Special thanks to Kevin Takaoka for providing the Japanese translation of this presentation. This is an abbreviated presentation based on R3CEV research first publicly shown at the Gaiax – Blockchain University event “Blockchain Summit” held in Tokyo on December 18, 2015: http://gaiax-blockchain.com All citations and references can be found here: http://www.ofnumbers.com/2015/12/19/the-evolving-distributed-ledger-tech-landscape/ Copyright R3CEV 2015 All Rights Reserved

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Overwhelmingly fluid as of December 2015
The tech landscape surrounding
distributed ledgers
分散型レッジャーを取り巻く技術環境

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One outside view combines both cryptocurrency
startups – that are building consumer-facing virtual
currency-related products – together with non-
cryptocurrency, distributed ledger companies such
as those catering to capital markets.
暗号通貨スタートアップ（消費者用デジタルカレンシー）と暗
号通貨から切り離された分散型レッジャースタートアップ（資
本市場用）がしばしば混同される
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In practice there is a wide gulf between the services
that a Bitcoin-only company like Coinbase provides
versus a distributed ledger software provider like
Chain.com currently does.
ビットコインだけの企業（Coinbaseなど）と分散型レッジャー
プロバイダー（Chainなど）との間には大きな違いがある
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While it may change as the industry matures, many
other analysts also still lump all distributed ledger-
related companies into “Bitcoinland”
今のところ多くのアナリストは、この分散型レッジャースタート
アップを「ビットコインの仲間」だと思い込んでいる
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On October 8, 2015
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On November 2, 2015
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ビットコインスタートアップへの投資額が10億ドルに

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But there probably has not been $1 billion invested in
Bitcoin-specific companies as an aggregate (yet).
Cannot conflate cryptocurrency-dependent startups
with companies using or building non-cryptocurrency-
based distributed ledgers. They are not the same thing.
しかし、ビットコインに限定したスタートアップへの投資額が10億
ドルと言うのは正確ではない
ビットコインスタートアップと分散型レッジャースタートアップは異
なる
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以下はシリーズA以降までのファンドを得た「ビットコイ
ン」スタートアップ
(e) stands for “exchange”
Abra: ($14 m) BitPay: ($32.5 m) (e) Circle: ($76 m) (e) Huobi: ($10 m) (e) Ripple Labs: ($38.47 m)
Align Commerce ($12.5+
m)
Bitstamp: ($10 m) (e) Coinbase: ($106 m) (e) itBit: ($28.25 m) (e)
Shapeshift: ($2.13 m)
(e)
Bitex.la: ($4 m) (e) BitX: ($4.82 m) Coinplug: ($8.3 m) (e) KnC: ($29 m) Spondoolies: ($10.5 m)
BitFlyer: ($6.94 m) (e)
Blockchain.info ($30.5
m)
Coinsetter: ($1.9 m) (e) Korbit: ($3.4 m) (e)
Uphold, formerly
Bitreserve: ($14.6 m) (e)
BitFury: ($60 m) Blockstream: ($21 m) Cryex: ($10 m) (e) Kraken: ($6.5 m) (e) Vogogo ($21 m)
BitGo: ($14 m)
BTCC, formerly BTC
China: ($5 m) (e)
Filament: ($6.2 m)
Mirror, formerly
Vaurum: ($12.8 m) (e)
Xapo: ($40 m) (e)
BitGold: ($5.3 m) ChangeTip: ($4.25 m) Gem.co ($10 m+) OKCoin: ($11 m) (e) 21inc: ($121 m)
Bitnet: ($14.5 m) Chain: ($43.7 m) GoCoin: ($2.05 m) (e) Peernova: ($19 m) 合計: $875 m
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More than meets the eye
表には表れない事実
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Observations 状況
Before looking at pivots: 分散型レッジャーが注目される前
– Ignoring for the moment the long-tail of seed stage firms that failed to gain traction
(which likely represents around $75-100m in funding over the past 3 years) 失敗に終
わっていった数多くのシードステージスタートアップ（おそらく過去三年で$75-100百万ほど）
– Ignoring the unannounced Series A rounds (BP) 発表されていないシリーズA
– Also ignores the unannounced funding for Chinese mining/exchanges
中国のマイニングやエクスチェンジマーケットへのファンディング
The majority of Series A or higher startups (20 out of 39) began or currently are, some kind of
virtual currency exchange and/or custodial wallet.
半数以上（３９のうち２０）のシリーズA以降スタートアップはデジタルカレンシーエクスチェンジあるい
はウォレット
A significant portion of the funding also went towards “mining” related companies, but those
do not really build the software-side of the ecosystem. Mining is a forex play: a short on
local fiat and long on cryptocurrency.
多くの資金はまたマイニングスタートアップにも流れたが、ソフトウェアのエコシステム作りには寄与
せず（マイニングは現金を売り、デジタルカレンシーを買うトレード）
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以下多くの会社はビットコインスタートアップから脱却
リブランドあるいはさまざまな方法でピボット（転換）
Abra ($14 m)
originally launched as a “rebittance” company, still claims to use
the Bitcoin network but the word Bitcoin does not appear on its
homepage Vogogo ($21 m) the word Bitcoin does not appear on its frontpage
BitGold ($5.3 m) pivoted from Bitcoin last December Gem.co ($10 m+)
recently pivoted from cryptocurrency-only to a
“blockchain” agnostic service provider like Chain; the
word bitcoin does not appear on its homepage
Bitreserve ($14.6
m) rebranded as Uphold and now vocally moving away from Bitcoin BTC China ($5 m)
still focused on its virtual currency exchange renamed
itself as BTCC to move further abroad into the
international marketplace
ChangeTip ($4.25
m)
removed the word Bitcoin from its frontpage, now focused on
USD-denominated tips itBit ($28.25 m)
in addition to running its virtual currency exchange,
they also launched the Bankchain initiative this past
summer
Chain ($43.7 m)
after closing its recent B round, remarketed from Bitcoin-only and
removed the word Bitcoin from its frontpage except in the
headlines of past news articles DAH ($35mil est)
originally planned on using the Bitcoin blockchain but
broadened its scope during the summer after acquiring
Hyperledger; the word Bitcoin does not appear on its
homepage although it still uses the Bitcoin network for
certain product launches (like Pivit)
Circle ($76 m)
slightly rebranded after receiving a Bitlicense; its new 60 second
ad does not use the word Bitcoin Symbiont
originally used the Counterparty platform and the
Bitcoin network as part of its financial service, but has
now built a permission-based system
Cryex ($10 m) the word Bitcoin does not appear on its frontpage
Align Commerce ($12.5m),
Serica, Melotic and many
others
do not use the word Bitcoin on their homepages yet still
use the Bitcoin network for some lines of business
Mirror, formerly
Vaurum ($12.8 m)
the word Bitcoin does not appear on its frontpage (but does on
some older blog posts)
Several East Asian
exchanges
have quasi-pivoted (but not announced) into traditional
fintech
Peernova ($19 m)
originally a Bitcoin mining company that is no longer affiliated
with Bitcoin at all Ripple
while it has deep ties to the cryptocurrency wing (via
XRP), it is not a “Bitcoin” company
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Is this splitting hairs?
When drilling down, over the past year these specific pivots represent roughly
$100 million of funding that is now focused on non-cryptocurrency
distributed ledgers
一見些細だが実は重要
過去一年間のこうしたピボットはおよそ＄１００Mファンディングを占めており、
スタートアップは分散型レッジャーに衆力し始めている
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倒産（デッド）/死に体（ゾンビ）：過去一年
デッド:
Bonafide
Cavirtex (shut down and acquired by Coinsetter)
Vault of Satoshi
Buttercoin
Yacuna
Harborly
Swarm
Sator Square
CoinTerra
Tembusu
ゾンビ:
Bitpay (laid off half of employees)
Coinsetter (one person left)
AtlasATS
TruCoin
Magnr, formerly BTC.sx
Coinarch
LedgerX
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Why have they pivoted or rebranded?
That is an entirely different presentation but the main
reason is that: consumer adoption and global uptake
has been marginal across the board (which is one of
the reasons why none of the “big” companies post
actual usage statistics).
なぜ多くのスタートアップはピボットまたはリブランド？
結局消費者が使うメリットが乏しく、世界規模での理解も得ら
れていない
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What does the real “blockchain” or “distributed
ledger” landscape look like then?
本当のブロックチェーン＝分散型レッジャーとはなにか
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Is the word “blockchain” a euphemism for “virtual
currency?”
ブロックチェーンはデジタルカレンシーの遠回し表現か？
To some venture capitalists it is a “code word” but only 5 of
those companies above are still affiliated with Bitcoin in a
non-marginal manner (Blockstream, itBit, Tradeblock, DAH,
AlphaPoint).
そういう人もいるが、前頁スタートアップのうちビットコインに大きなリ
ソースを割いているのは以下の五社のみ（Blockstream, itBit,
Tradeblockk, Digital Asset Holdings, AlphaPoint)
Many other companies are not trying to create convertible
virtual currencies.
他の多くもデジタルカレンシーを作ることには注力していない
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Building infrastructure
インフラ設計
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下層レイヤーを作っているスタートアップ
SETL (London) DAH (NYC) TradeBlock*
(NYC)
Ripple Labs
(SF)
itBit (NYC) Overstock/T0
(Utah)
Peernova* (San
Jose)
Symbiont
(NYC)
Blockstream (San
Mateo / Montreal)
Chain (SF) Clearmatics
(London)
Dwolla (SF)
OpenChain
(Dublin)
Monetas
(Switzerland)
Ascribe* (Berlin) MultiChain
(Israel)
DiQi (Taipei) Cambridge
Blockchain
(Boston)
GuardTime
(Brussels)
Tendermint (SF) AlphaPoint (NYC) Credits (Isle of
Man)
Far Horizon
Capital
(Thailand)
Pactum/Uledger
(Kosovo)
INFRA Project
(Ukraine)
Stellar (SF) Domus Tower (SF) And various
altcoins
Total funding:
collectively
raised or
trying to $200
million in
aggregate
Total
employees:
collectively
about 500
people
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アプリケーションレイヤー
• Hitfin (E)
• Skuchain
• Provenance (B)
• Ldger (R)
• Eris (E)/(TM)
• String (E)
• Vennd (CP)
• Fluent (OA)
• Wave (B)
• OTDocs (NXT)
• Manifold
• Everledger (E)
• Chronicled (B)
• Epiphyte (B)
• Tierion / Factom (B)
• BlockApps (E)
• Cobalt (TM)
• Monetsu
• More than a dozen others
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新しいエコシステムにおけるそのほかのスタートアップ
APIスタートアップ（ピボットあるいは新規サービス追加）: BlockCypher and Gem
デベロッパー向けサービス: AppliedBlockchain, B9, Cryptonomex, DX Markets,
MetaLair, EthCore, ConsenSys, Levvel, Brainbot (Hydrachain), Emercoin,
Cryptiv
資産移転: Otonomos, Digix, MarketX, Liquidbricks/Securrency (R),
Estatecreate, Kynetix
大規模コンサルティングファームやソフトウェアベンダーもブロックチェーンチームを形成し
始めてきている: Microsoft (BaaS), PwC, Tata, Accenture, E&Y, Deloitte
(Rubix), The Linux Foundation Open Ledger Project (IBM, Cisco, Intel,
VMware)
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This also does not include a number of very small pre-seed
startups that have arisen over the past couple of months.
実はこの数か月で出現してきているプレシードの多くのスタートアップ
も含まれていない
Or other orthogonally-related companies looking for some
kind of partnership as it relates to hardware wallets,
multisig, IoT and data analysis (e.g., Case, Ledger, Sig3,
Rivetz, Filament, Slock.it, Blockseer, Chainalysis,
Coinalytics, etc.).
また、ハードウェアウォレット、マルチシグ、IoTやビッグデータにまつ
わる会社も出てきている(e.g., Case, Ledger, Sig3, Rivetz,
Filament, Slock.it, Blockseer, Chainalysis, Coinalytics, etc.)
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What about common standards?
An internal random sampling of 11 startups in this
ecosystem showed a strong desire to work with an
open standard instead of creating many new
proprietary versions.
共通点は？
11のスタートアップをこれらからランダム抽出してみてわかる
のは、独自のシステムを構築して提供するのではなく、既存
企業と協力しながらオープンスタンダードを作ることに注力し
はじめている
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What should your financial institution ask startups?
デューデリジェンス：スタートアップに求めるべきもの
Due to the amount of the confusing pivoting and rebranding that has
taken place, some important questions while doing due diligence:
複雑なピボットやリブランディングが起こっているため以下の基準が重要
– Many “lost” startups that look for use-cases without understanding the
existing financial services industry: why is your startup using a
blockchain in the first place?現在のファイナンスサービスの理解なくユー
スケースを求めないスタートアップは失敗する→そもそもそのスタートアップ
は何のためにブロックチェーンを使っているのか
– Is your system designed so that settlement occurs “through” the ledger
versus settlement “on the ledger”? レッジャーを通じて取引を成約させた
いか、レッジャー上に取引を記録したいか？
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Diligence cont’d （続き）
– What blockchain or distributed ledger is your startup currently using? Is it based off a
public blockchain, does it need to use a cryptocurrency?
• Blockchain-agnostic is a gimmicky term; you cannot always port an app from
Ethereum and immediately use it on Bitcoin and vice-versa (e.g., OP_RETURN is
too small)
どんなブロックチェーンや分散レッジャーを使っているか？ビットコインなら、ビットコインを
使わなければいけない理由は何か？スタンスを取らない、というところは怪しい。
Ethereumを使えばBitcoinに簡単には移行できない
– How robust are the transaction management capabilities of your system; does it meet
a wide array of non-functional requirements (e.g., life cycle event tracking, trade
reporting, margining, collateral management, identity management)?現状システムの
取引管理能力がどれほど高いか？機能的な面ではない要件もみたいしているか（例：ライ
フサイクルイベントトラッキング、マージニング、担保管理、アイデンティティ）
– Have you modeled out how your system or application will integrate with existing
infrastructure?既存のシステムやアプリケーションが今存在しているインフラにどのように
当てはまるかモデルが組めているか？
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Questions or comments?
tim@r3cev.com
Confidential and Proprietary