I remember back in 2012 I made my first ever pledge to a project on Kickstarter, the Pebble Watch. Kickstarter had been around for about three years at the time, and was still a fairly new platform. The truth is, it isn’t 2012 and there aren’t any more Pebble watches on the platform. Instead, it’s 2017. Where is innovation happening, and how can I support? Enter the Initial Coin Offering, also known as an ICO.
Those who put time and energy in the early cryptocurrency remind me dearly of those who helped make Kickstarter flourish. Every project on Kickstarter is a risk, and it may fail in the production stages. Nonetheless, the widespread investment from the masses would be rewarded with something of value: a product that was unique, cutting edge, and couldn’t be found anywhere else. That same concept can be applied to the recipients Bitcoin. Now that the project has reached a success point, the backers are rewarded for their loyalty through the value of virtual coins.
Initial coin offerings revolve around this idea. Just like how a core function of Bitcoin was tied into the coins rewarded to miners, many crowdsourced software innovations that are based on the same underlying technology as Bitcoin are relying on their coin systems to establish a working network effect on their platform.
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