Initial coin offering jako nowa forma finansowania i inwestycji

This part of the monograph is related to initial coin offering – a mechanism that allows blockchain-based companies or projects to obtain financing. In return for financial support, ICO participants are offered different types of digital tokens – payment, utility or investment tokens. The chapter contains the systematization of issues related to ICO and tokens as well as a description of stages of initial coin offering. The SWOT analysis of ICO highlights the strengths and opportunities related to ICO – inter alia the possibility of portfolio diversification and the limited access for individual investors to early-stage investments (apart from ICO). Also the weaknesses of initial coin offering (e.g. the need to prepare a due diligence by an investor) and associated risks (e.g. regulatory uncertainty) are considered. Moreover, the author identifies research areas related to ICO. They include, among others, the identification of ICO success factors and the identification of factors affecting the rates of return on tokens.