區塊鏈加密貨幣的ICO眾籌模式研究—以幣安為例

Research and Applications on ICO Crowdfunding Model of Cryptocurrency: Taking Binance as an Example

黃依亭(Yi-Ting Huang)

指導教授 ： 莊正民

國立臺灣大學/管理學院/國際企業學研究所/碩士(2019年)

https://doi.org/10.6342/NTU201900791

摘要

本文先對區塊鏈技術的原理進行介紹， 並探討了區塊鏈技術的幾個重要特性， 然後對加密貨幣及ICO市場進行分析，並以成功發行ICO的加密貨幣交易所幣安 Binance 項目為案例， 具體分析ICO的商業邏輯和產品設計， 並對ICO模式的實際價值作進一步的商業分析。最後，歸納了ICO模式的籌資模式與隱含風險， 並對ICO的監管提出一些建設性的策略建議及未來STO（Security Token Offering 證券型代幣發行）發展的可能性。

關鍵字

ICO ； 首次貨幣發行 ； 代幣 ； 加密貨幣 ； 區塊鏈 ； 籌資

並列摘要

This paper firstly analyzed the blockchain technology principle and make an introduction of cryptocurrency and ICO market; then, analyzed the actual value, risk and economic significance of the financing model and studied crypto currency exchange Binance as cases and analyze the business logic and product design of ICO projects. Finally, this paper put forward some constructive policy suggestions about ICO regulation and the future of Security Token Offering (STO.)

並列關鍵字

ICO ； initial coin offerings ； tokens ； crypto currencies ； blockchain

參考文獻

一、 英文部分

1. Adhami, Saman and Giudici, Giancarlo and Martinazzi, Stefano. (2018), Why do businesses go crypto? An empirical analysis of initial coin offerings, Journal of Economics and Business, 100, 64-75.

2. Amsden, Ryan and Schweizer, Denis. (2017), How Blockhain is changing finance. Harvard Business Review.

3. Ante, L., P. Sandner, and I. Fiedler. (2018), Are Blockchain Crowdsales the New 'Gold Rush'? Success Determinants of Initial Coin Offerings. McGill University, Desautels Faculty of Management.

4. Ante, L., Sandner, P., & Fiedler, I. (2018), Blockchain-Based ICOs: Pure Hype or the Dawn of a New Era of Startup Financing? Journal of Risk and Financial Management, 11(4), 19.