AuthorBellia, M.; Kounelis, I.; Anderberg, A.; Calès, L.; Andonova, E.; Pólvora, A.; Petracco Giudici, M.; Nascimento, S.; Inamorato dos Santos, A.; Rossetti, F.; Papanagiotou, E.; Nai Fovino, I.; Spirito, L.; Sobolewski, M.
1 https://lightning.network
2 https: //raiden .networ k
3 His, her or their identity is still unkn own and remains a source of regular speculation, see , for example, recent
news stories: http:// www.newsweek.com /2014/03/14/face-behind-bitcoin-247957. html; https://www.nytimes .com/
4 For a list of all active cryptocurre ncies, see: https://coinmarketcap.com/all/views/all.
5 Agreement ledger *, Altcoin*, Attestation Ledger*, Bitcoin*, Block cipher *, Block height, Block reward*, Blockchain
Use Case*, Blockchain*, Central led ger*, Chain linking, Consensus Mech anism*, Consensus Process*, Cons ortium
Blockchain*, Cryptoa nalysis, Cryptoasset*, cryptocoin*, Cryptoc urrenc*, dApp*, Decentralized Autonom ous
Organization*, Digital Commodit*, Distributed Co nsensus, Distributed Ledger Technolog*, Double Spend *,
Doublespending, Et her, Ethereum*, EVM, EV M code*, Full Node*, Halving, Hash Cash*, Hash Rate*, Hashcash*,
Hashrate*, Hyperledger, ICO, Initial Coin Of‌fer*, Ledger Replicatio n*, Litecoin*, Multisig*, Permissioned
Blockchain*, Permissioned Ledger*, Permissionless Blockchain*, Permissionless Ledger*, Private Ledger*,
Proof of Authority, Proof of Stake, Proof of Work, Pu blic Ledger*, Self Souvereign Identit*, SHA 256, S mart
Contract*, So Fork *, Sofork*, Solidity, Stream Cipher *, Tokenless Ledger*, Transaction Block *, Unpermissioned
ledger*, Zc ash*.
6 A new start-up is registered in t he Venture Source database upon receiving its f‌irs t f‌inancial deal. This event
may happen several months a er the company has been established . Moreover, f‌inancial deals are usually
disclosed with a time lag. To mitigate these ef‌fec ts, the data covers the period 2009 -2018 but was collected
in May 2019. However, the results for 2018 may be prone to minor change s in the coming months.
7 This classif‌ication covers 28 cate gories of economic activity as reported by Venture So urce: Aerospace
and Defence; Agriculture an d Forestry; Biopharmaceuticals; B usiness Support Services; Communic ations
and Networking ; Construction and Manufactur ing; Consumer Information Services; Electro nics and Computer
Hardware; Financial Ins titutions and Services; Food and Beverag e; Healthcare Services; Household an d Of‌f‌ice
Goods; Information Service s; Machinery and Industrial Goods; Materials a nd Chemicals; Media and Content;
Medical Devices and Equip ment; Medical Soware and Information S ervices; Non-Renewable Energy ;
Personal Goods; Ren ewable Energy; Retailers; Semiconductors; S oware; Travel and Leisure; Utilities; Vehicles
and Parts; W holesale Trade and Shipping.
8 Figures on investment level s given above are underestimated for two reasons. First , in total, only 65% of
deals of blockchain f‌irms rep orted in the Venture Source database detail an a mount of funding. Importantly,
nondisclosure ratio dif‌fers betwee n major blockchain players. For t he EU and the US f‌irms only 22% of deals
do not report amount s, while for Chinese companies as much as 62 % deals have undisclosed amounts.
Second, Venture Source data base focuses primarily on private equity funding . For this reason the coverage of
non-equity ba sed deals, such as initial coin of‌ferings, is limited. In part icular, several large ICOs that took place
in 2018 are not covered.
9 Disclaimer: The f‌igures r elated to initial coin of‌ferings should be taken with care. The amo unt of ICO funding,
presented in section 2 .2, is underestimated due to incomplete coverage of these d eals in Venture Source
database. See al so footnote 6 for more details. Section 4.2 provides a separ ate analysis of initial coin
of‌ferings, based on more com plete data from Coinschedule.

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