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(Barsan 2017).As such, entrepreneurs aiming to launch an ICO shouldfirst verify the legal implications of conducting an ICO in the jurisdiction that they, and potential investors, are based in. The token issuer, typically a start-up, defines the main characteristics of the tokens (e.g. the rights itwill provide to token holders, number of tokens, protocol, etc.) and of the selling process (e.g. initial value, issuing platform, time period of token sale, type of investors, acceptedmethods of payment, etc.). There are three main types of tokens (Tasca 2019): • Payment tokenswhich are essentially cryptocurrencies that areusedasmeansof payment or value transfer; • Utility tokens that allow token holders to access a specific digital application/service; • Asset/debt tokenswhich represent for the investorassets suchasadebtorequity. Fromaproject promoter’sperspective, oneofmainbenefits of tokenofferings is the opportunity to attract both capital and users, particularly with the issuance of utility tokens. This is particularly beneficial for platform promoters as reaching a critical mass of users is paramount for the success of the project. Unsurprisingly, platform-based businesses represent the majority of completed token offerings so far, followed by projects related to cryptocurrencies (ICObench 2019b). As this typeoffundraisingmatures, thenumberof tokenofferings acrossother industries is expected to grow, particularly in the IT sector. Once the tokenand thesaleprocesshavebeendesigned, theentireproject is then described in a “white paper”. Awhite paper typically contains the technical details related to the token offering but also a detailed description of the project and the team.Thewhite paper is a keyelement for the successof a tokenoffering (Adhami et al. 2018), and its production typically involves considerable cost (Fisch 2019). Thewhite paper then needs to be promoted to potential investors. In this phase, a properlybuiltwebsite, andaclearmarketingandcommunication strategycanmake the difference in terms of reaching potential target investors in the most effective way. This phase typically requires time and effort as awareness needs to be built around the proposed project. Investors / Community Token IssuerSmart Contract Cryptocurrency Cryptocurrency ICO TokensICO Tokens Bank / Escrow Fiat currency Fiat currency Fig. 2 ICO process (adapted fromPwC2019) NewSources of Entrepreneurial Finance 223