安永：2018年虚拟货币（ICO）报告（英文版）（13页）.pdf

1、EY study: Initial Coin Offerings (ICOs) The Class of 2017 one year later October 19, 2018 Executive summary In December 2017, we analyzed the top ICOs that represented 87% ICO funding in 2017. In that report, we found high risks of fraud, theft and major problems with the accuracy of representations

2、 made by start-ups seeking funding. In this follow-up study, we revisit the same group of companies to analyze their progress and investment return: The performance of ICOs from The Class of 2017 did little to inspire confidence.1 86% are now below their listing2price; 30% have lost substantially al

3、l value. An investor purchasing a portfolio of The Class of 2017 ICOs on 1 January 2018 would most likely have lost 66% of their investment. Of the ICO start-ups we looked at from The Class of 2017, only 29% (25) have working products or prototypes, up by just 13% from the end of last year. Of those

4、 25, seven companies accept payment in both traditional fiat currency (dollars) as well as ICO tokens, a decision that reduces the value of the tokens to the holders. There were gains among The Class of 2017, concentrated in 10 ICO tokens, most of which are in the blockchain infrastructure category.

5、 However, there is no sign that these new projects have had any success in reducing the dominance of Ethereum as the industrys main platform. 1See methodology in appendix. 2Defined as when first available to trade on a cryptocurrency exchange. ICO performance update02 Page 4EY research: initial coin

6、 offerings ICOs broke out in 2017. Demand continues to grow with claims of over US$15b raised in the first half of 2018. 2015First half of 201820162017 2,231 6,358 21,931 +4,127 +2,221 52% 10 ICOs 48% 475 ICOs Cumulative ICO amounts US$mm Top 10 ICOs raised 52% of the total claimed funds in 2018 506