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The monograph’s subject matter centres on cryptocurrencies, an instrument which aspires to be a modern form of money, and on its place in the world economy, payments systems and financial markets. Special attention is paid to the principles of their usage in Initial Coin Offerings (ICOs), one of the most important areas of their application. The aim of the work is the identification of the economic essence of cryptocurrencies. This includes their functions in settlement systems and as financial instruments, an indication of their role in crowdfunding, as well as the characterisation of the mechanism of the ICO and its core rules. The ICO market is becoming more and more popular among investors and companies seeking to increase or raise capital. The analysis of the cases included in the book shows the importance of a well-prepared white paper, the primary document which contains all the information linked with the project.
Delving into the comprehensive evolution of Initial Coin Offerings (ICOs), this innovative book traces their origins and transition into modern forms such as Security Token Offerings, Initial Exchange Offerings, Initial DEX Offerings, and Non-Fungible Tokens. It provides an in-depth analysis of the factors behind the appeal of ICOs, the complex ecosystem surrounding them, and the key developments within the blockchain and cryptocurrency space.
A Critical Appraisal of Initial Coin Offerings: Lifting the “Digital Token’s Veil” examines the merits of regulating initial coin offerings under traditional securities regulations and provides and in-depth analysis of digital tokens as a new asset class.
Bachelor Thesis from the year 2018 in the subject Business economics - Review of Business Studies, grade: 1.3, LMU Munich, language: English, abstract: The term initial coin offering (ICO) seems to be the new hype of the crypto community. It offers never before seen possibilities for consumers and companies but suffers from draw backs like a lack of regulation. In 2017, an impressive number of 4.6 billion USD was invested in ICOs. Consequently, ICOs are of large public interest. Therefore, it is interesting to determine what influences the behaviour of investors. Accordingly, the aim of this thesis is to investigate how general investment factors change in the disruptive environment of ICOs. Hence, in this context, relevant general investment factor - such as reputation, media coverage, corporate social responsibility, risk and other factors including macroeconomic situation, past performance and technological uncertainty - are considered. The results show that, due to a lack of reliable measures for quantitative factors, qualitative investment factors gain greater importance for ICOs. Furthermore, the highest importance was assigned to media coverage, which is important for investors who want to overcome the high information asymmetries that exist for ICOs.
The great and fastening strides of the Fintech revolution continuously transform once-static traditional financial industry and provision of credit in particular. Blockchain innovation has led to creation of new industry of raising funds without the need for financial intermediaries such as venture capital or banks. In this book we build up a holistic picture of the token sales or initial coin offerings (ICOs) from their inception in 2013 to our days. We analyze the initial phases of the industry’s development, collecting information on all campaigns or ICO attempts in this period, providing a thorough quantitative analysis of the phenomenon. We also provide a detailed account of token sales mechanics and overview all the main actors in this new ecosystem of blockchain-based financing. By leveraging the open data on token sales contributions, we study the behavior of token sales investors and find out that recurrent investors do not succeed in selecting better ICO projects but bigger investors do. In the last part of the book, we study crypto tokens as investments and overview their functionality and risks involved, as well as look at the alternative methods of creating and distributing tokens and compare them to token sales.
Bachelor Thesis from the year 2018 in the subject Business economics - Investment and Finance, grade: 1,0, University of Cologne, language: English, abstract: Since the introduction of Bitcoin in 2009, cryptocurrencies and the blockchain technology behind them have grown in popularity. A new funding mechanism has emerged from blockchain technology, referred to as Initial Coin Offering (hereafter abbreviated as ICO). Recently, this instrument has been increasingly used to finance blockchain-based projects and represents a new alternative to traditional forms of capital raising such as venture capital financing. Although the investors often receive neither co-determination rights nor a share in the profits of the project in return for their financial resources, the organizations implementing the ICOs manage to collect millions of euros within a few hours. The venture capital raised through ICOs has grown from around $300 million to around $19.4 billion since January 2017 to June 2018. Due to the rapidly increasing popularity of ICOs, the new financing mechanism is the focus of this bachelor thesis. This serves as introductory literature for the reader and gives him an understanding of the new form of corporate financing. In addition, it should be examined whether the recent success of the ICOs can be justified.
Delving into the comprehensive evolution of Initial Coin Offerings (ICOs), this innovative book traces their origins and transition into modern forms such as Security Token Offerings, Initial Exchange Offerings, Initial DEX Offerings and Non-Fungible Tokens. It provides an in-depth analysis of the factors behind the appeal of ICOs, the complex ecosystem surrounding them, and the key developments within the blockchain and cryptocurrency space. Countering common misconceptions such as equating ICOs with fraud, Dmitri Boreiko emphasizes the need for robust regulation in the field. Chapters explore the economics of ICOs, offer practical research guidance and navigate the complexities of ICO regulation. The book concludes by highlighting emerging mechanisms in blockchain fundraising, focusing on the increased security, transparency, and flexibility of newer mechanisms. Concise and incisive, this is a timely read for economics students focusing on ICOs and blockchain applications, as well as fintech more broadly. Written in an accessible style, blockchain practitioners, investors and entrepreneurs, and start-ups in tech will also find this to be an interesting read.
The rise of new technologies is changing the way companies raise funds. Along with the recent increase of crowdfunding in the past years, a new form of funding has emerged more recently: the use of Initial Coin Offerings (ICOs). In 2017, companies raised more than $4 billion through ICOs in the United States, and more than $17billion has been raised during the first three quarters of 2018. In a typical ICO, a company raises cryptocurrencies giving some rights in return. The different nature and features of these rights, known as “tokens”, are generating many controversies among securities regulators around the world. Namely, it is not clear whether and, if so, when these tokens should comply with securities law. Securities regulators are addressing this issue in a very different manner across jurisdictions: while countries like the United States, Switzerland and Singapore are requiring companies to comply with existing securities rules only when a company issues “security tokens”, other jurisdictions, such as China and South Korea, have prohibited ICOs, and Mexico subject any issuance of tokens to a system of full control ex ante. Nevertheless, ICOs not only generate these challenges for securities regulators. They also arise many other issues from an accounting, finance, corporate governance, data protection, anti-money laundry and insolvency law perspective. By providing a comparative and interdisciplinary analysis of ICOs, our paper seeks to provide regulators and policy-makers with a set of recommendations to deal with ICOs in a way that may promote innovation and firms' access to finance without harming investor protection, market integrity and the stability of the financial system.
In the complex tapestry of our modern world, where economic landscapes constantly shift and evolve, three seemingly disparate phenomena have emerged as defining narratives of our time: cryptocurrencies, the Syrian refugee crisis, and the rise of municipal startups. These seemingly unrelated forces have converged to create a fascinating and intricate story of economic development, resilience, and innovation. In this book, we embark on a journey to unravel the intricate threads that connect these three distinct aspects of our global reality and shed light on the unique opportunities and challenges they present. Cryptocurrencies, often heralded as the future of finance, have disrupted traditional economic systems and ignited a revolution in the way we perceive and transact value. While their origins can be traced back to the early 21st century, their impact on global economies has been nothing short of revolutionary. As we explore the realm of cryptocurrencies, we will delve into their potential to democratise finance, mitigate financial inequality, and foster innovative solutions in the face of economic adversity. In stark contrast, the Syrian refugee crisis represents one of the most pressing humanitarian challenges of our time. Millions of displaced individuals have sought refuge in neighbouring countries and beyond, leading to an unprecedented strain on economies and infrastructure. Yet, amidst the adversity, stories of resilience and entrepreneurial spirit have emerged. The Syrian diaspora, driven by a relentless pursuit of stability, has contributed to local economies through innovative business ventures. We will examine these stories of hope and the transformative role of displaced communities in host nations. Amid these global narratives, the emergence of municipal startups has quietly reshaped the way cities are managed and services are delivered. These innovative ventures, driven by a desire to address pressing urban challenges, have the potential to redefine the relationship between local governments, businesses, and communities. Through case studies and real-world examples, we will explore how municipal startups are harnessing technology and community-driven solutions to improve urban living standards and foster economic growth. As we embark on this exploration of interconnected economic developments, we will uncover the underlying themes that bind these seemingly disparate threads together. Through the lens of cryptocurrencies, the lens of the Syrian refugee crisis, and the lens of municipal startups, we will gain insights into the evolving dynamics of our global economy, the resilience of human spirit in times of adversity, and the untapped potential of community-driven innovation. In doing so, we will come to understand how these forces converge to shape the economic landscape of our world today, and the opportunities they present for a more equitable and prosperous future.
Initial Coin Offerings (ICOs) emerged as a new type of fundraising that is conducted over the web and is mainly used by open-source blockchain-type start-ups to get their business started. While ICOs recently attracted a lot of attention from investors as well as the media, research on this topic is still nascent. The aim of this paper is to collect and analyze currently available information on ICOs in order to provide foundational knowledge on this rather young phenomenon. To derive a first working definition of the concept, we compare ICOs to more established fundraising mechanisms (i.e. Crowdfunding, Venture Capital and Initial Public Offerings) to identify main differences and commonalties. Furthermore, we provide a short overview of how ICOs work as well as the business models that are associated with this type of funding. Finally, we discuss the broader implications of this new type of fundraising. Therefore, the paper discusses two major potentials of ICOs, which lie 1) in the democratization of venture capital as well as 2) in incentivizing the creation of new protocol technologies that form the basis for new innovative business models. Our main contribution lies in providing researchers an overview and a conceptualization of Initial Coin Offerings. In doing so, we hopefully encourage more researchers to pick up this interesting topic and to produce research on their own to further advance the field.