Early stage is just not very well suited for dispersed ownership. The investors need to do a lot of work to dig up and verify the information and this only make

Early stage is just not very well suited for dispersed ownership. The investors need to do a lot of work to dig up and verify the information and this only makes sense if they have big stakes in the company. This is a general problem with crowdfunding (https://medium.com/@zby/proof-of-work-8d8265def194 https://medium.com/@zby/proof-of-work-8d8265def194). Then there are specific problems with ICOs - which have no legal meaning and give no guarantee to the investors at all.