Blockchain and Initial Coin Offerings: Blockchain’s Implications for Crowdfunding

Laurin Arnold (), Martin Brennecke (), Patrick Camus (), Gilbert Fridgen (), Tobias Guggenberger (), Sven Radszuwill (), Alexander Rieger (), André Schweizer () and Nils Urbach ()
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Laurin Arnold: University of Bayreuth
Martin Brennecke: University of Bayreuth
Patrick Camus: University of Bayreuth
Gilbert Fridgen: University of Bayreuth
Tobias Guggenberger: University of Bayreuth
Sven Radszuwill: University of Bayreuth
Alexander Rieger: University of Bayreuth
André Schweizer: University of Bayreuth
Nils Urbach: University of Bayreuth

Chapter 8 in Business Transformation through Blockchain, 2019, pp 233-272 from Springer

Abstract: Abstract Interest in Blockchain technology is growing rapidly and at a global scale. As scrutiny from practitioners and researchers intensifies, various industries and use cases are identified that may benefit from adopting Blockchain. In this context, peer-to-peer (P2P) funding through initial coin offerings (ICOs) is often singled out as one of the most visible and promising use cases. ICOs are novel forms of crowdfunding that collect funds in exchange for so-called Blockchain tokens. These tokens can represent any traditional form of underlying asset and have already been used, among others, to denote shares in a company, user reputations in online systems, deposits of fiat currencies, and balances in cryptocurrency systems. Importantly, ICOs allow for P2P investments without intermediaries. In this chapter, we explain the fundamentals of ICOs, highlight their differences to traditional financing, and analyze their potential impacts on crowdfunding.

Keywords: Blockchain; Initial coin offering; ICO; Distributed ledger technology; Crowdfunding; Cryptocurrency; Crypto-token; Use case analysis (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-319-98911-2_8

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DOI: 10.1007/978-3-319-98911-2_8

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