EOS Cryptocurrency Initial Coin Offering: A case study : How the EOS cryptocurrency raised more than $4.4 billion in its 2017 ICO

Abstract: Over the past year, alongside the sharp increase in the price of Bitcoin, a new investment trend has emerged, known as Initial Coin Offering (ICO). ICOs enable newly-formed blockchain companies to raise large amounts of capital directly from the public. The process involves generating digital assets (tokens) and selling them to the public for cryptocurrencies such as Bitcoin or Ethereum. Tokens are essentially "digital chips" that give their owners the right to access the products and services of the company. Alternatively, they may also be used for speculative purposes as the buyer has the option of negotiating them on cryptocurrency exchanges.The purpose of this thesis is to approach scientifically the ICO phenomenon. In the introductory chapters, reference is made to the concept of cryptocurrencies and their mode of operation, but also to the blockchain technology for which they exist. The thesis then focuses on the issue of the Initial Coin Offering, the process of which is described in detail. The thesis also presents a comparative analysis of the regulatory framework so far applied in the major financial markets. Finally, the effect of all the above factors is examined through the case study of the EOS ICO, which lasted for a year and thus constituting the longest ICO so far.