
The Initial Coin Offering (ICO) has long been the main form of fundraising for blockchain projects. Since the first Mastercoin ICO in 2013, there have been hundreds of such projects. At its core, the ICO is a form of contribution that developers receive from interested people for their project. They take place in ether or another cryptocurrency. In addition, a new token is created. Whether or not there is a smart contract, the adversary facing the investor in an ICO is the developer himself and his team.