• Corpus ID: 19671436

Regulation of Initial Coin Offerings ∗

  title={Regulation of Initial Coin Offerings ∗},
  author={Jiasun Li and William Mann},
We analyze the regulation of initial coin offerings (ICOs), in which a company raises funds by pre-selling access to a later product or service. We start by presenting 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 problem inherent in many projects with network effects (strategic complementarity in consumers’ participation); and 2) harness the “wisdom of the crowd” by aggregating… 

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