What Key Aspects Do ICOs Reveal About Their Businesses?
Laatikainen, Gabriella; Semenov, Alexander; Zhang, Yixin; Abrahamsson, Pekka (2020). What Key Aspects Do ICOs Reveal About Their Businesses?. In Paasivaara, Maria; Kruchten, Philippe (Eds.) XP 2020 Workshops : Agile Processes in Software Engineering and Extreme Programming. 21st International Conference on Agile Software Development, Revised Selected Papers, Lecture Notes in Business Information Processing, 396. Cham: Springer International Publishing, 41-49. DOI: 10.1007/978-3-030-58858-8_5
Published inLecture Notes in Business Information Processing
© The Author(s) 2020
Blockchain technologies disrupt industries by enabling decentralized and transactional data sharing across a network of untrusted participants, among others. Initial Coin Offerings (ICOs) are a novel form of crowdfunding through which hundreds of blockchain-enabled businesses manage to raise billions of dollars in total only in United States. However, there is a lack of understanding of the ICO phenomenon especially related to the business aspects. In this paper, we describe the results of an exploratory study of 91 ICOs and identify the key business model elements that ICOs reveal in their websites and whitepapers. Furthermore, we also note the immaturity and lack of transparency of the business aspects of businesses behind the ICO campaigns.