Evaluation of initial cryptoasset offerings: the state of the practice

摘要

Initial Cryptoasset Offering (ICO), also often called Initial Coin Offering or Initial Token Offering (ITO) is a new means of fundraising through blockchain technology, which allows startups to raise large amounts of funds from the crowd in an unprecedented speed. However it is not easy for ordinary investors to distinguish genuine fundraising activities through ICOs from scams. Different websites that gather and evaluate ICOs at different stages have emerged as a solution to this issue. What remains unclear is how these websites are evaluating ICOs, and consequently how reliable and credible their evaluations are. In this paper we present the first findings of an analysis of a set of 28 ICO evaluation websites, aiming at revealing the state of the practice in terms of ICO evaluation. Key information about ICOs collected by these websites are categorised, and key factors that differentiate the evaluation mechanisms employed by these evaluation websites are identified. The findings of our study could help a better understanding of what entails to properly evaluate ICOs. It is also a first step towards discovering the key success factors of ICOs.