Up against a white board, Vinny Lingham makes a convincing case for initial coin offerings (ICOs).
Darting and drawing various charts and lines, Lingham positions the nascent concept – through which entrepreneurs sell blockchain-linked data that will form an underlying part of an in-development distributed service – as one that will change the world.
Lingham argues that ICOs, while today criticized for their relative newness and lack of legal framework, have given entrepreneurs the ability to solve a key problem. Namely, how to fund an idea before the point at which outside capital could acquire new users that enable the company to develop toward a successful exit.
“This is the problem we’re solving. There’s a gap between network value and user value,” he explained. “VCs don’t want to fund the gap between the incremental cost of the user and the break-even point.”
It’s perhaps this enthusiasm that is leading Lingham to offer a token that will enable users to buy into the network effect he wants to create with his blockchain identity startup Civic, founded in 2016 as a way to tackle problems relating to identity theft, but that has since expanded into online verification.
Lingham explained that in order to grow, Civic will need to turn its service
Read more ... source: CoinDesk
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