Token Sales and Initial Coin Offerings: Introduction

The Journal of Alternative Investments, 22 (4), Spring 2019, 1-6.

2 Pages Posted: 14 Nov 2018 Last revised: 4 Apr 2019

See all articles by Paul P. Momtaz

Paul P. Momtaz

University of California, Los Angeles (UCLA)

Date Written: November 2, 2018

Abstract

Token sales or Initial Coin Offerings (ICOs) are smart contracts on a blockchain designed to raise external finance by issuing tokens or coins. This introduction provides an overview of this novel financing method. Differences between tokens and coins, different token types, and different ICO mechanisms are discussed. I also describe the evolution of the ICO market and survey some advantages of ICOs.

Keywords: Initial Coin Offerings, ICOs, ICO, Token Sales, Blockchain, Corporate Finance, Entrepreneurial Finance

JEL Classification: G10, G24, G30, G32, K22, L26

Suggested Citation

Momtaz, Paul P., Token Sales and Initial Coin Offerings: Introduction (November 2, 2018). The Journal of Alternative Investments, 22 (4), Spring 2019, 1-6.. Available at SSRN: https://ssrn.com/abstract=3277707 or http://dx.doi.org/10.2139/ssrn.3277707

Paul P. Momtaz (Contact Author)

University of California, Los Angeles (UCLA) ( email )

405 Hilgard Avenue
Box 951361
Los Angeles, CA 90095
United States

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