Initial Coin Offering (ICO) as a Fundraising Strategy: A Multiple Case Study on Success Factors

Panin, Aleksei; Kemell, Kai-Kristian; Hara, Veikko

doi:10.1007/978-3-030-33742-1_19

Cited by 13 publications

(10 citation statements)

References 10 publications

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“…Crowdfunding includes initial coin-or token-offering (ICO/ITO), initial exchange offering (IEO), security token offering (STO), and revenue models. Some tokens are issued in a limited or unlimited manner when a condition is met, such as mining, whereas others are issued all at once in advance [58][59][60][61].…”

Section: ) Tokenmentioning

confidence: 99%

A Taxonomy for Characterizing Blockchain Systems

2022

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Blockchain is a promising technology that has received extensive attention from academia and industry in various subject domains. The significant potential of blockchain technology lies in its key characteristics of decentralization, persistency, anonymity, and auditability. However, the development of blockchain applications faces many technical difficulties because such applications are highly complex and heterogeneous, involving cooperation and interoperation between legacy systems and blockchain systems. These difficulties are further exacerbated by the lack of a common understanding of different blockchain solutions and components from a software engineering perspective. This study proposes a taxonomy to classify the eight fundamental components of blockchain systems. These components comprise a platform, network, distributed ledger, smart contract, consensus protocol, digital wallet, token, and node. Under the proposed taxonomy, each component is divided into several aspects (i.e., characteristics) that collectively describe the component. As a result of this elaboration, the taxonomy organizes the eight components into 83 dimensions and 199 characteristics. The taxonomy was validated using illustrative scenarios and a case study. The proposed taxonomy aims to provide a better understanding of the interrelationships among different blockchain components and aspects. Such an understanding can help blockchain application developers to design better blockchain architectures and systems.

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Section: ) Tokenmentioning

confidence: 99%

A Taxonomy for Characterizing Blockchain Systems

2022

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“…Blockchain and distributed ledger technologies may disrupt industries by providing means for decentralization, enabling automation, reengineering business processes, and improving the management of information systems [1,2,3]. Blockchain relies on cryptography consisting of an interconnected and unmodifiable list of digital records shared within a peer-to-peer network [4].…”

Section: Introductionmentioning

confidence: 99%

Blockchain Governance: A Dynamic View

Laatikainen

Abrahamsson

2021

Lecture Notes in Business Information Processing

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The governance of blockchain systems is unique due to its decentralized nature and automatically enforced rules and mechanisms. Moreover, blockchain governance is crucial in achieving success and sustainability. With this study, we aim to advance the theory of blockchain governance and support practitioners by defining blockchain governance from a holistic viewpoint and identifying its building blocks. As a result of a systematic literature review of 75 recent articles focusing on blockchain governance, we propose a dynamic model that deepens the researchers' and practitioners' understanding of blockchain governance. The conceptual model can serve as a reference framework and structured foundation for analyzing, discussing, and developing the governance of blockchain systems.

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“…However, despite of their importance, ICOs are poorly understood [ 9 , 10 ] and they represent a high-risk investment for investors. First, ICOs exist in an environment with no regulation, and this allows the founders to design any business model that makes their offering attractable without bearing any future consequences.…”

Section: Introductionmentioning

confidence: 99%

“…Recent literature has studied ICOs as a special type of crowdfunding (e.g. [ 7 , 9 , 10 ] and as revenue streams through which firms intend to collect funds for their business ideas [ 12 ]. However, in this research, we argue that ICOs can be seen as business models towards the possible investors.…”

Section: Introductionmentioning

confidence: 99%

ICO Crowdfunding: Incentives, Pricing Strategy, Token Strategy and Crowd Involvement

Laatikainen

Semenov

Zhang

et al. 2020

Agile Processes in Software Engineering and Extreme Programming – Workshops

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Blockchain technologies provide means to develop services that are secure, transparent and efficient by nature. Unsurprisingly, the emerging business opportunities has gained a lot of interest that is realized in form of successful Initial Coin Offerings (ICOs) that are able to raise billions of USD through crowdfunding campaign. In this exploratory research we study 91 ICOs through content analysis in order to investigate the special characteristics of ICO crowdfunding as business models towards the possible investors. We found that ICOs can be described through (1) the model for providing incentives for investment, (2) the pricing strategy, (3) the token strategy and (4) the activities for crowd involvement in value co-creation.

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Initial Coin Offering (ICO) as a Fundraising Strategy: A Multiple Case Study on Success Factors

Abstract: This is a self-archived version of an original article. This version may differ from the original in pagination and typographic details.

Cited by 13 publications

References 10 publications

A Taxonomy for Characterizing Blockchain Systems

A Taxonomy for Characterizing Blockchain Systems

Blockchain Governance: A Dynamic View

ICO Crowdfunding: Incentives, Pricing Strategy, Token Strategy and Crowd Involvement

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