新型募資方式研究——首次代幣發行（ICO）與證券型代幣發行（STO）

Research on new fundraising methods – Initial Coin Offering and Security Token Offering

沈哲漢(Che-Han Shen)

指導教授 ： 陳文華

國立臺灣大學/管理學院/商學研究所/碩士(2019年)

https://doi.org/10.6342/NTU201903451

摘要

區塊鏈是世界的新興技術，為企業以及人們之間的合作創造了全新的方式，不再需要透過任何第三方的介入（P2P）就可以使參與者達成共識，解決了信任與價值的可靠傳遞難題。區塊鏈就像是20世紀所興起的網路一樣，將會帶來破壞式創新，改變許多行業的運作規則。
本研究內容將著重於首次代幣發行與證券型代幣發行，包括 ICO 以及 STO 的介紹、現況與未來可能之發展性期盼本篇論文能夠幫助台灣企業與大眾更加了解區塊鏈相關知識，在國際競爭中能夠成為區塊鏈產業先行者，最後以中國加密貨幣交易所 BINANCE 幣安與台灣知名區塊鏈新創公司 COBINHOOD 做個案分析，再從他們的新聞面、交易面以及代幣流通做分析整理，最後歸納出以區塊鏈募資可能發生之弊端與失敗原因，能夠讓大眾更易於分辨出必定失敗甚至是詐騙的募資項目。

關鍵字

區塊鏈 ； 首次代幣發行 ； 首次公開發行 ； 證券型代幣 ； 虛擬貨幣 ； 加密貨幣 ； 數字貨幣 ； 金融科技

並列摘要

The blockchain is an emerging technology in the world which is creating a new and effective way for companies and people to collaborate. With the blockchain, it is no longer necessary to involve any third party to enable participants to reach consensus and solve trust at a very low cost. Blockchain, like the Internet that emerged in the 20th century, will bring disruptive innovation and change the rules of operation in many industries.
The content of this study will focus on Initial Coin Offering and Securities Token Offering, including the introduction of ICO and STO, current status and possible future development of it. I wish this paper can help Taiwanese companies and the public understand blockchain related knowledge well and can become the forerunner of the blockchain industry in the international competition. Finally, sum up the possible drawbacks and failures of the blockchain fundraising, which can make it easier for the public to distinguish the fundraising projects that must fail or even defraud.

並列關鍵字

Blockchain ； ICO ； IPO ； STO ； Cryptocurrency ； Virtual currency ； Fintech ； Security Token

參考文獻

ㄧ、英文文獻

1. Dave Evans, The Internet of Things: How the Next Evolution of the Internet is Changing Everything (April 2011)

2. Hugo Benedetti & Leonard Kostovetsky, Digital Tulips? Returns to Investors in Initial Coin Offerings (May 20, 2018)

3. J.P. Morgan, Decrypting Cryptocurrencies: Technology, Applications and Challenges (February 09, 2018)

4. Lauri Hartikka, A blockchain in 200 lines of code, Medium (March 4, 2017)