In episode 7 of #Blockchain Bytes for ICORadio Barry James interviews Jonny Fry, CEO of #TeamBlockchain – and discusses how ICOs could completely transform business and marketing.
- What would you do if your competitor came up with a £10 million marketing campaign from an ICO?
- Decentralize or be decentralized: why you should think about decentralizing or being decentralized in the future.
- People don’t need to understand how the technology works... but [how it] can be used to help them.
- The mature existing businesses, local authorities and central governments, wanting to use the principle, the concept, and the technology behind initial coin offerings to raise money
- How some token companies could become bigger than the quoted companies that have issued them
- The potential for conflicts between a shareholder of a business and a token holder
- How ICOs can speed up innovation and how Jonny expects to see more funds investing in cryptocurrencies
- The Venezuelan Petrocoin
Key Takeaways from this episode:
[00:29] What Team Blockchain does and how ICO meetups have grown by a factor of 10.
[2:30] Jonny’s background in asset management; ICOs getting serious – and the possibility of a Starbucks Coin.
[6:04] More mature existing businesses, local authorities and central governments wanting to use the principle, the concept, and the technology behind initial coin offerings to actually raise money.
[6:15] Companies who understand their cost-per-acquisition for new customers might use ICOs to capture your imagination. Think about a digital version of Green Shield stamps!
[7:41] The initial coin offerings have given a real fillip to innovative new technology. A lot of it's based around blockchain but by no means all of it, and we're beginning to see some very innovative products. Jonny gives a fascinating example.
[9:44] Jonny’s advice to business leaders and business owners.
[10:35] What are the conflicts between a shareholder of a business and a token holder? Many people haven’t considered this – and even HMRC don’t appear to be clear about some implications.
[12:45] Traditional digital loyalty schemes create a contingent liability on a company’s balance sheet. A digital token could enable a business to remove that liability off its balance sheet. Jonny explains how.
[14:08] Some token companies could become bigger than the quoted companies that have issued them, take over the quoted companies, resulting in what would in effect be a co-operative because the token holders would own the business that spawned them.
[16:11] We’re seeing the classic fear and greed. The point is it shouldn't really be about making money per se.
[17:05] Jonny expects to see more funds investing in cryptocurrencies.
[19:00] Cash creates a black market, fraud and corruption. Distributed ledger technology could be good for society, reduce corruption and ensure that governments can collect taxes fairly.
[19:59] It’s fallacious to assume that cryptocurrencies are used to fund nefarious activities. Less than 1% of transactions are for unaccountable, unexplained transactions.
[20:50] Considering the value and worth of Bitcoin.
[21:40] The Venezuelan Petrocoin.
[22:15] ICOs won’t necessarily reduce risk, but can speed up innovation. Jonny hopes regulators can embrace this – and says they should look at the jobs being created and potential tax receipts.
[25:08] People don’t need to understand how the technology works. They need to understand and know that the technology can be used to help them. Guidance in regulation around initial offerings would speed up the adoption of some of these technologies so they can be used for good be more inclusive.
[27:25] Running a business? What would you do if your competitor came up with a £10 million marketing campaign because they are funded through an ICO? And why you should think about decentralizing or being decentralized in the future.
Mentioned in this episode:
Team Blockchain @TeamBlockchain
Emurgo https://emurgo.io/about and on twitter at @emurgo_io
Kora https://www.kora.network and @Kora_Network
Crypto Vault https://cryptovault.co @CryptoVaultCo
Get in touch: email@example.com