Abstract
Initial Coin Offering (ICO) is a process similar to crowdfunding, in which companies raise funds from investors, who in return receive tokens or digital assets. With conventional methods of crowdfunding, the level of transparency depends on a centralized platform used in campaigns. With the emergence of peer-to-peer digital currency systems, also known as cryptocurrencies, it became possible to implement crowdfunding campaigns in a fully transparent way for investors. Public sales of blockchain digital assets are known as crowdsales which are implemented using blockchain smart contracts. The paper presents a solution for automating ICO processes implemented using the Ethereum blockchain and explain the basics of crowdsale token sale flow. Next, we analyze features vital for transparent ICO execution as well as the benefits and costs of running an ICO on cryptocurrency application platforms.
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