 for the excellent introduction to the speech aimed to analyse if ICOs are going to kill the stock markets. If we look what the ICO is and if we look what the initial public offering is, then actually they serve the same meaning. It's about enabling masses investing into the ideas or investing into the projects. IPO, initial public offering, let's say ten years ago, was a synonym of crowdfunding. It was about the crowds being enabling, entering into the growing ideas. Now the ICO is actually serving the same purpose. It's about enabling investors or should I say wallets investing into the companies. But the stock markets are the ones who enable investing into the ICOs, but the ICOs are very much decentralised. So maybe the stock markets are the symbols in the capital markets of decentralisation. All of this has becoming possible because of the technology called blockchain. And this is exactly what Andreas was talking about. It's a powerful technology to provide the trust. It's a technology that instead of humans and human institutions say that your assets now belong to me or my assets belong to me and now I can transfer to you. So it is a big shift. What we see in the future is that the trust will be provided by the technology instead of the human intermediates. And blockchain, when it was born, it was born global. And that is again a very, very big shift because stock markets in its meaning are quite local and quite regional. And maybe because the blockchain has sort of looking for the killer application, maybe the ICOs are the killer applications. Maybe the ICOs are the tool for the decentralisation. When we talk about the tokens and the coins, then basically there are four types of the tokens and the coins. The one that is well known are the currencies. And the currency is sort of performing like the currencies, but not exactly. The second side are the tokens that represent the assets. Assets like real estate, assets like diamonds, and assets like equity. And this is where Fundabim is operating. We tokenise startup equity and trade tokens that are backed by the startup equity. But in between, there are two B groups of coins or tokens as well. It's the rights backed tokens and the examples are Tenex and Dao. And this is where the stock market regulators or let's say financial regulators very much think these are acting as securities. And then the last one is the utility token. And this is the most interesting token. And I suggest you to search for a utility token or specifically the protocol token. These are the tokens that most probably going to shift us and going to teach us the way how we live in the future. It's going to be different type of the tokens that represent different type of the assets. So we're not just going to trade and exchange with each other the assets, which we are so much used to now. But we're going to trade like, check the file coin, like the tokens of the filing space. With the other tokens representing totally different value with no centralisation in between and with no currency in between. And this I think what is going to make the stock market's life in the future a bit difficult. Now if we dig into the numbers, this is the global startup funding 2017. The US is obviously leading with 60 billion invested into the startups. Europe is very much lagging behind. Only 16 million. And Asia is growing. This is the circle that is growing every year. And I see was a just tiny little part of it. But again it's growing. Now when we go into the stock markets and when we go into the IPO's business, then the very interesting thing what I actually discovered even for myself is that US is not the leading stock market country, but Asia is the leading stock market country. And stock markets is nothing but the liquidity provider for the private investments. Now if the ICO's come, maybe it's going to be the liquidity provider without any centralisation. So what's going to happen? Will the ICO scale stock markets or not? First, what we still need to understand is what is token. There is no common understand what the token is. Token can be anything representing a scam, it can be a representing equity, it can be a representing a membership or protocol token. So what is it? In stock markets we know what we get. Second thing, who is your investor? And this is called know your customer anti-money laundering. In ICO's very much is based on the pseudonymus investments and this is where the regulators are actually cross about the ICO's and this is where the stock markets are actually good. They know who the investors are. What's again still working in the stock market is the reporting. Actually we know what we get and we know how our underlying investments are doing, but that is basically it's because the red lies for the stock markets and for the way we live is the intermediates. And this is where I started and this is where Andrea started is that intermediates are actually supporting the centralised system. It's somebody else who is saying that your assets belong to you and if I want to trade with you then this intermediates takes your assets and transfers to me and there's another intermediates takes my funds and transfers to you. Because of the blockchain we can do it without any intermediates and this is something that definitely forces stock markets and stock exchange operators to be much more efficient. The second big thing is the reach. Blockchain asset technology and services built on the blockchain were born global. There is no localisation. While the stock markets are very local they are regulated by the local regulators and their service providers starting from the brokers are very local. Blockchain is global and the third is stock markets are very overregulated and again coming back to Andrea's if you would like to change the world you have to start with breaking the rules and if you think about the fintech then fintech in the whole world is the most regulated sector and do you think it's getting better? No it's getting worse it's gonna more and more regulation are going to introduce. So will ICOs come to the market? This is the best picture I think that's gonna describe 2018. There's gonna be some enlightening there's gonna be some breaking breaking the rules breaking the myth of the best ICOs so far look at the Dezos case there's gonna be some breaking the borders there's gonna be some mess but it's definitely going to be super super interesting year 2018. To provide this new tool for the enterprises but not just the enterprises but for every different community builders and every different products and services builders to use the ICO but to use it in a meaningful way and actually to challenge the centralized system so go global thank you