3 ms·
How exactly are ICOs performed? 1) Set up mining software. 2) Start running it on your own machines and mine enough tokens for ICO. 3) Sell tokens. Profit. ?
by whytaka 9y ago
How exactly are ICOs performed?
1) Set up mining software.
2) Start running it on your own machines and mine enough tokens for ICO.
3) Sell tokens. Profit. ??
Are investors at some point invited to run the mining chain on their own machines? Surely they don't just trust that the company raising money will do manage the accounting on their own.
- xur17 9y agoIn a lot of cases ICOs are built on top of the ethereum network, so no mining is necessary. Transaction fees are paid in Ether, and the ICO / token is setup as an Ethereum contract.
- alistproducer2 9y agoMost are ERC20[0] tokens with a promise to convert them to the projects native token when their blockchain is stood up. [0]: https://theethereum.wiki/w/index.php/ERC20_Token_Standard https://theethereum.wiki/w/index.php/ERC20_Token_Standard