Initial Coin Offering 2017 ICO Basic
BUZ INVESTORS ICO Basics If you Google “Initial Coin Offering 2017,” you’ll find hundreds of results. Just don’t expect these results to explain what an initial coin offering actually is, because the vast majority of them were written by coders. In other words, they sound like gibberish to anyone who isn’t an expert.
But that doesn’t mean you should abandon hope of making money on initial coin offerings.
Blockchain Is the Key to Everything
The standard line is that blockchain is a public ledger that is distributed, shared, and synchronized across a wide array of…sorry, I nearly put myself to sleep typing that. Who could expect to remember such a boring definition?
Scrub it from your mind and remember this: Blockchain is an antidote to power.
Imagine if you and your friends were trying to organize a party. For one reason or another, you designate one person to be the Chief Party Planner. No one else is supposed to speak individually; all communications are supposed to pass through the Chief Party Planner.
There are a lot of ways that blockchain can be used. Right now, all of your personal data flows through the servers of Amazon.com, Inc. (NASDAQ:AMZN), Alphabet Inc (NASDAQ:GOOGL), and Facebook Inc (NASDAQ:FB). They are able to sell your information to third parties whenever they want to (and believe me they do!), because they own the “master copy.” Blockchain will break their grip by decentralizing the power structure of the internet.
What Is an ICO?
Bitcoin was the first time we saw blockchain in action. It was the pioneer, but it only applied blockchain to money, whereas competitors like Ethereum apply blockchain to everything else.
That’s where ICOs come into play.
Ethereum allows companies to raise funds on its platform, much like companies raise money on the stock market. Instead of selling shares, they issue tokens that are denominated in ether (the currency on Ethereum).
How Does ICO Work?
Although ICOs are relatively new, there is a pattern to how they emerge. It often begins with a white paper that outlines a new “use case” for blockchain. This is basically a business plan written by the founders, exploring the risks and opportunities of their new venture.
How to Invest in Initial Coin Offering?
You’re going to need a “wallet” to store your funds. This is basically a place to store your cryptographic key, which is really just a unique string of code that acts like a bank account.
You can use either “MyEtherWallet” or “Jaxx,” although there are new ones cropping up all the time.
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