ICO 回來了：為什麼新創公司要復興這種有爭議的募款工具

2017-2018 年，ICO 是加密貨幣世界的突破。但繁榮之後卻因監管限製而陷入低迷

ICOs (Initial Coin Offerings) were a defining moment in the cryptocurrency landscape of 2017-2018. During those years, investors practically competed to be the first in line to join new projects. However, this boom was followed by a downturn due to regulatory crackdowns, widespread fraud, and numerous project failures.

ICO（首次代幣發行）是 2017-2018 年加密貨幣領域的決定性時刻。在那些年裡，投資人幾乎都在競相成為第一個加入新項目的人。然而，由於監管打壓、普遍存在的詐欺行為和眾多項目失敗，這種繁榮之後又出現了低迷。

Surprisingly, towards the end of 2024, ICOs are once again becoming a topic of conversation. While this presents an opportunity to potentially return to the days of making huge profits, ICOs also raise concerns regarding transparency and risks. So, what exactly is driving startups to reconsider this controversial fundraising method?

令人驚訝的是，到 2024 年底，ICO 再次成為人們談論的話題。雖然這提供了一個可能回到賺取巨額利潤的時代的機會，但 ICO 也引發了人們對透明度和風險的擔憂。那麼，到底是什麼促使新創公司重新思考這種有爭議的融資方式呢？

ICOs provide a way for projects to quickly raise funds from a large pool of investors. This can be especially useful for startups or new ventures that may not have access to traditional financing options. Moreover, ICOs offer a level of decentralization, as they are not controlled by any central authority or financial institution.

ICO 為專案提供了一種從大量投資者快速籌集資金的方式。這對於可能無法獲得傳統融資選擇的新創公司或新企業特別有用。此外，ICO 提供一定程度的去中心化，因為它們不受任何中央機構或金融機構的控制。

However, ICOs are also known for their high risks and lack of regulation. This can make them susceptible to fraud, scams, and project failures. As a result, investors are advised to thoroughly research and evaluate any ICO before investing.

然而，ICO 也因其高風險和缺乏監管而聞名。這可能使他們容易受到詐欺、詐騙和專案失敗的影響。因此，建議投資者在投資前徹底研究和評估任何 ICO。

An ICO is a fundraising model that allows projects to issue their tokens and sell them to investors to raise funds and support further development.

ICO 是一種籌款模式，允許項目發行代幣並將其出售給投資者以籌集資金並支持進一步發展。

Here's how it works: a startup creates a new token with certain functions or useful properties within the planned ecosystem. This coin can provide access to the platform, the right to vote on important decisions regarding the project, or represent a share of ownership.

它的工作原理如下：新創公司在計劃的生態系統中創建具有某些功能或有用屬性的新代幣。該代幣可以提供對平台的存取權、對有關項目的重要決策進行投票的權利，或代表所有權份額。

The success of an ICO is usually measured by the amount of money raised during the token sale, regardless of its final price. Some investors measure the success of an ICO by the return on investment (ROI) of the token purchased during the sale, considering the change in its price.

ICO 的成功通常是透過代幣銷售期間籌集的資金數量來衡量的，無論其最終價格如何。一些投資者透過銷售期間購買的代幣的投資回報率 (ROI) 來衡量 ICO 的成功，並考慮其價格的變化。

In 2017-208, ICOs were very popular, raising billions of dollars for crypto projects. This model promised decentralization, fair distribution for small investors, and the absence of intermediaries.

2017-208 年，ICO 非常受歡迎，為加密項目籌集了數十億美元。這種模式承諾權力下放、小投資者的公平分配以及沒有中介機構。

The most successful ICOs

最成功的 ICO

Some of the most successful ICOs include:

一些最成功的 ICO 包括：

Binance Coin (BNB)

幣安幣 (BNB)

Crypto.com Coin (CRO)

Crypto.com 硬幣 (CRO)

FTX Token (FTT)

FTX代幣（FTT）

Huobi Token (HT)

火幣通證（HT）

OKB Token (OKB)

OKB代幣（OKB）

These tokens went on to achieve high market valuations and played a significant role in their respective ecosystems. For instance, BNB, the native token of the Binance exchange, became one of the most valuable cryptocurrencies in the world.

這些代幣隨後獲得了較高的市場估值，並在各自的生態系統中發揮了重要作用。例如，幣安交易所的原生代幣 BNB 成為世界上最有價值的加密貨幣之一。

ICOs became popular due to several key factors:

ICO 之所以流行有幾個關鍵因素：

1. Fast fundraising: ICOs can quickly raise large sums of money compared to traditional methods. This makes them attractive for startups and new projects that need資金 to get off the ground quickly.

1. 快速募款：與傳統方式相比，ICO 可以快速籌集大量資金。這使得它們對需要資金快速啟動的新創公司和新專案具有吸引力。

2. Direct access to investors: ICOs provide startups with direct access to a large pool of potential investors from around the world. This can be especially beneficial for projects targeting a global audience.

2. 直接接觸投資者：ICO 為新創公司提供了直接接觸來自世界各地的大量潛在投資者的機會。這對於面向全球受眾的項目尤其有益。

3. Decentralization: ICOs are not controlled or regulated by any central authority or financial institution. This aligns with the decentralized nature of cryptocurrencies and Web3.

3. 去中心化：ICO 不受任何中央機構或金融機構的控製或監管。這與加密貨幣和 Web3 的去中心化性質一致。

4. New possibilities: ICOs open up new possibilities for startups and investors alike. They can be used to create and distribute tokens with unique functions and use cases within various ecosystems.

4. 新的可能性：ICO 為新創公司和投資者開闢了新的可能性。它們可用於在各種生態系統中創建和分發具有獨特功能和用例的代幣。

However, ICOs also faced criticism and challenges, including:

然而，ICO 也面臨批評和挑戰，包括：

1. High risks: ICOs are inherently risky investments, and there is no guarantee of success or return on investment. This is largely due to the lack of regulation and the potential for scams or fraudulent projects.

1.高風險：ICO本質上是一種創投，無法保證成功或投資報酬。這主要是由於缺乏監管以及存在詐騙或欺詐項目的可能性。

2. Lack of regulation: ICOs are not subject to the same level of regulatory oversight as other financial instruments. This creates a Wild West-like environment that can be difficult to navigate for both investors and startups.

2. 缺乏監管：ICO 不受與其他金融工具同等程度的監管。這創造了一個類似狂野西部的環境，對於投資者和新創公司來說都很難駕馭。

3. Widespread fraud: Due to the lack of regulation and the anonymity afforded by cryptocurrencies, ICOs became a breeding ground for scams and fraudulent activities. Many projects raised millions of dollars and then disappeared without a trace.

3. 廣泛的詐欺：由於缺乏監管和加密貨幣提供的匿名性，ICO 成為詐騙和詐欺活動的滋生地。許多項目籌集了數百萬美元，然後就消失得無影無蹤。

4. Numerous project failures: The vast majority of ICOs failed to deliver on their promises or achieve long-term success. This resulted in billions of dollars in investor losses and contributed to the crypto bear market of 2018-2019.

4. 專案失敗眾多：絕大多數ICO未能兌現承諾或長期成功。這導致投資者損失數十億美元，並導致 2018-2019 年的加密貨幣熊市。

Following the ICO boom and bust cycle, interest in these fundraising initiatives waned significantly. However, towards the end of 2024, there are signs of a potential revival in ICOs.

在 ICO 繁榮和蕭條週期之後，人們對這些籌款活動的興趣顯著減弱。然而，到 2024 年底，ICO 有可能復甦的跡象。

Several new platforms, such as BuidlPad and Legion (which aims to become one of the first MiCA-compliant crypto asset managers in the EU), are emerging to support ICOs. These platforms aim to introduce mechanisms for verifying and evaluating projects to increase investor confidence.

一些支持 ICO 的新平台正在興起，例如 BuidlPad 和 Legion（旨在成為歐盟首批符合 MiCA 的加密資產管理公司之一）。這些平台旨在引入驗證和評估項目的機制，以增強投資者的信心。

For example, BuidlPad, a launchpad platform, is designed to help users discover and participate in promising Web3 projects. It provides a tiered system for project evaluation and user access, with higher tiers

例如，BuidlPad，一個啟動板平台，旨在幫助用戶發現並參與有前途的Web3專案。它提供了一個用於專案評估和使用者存取的分層系統，具有更高的級別