The article examines the problem of the ICO (Initial Coin Offering, from English — “initial offer of coins, initial placement of coins”). The information source is the ICO rating data of the return on investment in blockchain startups. The methodological base of the research is a situational comparative analysis of the ICO, DAOICO, IEO and STO and systematization of information. The author analyzes three new ICO models. The first one includes elements of Decentralized Autonomous Organizations (DAO). Its aim is to minimize the difficulties and risks associated with the ICO. The second model (Initial Exchange Offering (IEO), from English — “primary exchange offer”) is designed to minimize risks, liquidity problems and a delay in listing tokens at the end of the token sale. The third model — the Security Token Offering (STO, from English — “offer of security token”) — was designed to support real assets and comply with the SEC requirements. These models are a new direction for small and medium enterprises and investors. The absence of any scientific work emphasizes the relevance and scientific novelty of the study. The article is a follow-up of the empirical work related to the success of the ICO, as well as the basis for its revision using the case study results.
Initial Coin Offering (ICO) is a new method of funds attraction by IT-projects that became especially popular in 2017—2018. Despite the decrease in the number of projects by 2019, the interest to ICO method is still high. Since, currently, methodological principles of initial coin offering are still insufficiently presented in scientific literature, the aim of the present article is to provide the general methodology for conducting initial coin offering, in the form of detailed description of its key steps. Primarily, in order to achieve the goals in the process of article preparation, the analysis of published scientific works in the scope of ICO was undertaken. Thereafter, blockchain projects having implemented ICO in the period from January 2013 to March 2019 were analyzed — both successful and high-quality ones, and failed ones. Among the analyzed projects there are: Mastercoin, Etherium, Waves, NEO, Nem, EOS,Stratis, Golos, Gnosis, Tron, KICKICO, Enigma, BitTorrent, TheDao, Tezos, CoinDash, OneCoin, Tithecoin, Nodio, SilberPfeil, Tingo and others. The result of the analysis is this article, where, based on ICO success criteria, confirmed by empirical research, and actual experience of the projects analyzed, the sequence of steps and actions, forming the basis of any ICO-campaign is provided. Moreover, the article provides specific practical recommendations that prevent possible errors on every step of initial coin offering implantation. The results obtained fill the gap in theoretical research on ICO methodology, and, furthermore can be useful at ICO organization in actuality of the market in 2019.
This paper revolves around estimating the future value of tokens. The proposed strategy is based on investment simulation model and analysis of real projects preparing for ICO. The parameters included in the model allow us to evaluate the companys' offers from different perspectives in order to build up an assumption of the project’s return on investment. The obtained results reflects the expected behavior of the future price of tokens (or a token), granting a decision making support for investment.
This paper reviews successful cyberattacks on the Blockchain industry. The first successful attack was conducted in 2011. Since then the attention and number of attacks against the Blockchain industry have grown exponentially. Group-IB collected and investigated incidents and has provided analysis below on the main types of successful theft conducted by hackers.