A Studyof Integrated Cryptocurrencymodel for Initial Coin Offerings: Based OnModern Portfolio Theory
Journal Title: International Journal of engineering Research and Applications - Year 2018, Vol 8, Issue 3
Abstract
A blockchain is the decentralized database involving a cryptographically secured and crypto-economically incentivized class of distributed ledger. Cryptocurrencies are pure digital assets and use distributed hashing capabilities to solve the complexity of encryption and individual blocks of blockchain technology. An initial coin offerings is a form of a crowdsale in which a startup releases a new token to the public in exchange for another cryptocurrency, typically Bitcoin or Ethereum. And it presents opportunities and benefits, as well as threats and disadvantages, to the traditional venture capital business model. From these existing studies of Pygmalion effect, some researchers articulate the promise and value of cryptocurrency in initial coin offerings. However, based on modern portfolio theory, this study regards cryptocurrency as a kind of financial asset and proposes an integrated cryptocurrency model of financing for ventures by using cryptocurrencies, a fast growing asset class. This token model is a kind of masternode to collateralize the network and speed transaction pace and may pay dividends to masternode holders, allowing venture capitals that purchase these types of central hubs to potentially engage in a lucrative form of dividend payment. Using cryptocurrencies as a new funding stream may garner large amounts of capital and rebirth of venture capitals to support the future of funding ventures.
Authors and Affiliations
Jaewon Choi
Keywords
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- DOI 10.9790/9622-0803010108.
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