最初的硬币产品（ICO）已启动了数千个令牌。

最初的硬币产品（ICO）允许项目团队通过向早期支持者出售数字代币来筹集资金。

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.

在加密货币和区块链技术的动态世界中，初始硬币产品（ICO）成为一种新颖的筹款方法。利用加密货币的分散性质，初创企业和开发团队可以直接吸引全球资本社区。与传统的财务产品不同，该产品受到普遍的监管框架的影响，ICO在其结构和成功方面差异很大。一些项目，例如Polkadot和Solana，都获得了重大注意，并看到了他们在主要交易所上的代币收益上市。其他项目可能是由于透明度不足或市场状况不佳，但未能引起投资者的共鸣。

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涉及公司或开发团队向公众提供数字代币以换取资本。这些令牌可以授予持有人访问特定平台功能，或者仅允许人们推测项目的成功。买家可以根据项目的喜好使用主要的加密货币或法定货币做出贡献。令牌通常是在以太坊区块链上运行的ERC-20代币。

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.

经过筹款期，该项目将向贡献者分发令牌。该项目还可能适用于加密货币交易所上市，允许代币进行次要交易。

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.

许多区块链网络都支持初始硬币产品（ICO），由于其智能合同功能，以太坊最受欢迎。 Binance Smart Chain，Solana和Cardano等其他区块链也为各种项目提供了ICO。每个区块链都有自己的利弊，影响了项目的技术路线图和可用的投资者基础。例如，在区块链拥塞期间，以太坊的高汽油费可能对价格较小的项目构成挑战。

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.

成功的代币创建需要周到的设计。开发人员必须决定存在多少个令牌，以及它们是随着时间的推移而预先开采还是生产的。他们还需要对智能合同进行编程，以防止未经授权的令牌铸造，双重编码或其他可能破坏令牌信誉的技术故障。

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.

一旦准备就绪，该项目将启动其筹款期。在此窗口中，买家可以通过将加密货币或其他可接受的付款形式发送给项目所接受的捐款来获取代币。该阶段的长度有所不同。一些项目设定了一个星期的时间范围，而另一些项目则选择了一个月或更长时间。项目还可能引入投资层或奖金，以鼓励早期参与。例如，那些在比特币或以太币早期贡献的人可能会获得20％的奖金，而后来的贡献者将获得10％的奖金。

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.

然后，买家可以遵循每日捐款金额，扫描社交渠道以获取更新并衡量公众情绪。如果该项目迅速达到了其最大筹款目标，那么代币的销售可能比计划的要早。相反，一些项目努力达到其最低目标，这可能会引起对生存能力的怀疑。

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.

最后阶段涉及将令牌交付给买家。项目经常使用智能合约来自动化此步骤。通常在资金期结束后不久，投资者将在兼容的钱包中收到分配的令牌。及时的分布对于维持商誉至关重要。如果一个项目遇到延误，投资者可能会感到沮丧，并质疑团队的能力。一旦令牌开始流传，参与者可以选择将其持有或在外部平台上进行交易，如果该项目获得了上市协议。

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几乎向任何人开放，通常会吸引来自全球各地的各种贡献者。项目团队通常会广泛宣布这些产品，突出了开放式访问和最少的投资门槛。公共销售可能会限制个人贡献或应用基于时间的定价层来激励早期支持者。例如，前300名贡献者可能会以20％的折扣获得令牌，对于在第一周内贡献的人提供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，由于一些法律司法管辖区将其视为公共证券产品，因此公开申请面临更大的监管审查，需要广泛的披露或特定的许可。项目团队必须平衡包容性与法律合规性，尤其是在处理美国投资者的法定货币捐款时。

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涉及较小的参与者，例如经认可的投资者，风险投资公司或其他战略合作伙伴。通过限制贡献者基础，项目团队可以彻底审查每个参与者并确保符合更严格的法规，这可能与美国在美国运作的项目有关，通常简化了法律程序，但也减少了潜在支持者的总数。

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可以提供更稳定的资金，因为大型投资者通常承诺更大的款项以换取早期折扣或独家条款。例如，一家风险投资公司可能会贡献500万美元，以获得令牌15％的折扣，并优先访问未来项目更新。但是，如果没有广泛的公众参与，该项目最终可能会在实现大型用户群或社区参与方面面临挑战，这对于长期成功至关重要，尤其是在分散的金融（DEFI）领域。

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为初创企业提供了一种资本效率的模型，从而使他们能够迅速吸引全球受众。他们提供了传统的银行贷款或风险投资公司的替代方案，这可能较低，尤其是对于较小的初创企业而言。

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的结构允许采用更加分散的筹款方法，授权初创企业保持对其的控制权