ICO as a Modern Method for Financing High-Tech Projects

Problems of economic transition Pub Date : 2020-06-02 DOI:10.1080/10611991.2020.1968745

E. A. Obukhova

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Abstract

ABSTRACT Attracting investments is one of the most significant problems faced by management at any stage of a business project’s life cycle. Besides traditional fundraising channels, relatively new methods of raising financing, such as crowdfunding and initial coin offerings (ICOs), have recently become more widespread. This route is most frequently used by teams implementing high-tech projects. Investor interest is heating up because of the rapid growth of cryptocurrencies and also because of the policies of a number of leading countries that support the circulation of cryptocurrencies and cryptocurrency transactions. This article surveys global experience with ICO and conducts a SWOT (strengths, weaknesses, opportunities, and threats) analysis of this mechanism for attracting investments. It also considers examples from the actual economic practice of recent years. These examples illustrate the capabilities and limitations of this method. Taking these into account, the article formulates several scenarios for the development of the technology used to create and use cryptocurrencies. It also assesses the prospects for carrying out an ICO based on issuing such currencies.

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ICO作为高科技项目融资的现代方式

在商业项目生命周期的任何阶段，吸引投资都是管理层面临的最重要的问题之一。除了传统的融资渠道，相对较新的融资方式，如众筹和首次代币发行(ico)，最近变得越来越普遍。实现高科技项目的团队最常使用这条路线。由于加密货币的快速增长，以及一些主要国家支持加密货币流通和加密货币交易的政策，投资者的兴趣正在升温。本文调查了ICO的全球经验，并对这种吸引投资的机制进行了SWOT(优势、劣势、机会和威胁)分析。它还考虑了近年来实际经济实践中的例子。这些例子说明了这种方法的能力和局限性。考虑到这些因素，本文为用于创建和使用加密货币的技术的开发制定了几个场景。它还评估了基于发行这些货币进行ICO的前景。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Problems of economic transition

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