Skip to main content

2021 | OriginalPaper | Buchkapitel

The Tokenization of Assets: Using Blockchains for Equity Crowdfunding

verfasst von : Jakob Roth, Fabian Schär, Aljoscha Schöpfer

Erschienen in: Theories of Change

Verlag: Springer International Publishing

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config
loading …

Abstract

In this chapter, we present tokenization of equity crowdfunding on a Blockchain as a possible approach to ease access to capital for startups. We propose a categorization of token standards into UTXO-based, layer-based and smart contract-based tokens. In a second step, we analyze the advantages that tokenization can bring, such as cryptographically secured ownership, programmability of assets, access to the Blockchain-ecosystem, enhanced divisibility of shares as well as the formation of a well-functioning secondary market. Tokenization allows to decouple the ledger of assets from the crowdfunding platform, thus lowering the cost of secondary market trading and the intermediary’s power. We conclude by mentioning several drawbacks including information asymmetries between investors and campaign creators, regulatory issues and high energy intensity of Proof-of-Work-secured Blockchains.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 102.000 Bücher
  • über 537 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Springer Professional "Technik"

Online-Abonnement

Mit Springer Professional "Technik" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 390 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Maschinenbau + Werkstoffe




 

Jetzt Wissensvorsprung sichern!

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 340 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Jetzt Wissensvorsprung sichern!

Fußnoten
1
For a definition of the term see Belleflamme et al. (2015).
 
2
Messeni Petruzzelli et al. (2019) provide a comprehensive and detailed summary of the current research front and its implications for sustainable crowdfunding projects.
 
3
Agrawal et al. (2013) have given a great overview about the incentives and disincentives to engage in crowdfunding for these three actors.
 
4
I.e. all outstanding shares are bought by a third party which acquired the startup.
 
7
E.g. Proof-of-Work (PoW) or Proof-of-Stake (PoS).
 
8
In our analogy: If either the newspaper or the consensus system for the external transaction graph are compromised, the system will fail.
 
18
Alternatively, a variety of additional requirements can be added, such as the need for additional signatures or timelocks.
 
21
See for example the U.S. JOBS Act (https://​sec.​gov/​spotlight/​jobs-act.​shtml).
 
22
Legal obstacles might still prevent secondary markets from developing.
 
24
Note that in order to acquire coins, one must often resort to exchanges where the investor is charged a fee to buy coins or tokens.
 
Literatur
Zurück zum Zitat Antonopoulos, A. M. (2014). Mastering bitcoin: Unlocking digital crypto-currencies (1st ed.). Sebastopol: O’Reilly Media. Antonopoulos, A. M. (2014). Mastering bitcoin: Unlocking digital crypto-currencies (1st ed.). Sebastopol: O’Reilly Media.
Zurück zum Zitat Berentsen, A., & Schär, F. (2017). Bitcoin, Blockchain und Kryptoassets. Norderstedt: BoD - Books on Demand Berentsen, A., & Schär, F. (2017). Bitcoin, Blockchain und Kryptoassets. Norderstedt: BoD - Books on Demand
Zurück zum Zitat Berentsen, A., & Schär, F. (2019). Stablecoins: The quest for a low volatility cryptocurrency. In A. Fatás (Ed.), The economics of Fintech and digital currencies (pp. 65–71). London: CEPR Press. Berentsen, A., & Schär, F. (2019). Stablecoins: The quest for a low volatility cryptocurrency. In A. Fatás (Ed.), The economics of Fintech and digital currencies (pp. 65–71). London: CEPR Press.
Zurück zum Zitat Bernstein, A., Hughson, E., & Weidenmier, M. (2019). Counterparty risk and the establishment of the New York stock exchange clearinghouse. Journal of Political Economy, 127(2), 689–729.CrossRef Bernstein, A., Hughson, E., & Weidenmier, M. (2019). Counterparty risk and the establishment of the New York stock exchange clearinghouse. Journal of Political Economy, 127(2), 689–729.CrossRef
Zurück zum Zitat Chen, Y. (2018). Blockchain tokens and the potential democratization of entrepreneurship and innovation. Business Horizons, 61(4), 567–575.CrossRef Chen, Y. (2018). Blockchain tokens and the potential democratization of entrepreneurship and innovation. Business Horizons, 61(4), 567–575.CrossRef
Zurück zum Zitat de Vries, A. (2018). Bitcoin’s growing energy problem. Joule, 2(5), 801–805.CrossRef de Vries, A. (2018). Bitcoin’s growing energy problem. Joule, 2(5), 801–805.CrossRef
Zurück zum Zitat Domowitz, I., Glen, J., & Madhavan, A. (2001). Liquidity, volatility and equity trading costs across Countries and over time. International Finance, 4(2), 221–255.CrossRef Domowitz, I., Glen, J., & Madhavan, A. (2001). Liquidity, volatility and equity trading costs across Countries and over time. International Finance, 4(2), 221–255.CrossRef
Zurück zum Zitat Freedman, D. M., & Nutting, M. R. (2015). Equity crowdfunding for investors: A guide to risks, returns, regulations, funding portals, due diligence, and deal terms. Hoboken: Wiley.CrossRef Freedman, D. M., & Nutting, M. R. (2015). Equity crowdfunding for investors: A guide to risks, returns, regulations, funding portals, due diligence, and deal terms. Hoboken: Wiley.CrossRef
Zurück zum Zitat Nyffenegger, R., & Schär, F. (2018). Token Sales: Eine Analyse des Blockchain-basierten Unternehmensfinanzierungsinstruments. Corporate Finance, 5(06), 121–125. Nyffenegger, R., & Schär, F. (2018). Token Sales: Eine Analyse des Blockchain-basierten Unternehmensfinanzierungsinstruments. Corporate Finance, 5(06), 121–125.
Zurück zum Zitat Schär, F. (2019). Blockchains: How they work and what they are used for. In Crypto Finance. Schär, F. (2019). Blockchains: How they work and what they are used for. In Crypto Finance.
Metadaten
Titel
The Tokenization of Assets: Using Blockchains for Equity Crowdfunding
verfasst von
Jakob Roth
Fabian Schär
Aljoscha Schöpfer
Copyright-Jahr
2021
Verlag
Springer International Publishing
DOI
https://doi.org/10.1007/978-3-030-52275-9_19

Premium Partner