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

In: Business Transformation through Blockchain

Author

Listed:
  • 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)

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.

Suggested Citation

  • Laurin Arnold & Martin Brennecke & Patrick Camus & Gilbert Fridgen & Tobias Guggenberger & Sven Radszuwill & Alexander Rieger & André Schweizer & Nils Urbach, 2019. "Blockchain and Initial Coin Offerings: Blockchain’s Implications for Crowdfunding," Springer Books, in: Horst Treiblmaier & Roman Beck (ed.), Business Transformation through Blockchain, chapter 8, pages 233-272, Springer.
    • Handle: RePEc:spr:sprchp:978-3-319-98911-2_8
    DOI: 10.1007/978-3-319-98911-2_8
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