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Where did they suddenly come from? You do the prep-work and get your project to a natural technical milestone. You publish a white paper and disclosure and give people a chance to read it and comment. There are also usually threads that develop on Reddit, Bitcointalk, Slack, Telegram and elsewhere, where people actively debate the merits of the product. Typically, a company sets out of a goal, then in the sales process, they can either discover what the market is willing to pay, as with a Dutch auction, or they can stipulate the price themselves and explain what the use of the proceeds will be.

The value of the token lies in its functionality and utility. Token holders are effectively prepaying for a product or service. If I run a video game company, for example, I can sell you tokens that represent in-game purchases once the game is built. Companies mostly use cryptocurrencies out of an abundance of caution. These are people who have [digital] wallets. Lawyers are relying on case law that defines what a security is. If they do, then those transactions are considered securities and are subject to certain disclosure and registration requirements.

Some are in the U. Companies are coming from many countries. For how much longer, do you think? ICOs are getting tons of attention suddenly, as you know. With Storj, maybe you buy storage. You can also accumulate these tokens over time, as a bet that with more enterprise demand for storage capacity, the coins will become more valuable, after which you can sell your tokens to someone else who needs to purchase storage space.

There are also a number of cryptocurrency exchanges where these tokens trade. In the case of Storj, you can sell or buy on Poloniex or Bittrex. Is there any kind of lock-up period, or can a token holder immediately sell that token if he or she wants?

You mention Civic, which is staging an ICO. Civic has also raised some venture capital previously. But plenty of other companies seem to be skipping the VC part. Many are doing the work to understand how to be involved and active in the space and the fundamental value of these protocols.

Union Square Ventures has said it now has a mandate from its LPs to hold these assets. For companies that raise funds through a token sale and that have had traditional angel or venture rounds previously, for example, their equity investors get to skip one or two rounds of dilution, which is great; it means their returns are hyper-levered.

That makes some outsiders nervous. Do you worry about bad actors? This whole market is just a couple of years old. ICOs are everywhere suddenly. When was the first ICO staged? How many ICOs have there been to date?

These require digital wallets? Do people always buy these tokens with cryptocurrencies? For the most part, they do. Is there a concern that U. Where are most ICOs staged? What types of companies are primarily using ICOs? Is there a bubble forming?