The ICO phenomenon and its relationships with ethereum smart contract environment

Fenu, Gianni; Marchesi, Lodovica; Marchesi, Michele; Tonelli, Roberto

doi:10.1109/iwbose.2018.8327568

Cited by 115 publications

(77 citation statements)

References 10 publications

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“…Adhami et al [8] too focused the attention on empirical evaluation of ICOs, classifying them in accomplished and failed. Very recently, Fenu et al analyzed 1387 ICOs, assessing the factors that were critical to theirs success [5] using a statistical analysis, whereas Hartmann et al analysed 28 ICO websites to reveal the state of the practice in terms of ICO evaluation [6].…”

Section: Related Workmentioning

confidence: 99%

ICOs Overview: Should Investors Choose an ICO Developed with the Lean Startup Methodology?

Ibba

Pinna

Baralla

et al. 2018

Lecture Notes in Business Information Processing

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Abstract. An Initial Coin Offering (ICO) is an innovative way to raise funds and launch a startup. It is also an opportunity to take part in a project, or in a DAO (Decentralized Autonomous Organization). The use of ICO is a global phenomenon that involves many nations and several business categories: ICOs collected over 5.2 billion dollars only in 2017. The success of an ICO is based on the credibility and innovativeness of project proposals. This fund-raising tool contains however some critical issues, such as the use of tokens that have no intrinsic value and do not generate direct liquidity, and the role of investors in the management of the startup. We analyzed if the Lean Startup methodology is helpful to face this critical aspects and we examined some ICOs in which the proposing team states explicitly that a lean startup approach is used.

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Section: Related Workmentioning

confidence: 99%

ICOs Overview: Should Investors Choose an ICO Developed with the Lean Startup Methodology?

Ibba

Pinna

Baralla

et al. 2018

Lecture Notes in Business Information Processing

Self Cite

View full text Add to dashboard Cite

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“…While this paper is a deep dive into a specific issue with ERC20, it also illustrates a number of higher level lessons for blockchain developers. When ERC20 standard was first implemented, it changed how people used Ethereum, giving rise to an ICO craze with its ease of use [24]. This led to the deployment of thousands of early implementation of ERC20 tokens which has resulted in numerous attacks on different implementations.…”

Section: Resultsmentioning

confidence: 99%

Resolving the Multiple Withdrawal Attack on ERC20 Tokens

Rahimian¹,

Eskandari²,

Clark³

2019

2019 IEEE European Symposium on Security and Privacy Workshops (EuroS&PW)

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Custom tokens are an integral component of decentralized applications (dapps) deployed on Ethereum and other blockchain platforms. For Ethereum, the ERC20 standard is a widely used token interface and is interoperable with many existing dapps, user interface platforms, and popular web applications (e.g., exchange services). An ERC20 security issue, known as the multiple withdrawal attack, was raised on GitHub and has been open since November 2016. The issue concerns ERC20's defined method approve() which was envisioned as a way for token holders to give permission for other users and dapps to withdraw a capped number of tokens. The security issue arises when a token holder wants to adjust the amount of approved tokens from N to M (this could be an increase or decrease). If malicious, a user or dapp who is approved for N tokens can frontrun the adjustment transaction to first withdraw N tokens, then allow the approval to be confirmed, and withdraw an additional M tokens. In this paper, we evaluate 10 proposed mitigations for this issues and find that no solution is fully satisfactory. We then propose 2 new solutions that mitigate the attack, one of which fully fulfills constraints of the standard, and the second one shows a general limitation in addressing this issue from ERC20's approve method.Index Terms-Ethereum; ERC20 tokens; Blockchain; 3. A widely used lock-free synchronization strategy that allows comparing and setting values atomically.

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“…Mehr als 90 % aller gelisteten Tokens auf coinmarketcap.com basieren auf Ethereum (Stand: Mai 2018). Mehr als drei Viertel aller ICOs fanden auf der Ethereum-Blockchain statt (Fenu et al 2018 …”

Section: Ethereumunclassified

Verwendung von Blockchain und Custom Tokens zur Projektkoordination – Ein Pilotversuch

Schützeneder

Lehner

Sametinger

2018

HMD

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Use of Blockchain and Custom Tokens for Project Coordination-A Pilot ExperimentAbstract One of the most important aspects of the blockchain technology is trustless communication among participants in a peer-to-peer network. Since the invention of smart contracts and custom tokens, the use of this property for applications apart from cryptocurrencies is getting more and more interesting. Until now, use cases have been discussed primarily for market-based transactions. In this article, we focus on control and management processes within organizations, which can be designed in a novel way using blockchain technology. Examples are the distribution and supervision of project activities, the design of internal incentive systems or forms of employee participation. For a concrete test case in project organization, we use Waves that offers a user-friendly way of creating and transferring custom tokens based on a public blockchain. A project group consisting of students of the Johannes Kepler University Linz shall be able to organize by itself independently using custom tokens. Different project tasks have different values, which can be represented by "Kepler" tokens. The valuation of the activities is determined by the project team itself or by the customer depending on the used model. Hybrid variants are possible as well. For example, the customer can send an amount of tokens depending on the project progress or project results to the team members, who distribute them among each other. The distribution happens though transactions on the public blockchain. These transactions are transparent, comprehensible, and instantly viewable. Transactions can indirectly be reversed, but this process remains visible. On a larger scale, an economic system can evolve, where tokens develop a real value and get exchangeable against normal currencies. We will establish criteria for the creation of custom tokens or cryptocurrencies for organizational needs and test a selected platform in the context of student project coordination. Experiences and lessons learned will be provided about the possibility to control projects with custom tokens and to reduce opportunistic behavior.

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The ICO phenomenon and its relationships with ethereum smart contract environment

Cited by 115 publications

References 10 publications

ICOs Overview: Should Investors Choose an ICO Developed with the Lean Startup Methodology?

ICOs Overview: Should Investors Choose an ICO Developed with the Lean Startup Methodology?

Resolving the Multiple Withdrawal Attack on ERC20 Tokens

Verwendung von Blockchain und Custom Tokens zur Projektkoordination – Ein Pilotversuch

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