Document Type : Research Paper
Authors
1 PhD Student at Facility of Economic and Management of Tarbiat Modares University
2 Professor of Economics,Department of Economic,Yazd University
Abstract
Financing is always one of the most important issues of businesses. The Initial Coin Offering method is a new way of financing businesses based on blockchain technology. This method has been noticed due to its potential in attracting high capital from all over the world in a short period and in absent of third party. Therefore, describing this method and identifying the factors affecting its success/failure is useful. In this article, using the logistic regression method, we have investigated the factors affecting the success of Initial Coin Offering method among 307 completed projects during 2018-2016. Two target variables: "Total funds collected" and "Hard cap achievement percentage" as success criteria have been considered and the effect of project, campaign, social networks and team characteristics in separate models have been investigated. By obtaining the selected models based on their performance and prioritizing the features using the Permutation Importance (PI) technique, this article shows that the "Business model available" according to the results of both selected models, has important impact on the success of an ICO. Also, the most effective features of the first selected model under the three categories of project, campaign and social network are respectively " White paper-pages ", " Token share presale investors" and "account GitHub" and the most important of them in the second selected model under the two categories of project and campaign are, respectively, "Use of proceeds mentioned" and " length_crowdsale".
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