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
Date Written: November 2, 2018
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: Suggested Citation