The world of cryptocurrency evolves so rapidly. New ideas emerge from the heads of those online entrepreneurs and people who want to try something news. Idea that can be use to start a new online business or something that is going to revolutionize the world in a couple of years. In this equation, you need capital to start and test the idea on the market.
As you may know, bitcoin and other altcoins have real value in the market and can be traded for any fiat currency available on earth. Even in the future, we should be able to do the same with Moon and Mars currency ;). Normally when you want to borrow money, you have to go through the standard channel like your banks, venture capitalist like the TV show Shark Tank. Don't worry they have another way to get the money you need for your idea or business you want to start. The idea came from the cryptocurrency world and it revolutionize the way we can borrow value over the internet. The concept is called ICO (Initial Coin Offerings).The idea is simple: you need to explain your project and raise money in bitcoin or other altcoins currency.
When I was writing this article, I found a website that is listing ICO and here is the link : https://www.smithandcrown.com
Here is an example of an ICO running on this site:
Projet description: Arcade City is a distributed community of peer-to-peer services–a blockchain-based “sharing economy.” Their initial application is ridesharing, and they plan to expand to delivery services and short-term home rentals. They are holding a full sale for their Ethereum-based ARC token.
The investor needs data and details about the vision from the owner whom is starting the business. You could find the whitepaper of this project here: https://docs.google.com/document/d/1Fm39dHCJmAAZ-P5C-qOc4P2f0Vx__84AhDD98LPNLVY/edit#
Arcade City ICO: a distributed P2P economy platform
In this example, you can clearly see the process behind the concept of an ICO. You see the summary of the idea that everyone can understand, otherwise, if the general public doesn't grasp the concept they will not invest. Also the founders of the company are asking for money and provide information on a whitepaper. I'm not sure if all ICO describe their project with a whitepaper. When you provide details of your project, people will perceive that you are professional, and this will help you to get the fund.
Another example of an ICO that I found on the forum Bitcointalk. This project is called the “ChronoBank” and, with the following link, you can have an idea of this project with a 1 minute of 30 seconds video: https://bitcointalk.org/index.php?topic=1680361.0
The norm seems to include on every ICO, a brief description of the project, the whitepaper with details and the key people envolved. And of course, the amount of money the startup need to finance the project
I hope this article introduce you to the concept and give you an idea of what is an ICO.
Don't hesitate to share your view in the comment section of this post.