Initial Coin Offering and Platform Building∗
نویسندگان
چکیده
In an initial coin offering (ICO), a company (or an open-source project) raises funds by pre-selling access to a later product or service. We present a model that rationalizes the use of ICOs for launching peer-to-peer platforms: by adding dynamics to a platform launch, ICOs can 1) solve a coordination failure inherent in many platforms with network effects; and 2) harness the “wisdom of the crowd” by aggregating dispersed information about platform quality. Through either mechanism, an ICO increases platform value, makes the launch of a valuable platform more likely, and thus increases social welfare. We use our model to provide guidance to regulators: We analyze under what circumstances ICOs should be banned or allowed, and discuss governance mechanisms that they should include.
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