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All You Need to Know About Initial Coin Offerings
While there has been by some estimates a total of $1.1 billion invested into the blockchain industry from a mixture of VC and corporate money, unlike any other emerging technology ecosystem, it has also been in the unique position to self-fund with the profits from the appreciation of the digital tokens that underpin the networks. The most well known, although by no means limited to, being Bitcoin and Ether.
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A network token presale or initial coin offering (ICO) is an event in a project that uses cryptographic tokens where part of its token pool is exchanged for money, typically Bitcoin, to a community of developers and early adopters. Examples include Ethereum. TheDAO, and Mastercoin (now Omni). The terminology is still fluid, as these tokens are also referred to as appcoins or just ‘coins’. ICO is now a popular term, in part because it’s more marketable than ‘token crowdsale’ or ‘network token presale’. Sometimes the term ‘crypto-equity’ is also used to describe the tokens.
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The terminology around tokens and the sale of tokens is still fluid. Terms such as ‘smart contracts’, ‘coins’, and ‘tokens’ are attempts at using existing language rooted in the physical world to describe innovations in the virtual world. The challenge is that tokens can represent almost any value, therefore any attempt to explain the sale of tokens is likely to be inadequate at best and misleading at worst. ‘Initial Coin Offerings (ICO)’, ‘token sales’, and ‘network token presales’ are the best we have at the moment.
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Token presales are a relatively recent innovation and usage is contained to the cryptocurrency world. The underlying assumption has been that participants that are engaging with these projects understand the risks and are immersed in the technology. As the ‘investor’ pool grows and diversifies into more general investors and general consumers, it is likely regulators will step in to protect participants.
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INTRODUCING BI-T-COIN.COM
IN 2013, COUNTERPARTY UNLIKE ITS PEERS IN THE BITCOIN 2.0 SPACE, NXT AND MASTERCOIN, DECIDED NOT TO UNDERTAKE A TOKEN SALE. INSTEAD, THEY DECIDED TO CREATE ALL TOKENS THAT WILL EVER BE CREATED IN THEIR NATIVE CURRENCY, XCP, BY A PROCESS KNOWN AS PROOF-OF-BURN. IN PROOF-OF-BURN, AN AMOUNT OF ONE CRYPTOCURRENCY (IN THIS CASE BITCOIN) IS DESTROYED FOREVER TO CREATE AN AMOUNT OF A NEW CRYPTOCURRENCY (IN THIS CASE XCP) BY SENDING THEM TO A SPECIAL WALLET ADDRESS. ENTHUSIASTS AND EARLY ADOPTERS OF COUNTERPARTY IRREVOCABLY EXCHANGED AN AMOUNT OF BITCOIN FOR A CORRESPONDING AMOUNT OF THE NEWLY CREATED XCP TOKENS.
