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Search Results (4)

Search Parameters:
Keywords = crowdfunding tokenization

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35 pages, 12830 KB  
Article
Conditional Token: A New Model to Supply Chain Finance by Using Smart Contract in Public Blockchain
by Che-Pin Chen, Kai-Wen Huang and Yung-Chi Kuo
FinTech 2023, 2(1), 170-204; https://doi.org/10.3390/fintech2010012 - 16 Mar 2023
Cited by 5 | Viewed by 8144
Abstract
This paper defines Conditional Token (CT) as the token with specific conditions and proposes the use functions for its operations in smart contract so that it can be deployed at the public blockchain. If CTs were exchanged to/equivalent to fiat currency once then [...] Read more.
This paper defines Conditional Token (CT) as the token with specific conditions and proposes the use functions for its operations in smart contract so that it can be deployed at the public blockchain. If CTs were exchanged to/equivalent to fiat currency once then all conditions are realized, that is, the required performances and obligations/rights are agreed upon. In use, the obligation-type CT can be used as a divisible mortgage or be used as a representation of accounts receivable, accounts payable and vouchers as it is used in accounting. While the rights-type CT can be used as divisible fixed-income bonds or as an investment vehicle. Integrate both types of CTs with a matching methodology can thus be used in any kind of peer-to-peer (P2P) system of the decentralized finance, such as crowdfunding and P2P lending. This paper thus applying this new model to solve the complex issues of supply chain finance. For feasibility, this study concludes CT is the “Verdinglichung Obligatorischer Rechte”, and CTs are better than the current corporate loans in terms of cost and benefits. In addition, it is capable of transferring risk to other investors. In terms of implementation, this paper proposes a system framework and has completed a proof of concept of the system. Full article
(This article belongs to the Special Issue Crowdfunding—an Alternate Financing Method of Entrepreneurship and Sustainable Business Model Pre-during-Post COVID-19 Pandemic)
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18 pages, 1058 KB  
Article
Combining the MDM and BWM Algorithm to Determine the Optimal Crowdfunding Tokenization Solution for Digital Assets Market Startups
by Chien-Heng Chou and Chun-Yueh Lin
Systems 2022, 10(4), 87; https://doi.org/10.3390/systems10040087 - 28 Jun 2022
Cited by 1 | Viewed by 2729
Abstract
This study aimed to use the modified Delphi method and best worst method to establish an evaluation model for analyzing the perspectives and key influencing factors used in evaluating startups’ optimal token-financing solutions. In accordance with the modified Delphi method, a list of [...] Read more.
This study aimed to use the modified Delphi method and best worst method to establish an evaluation model for analyzing the perspectives and key influencing factors used in evaluating startups’ optimal token-financing solutions. In accordance with the modified Delphi method, a list of influencing factors was obtained through expert opinions and a literature review, and, further, adopted to construct an evaluation model and the subsequent weights. Thereafter, the relative weight of each factor in the best worst method framework was determined, to obtain the optimal token-financing solution. This study makes important contributions in theory and in practice by providing a decision-making model based on the modified Delphi method and the best worst method, which can serve as a valuable reference and measurement tool for startups to evaluate optimal solutions, when undertaking token financing. Academically, it contributes to the literature by providing an application process that integrates the modified Delphi method and the best worst method, and introduces an optimal evaluation framework for startups to use when undertaking token financing. In addition, it makes a practical contribution in the context of the rapid development of FinTech, as the evaluation model proposed in this study can be a valuable measurement tool for startup entrepreneurs who intend to use token financing to improve the capital turnover rate of their equity. Full article
(This article belongs to the Special Issue Decision-Making Process and Its Application to Business Analytic)
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28 pages, 492 KB  
Review
Theories of Crowdfunding and Token Issues: A Review
by Anton Miglo
J. Risk Financial Manag. 2022, 15(5), 218; https://doi.org/10.3390/jrfm15050218 - 13 May 2022
Cited by 22 | Viewed by 11160
Abstract
Entrepreneurial, innovative and small- and medium-sized firms experience difficulties with raising funds using traditional debt and equity. Consequently, they are constantly looking for new strategies of financing. The latest inventions are crowdfunding and token issues. In contrast to traditional ways of raising funds [...] Read more.
Entrepreneurial, innovative and small- and medium-sized firms experience difficulties with raising funds using traditional debt and equity. Consequently, they are constantly looking for new strategies of financing. The latest inventions are crowdfunding and token issues. In contrast to traditional ways of raising funds these innovations: (1) use modern technology (online transactions, blockchain, etc.) much more actively; (2) are usually quicker in reaching potential investors/funders; (3) use more active network benefits such as, for example, a large number of interactions between investors/funders and between funders and firms. These changes are so significant that some experts list them among the top business inventions of the 21st century. This article provides a review of the growing number of theoretical papers in the areas of crowdfunding and token issues, compares their findings with empirical evidence and discusses directions for future research. The research shows that a large gap exists between the theoretical literature and empirical literature. Full article
(This article belongs to the Special Issue Token Offerings, Cryptocurrencies and Blockchain Technology)
29 pages, 1310 KB  
Article
The Crowdfunding of Altruism
by Luisa Faust, Maura Kolbe, Sasan Mansouri and Paul P. Momtaz
J. Risk Financial Manag. 2022, 15(3), 138; https://doi.org/10.3390/jrfm15030138 - 15 Mar 2022
Cited by 13 | Viewed by 5758
Abstract
This paper introduces a machine learning approach to quantify altruism from the linguistic style of textual documents. We apply our method to a central question in (social) entrepreneurship: How does altruism impact entrepreneurial success? Specifically, we examine the effects of altruism on crowdfunding [...] Read more.
This paper introduces a machine learning approach to quantify altruism from the linguistic style of textual documents. We apply our method to a central question in (social) entrepreneurship: How does altruism impact entrepreneurial success? Specifically, we examine the effects of altruism on crowdfunding outcomes in Initial Coin Offerings (ICOs). The main result suggests that altruism and ICO firm valuation are negatively related. We, then, explore several channels to shed some light on whether the negative altruism-valuation relation is causal. Our findings suggest that it is not altruism that causes lower firm valuation; rather, low-quality entrepreneurs select into altruistic projects, while the marginal effect of altruism on high-quality entrepreneurs is actually positive. Altruism increases the funding amount in ICOs in the presence of high-quality projects, low asymmetric information, and strong corporate governance. Full article
(This article belongs to the Special Issue Token Offerings, Cryptocurrencies and Blockchain Technology)
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