最初的硬幣產品（ICO）已啟動了數千個令牌。

最初的硬幣產品（ICO）允許項目團隊通過向早期支持者出售數字代幣來籌集資金。

In the dynamic world of cryptocurrency and blockchain technology, Initial Coin Offerings (ICOs) emerged as a novel fundraising method. Exploiting the decentralized nature of cryptocurrencies, startups and development teams could directly appeal to a global community for capital. Unlike traditional financial offerings, which are subject to a universal regulatory framework, ICOs varied widely in their structure and success. Some projects, like Polkadot and Solana, achieved significant notice and saw their tokens gain listing on major exchanges. Other projects, perhaps due to insufficient transparency or poor market conditions, failed to resonate with investors.

在加密貨幣和區塊鏈技術的動態世界中，初始硬幣產品（ICO）成為一種新穎的籌款方法。利用加密貨幣的分散性質，初創企業和開發團隊可以直接吸引全球資本社區。與傳統的財務產品不同，該產品受到普遍的監管框架的影響，ICO在其結構和成功方面差異很大。一些項目，例如Polkadot和Solana，都獲得了重大注意，並看到了他們在主要交易所上的代幣收益上市。其他項目可能是由於透明度不足或市場狀況不佳，但未能引起投資者的共鳴。

An ICO involved a company or development team offering digital tokens to the public in exchange for capital. These tokens may grant holders access to specific platform features or simply allow people to speculate on the success of the project. Buyers could contribute using major cryptocurrencies or fiat currency, depending on the project’s preferences. The tokens were typically ERC-20 tokens, operating on the Ethereum blockchain.

ICO涉及公司或開發團隊向公眾提供數字代幣以換取資本。這些令牌可以授予持有人訪問特定平台功能，或者僅允許人們推測項目的成功。買家可以根據項目的喜好使用主要的加密貨幣或法定貨幣做出貢獻。令牌通常是在以太坊區塊鏈上運行的ERC-20代幣。

After a fundraising period, the project would distribute tokens to contributors. The project might also apply for listing on cryptocurrency exchanges, allowing for secondary trading of the token.

經過籌款期，該項目將向貢獻者分發令牌。該項目還可能適用於加密貨幣交易所上市，允許代幣進行次要交易。

Many blockchain networks supported initial coin offerings (ICOs), with Ethereum being the most popular due to its smart contract capabilities. Other blockchains, such as Binance Smart Chain, Solana, and Cardano, also facilitated ICOs for various projects. Each blockchain had its own pros and cons, affecting the project’s technical roadmap and the available investor base. For instance, Ethereum’s high gas fees during periods of blockchain congestion could pose a challenge for projects with small token prices.

許多區塊鍊網絡都支持初始硬幣產品（ICO），由於其智能合同功能，以太坊最受歡迎。 Binance Smart Chain，Solana和Cardano等其他區塊鏈也為各種項目提供了ICO。每個區塊鏈都有自己的利弊，影響了項目的技術路線圖和可用的投資者基礎。例如，在區塊鏈擁塞期間，以太坊的高汽油費可能對價格較小的項目構成挑戰。

Successful token creation demanded thoughtful design. Developers had to decide how many tokens would exist and whether they were pre-mined or produced over time. They also needed to program the smart contract to prevent unauthorized token minting, double-coding, or other technical glitches that could undermine the token’s credibility.

成功的代幣創建需要周到的設計。開發人員必須決定存在多少個令牌，以及它們是隨著時間的推移而預先開採還是生產的。他們還需要對智能合同進行編程，以防止未經授權的令牌鑄造，雙重編碼或其他可能破壞令牌信譽的技術故障。

Once tokens were ready, the project would launch its fundraising period. During this window, buyers could acquire tokens by sending cryptocurrency or other accepted forms of payment to wherever the project accepted contributions. The length of this phase varied. Some projects set a short timeframe of one week, while others opted for a month or more. Projects might also introduce investment tiers or bonuses to encourage earlier participation. For instance, those who contributed early in bitcoin or ether might receive a 20% bonus, while later contributors would receive a 10% bonus.

一旦準備就緒，該項目將啟動其籌款期。在此窗口中，買家可以通過將加密貨幣或其他可接受的付款形式發送給項目所接受的捐款來獲取代幣。該階段的長度有所不同。一些項目設定了一個星期的時間範圍，而另一些項目則選擇了一個月或更長時間。項目還可能引入投資層或獎金，以鼓勵早期參與。例如，那些在比特幣或以太幣早期貢獻的人可能會獲得20％的獎金，而後來的貢獻者將獲得10％的獎勵。

Buyers could then follow daily contribution amounts, scanning social channels for updates and gauging public sentiment. If the project quickly hit its maximum fundraising goal, the token sale might close earlier than planned. Conversely, some projects struggled to reach their minimum goal, which could raise doubts about viability.

然後，買家可以遵循每日捐款金額，掃描社交渠道以獲取更新並衡量公眾情緒。如果該項目迅速達到了其最大籌款目標，那麼代幣的銷售可能比計劃的要早。相反，一些項目努力達到其最低目標，這可能會引起對生存能力的懷疑。

The final phase involved delivering tokens to buyers. Projects often used smart contracts to automate this step. Investors would receive their allocated tokens in a compatible wallet, usually shortly after the funding period ended. Timely distribution was crucial for maintaining goodwill. If a project encountered delays, investors might become frustrated and question the team’s competence. Once tokens began circulating, participants could choose to hold them or trade on external platforms if the project secured listing agreements.

最後階段涉及將令牌交付給買家。項目經常使用智能合約來自動化此步驟。通常在資金期結束後不久，投資者將在兼容的錢包中收到分配的令牌。及時的分佈對於維持商譽至關重要。如果一個項目遇到延誤，投資者可能會感到沮喪，並質疑團隊的能力。一旦令牌開始流傳，參與者可以選擇將其持有或在外部平台上進行交易，如果該項目獲得了上市協議。

A public ICO was open to nearly anyone, often drawing in a diverse range of contributors from around the globe. Project teams usually announced these offerings widely, highlighting open access and minimal investment thresholds. Public sales might have limits on individual contributions or apply time-based pricing tiers to motivate early backers. For instance, the first 300 contributors might get tokens at a 20% discount, with a 10% discount for those who contributed within the first week.

公共ICO幾乎向任何人開放，通常會吸引來自全球各地的各種貢獻者。項目團隊通常會廣泛宣布這些產品，突出了開放式訪問和最少的投資門檻。公共銷售可能會限制個人貢獻或應用基於時間的定價層來激勵早期支持者。例如，前300名貢獻者可能會以20％的折扣獲得令牌，對於在第一周內貢獻的人提供10％的折扣。

However, public offerings faced greater regulatory scrutiny as some legal jurisdictions treated them like public securities offerings, requiring extensive disclosures or specific licensing. Project teams had to balance inclusivity with legal compliance, especially when handling fiat currency contributions from U.S.-based investors.

但是，由於一些法律司法管轄區將其視為公共證券產品，因此公開申請面臨更大的監管審查，需要廣泛的披露或特定的許可。項目團隊必須平衡包容性與法律合規性，尤其是在處理美國投資者的法定貨幣捐款時。

A private ICO involved a smaller pool of participants, such as accredited investors, venture capital firms, or other strategic partners. By limiting the contributor base, the project team could thoroughly vet each participant and ensure compliance with stricter regulations, which might be relevant for projects operating in the U.S. This approach usually simplified legal procedures but also reduced the total number of potential backers.

私人ICO涉及較小的參與者，例如經認可的投資者，風險投資公司或其他戰略合作夥伴。通過限制貢獻者基礎，項目團隊可以徹底審查每個參與者並確保符合更嚴格的法規，這可能與美國在美國運作的項目有關，通常簡化了法律程序，但也減少了潛在支持者的總數。

Private ICOs could offer more stable funding, as large investors typically pledged bigger sums in exchange for early discounts or exclusive terms. For example, a venture capital firm might contribute $5 million for a 15% discount on tokens and priority access to future project updates. However, without broad public involvement, the project might eventually face challenges in achieving a large user base or community engagement, which are crucial for long-term success, especially in the decentralized finance (DeFi) space.

私人ICO可以提供更穩定的資金，因為大型投資者通常承諾更大的款項以換取早期折扣或獨家條款。例如，一家風險投資公司可能會貢獻500萬美元，以獲得令牌15％的折扣，並優先訪問未來項目更新。但是，如果沒有廣泛的公眾參與，該項目最終可能會在實現大型用戶群或社區參與方面面臨挑戰，這對於長期成功至關重要，尤其是在分散的金融（DEFI）領域。

ICOs provided startups with a capital-efficient model, enabling them to quickly reach a global audience. They offered an alternative to traditional bank loans or venture capital firms, which could be less accessible, especially for smaller startups.

ICO為初創企業提供了一種資本效率的模型，從而使他們能夠迅速吸引全球受眾。他們提供了傳統的銀行貸款或風險投資公司的替代方案，這可能較低，尤其是對於較小的初創企業而言。

Moreover, the structure of an ICO allowed for a more decentralized approach to fundraising, empowering startups to maintain greater control over their

此外，ICO的結構允許採用更加分散的籌款方法，授權初創企業保持對其的控制權