Valuation of Crypto Assets. A Conceptual Framework and Case Application to the IOTA Token

Inhaltsverzeichnis (Table of Contents)

• Introduction
• Objective and approach of the thesis
• Terminology and definitions
  • Definition of distributed ledger technology and blockchain
  • Definition and classification of crypto assets
  • About the fundamental value of crypto assets
• Conceptual framework: Valuation techniques of crypto assets
  • Discounted Cash Flow (DCF) and CAPM
  • Asset rotation theory
  • Equation of Exchange (Quantity Theory of Money)
  • Network Value to Transaction (NVT) ratio
  • Metcalfe's Law
  • Cost of production approach
  • Accessibility discount
  • Key findings
• Case application: Valuation of the IOTA token
  • About IOTA
  • Valuation of IOTA

Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)

This master thesis aims to develop a conceptual framework for the valuation of crypto assets. The thesis analyzes various valuation techniques, specifically focusing on the application to the IOTA token. The work investigates the characteristics of crypto assets, their fundamental value, and the applicability of traditional and novel valuation methods.

• Valuation of crypto assets
• Distributed ledger technology (DLT) and blockchain
• IOTA token
• Application of traditional and novel valuation techniques
• Fundamental value of crypto assets

Zusammenfassung der Kapitel (Chapter Summaries)

The introduction sets the stage for the thesis by providing a brief overview of the research context and the significance of crypto assets. It also outlines the objectives and approach of the study. Chapter 3 delves into the terminology and definitions related to DLT, blockchain, and crypto assets. It discusses the classification of crypto assets and explores the concept of fundamental value. Chapter 4 presents a comprehensive conceptual framework for the valuation of crypto assets, exploring various techniques like discounted cash flow (DCF), asset rotation theory, the equation of exchange, network value to transaction (NVT) ratio, Metcalfe's Law, cost of production approach, and accessibility discount. This chapter also discusses the key findings of the valuation techniques. Finally, Chapter 5 presents a case application of the valuation framework by focusing on the IOTA token. It provides a brief overview of IOTA and its functionalities before applying the valuation techniques to assess its value.

Schlüsselwörter (Keywords)

This thesis revolves around the valuation of crypto assets, particularly the IOTA token. Key concepts include distributed ledger technology, blockchain, fundamental value, valuation techniques such as DCF, NVT ratio, and Metcalfe's Law. The analysis also explores the characteristics and functionalities of the IOTA token.