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Title: ICO成功因素之探討
Research on the Success Factors of ICO
Authors: 蘇曉東
Su, Xiao-Dong
Contributors: 陳威光
Chen, Wei-Guang
Su, Xiao-Dong
Keywords: 區塊鏈
Empirical Analysis
Date: 2020
Issue Date: 2020-09-02 11:50:22 (UTC+8)
Abstract: ICO(Initial Coin Offerings)即首次代幣發行,是一種基於區塊鏈技術的募資方式,企業通過發行新的代幣來換取主流加密代幣或法定貨幣進行募資。ICO概念在2013年首次被提出,直到2017年以太坊智能合約的應用,ICO才開始迅速發展。
ICO (Initial Coin Offerings) is a fundraising method based on blockchain technology. Companies issue new tokens in exchange for mainstream encrypted tokens or legal tender for fundraising. The concept of ICO was first proposed in 2013, and it was not until the application of the Ethereum smart contract in 2017 that ICO began to develop rapidly.
However, there is still a lack of legal supervision of ICOs, and investors know little about this new type of fundraising, so many criminals use ICO to defraud investors. Based on the literature, this article establishes the tradability of tokens as the standard for ICO success. The purpose of the research is to explore the factors that affect the success of ICO, so that investors can prejudge the probability of ICO success based on these factors before investing in ICO projects, thereby reducing risk of fraud.
This article collected 454 ICO projects initiated by countries around the world from April 1, 2019 to December 31, 2019, of which only 154 were successful. According to the information published on the ICO official website, 14 variables related to ICO comparison were discussed. The empirical results of this research found that the factors that have a significant positive impact on the success of ICO are: projects publish codes on Github, establish communication platforms on Telegram, accept investment in fiat currency, have a dividend structure and have a larger team size; and the factors that have a significant negative impact on success of ICO are: minimum investment limit, presale stage (sales that occur before ICO), and the greater the percentage of tokens sold (the less the percentage of tokens reserved by the team).
Reference: 中文部分

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Description: 碩士
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Data Type: thesis
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