Tasca, Paolo;
(2018)
Token-Based Business Models.
In: Lynn, Theo and Mooney, John G and Rosati, Pierangelo and Cummins, Mark, (eds.)
Disrupting Finance: FinTech and Strategy in the 21st Century.
(pp. 135-148).
Palgrave Pivot: Cham, Switzerland.
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Abstract
Crypto assets can be classified into two main categories, according to their principal function: native coins and crypto tokens. Native coins, like Bitcoin, generally compete with the traditional forms of money providing both an alternative currency instrument and a payment infrastructure. Differently from native coins, crypto tokens are coins that embed some intrinsic values somehow linked to the quality of the issuing entity’s business model and to the ecosystem it generates. This chapter explores the emergent start-up token funding model of Initial Coin Offering, which allows entrepreneurs to bypass the traditional capital market by issuing crypto tokens directly to investors. The positive feedback loop between an issuer’s business model and the token funding model will be demystified.
| Type: | Book chapter |
|---|---|
| Title: | Token-Based Business Models |
| ISBN-13: | 978-3-030-02329-4 |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1007/978-3-030-02330-0_9 |
| Publisher version: | https://doi.org/10.1007/978-3-030-02330-0_9 |
| Language: | English |
| Additional information: | This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits any noncommercial use, sharing, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if you modified the licensed material. You do not have permission under this license to share adapted material derived from this chapter or parts of it. The images or other third party material in this chapter are included in the chapter's Creative Commons license, unless indicated otherwise in a credit line to the material. If material is not included in the chapter's Creative Commons license and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. |
| Keywords: | Blockchain; Bitcoin; Cryptocurrency; Token; Platform business model; Fund-raise; Initial coin offering |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science > Dept of Computer Science |
| URI: | https://discovery.ucl.ac.uk/id/eprint/10179664 |
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