从摇篮到独角兽 以太坊公共物品融资的周期理论

The source of the article compiles the pure editor's note. The team members and co-founders of the open source project analysis product team wrote an article to dismantle the financing cycle of Ethereum ecological public goods and the problems and opportunities in each cycle. This paper provides a basic framework for the periodic research of public goods, and the opportunities mentioned in it are of great reference value as the construction direction. This paper discusses the end-to-end financing life cycle of Ethereum public goods. We believe that solving these problems can create a cryptocurrency ecosystem. Sustainable competitive advantage: We have outlined the cradle stage of the life cycle of public goods financing, focusing on building and obtaining initial funds. The mature stage includes community building and surviving in the sad valley. The unicorn stage is about achieving significant impact and obtaining traceability funds. There is a famous chart showing the life cycle of a start-up enterprise from being first reported to gradually losing its freshness to a long-term sad valley, and finally crossing the gap by billions of dollars. Selling at a price, these start-ups are usually funded by venture capital companies, and most of them die at a low ebb because they run out of funds before finding the fit point between the products and the market. The financing infrastructure of start-ups is quite perfect, and they will get some initial funds of venture capital to build products around their own ideas. If they enter the growth stage, they will get more venture capital and income. Finally, if all goes well, when the company has a liquidity event, everyone will. In addition, there is a value chain composed of different investors who specialize in providing funds for start-ups of different types and stages. Early investors are often very different from late investors. Early investors mostly bet on people, so they need professional domain knowledge and networks to find good transactions. Later investors pay more attention to numbers, so they will pay close attention to the company's indicators and macro situation. For valuable resources, including education, recruitment guidance and other public goods financing project life cycle, let's consider what the similar capital life cycle diagram of the public goods ecosystem in Ethereum might look like. Ideally, it is to provide funds for the team before, during and after its impact. In order to accelerate innovation, every feasible project should be funded in the life cycle of public goods organizations from cradle to unicorn, and in addition, it is necessary to continuously provide financial verification and other resources to help the project. Not all projects can be successful, in fact, most projects will not. If the project finally dies, the team will continue to move forward, and we should not be ashamed of it. In particular, we should encourage the publicity of the experience and lessons of these teams in order to avoid the future team repeating the same mistakes. The potential financing stage is in the initial stage. People are afraid of quitting their jobs and applying for many bursary projects. It's difficult and time-consuming, but providing funds can't be without review. In order to really help builders, builders also need to verify what can create value for how many people. While obtaining funds, you also need to verify whether your work is important. Bounty and hackathon are good ways to sow ideas, but they are unpredictable and will stimulate teams to constantly change projects and jump into the ecosystem. There should be a better way to win a few small hackathon games and get a large grant. Maybe there are a few medium-sized ones in the middle. This will help more projects to start and provide a way for the tested builders to quit their jobs and engage in the work full-time. It will also help the builders to focus on a specific ecosystem instead of jumping from one grant to another. In the cradle stage, projects should focus on the most important things, and they should build in public as much as possible, anything that can simplify their lives and make them focus on construction and learning, whether it is looking for insurance or hiring. It is worthwhile to be an excellent smart contract auditor. Ideally, they should not spend too much time worrying about the source of the next fund. In our schematic diagram, at this stage, from winning the hackathon to getting a small grant from the Ethereum Foundation, they have not had any real impact, but they have proved that it is worth getting a lot of potential funds to build something. At the mature community financing stage, this project has some funds, but it is running very unsatisfactory. It is under construction. Build and try different things, but often no one really cares about the sad trough, just like the bear market of the project. When your sad trough and the capital bear market appear at the same time, it is even more difficult. In order to get through the sad trough and grow into a mature public goods project, you need to build a community and start to have a truly demonstrable impact on these people. This is the most valuable stage of community funding mechanisms such as secondary financing and direct grants, although most projects cannot raise million dollars in this way. But they should be able to get enough funds to survive and continue to develop. These mechanisms force projects to keep close contact with the community and raise community awareness. The best projects are those that already exist and have established a reputation, not those that have announced their existence to the world. We have observed that other funding platforms, including Hehe, are also the same. The best projects are all mature at this stage and enjoy a good voice in the community because they provide useful public goods. In the retrospective financing stage of the reputation unicorn, at some point, the project will have an inflection point, and the impact on the ecosystem will far exceed the fair compensation. We hope that this is where a large number of retrospective funds come into play. Ideally, we will start to see various complementary mechanisms to provide funds for these projects, such as pledge income or profits, which will be awarded to prestigious projects for additional rounds, and they will be decided by a group of badge holders. At present, these are mostly technical mechanisms, but over time. With the passage of time, public goods projects are expected to bring more bottom-up recurrent income and provide different ways of fund combination. This idea can be extended to any form of public goods. The better we do in tracking the impact and creating a culture that rewards the upstream impact, the more likely it is to become a feasible source of recurrent income for public goods. Finally, if we can set up awards equivalent to awards or large-scale pre-market commitments for public goods, it will be an exciting thing. Sometimes death is a feature rather than a mistake. Many projects cannot achieve sustainable development and cannot become unicorns, but are developing. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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