultimately, the profound value of the the internet 1.0 and mobile
internet in its simplest form was to significantly reduce
communication and connection costs.
For the blockchain, a similar potential value exists to
significantly reduce transaction costs.
Identifying Transformative Technological Value

Cryptocurrency, Blockchain, Web3
Ecosystem Activity & Financing Background

7
BTC price hits
$1,000, first time in
7-year existence
BTC records highest
volume of daily
transactions to date, 400K
BTC price hits a new
all-time high of $63K
BTC transaction volume
has plateaued at
280K/day since high1
+ After experiencing nascent activity in its first 7 years post launch, Bitcoin awareness, activity,
development, investment, and interest has spiked over the last four years. As a result, the
crypto market has been inundated with unprecedented interest and scrutiny.
Feb. 2017 Jan. 2018 Apr. 2021 Aug. 2021
Currency Leader: Bitcoin Use & Value Timeline

8
Initial Coin Offerings (ICOs) & Alternate Financing
Tokenized fundraising emerged in early 2016 as an alternative crowdfunding method
for startups building crypto-blockchain projects to raise capital to continue or complete them. Investors
buy cryptocurrency tokens, specific to the project, in exchange for fiat capital. Some tokens have
implications for project participation or usage of its products and otherwise function as equity stock
ownership in the project. Though they enjoyed a brief spike in popularity from 2016 to mid 2019, as
unregulated securities, ICOs along with similar instruments Security Token Offerings (STOs) and Simple
Agreement for Future Tokens (SAFTs) have become questionable, and in some cases, fraudulent,
methods of securing capital. Their usage has subsequently collapsed.
+ August 2016 to January 2019: 4,951 ICOs raised $31 billion
+ December 2020 to Present: 4 ICOs total2
flow of tokenized securities within traditional venture capital3
Key ICO Activity Stats

9
$10.2B
$4.7B
$7.3B
2018 2019 2020 2021
1,020
Number of Deals5
Amount of Funding6
Blockchain-Web3: Year-over-Year Financing History
1,316
1,698
+ 17% of all venture dollars were deployed to crypto-blockchain
startups from 2020-2021
+ 10% of all early-stage startups globally are working on blockchain
products or services as of December 20214
$33.8B
2,018
+ 43 crypto-native startups were valued at $1B or greater 2021

In early observations the cryptocurrency-blockchain landscape, two
key insights regarding the status quo of the technology and its usage
helped direct subsequent research directions:
1. The Crypto-as-Currency Fallacy
2. The Crypto Hype vs. Traction Chasm
Initial Insights

11
Industry Divergence: Functionality Comparison5
Major CC vs. Bitcoin VISA Bitcoin
Processing Speed 1,700 transactions/second 4.6 transactions/second
Processing Cost 1.29% - 3.30% of charge $2.30 (can spike**)
Accelerated Cost N/A $20-$70/transaction
Energy Cost 148.63 kw-hrs/100k transactions 1,784.48 kw-hrs/1 transaction
Reverse Transactions Can Reverse Transaction Cannot Reverse Transactions
Insight #1: Though originally created as to be an alternate payment system to traditional
currencies, cryptocurrency is not functioning as an improved money 3.0. In fact, it's not
even competitive with major credit cards in terms of speed, cost, or flexibility.
The Crypto-as-Currency Fallacy

Insight #2: More than a decade of hype regarding crypto-blockchain’s potential has not yet led to
Sustained, broad adoption of the technology – leaving enthusiasts the primary option
of investing in cryptocurrencies and various forms of token as speculative commodities
+ In Feb. 2017 both the price and transaction volume of bitcoin
began to increase significantly. Since then, bitcoin’s price has
accelerated to a growth rate 62x that of its transaction volume.
+ Since 2019, buy-and-hold investment transactions have
outnumbered currency transactions 10:1 while driving up the
market-valued, speculative price of BTC astronomically.6
The Crypto Hype vs. Traction Chasm

Core Thesis &
Primary Frameworks

14
Sustained, large-scale crypto product adoption – required to realize the
technology’s transformative potential – remains to be achieved
Until that occurs, there is early value to be captured through developing an
investment focus on established high-cost problems in legacy industries that
crypto-blockchain technologies are uniquely capable of solving today.
Core Thesis
With an eye towards those that have the potential to evolve into
the killer product(s) that achieve (or meaningfully contribute to) a
crypto mass adoption inflection point.

High Volume,
Single Uses
High Value,
Localized Use
Substitute Use Transformative Use
ARPnet intra-email
networked comms
Private intranets
Internal emailing in
The enterprise
world wide web; digital
versions of existing real
world businesses
ubiquitous internet
fundamentally changed how
businesses created and
captured value
Personal digital
assistants (PDA)
Enterprise web
connectivity;
the PalmPilot
Mobile versions of
Existing real-world
and web-based
businesses
Mobile application layer
fundamentally changed
how businesses created
and captured value
Internet
Mobile
Phase 1 Phase 2 Phase 3 Phase 4
Primary Framework: Historical Adoption of New Technologies
In identifying existing value concentrations in ecosystems adoption blockchains, I modified a
technology adoption framework developed by Marco Iansiti and Karim Lakhani7 based on the
adoption stages of two definitively transformative technologies mentioned previously – the
distributed computer networking world wide web and the mobile broadband internet:

Given the early adoption status quo and a yet experienced large scale adoption period needed to enable
substitutive and transformative phases, directing focus on market segments exhibiting traction and/or
outsized potential for phase 1 or phase 2 usage types:
High Volume,
Single Uses
High Value,
Localized Use Substitute Use Transformative Use
ARPnet research
group email
communications
Private intranets
Internal emailing in
The enterprise
World Wide Web, Digital
Versions of existing real
world businesses
Fundamentally changed
and captured value
Personal
digital
assistants
Enterprise
connectivity and
the palm pilot
Mobile versions of
Existing real world and
digital businesses
Mobile application layer
fundamentally changed
and captured value
Internet
Mobile
Phase 1 Phase 2 Phase 3 Phase 4
Mass adoption
inflection
point
Primary Framework: Historical Adoption of New Technologies

Primary Framework: Novelty and Complexity Evaluation
High
Substitution
Built on existing single and
localized uses; replacing entire
ways of doing business
Transformation
Unprecedented products that
Can introduce completely new
economic and social systems
Low
Single Uses
Better, cheaper, easy to use
applications, few users needed
Localized Use
Low systemic migration required,
smaller, highly active user sets
Low High
Degree of system
implementation
and cooperation
complexity
Degree of new behavior and awareness required from users
Mass adoption
inflection
point
Added to this evaluative framework is E.T. Straub’s novelty and complexity grid which considers two dimensions
that impact new technology adoption.8 On the individual user level, the degree of novelty, or new behavior and
knowledge, that the technology requires of its users and on the systems level, the degree of complexity required
in achieving adoption of the new technology.

18
Market Segments Considered
B2B
Transaction
Private
Blockchains
Enterprise
Smart
Contracts
Distributed
Databases
Programmatic
Ad Attribution
Media Rights
Attribution
Mining
Infrastructure
Fidelity
Student Loans
Inefficient
Marketplaces
Remittance
✓ Leading early adoption in financial services
✓ Solves core permissionless pain point
✓ proliferation of single use private chains
✗ Nascent startup activity as a single market
✗ Low consumer demand and awareness
✗ High CAC to low CLV ratio
✗ High incumbent resistance
✗ Significant govt regulatory oversight
✗ Low long-term customer value
✗ Smaller market relative to others chosen
✗ Purchasing power with incumbent labels
✗ High volume of startup pivots to other areas
✗ Ambivalent awareness, low demand
✗ Highly saturated addressable market
✗ Complicated participant acquisition cost
✓ High early demand growth
✓ Campaign opacity causing budget waste
✓ Significant startup M&A activity to date
✓ High demand within orgs and across sectors
✓ Unmet need for maximizing efficient operations
✓ Cost savings solution without reducing output
✓ Increasingly active startup ecosystem
✓ Drives value for all dApps and protocols
✓ Gating factor to mass adoption
✓ Massive market across multiple industries
✓ High ops costs from 3rd party validation needs
✓ Transparency unlocks new efficiency
✓ Exponential security demand growth
✓ eliminates centralized data vulnerability
✓ Viable solution for high-cost cybercrimes

Value Concentration:
Enterprise Transaction & Revenue Attribution

20
key legacy
pain points
Transactions, contracts, and the records of them are the defining characteristics of the
Corporate businesses. However, modern enterprises are burdened by management of
multiple layers of complexity across thousands of assets, workflows, and processes.
+ In 2020, U.S. corporations spent roughly twice as much as
necessary on operating costs due increasingly complex
internal and external systems within which they operate.11
+ Since a peak of 12.1% in 2011, the fortune 500 have
seen net profit margins shrink nearly 25% due to rising
operating costs.10
+ B2B payments market grew to $23.1 trillion in 20209
Enterprise Transactions & Revenue
Attribution
high-cost contributors to modern enterprise operations

Enterprise Transactions & Revenue Attribution
❑ B2B Transaction Flow
❑ Programmatic Spend Attribution
❑ Contract Lifecycle Management
We identified three areas of high operating cost revenue loss where blockchain technology
Is particularly capable of the problems triggering increased operating costs

22
Existing Problem:
B2B Transaction Flow
While global business-to-business payment volume has increased to $23.1 trillion
in 2021, nearly 19% of annual B2B transactions are delayed, rejected, or
misdirected due to disparate, complex systems.12
These errors and subsequent
delays are a direct cause of enterprise revenue loss due to inefficiency in time to
remit. Additionally, firms take on new administrative costs in order to investigate
and reprocess erroneous or failed transactions, as well as fix any systemic
problems causing their breakages.
The cross-systems flow of enterprise transactions
represent localized adoption uses that are both extremely
high volume and, considered cumulatively, extremely high
dollar value. Due to the level of negative impact on
business operations and revenue opportunities, this
category is viable for venture investment in pre-inflexion
point stages of blockchain market adoption.
Evaluation:
• Self-Custody: the distributed blockchain removes banks & other
middlemen that are necessary for transaction fidelity in existing
systems. As a result, blockchain transactions achieve:
+ 96% faster payment
settlement speeds13
+ 75% cheaper transaction
processing fees14
Blockchain Innovation:
Ex. existing enterprise transaction flow15

23
Notable Growth Stage Startups16 Key Sector Statistics17
Fireblocks: New York, NY
Blockchain security service provider for moving, storing and
Issuing digital assets for enterprise payments
Raised to date: $489M
Elliptic: London, UK
Enterprise blockchain analytics for Transaction transparency
Digital Asset: San Francisco, CA
distributed ledger technology intended to build distributed, encrypted
straight-through enterprise transaction tools
Raised to date: $307.2M
+ In 2021, enterprise fintech was a locus for the crypto financing surge
with blockchain startups receiving 67% of funding in the sector
WonderFi: Vancouver, Canada
IPO in Canada, September 2021; raised: $49.1M
+ The B2B fintech sector saw $700M in mergers and acquisitions in 2020
across 83 blockchain startup liquidity events worldwide
+ 43% of major U.S. financial institutions have launched or announced
trial developments for blockchain adoption as of November 2021
Notable Exits To Date18
Neutrino: Milan, Italy
Acquired by Coinbase, February 2019, amount: $13.5M; raised: $545K
Chainspace: Gibraltar, EU
Acquired by Facebook, June 2019, amount: n/a; raised: $4M
Bakkt: Alpharetta, GA
IPO, October 2021, Current market cap: $2.1B; raised: $932.5M
Skew: London, UK
Acquired by Coinbase, April 2021, amount: n/a; raised: $7M
MoonPay: Miami, FL
Fintech company building innovative blockchain payments infrastructure
R3: New York, NY
Distributed ledger computing platform for secure transactions
Lukka: New York, NY
Blockchain-based back-office solutions for enterprise transactions

24
Notable Early Stage Startups19
Looking Forward
CoreChain: New Haven, CT
Secure, simple, Blockchain payments
for the enterprise $500M+ processed
Aave: London, UK
Decentralized lending and borrowing
platform for enterprise financing
Gauntlet: Brooklyn, NY
Blockchain sim-testing platform for
complex financial systems integrations
Wyre: San Francisco, CA
Dynamic suite of B2B, DeFi payment
application programming interfaces
Horizen Labs: Austin, TX
secure distributed ledger solutions
for financial transaction operations
Cryptio: Paris, France
Enterprise financial reporting platform
for accountants and auditors
Sila: Portland, OR
API platform for B2B banking
infrastructure-as-a-service software
There is a continued evaluation of this evolving application of blockchain
technology as to how far the new class of established blockchain
companies will need to focus development on legacy financial operations
systems integrations and interoperability, with particular focus on these
considerations:
+ Parity with expectations of key participants
+ Degree of pushback from adoption-resistance 3rd parties
+ Integration vs. replacement models and timing
❑ As blockchain products and services capture the core B2B exchange
of value, what are the other enterprise operations that are particularly
ripe for additional blockchain adoption?
❑ To what degree and with what amount of immediate term uptake
could the vision for fully distributed, autonomous organizations (DAOs)
begin replacing costly B2B departments?
Open Questions as Sector Evolves
Bloq: Chicago, IL
Managed infrastructure blockchain
asset transfer and b2b payments
Raised to date: $8M
Vega Protocol: Gibraltar
automated end-2-end financial
product trading and execution
PrimeTrust: Las Vegas, NV
Enterprise blockchains for API driven
open banking solutions

25
Problem:
Programmatic Spend Attribution
With the potential to reach consumers more directly and quickly online,
corporate digital advertising budgets have ballooned, expected to top out
at nearly $800 billion globally this year. Yet, the average true click-
through rate for paid campaigns fell to 0.2% in 2021. Reinforcing this
ROI gap between campaign spend and performance is the enormous
complexity of today’s ad ecosystem, which sees an average of 23
different participants involved in cycling an ad from marketer to
publisher to consumer and returning data.20
Evaluation:
With an immutable record of every campaign action on a distributed ledger and
budgets tied to on-chain protocols coded to contract terms, the blockchain
transforms programmatic advertising from a chronically low visibility to
complete transparency. Empowering marketers to reduce wasted spend with
unprecedented accountability for their campaign fidelity and performance.
Systemic opacity has created vulnerability for fraud, error, and
misalignment at each 3rd
party point where data flows. As a result, a survey
of marketers estimate more than a quarter of annual campaign budgets -
$208 billion – is wasted in the absence of accurate attributional optics.21
Transparency is a foundational blockchain principle and an immutable
data record is at the core of distributed ledger technology. Making it
uniquely capable reducing the complexity and cost of the existing
campaign systems.
digital marketing campaigns are complex, opaque webs24
+ 15% improved budget efficiency migrating to blockchain platforms22
+ Projecting up to 44% more accurate iterative campaign decisions,
due to improved quality and availability of real-time
Performance data on the blockchain23

26
Notable Growth Stage Startups25 Relevant Acquisition Activity26
Brave Software: San Francisco, CA
Improved relational accuracy ad network and campaign performance via
blockchain secured desktop and mobile browser
Amino Payments: Philadelphia, PA
Campaign parameter functions and payments; fraud, abuse, and
waste persistent monitor and alert system
Acquired by Integral Ad Science, January 2021
Raised prior: $6.4M
Lucidity: Marina Del Rey, CA
End-to-end real-time campaign tracking transparency via blockchain
permissions, activation, acquisition, KPI data authentication
Acquired by Umbrella Networks, September 2021
Raised prior: $16.2M
RebelAI: Louisville, CO
Blockchain suite of products that protect publisher identities,
consumer identities and secure management of ad spend through
campaigns
Acquired by Logiq, March 2021, Price: $8.1M
Kiip: San Francisco, CA
In-app mobile ad platform using blockchain for ad supply chain
transparency and real-time performance data.
Acquired by NinthDecimal, August 2019
Raised prior: $32M
Permission.io: La Jola, CA
digital advertising system built on opt-in user data, compensated on its
blockchain platform
BitClave: Mountain View, CA
dynamic ad exchange focused on data Fidelity via
blockchain
DATA: San Francisco, CA
Blockchain-based digital data Authentication protocol for
online advertisers
Blis: London, UK
Privacy-first, location-powered
Programmatic advertising platform built on blockchains

27
Notable Early Stage Startups27
Blockgraph: New York, NY
Data—driven TV advertising via proprietary
Identity Operating System (IDoS) to create privacy-focused targeting
Ubex: Zug, Switzerland
Global decentralized advertising exchange
Operating on neural networks with the use of blockchain
DataWallet: San Francisco, CA
Distributed ledger connecting consumer-to-business
Data marketplace in place of traditional ad experiences
Looking Forward
There are two sides of blockchain innovations for advertising, the
decentralized products seeking to improve the existing programmatic
campaign systems and the more transformative models seeking to
restore consumer agency of their own data and its monetization. We
anticipate continued investment opportunities on both sides, with
focused evaluation of:
+ Established transparent standards of measurement
+ Achievable deliverables with fewer intermediaries
+ Prosumer barriers for the transformative models
❑ Will the flurry of blockchain acquisitions by larger ad tech players
result in sustained systemic integration?
❑ To what degree can standalone DSPs and programmatic ad
networks built on blockchains scale up to deliver client campaign
results competitive with incumbents?
NYIAX: New York, NY
blockchain media ad spend advanced contract management
exchanges, privacy-centric approach
MadHive: New York, NY
protocol for executing accurate, efficient, and private ad serving
Raised to date: $14M, Revenue: $6.3M ARR

28
Problem:
Contract Lifecycle Management
self-executing code on a blockchain that automatically
implements the terms of an agreement between parties are a
critical step forward, streamlining processes that are currently
spread across multiple databases and ERP systems.
Framework Evaluation :
A core element of any business, enterprise contract lifecycle
management is a high-volume, specialized use representing a
cost savings potential with smart contracts On the blockchain that
legacy contract management systems that require TPIs for trust,
are simply not built to solve for.
If successful in localized early adoption in enterprises’ CLM
functions, smart contracts have a strong potential to evolve into
products leading the substitution and transformation phases of
the blockchain adoption cycle.
Corporate contract management depends on third party
intermediaries to validate or verify every stage of a contract’s
lifecycle. TPIs – which can include lawyers, brokers, insurance
providers, accountants, auditors, and other regulators – are
expensive, time-consuming, and significantly reduce transparency in
contract processing. According to a recent Gartner study, Its
estimated that fortune 500 companies on average lose 10.3% of
their total annual revenue as a result of delayed, misaligned, or
poor-quality contract management.28
Protocol-coded smart contracts trigger
all terms without 3rd
parties29

29
Notable Growth Stage Startups30
Key Market Growth Stats31
Blockchain Innovations
H
Icertis: Seattle, WA
Blockchain powered contract origination and management platform
that ensures compliance and minimizes risk
Symbíont: New York, NY
Enterprise blockchain platform for building and running complex smart
contracts across distributed applications
BRYTER: Berlin, Germany
no code SaaS for building, Deploying, and managing smart contracts for
professional services
Raise to date: $89M
Hedera Hashgraph: Richardson, TX
Public distributed ledger for building complex smart contracts
❑ Automation: Smart contracts automatically trigger when
the protocol coded conditions of the contract are met
❑ Self-Reinforcement: Smart contracts significantly increase
CLM data quality and can reduce contract administration
costs by up to 46% according to a study by Gartner.32
Smart contracts on the blockchain remove the need for
trusted third-party intermediaries confirming agreed upon
terms and subsequent adherence of all parties involved in
the enterprise contract lifecycle:
+ From an exploratory $54.7M in 2016, the smart contract vertical is
projected to surpass a $21 billion market size by 2026.
+ 8 Smart contract-focused blockchain startups have achieved
private valuations of $1B or larger, having raised $100M in venture
capital investment as of January 2022.
+ 30% of corporate spending on blockchain solutions went to
smart contract products for execution of cross-border
financial contracts and multinational supply chain contracts in 2021
Offchain Labs: New York, NY
Building Arbitrum, a solution for scaling Ethereum-based smart contracts
Optimism: New York, NY
Side chain platform for executing smart contracts, optimizing fraud proofs
Forta: Los Angeles, CA
Repurposable tools for securing smart contracts across multiple blockchains

30
Notable Early Stage Startups33 Looking Forward
Band Protocol: Thailand
Cross-chain data oracle connecting smart contracts to external data APIs
Moonbeam: Boston, MA
Smart contract platform focused on developing Interoperable applications
Raised to date: $6M
+ Oracles: enabling functional optionality to amend
smart contract terms and participants as well as intake
execution-relevant data from non-participant sources
Arbol: New York, NY
Insurtech platform for parametric products with a core as Oracle
Raised to date: $9M
Augur: San Francisco, CA
Decentralized prediction engine using oracles to intake 3rd party data and flag errors
Chainlink: Grand Cayman, Cayman Islands
tamper-proof inputs and outputs for complex smart contracts on any blockchain
Authorized, dynamic modification of previously hashed blocks is a near-term
opportunity gap for technically immutable smart contract record. Anticipating
a significant increase in startup activity and venture investment in smart
contract oracles – products that enable consensus changes to smart contract
terms, participants, and 3rd party data sources.
Emerging Oracle Startups34
oracle integrated into a smart contract flow
Avalabs: Brooklyn, NY
Blockchain based network for financial smart contracts
Raised to date: $6M
Superblocks: Stockholm, Sweden
Automated smart contracts from development to production
DataGumbo: Houston, TX
Smart contract network company for industrials

Digital Data Security

32
Additive Thesis: Digital Data Security
Blockchain technology, as an inherently decentralized and distributed network,
presents innovative solutions to secure data and information for incumbent
systems with centralized database control and many 3rd parties with data
access.
At the same time, blockchain technology has its own security weaknesses, which
have inevitably contributed to the slower pace of overall adoption and usage to
date. Blockchain’s primary unique vulnerability is due to its design intention to be
radically transparent. Permissionless blockchains that anyone can access are
inherently vulnerable to data hacks.
Evaluate both sides of blockchain security in parallel: where it creates innovative solutions
for legacy data management weaknesses in tandem with products offerings that are
improving upon inherent blockchain vulnerabilities. With an eye towards those startups and
products that have the potential to evolve into holistic solutions for both categories of
blockchain security.

Digital Data Security
❑ Private Blockchains
o Permissioned chains are DOS and phishing proof
❑ Distributed Ledger Databases
o eliminate core centralized data and logic vulnerability
We identified two blockchain product categories displaying early traction and private investment
As demonstrable solutions for digital data security:

34
Problem:
Permissioned Blockchains
Fully permissioned blockchains remove the risk of having a
competitor, malicious actor, or unknown party access or make sense
of their data. Participants are granted permissions to access certain
types of data and complete specific functions, which adds an extra
layer of security, in addition to speeding up operations on the chain
and improving overall compliance.
Cybercrimes against blockchain companies have become a more
common threat over the past 24 months, primarily because there is so
much money circulating through the crypto-sectors, the data stolen in
hacks is particularly valuable upon resell. Many blockchains are
designed to be permissionless ledgers open and available to anyone
who participate via mining. Since 2017, $2.99 billion has been lost to
permissionless blockchain hacks.35 These hacks expose a core
vulnerability to always-open blockchains as hackers mimic a miner on
a given chain and steal all the data available once its accessible.
Framework Evaluation :
Permissioned blockchains represent a specialized subset of the
technology that, given the vulnerability without them, represent an
early localized use case and a necessary stepping-stone for
enterprises to be able to adopt blockchain products at all in these
early stages. While private chains can reintroduce a degree of
centralized vulnerability in determining permissions, they fully
eliminate the leading cause of crypto cyber crime hacks today.
blockchain accessibility types

35
Notable Emerging Startups36 Key Market Growth Stats37
Blockchain Impact38
+ Annual venture investment in companies focused on private blockchains
Or explicitly offering permissioned functionality is projected to surpass
$17.5B by 2023, a 56.7% compound annual growth rate from 2019.
Blockstream: Victoria, British Columbia
Comprehensive suite of crypto-financial infrastructure products offering parity with
traditional financial services offerings
Chain: San Francisco, CA
custom cryptographic ledger systems for major financial institutions to deliver more
secure, connected, and transparent services
Raised to date: $42.7M, Acquired by Interstellar: $500M
Paxos: New York, NY
A regulated financial institution building operating, decentralized infrastructure to
enable movement between physical and digital assets.
Nivaura: London, UK
Compliance-focused private blockchains making issuance and administration of
financial instruments cheaper and faster
Everledger: London, UK
Immutable, private distributed ledger for enterprise supply
chains, focusing on those verticals with asset-heavy supply chains
Aleo: San Francisco, CA
A development platform for building dApps with absolute privacy
+ Permissioned distributed ledger technology (DTL)is already saving
participating banks as much as $18 billion in infrastructure costs
attributable to payments, securities trading, and regulatory compliance
+ An ancillary benefit to limiting on-chain access to known participants
via permissions is significantly improved efficiency in chain compliance
and operations speed, by some estimates up to 2.34x enterprise
operations efficiency.
+ By the end of 2024, global corporate spending on permissioned
distributed ledger IT services will surpass $11.3 billion per year
according to International Data Corporation analysis.
Permissioned Blockchains

36
Chronicled: San Francisco, CA
Building trust and transparency in the life sciences
industry, powered by permissioned blockchains
Winding Tree: Zug, Switzerland
Permissioned blockchains for cheaper travel
purchases direct between travelers and suppliers
Propy: Palo Alto, CA
Private end-to-end real estate transaction
Management platform built on blockchain
Xage Security: Palo Alto, CA
blockchain-protected security platform for
industrial Internet of things
Hashed Health: Nashville, TN
An ecosystem of healthcare products to store
and share healthcare data on distributed ledgers
Permissioned Blockchains: High-Volume Specialization
AgriDigital: Sydney, Australia
Ag-supply chain and marketplace
Tracked and transacted on blockchain
MineHub: Vancouver, Canada
Cost-saving applications for the mining and metals
Industry leveraging blockchain technology
burstIQ: Devner, CO
Blockchain platform for patients and doctors to
securely transfer sensitive medical information
B3i: Zurich, Switzerland
Insurance products enabled via
Frictionless risk transfer on blockchain
LO3 Pando: Brooklyn, NY
Low-cost, decentralized platform microgrids for
buying and selling energy for both utilities and
consumers in the United States
Insurance
Energy Healthcare Treatment
Travel
Agriculture
Mining & Metals
Life Sciences
Healthcare Systems
Industrial IOT Real Estate
Lending
SALT: Denver, CO
Student, personal, and business loans backed
By cryptocurrencies and tokenized assets
Telecommunications
OXIO: New York, NY
Decentralized carrier-as-a-service platform
designed for brands and enterprises
With awareness of permissioning functionality saturating applicable markets, private blockchains have seen a surge of
adoption via a variety of permissioned solutions, each highly customized to the contours of individual verticals.
Financial services companies, for example, are finding that the private blockchain networks they’ve set up with a
limited number of trusted counterparties can significantly reduce transaction costs. We anticipate a continued
proliferation of private blockchain companies with use-cases specialized towards adoption in specific industries.39

37
Distributed Ledger Databases
The unique traits of blockchain, notably the decentralized
database without any single node of human dependence or
point of failure. Airtight credentialing via private keys, present
the clearest viable solution to solving digital data vulnerability.
Airtight credentialing via private keys and distributed
confirmation is a validated, long-term fix for identity theft and
manipulation.
On-prem or in the cloud, centralized data oversight and storage
systems have security crisis of database vulnerability for the modern
enterprise. 95% of data base cybercrimes are a result of human error
in data management. Centralized database cybercrimes have grown
350% since 2019. In the past 24 months, 3.288 billion unique,
individual records have been lost, stolen or otherwise compromised
by data breaches and hacks of corporate databases worldwide.
Globally, businesses are on pace to Spend $6 trillion on data security
solutions next year.40
Problem: Technology Evaluation:
While enterprises migrating to distributed databases as their core
DB infrastructure is likely to be a post inflexion point substitution
phase of adoption. However, in progressing to substitutive phase
of , single and localized uses are gaining traction with companies
recently hacked. Due to the rapid rise in successful extremely
costly attacks, compromised organizations are piloting
blockchain security partnerships. These early adopters are
seeking specifically to alleviate instances of centralized data
storage in their most vulnerable current repositories.
Centralized Database Decentralized Database

38
Vendia: San Francisco, CA
Multi-chain distributed data sharing platform enabling customer
to share data and code in real-time
Covalent: Vancouver, British Columbia
bridging transition from centralized databases to distributed,
decentralized databases
BlockCypher: Redwood City, CA
Cloud-based databases for blockchain applications at scale
BigChainDB: Berlin, Germany
Database operations and distributed optimization at scale,
NuCypher: San Francisco, CA
Decentralized data encryption and protection layer
2.Trusted Accessibility
1. Legacy Migration
3. Performance at Scale 4. Security at Scale
Qohash: Quebec City, Quebec
Distributed data security focusing on data discovery,
classification and integrity assurance
Four core functional categories necessary for the success of the distributed storage blockchain market segment:41
Distributed Ledger Databases
Ledger: Paris, France
Security and infrastructure solutions
For critical digital assets for institutional investors
Storj: Atlanta, GA
Decentralized cloud object storage
Swarm: Zug, Switzerland
Blockchain database and communications platform for intra-
enterprise exchange and shared data operations
Raised to date: $6M

39
Distributed Computing: Processing Startups43
Looking Forward
Distributed Databases Distributed Computing
As decentralized databases continue to display product market fit as
evidenced by increased adoption within the enterprise and between
enterprises, subsequent and related opportunities for blockchain
technologies are emerging in the application of decentralized
principles that are achieving traction for storage to the other two key
elements of the computing cycle: processing and communication.42
Akash Network: San Francisco, CA
Decentralized, open-source, cloud
compute processing platform
Raised to date: $2M
Axelar Network: Waterloo, Canada
Cross-chain communication tools,
multi-chain interoperability software
Protocol Labs: San Francisco, CA
Decentralized version of AWS S3
communications and data transfer
CUDOS: London, UK
Decentralized cloud computing and
Monetization software platform
DFINITY: Zurich, Switzerland
Global computer network hosting
distributed internet services
Ankr: San Francisco, CA
native computing and infrastructure
platform for distributed Web3
Solana: San Francisco, CA
decentralized blockchain that enables
scalable, user-friendly app development
iExec: Lyon, France
decentralized blockchain-based high
performance cloud processing platform
Polkadot: Zug, Switzerland
multi-chain technology for independent
blockchains to exchange information
Aeternity: Vaduz, Liechtenstein
Scalable blockchain platform that enables
High-speeding exchange of data or value
Figment: New York, NY
Staking and application layer solutions for
developers building on Web 3 technology
Distributed Computing: Communications Startups44
Cosmos: Zug, Switzerland
Ecosystem of interoperable and
sovereign blockchain applications
and services Raised to date: $17M
STORAGE
PROCESSING OUTPUT
INPUT
COMMUNICATION
standard computing cycle

40
More Web3 Security Observations: Regulation and Trusted Identity
Civic: San Francisco, CA
Blockchain-based tools for to control and protect business and individual identities
Bitaccess: Ottawa, Canada
Software suite providing fintech businesses with blockchain
credentialing and secure permissioned infrastructure services
Textile: Sunnyvale, CA
New digital experience focused on user privacy and usage transparency via
decentralized blockchain products
Eventus: Austin, TX
Provider of multi-asset class trade surveillance, monitoring
And regulatory compliance
Private investment in cryptosecurity startups has increased more than 10x in the past year, from $98.3M in 2020 to
$1.1B in 2021.45 Regulation and trusted identities are two blockchains segments that have received a significant
percentage of this increased volume of venture funding. Regtech including compliance and regulation within the
emerging government requirements and in accordance with terms of exchange encoded on the blockchain. trusted
identity – secure digital wallets, decentralized credentialing and user key protection and safety.
CertiK: New York, NY
Security analysis, compliance, fraud vulnerability and detection
products for enterprises on the blockchain
CipherTrace: Menlo Park, CA
Crypto intelligence company providing anti-money laundering (AML)
compliance solutions
Acquired by Mastercard, 10/21, Raised to date: $45.1M
SecureKey Technology: Toronto, Canada
Identity and authentication service provider powered by blockchain credentialing
Securrency: Washington, D.C.
Compliance-centric financial technology products for
Tokenized issuance and trading of securities
Chainalysis: New York, NY
Blockchain data and analysis focused on AML and Criminal fraud vulnerability
ShoCard: Cupertino, CA
Mobile digital identity with unique verification via the blockchain
Notable Regulation & Compliance Startups46
Notable Identity & Credentialing Startups47

Mining Operations

42
Additive Thesis: Mining Infrastructure Fidelity
The availability of cryptocurrencies and blockchain products – and so a future
mass adoption inflexion point and potentially substitutive and transformative
phases – depends on a base layer of efficient and redundant mining
infrastructure.
Due to a wide set of technological, usage, and geopolitical influences, the crypto mining
infrastructure layer has experienced unpredictable fluctuation in uptime and cost to operate
historically. The persistent volatility of cryptocurrency prices index is a leading indicator of this
foundational instability.
Since 2019, Crypto exchange outages are the leading cause of
cryptocurrency price volatility and a major driver of unpredictably high
transaction fees when they occur.48

43
Mining Infrastructure Fidelity
Blockchain is again mirroring the early phases of the internet 1.0
worldwide web, which only achieved mass adoption with a steady state
that was not only easy to use, but dependably available to end users at
anytime and through the extent of their logged in sessions. Similar
startup activity is underway to build mining infrastructure dependability
and established industry-wide service level standardization.
The myriad potential technological innovations that are
possible with crypto and blockchains depend on the unique
functions of crypto mining in order to deliver groundbreaking
transparency, security, and efficiency in resultant products
and services. The volatility of the cost to mine new blocks is a
friction point for lower-value, daily transactions. During acute
request surges when more computational power is required,
pending transactions can backlog, with priority given to the
highest bidder. The subsequent delays in redundant
availability of the service major early gating factor to these
technologies achieving widespread adoption and usage.
The Mining Problem:
Key Miner Earnings Stats:49
Blockchain Evolution:
• Annual Mining Revenue: $10.4 Billion
• Annual Miner Reward Subsidy Revenue: $8.3 Billion
• Annual Mining Transaction Fee Revenue: $2.1 Billion

44
With an industry-wide, collective focus on solutions that will enable broader
adoption and market penetration, there is a unique emerging opportunity for
companies building the service level standards for the crypto-mining
infrastructure layer. with the persistence and speed of competitive ,industry-
wide SLAs for server-web uptime, cellular coverage, and broadband wifi
reliability and strength. Emerging startup categories focused on the following
core competencies of crypto-blockchain SLA standards.50
Alchemy: San Francisco, CA
Developer platform focused on reliability in decentralized infrastructure
Proof of Work Processing Efficiency
Uptime Redundancy - Dependability
Best Practices and Quality Assurance
Bitfury: Amsterdam, Netherlands
Leading mining manufacturer, developing customizable blockchains to audit client
mining standards
Genesis Digital Assets: New York, NY
Industrial-scale bitcoin mining facilities owner-operator
raised to date: $124M
Notable Exits To Date
Bison Trails: New York, NY
Interoperable mining infrastructure products
Acquired by Coinbase, $80M, 12/20, Raised to date: $30M
GRIID: Cincinnati, OH
Vertically integrated bitcoin self-mining operation
SPAC IPO: $3.3B, 12/21, Raised to date: $525M
Core Scientific: Bellevue, WA
Customizable infrastructure for large scale blockchain
hosting and digital asset mining
SPAC IPO: $4.3B, 07/21, Raised to date: $169M
Riot Blockchain: Castle Rock, CO
Large-scale bitcoin mining operation facilities
NASDAQ Market Cap 12/21: $3.34B, Raised to date: $84M
PrimeBlock: San Francisco, CA
Carbon-neutral mining ops and infrastructure
SPAC IPO: $1.5B, 11/21, $100M rev run rate 2021
Marathon Digital Holdings: San Francisco, CA
Enterprise-grade bitcoin mining infrastructure
NASDAQ Market Cap 12/21: $4.31B
Casper Labs: Zug, Switzerland
proof-of-stake (PoS) mining scalability protocols designed for enterprise adoption
Celer Network: Athens, Greece
Suite of tools for building internet level scalability and redundancy into blockchains
Neji: San Francisco, CA
Blockchain mining network performance dependability
Raised to date: $2.8M, Acquired by Brex

45
Notable Early Stage & Growth Stage Startups51
Looking Forward
Blockcap: Austin, TX
Blockchain eco-conscious infrastructure designed to
facilitate secure cryptocurrency mining
HQLAx: Zug, Switzerland
services to improve efficiency in mining settlement for intraday
transactions at scale for the enterprise
With a proliferation of large-scale mining facilities and multi-location
operations both raising growth stage financial war chests and entering
the public markets, a next competitive phase for the industry’s mining
foundation will advantage builders of:
+ Scalable performance standards
+ Off-chain interoperability
+ Clean mining – energy efficiency
StarkWare Industries: Netanya, Israel
Scalability for validity proofs of computational integrity
on the blockchain
NEAR Protocol: San Francisco, CA
Blockchain designed to provide performance standards for
mainstream adoption of decentralized applications
Elite Mining: Lacey, WA
Mining hardware deployed with proprietary immersion mining
technology that mines with renewable energy at scale
Crusoe Energy Systems: Denver, CO
Clean mining operation powered by natural gas from
legacy oil wells that’s otherwise burned off
❑ Will the market settle on mining with existing energy systems or
building entirely new power systems for mining?
❑ To what degree will mining’s high energy use concerns materially
impact the investment in and growth of mining operations globally?
❑ Can this functional base of the web3 stack avoid a centralization of
mining fidelity amongst the wealthiest organizations and
individuals?

47
Bitcoin Blockchain Ethereum Blockchain Alternate Blockchains
Infrastructure Processing:
Mining, Nodes, Compute
Infrastructure Management:
Block Maintenance, Efficiency, Storage
DApps
Programming
Languages
Application
Hosting
User
Interface
Distributed
Exchanges
DAOs
(ex DeFi)
Wallets Digital Assets
(ex NFTs)
Smart
Contracts
Digital
Identity
Governance
Permission Rules,
Permissionless
Side Chains Consensus
Algorithms
Proof of Work,
Proof of Stake
Application Layer
API Layer
Protocol Layer
Blockchain Layer
Infrastructure Layer
Crypto-Blockchain Technology
Stack
DApp
Browsers

Remittance
1.0 Money Transfer Operators (MTOS)
Key Facilitators:
Western Union, MoneyGram
Improvements:
global coverage, no bank account required, cash
receipt options
Persisting Problems:
Fees: transfer fees (2-10%), exchange rate margin
premium (1% above mid-market rates)
Time: up to 5 business days
Frequency and maximum limits
Uptime: Not available after hours or weekends
Data Sharing: Requires sharing PII and financial data
with 3rd
parties
Operating costs: requires physical locations in all
participating countries
Monitoring: No tracking transparency
2.0 Digital Money Transfer Operators
Key Facilitators:
Wise (fka Transferwire), Remitly
Improvements:
Simple and more transparent consumer access
points; guaranteed mid-market exchange rates
Fees: Fixed fee + variable fee for every transfer (+
premium fees for express processing)
Time: up to 3 business days
Operating costs: requires significant reserve cash-
on-hand in all participating countries local
currency
Coverage: Only available in 25% of countries
worldwide
Data Sharing: Requires sharing PII and financial
data with 3rd
parties
Monitoring: no tracking transparency
3.0 Blockchain Remittance
Key Facilitators:
Everex, Zipzap, Instarem, Bitpay, Coins.ph,
SureRemit, Wirex, Micromoney, Coingate,
Coinbase, Ripple
Improvements:
Faster: removing intermediaries takes
processing time from days to minutes or
seconds
Cheaper: from 6.9% to fractions of a cent
(no 3rd party infrastructure to pay for)
Transparent: Money movement tracked and
confirmed by both participants
Safer: Reduces fraud vulnerability, no PII or
financial data shared with 3rd
parties
Challenges:
Effective Mass Marketing
International User Adoption

1.0 Intermediaries, Centralized Record
Key Facilitators:
Payroll providers, accounts payable/receivable, contract lawyers,
intermediary banks, managers, human resources, finance operations, 3rd
party consultants and contractors
Status Quo:
Top-down, hierarchy with individual points of human responsibility for
each stage of processing within and between organizations
Centralized, trusted 3rd parties required to create and execute contracts –
the accepted legal system has been built to accommodate and regulate
the status quo of “dumb” contracts.
Human error; time to resolve-execute; partner and staff turnover
Misaligned incentives, especially in shift to mobile-first consumption and
digitally native attribution
non-standard contract data management, storage, and maintenance
practices
Revenue and royalties lost or sent to the wrong place (30% in recording
industry); various intermediaries taking share of margin to process.
2.0 Protocol Terms, Self-Operating
Key Facilitators:
Mediachain, emusic, Second State, Superblock, Feelium, Once Sync, Tenderly,
Quantstamp, ChainSecurity, Incentivai, Wanchain, Solidified
Improvements:
Efficiency: Once the qualifications of a smart contract are met, it executes the
terms, without delay
Cheaper: Removing many of the roles required to currently execute contracts
significantly reduces staffing and professional services costs
Transparent: Contract terms confirmed and can be reviewed by all participants
anytime, contract execution tracked at each stage by all participants
Safer: Eliminates single points of hacking vulnerability, no enterprise or financial
data shared with 3rd
parties
Challenges:
Timeline to integrate into existing systems that are complex, slow-moving, and,
in certain cases, resistant to changes that could impact participant earnings.
Ability to modify or edit the terms as well as participants involved in a smart
contract agreement.
Legal and regulatory bodies playing catch up with smart contract products
Rights Attribution, Smart Contract DAOs

Digital Security, Online Privacy
1.0 Public Internet and Firewalls
Key Facilitators:
Fortinet, Palo Alto Networks, Cisco,
Check Point, SonicWall, CrowdStrike,
Juniper Networks, Watchguard
Improvements:
Protects against outside cyber attacks
by shielding specific computers or
networks from malicious or
unnecessary network traffic
The explosion of the public internet via
world wide web mass adoption and
usage made the coverage and fidelity
of firewalls a constant challenge
2.0 NBA, WAF, DoS Protection
Key Facilitators:
Asus Global, Verisign, Radware, Nexusguard,
Arbor Networks, CloudFlare, Akamai,
DOSarrest
Improvements:
Evolution of cyber security product offerings in
response to increasingly sophisticated cyber
attack methods and degree of their negative
impact
Reactionary – hackers always a technology
step ahead of defense security
$56 Billion lost to identity theft in 2020
$6 Trillion cost of ransomware attacks in 2020
3.0 Blockchain Security
Key Facilitators:
Recordskeeper, Bloom, Komodo, Blockcerts,
DataGumbo, Credly, VIA, Patientory Inc.
Improvements:
Eliminates single points of data storage and
access, and so single point vulnerability by design
Access limited to specifically assigned keyholders
of a given private ledger
Pseudonymous nature of blockchain keyholder
addresses reduces instances of shared PII and so
identity theft vulnerability
Challenges:
Vulnerability of users’ individual keys and the
networks of computing servers used for mining

Mining Infrastructure, Blockchain Computing
1.0 Centralized Computing
Dedicated on-prem data centers
Local area networks
Timesharing operating systems
Multiple sources of failure; expensive
to scale; no privacy; no immutability;
performance limitations
2.0 Distributed Computing
Public data centers
Service-oriented architecture
On-demand, public cloud computing
Single source of failure; expensive to scale;
no privacy; no immutability; some
performance limitations
3.0 Decentralized Computing
No central point of network management
Geographically distributed peer to peer computing
Each node is a client and a server in the system
No central point of network management
No points of failure; scales efficiently; highest
privacy; immutable; fewer performance limitations

[1] https://www.coindesk.com/price/bitcoin/
[2-3] Cointelegraph Research, Venture Capital Report, 2021
[4] Bloomberg; GSER2021 published analysis
[5-6] https://www.institutionalinvestor.com/article/b1w6r1v3pjg15s/Where-Did-VC-Money-Go-in-2021-Crypto-Startups
[7] M. Iansiti, K.R. Lakhani; The truth about blockchain; Harvard Business Review (2017), pp. 118-127
[8]Straub, E. T. (2009). Understanding Technology Adoption: Theory and Future Directions for Informal Learning., 79(2), 625–649. http://www.jstor.org/stable/40469051
[9] www.nerdwallet.com/stats
[10] www.blockchain.com; www.coindesk.com
[11] BEA Bloomberg, annual US margins, costs, revenue, and profits database
[12] McKinsey & Company, Global Banking Practice, Global Payments Report 2020-2021
[13-14] https://blog.gilded.finance/advantages-of-using-blockchain-for-b2b-payments/
[15] LUMA Partners, Display LUMAscape, enterprise transaction third parties
[16-19] www.crunchbase.com; www.pitchbook.com
[20-23] PricewaterhouseCoopers Blockchain in Digital Advertising Report, 2020 “Is Blockchain The Answer to Digital Advertising’s Trust Gap?”
[24] https://www.slideshare.net/tkawaja/luma-display-ad-tech-landscape-2010-1231
[28] CINCOM US 2020: ”The Complex Enterprise”; White Paper, Cincom In-Depth Analysis and Review; FORM CMUS1202019
[29] graphic img diagram ‘smart contract functional cycle’; “The Four Layers of the Blockchain”; David Xiao; 06.26.2016
[30] www.crunchbase.com; www.pitchbook.com
[31] Global Spending on Blockchain Solutions Forecast, 2022 IDC Spending Guide; https://www.idc.com/getdoc.jsp?containerId=prUS47617821
[32] https://www.gartner.com/en/newsroom/press-releases/2020-01-30-gartner-predicts-that-organizations-using-blockchain-
[35] MIT Technology Review; 02/19/2019; “Once hailed as unhackable, blockchains are now getting hacked”; Mike Orcutt
[37] Global Spending on Blockchain Solutions Forecast, 2022 IDC Spending Guide; https://www.idc.com/getdoc.jsp?containerId=prUS47617821
[38] Cyber Management Alliance, editorial research study; The Future Use Cases of Blockchain for Cybersecurity; 09/04/2020
[39] www.crunchbase.com; www.pitchbook.com; A Brief History of Data Security – Dataversity Report; Keith D. Foote; 12/29/2020
[40] IFSEC Global, Cyber Security Division; ‘A History of Information Security Study’, 06/27/2021
[42] DEV Community Report; The Role of Distributed Computing in Blockchain Technology; Tharinda Piyadasa; 02/14/2021
[48-49] Allied Control White Paper: Analysis of Large-Scale Bitcoin Mining Operations; Alex Kampl, VP of Engineering; 01/23/2021
[50-51] ] www.crunchbase.com; www.pitchbook.com
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