Initial coin offerings are a hot topic, but the focus tends to miss the most important innovation. Attention naturally is on the 81 percent that are frauds, but the honest ones raised $7 billion for cryptocurrency initiatives in 2017. Those were predominately for double-blockchain ideas, which is blockchain funding to support a blockchain project.
Frauds permeate crypto projects because they’re hard to understand or verify. But the majority of non-fraudulent ICOs by number (not dollars) are for ordinary business projects. 1 This latter group may be as transformative as cryptocurrencies themselves. Moreover, they’re easy to understand.