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ICOs: What You Need to Know | @CloudExpo #AI #DX #FinTech #Blockchain

An ICO is similar to an IPO (initial public offering) in that it offers a certain amount of ownership in a company to the public

Floyd “Money” Mayweather made headlines last weekend for making light work of Mixed Martial Arts superstar Conor McGregor. But he also made tech headlines recently by endorsing the Hubii Network, an initial coin offering (ICO), on his Instagram and Twitter accounts.

This isn’t the first time Mayweather (who’s dubbed himself Floyd “Crypto” Mayweather) has endorsed an ICO. In late July, he promoted the ICO for the Stox project, which went on to raise more than $30 million in its token sale. (BTW: There are subtle differences between an ICO, a token sale, and a crowdsale, although the terms are often used interchangeably. Search the terms to learn more.)

What Is an ICO?
An ICO is similar to an IPO (initial public offering) in that it offers a certain amount of ownership in a company to the public. In an IPO, a share of stock represents fractional ownership of a corporation. In an ICO, a crypto coin represents a percentage of ownership in pretty much any business endeavor (as described in the ICO’s documentation).

In an IPO, new shareholders hope that the value of their shares will increase over time. In an ICO, investors are hoping that the value of the newly minted crypto coin will increase in value. The major difference is that, as of this writing, there are practically no government rules or regulations that apply to an ICO. So if you want to stage an ICO for _____coin, where your name goes in the blank, go for it!

An ICO is about as easy to do as a Kickstarter project. In that sense, it can make unverified claims about how great the product is or how smart you would be if you invested in it. But there’s nothing stopping the person or team behind the ICO from taking your money and running for the hills. The Cointelegraph reports that phishing, Ponzi schemes, and other scams account for about 10% of ICOs.

How Does an ICO Work?

    When you buy “coins” in an ICO, you’re essentially buying digital coupons issued on a blockchain, which you can then trade or hold onto. Critical to understanding how an ICO works is understanding how blockchain works. As I recently wrote:

    Often referred to as a “distributed ledger,” blockchain is a continuously growing list (digital file) of encrypted transactions (called “blocks”) that are distributed (copied) to a peer-to-peer (P2P) network of computers.

    Encrypted transactions are the key to blockchain’s value. The user’s “public key” is stored in the block and becomes an “address” on the blockchain. Files, such as cryptocurrencies or other digital assets, are recorded as belonging to a specific block. A corresponding “private key” is required to access the associated digital assets. (Keeping your private key private is so important that to protect their digital assets from hackers, many people do not keep digital copies of their private keys. They write the number on a piece of paper and keep the paper in a secure location, like a wall safe.)

    P2P or mesh networks are decentralized computer networks where each computer (node) acts as both a client (a computer that accesses information on a server) and a server (a computer that serves information to clients). At scale, P2P networks are self-healing and very stable because the information is replicated in thousands, and in some cases millions, of places.

    There are two general types of blockchain networks: anonymous networks, where each user has a copy of the entire blockchain and helps process and confirm transactions; and permission-based (non-anonymous) networks, where permission is required to possess a copy of the blockchain and to help process and confirm transactions.

While blockchain is a key component to any ICO, the Smith + Crown research group notes that some ICOs are launching “meta-tokens” built on established cryptocurrencies, like Bitcoin.

The complexity and risk associated with ICOs may have slowed down some investors, but as of April 2017, more than $250 million had been invested in ICOs, with more than $107 million in the first few months of this year alone. Ethereum raised $12 million in 10 minutes in April, and Basic Attention Tokens raised $35 million in less than 30 seconds in June.

There Absolutely Is a Criminal Element – But …
Anyone who remembers the problems of Mt. Gox knows cryptocurrency is far from a brand-safe, risk-free industry. If you need more recent examples, they’re not hard to find.

As you can imagine, the technology is a bit ahead of the regulators. Smith + Crown write that many ICOs are marketed as “software presale tokens” (much like an early access video game on a gaming platform like Steam), using words like “crowdsale” or “donation” (rather than ICO) to avoid legal requirements. This lack of regulation and oversight allows for quick growth, pivots, and innovation but also leaves less educated investors in the hands of potential bad guys. Caveat emptor.

That said, cryptocurrencies and ICOs are trending upward, and they are legitimate, versatile financial tools that will ultimately become mainstream. Early adopter Estonia (the country) is considering holding an ICO and issuing its own cryptocurrency. Should you be considering your own ICO? “Palmercoin” has a nice ring to it. Thoughts?

Other Articles You May Enjoy

The post ICOs: What You Need to Know originally appeared here on Shelly Palmer

With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo, October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.

Track 1. Enterprise Cloud | Cloud-Native
Track 2.
Big Data | Analytics
Track 3. Internet of Things | IIoT | Smart Cities

Track 4. DevOps | Digital Transformation (DX)

Track 5. APIs | Cloud Security | Mobility

Track 6.
AI | ML | DL | Cognitive
Track 7.
Containers | Microservices | Serverless
Track 8. FinTech | InsurTech | Token Economy

Cloud Expo | @ThingsExpo 2017 Silicon Valley
(October 31 - November 2, 2017, Santa Clara Convention Center, CA)

Cloud Expo | @ThingsExpo 2018 New York 
(June 12-14, 2018, Javits Center, Manhattan)

Download Show Prospectus ▸ Here

Every Global 2000 enterprise in the world is now integrating cloud computing in some form into its IT development and operations. Midsize and small businesses are also migrating to the cloud in increasing numbers.  

Companies are each developing their unique mix of cloud technologies and services, forming multi-cloud and hybrid cloud architectures and deployments across all major industries. Cloud-driven thinking has become the norm in financial services, manufacturing, telco, healthcare, transportation, energy, media, entertainment, retail and other consumer industries, and the public sector.

Cloud Expo is the single show where technology buyers and vendors can meet to experience and discus cloud computing and all that it entails. Sponsors of Cloud Expo will benefit from unmatched branding, profile building and lead generation opportunities through:

  • Featured on-site presentation and ongoing on-demand webcast exposure to a captive audience of industry decision-makers.
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For more information on sponsorship, exhibit, and keynote opportunities, contact Carmen Gonzalez by email at events (at) sys-con.com, or by phone 201 802-3021.

The World's Largest "Cloud Digital Transformation" Event

@CloudExpo | @ThingsExpo 2017 Silicon Valley
(Oct. 31 - Nov. 2, 2017, Santa Clara Convention Center, CA)

@CloudExpo | @ThingsExpo 2018 New York 
(June 12-14, 2018, Javits Center, Manhattan)

Full Conference Registration Gold Pass and Exhibit Hall ▸ Here

Register For @CloudExpo ▸ Here via EventBrite

Register For @ThingsExpo ▸ Here via EventBrite

Register For @DevOpsSummit ▸ Here via EventBrite

Sponsorship Opportunities

Sponsors of Cloud Expo | @ThingsExpo will benefit from unmatched branding, profile building and lead generation opportunities through:

  • Featured on-site presentation and ongoing on-demand webcast exposure to a captive audience of industry decision-makers
  • Showcase exhibition during our new extended dedicated expo hours
  • Breakout Session Priority scheduling for Sponsors that have been guaranteed a 35 minute technical session
  • Online targeted advertising in SYS-CON's i-Technology Publications
  • Capitalize on our Comprehensive Marketing efforts leading up to the show with print mailings, e-newsletters and extensive online media coverage
  • Unprecedented Marketing Coverage: Editorial Coverage on ITweetup to over 100,000 plus followers, press releases sent on major wire services to over 500 industry analysts

For more information on sponsorship, exhibit, and keynote opportunities, contact Carmen Gonzalez (@GonzalezCarmen) today by email at events (at) sys-con.com, or by phone 201 802-3021.

Secrets of Sponsors and Exhibitors ▸ Here
Secrets of Cloud Expo Speakers ▸ Here

All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades.

With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo@ThingsExpo, October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-4, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.

Delegates to Cloud Expo | @ThingsExpo will be able to attend 8 simultaneous, information-packed education tracks.

There are over 120 breakout sessions in all, with Keynotes, General Sessions, and Power Panels adding to three days of incredibly rich presentations and content.

Join Cloud Expo | @ThingsExpo conference chair Roger Strukhoff (@IoT2040), October 31 - November 2, 2017, Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, for three days of intense Enterprise Cloud and 'Digital Transformation' discussion and focus, including Big Data's indispensable role in IoT, Smart Grids and (IIoT) Industrial Internet of Things, Wearables and Consumer IoT, as well as (new) Digital Transformation in Vertical Markets.

Financial Technology - or FinTech - Is Now Part of the @CloudExpo Program!

Accordingly, attendees at the upcoming 21st Cloud Expo | @ThingsExpo October 31 - November 2, 2017, Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, will find fresh new content in a new track called FinTech, which will incorporate machine learning, artificial intelligence, deep learning, and blockchain into one track.

Financial enterprises in New York City, London, Singapore, and other world financial capitals are embracing a new generation of smart, automated FinTech that eliminates many cumbersome, slow, and expensive intermediate processes from their businesses.

FinTech brings efficiency as well as the ability to deliver new services and a much improved customer experience throughout the global financial services industry. FinTech is a natural fit with cloud computing, as new services are quickly developed, deployed, and scaled on public, private, and hybrid clouds.

More than US$20 billion in venture capital is being invested in FinTech this year. @CloudExpo is pleased to bring you the latest FinTech developments as an integral part of our program, starting at the 21st International Cloud Expo October 31 - November 2, 2017 in Silicon Valley, and June 12-14, 2018, in New York City.

@CloudExpo is accepting submissions for this new track, so please visit www.CloudComputingExpo.com for the latest information.

Speaking Opportunities

The upcoming 21st International @CloudExpo@ThingsExpo, October 31 - November 2, 2017, Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY announces that its Call For Papers for speaking opportunities is open.

Submit your speaking proposal today! ▸ Here

About SYS-CON Media & Events
SYS-CON Media (www.sys-con.com) has since 1994 been connecting technology companies and customers through a comprehensive content stream - featuring over forty focused subject areas, from Cloud Computing to Web Security - interwoven with market-leading full-scale conferences produced by SYS-CON Events. The company's internationally recognized brands include among others Cloud Expo® (@CloudExpo), Big Data Expo® (@BigDataExpo), DevOps Summit (@DevOpsSummit), @ThingsExpo® (@ThingsExpo), Containers Expo (@ContainersExpo) and Microservices Expo (@MicroservicesE).

Cloud Expo®, Big Data Expo® and @ThingsExpo® are registered trademarks of Cloud Expo, Inc., a SYS-CON Events company.

More Stories By Shelly Palmer

Shelly Palmer is the host of Fox Television’s "Shelly Palmer Digital Living" television show about living and working in a digital world. He is Fox 5′s (WNYW-TV New York) Tech Expert and the host of United Stations Radio Network’s, MediaBytes, a daily syndicated radio report that features insightful commentary and a unique insiders take on the biggest stories in technology, media, and entertainment.

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