{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,4,15]],"date-time":"2026-04-15T11:10:31Z","timestamp":1776251431254,"version":"3.50.1"},"reference-count":28,"publisher":"Springer Science and Business Media LLC","issue":"6","license":[{"start":{"date-parts":[[2019,4,23]],"date-time":"2019-04-23T00:00:00Z","timestamp":1555977600000},"content-version":"tdm","delay-in-days":0,"URL":"http:\/\/www.springer.com\/tdm"}],"content-domain":{"domain":["link.springer.com"],"crossmark-restriction":false},"short-container-title":["Bus Inf Syst Eng"],"published-print":{"date-parts":[[2019,12]]},"DOI":"10.1007\/s12599-019-00598-z","type":"journal-article","created":{"date-parts":[[2019,4,23]],"date-time":"2019-04-23T08:04:58Z","timestamp":1556006698000},"page":"745-753","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":36,"title":["Blockchain Token Sale"],"prefix":"10.1007","volume":"61","author":[{"given":"Johann","family":"Kranz","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Esther","family":"Nagel","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Youngjin","family":"Yoo","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"297","published-online":{"date-parts":[[2019,4,23]]},"reference":[{"key":"598_CR1","doi-asserted-by":"crossref","unstructured":"Adhami S, Giudici G, Martinazzi S (2017) Why do businesses go crypto? An empirical analysis of initial coin offerings. \nhttps:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3046209\n\n. Accessed 24 June 2018","DOI":"10.2139\/ssrn.3046209"},{"key":"598_CR2","unstructured":"Amsden R, Schweizer D (2018) Are blockchain crowdsales the new \u2018gold rush\u2019? Success determinants of initial coin offerings. \nhttps:\/\/ssrn.com\/abstract=3163849\n\n. Accessed 15 June 2018"},{"issue":"1","key":"598_CR3","doi-asserted-by":"publisher","first-page":"3","DOI":"10.1287\/isre.1120.0470","volume":"24","author":"S Aral","year":"2013","unstructured":"Aral S, Dellarocas C, Godes D (2013) Introduction to the special issue\u2014social media and business transformation: a framework for research. Inf Syst Res 24(1):3\u201313","journal-title":"Inf Syst Res"},{"key":"598_CR4","unstructured":"BaFin (2018) Initial coin offerings: Hinweisschreiben zur Einordnung als Finanzinstrumente. \nhttps:\/\/www.bafin.de\/SharedDocs\/Downloads\/DE\/Merkblatt\/WA\/dl_hinweisschreiben_einordnung_ICOs.pdf?__blob=publicationFile&v=2\n\n. Accessed 25 Sep 2018"},{"key":"598_CR5","first-page":"54","volume":"3","author":"I Barsan","year":"2017","unstructured":"Barsan I (2017) Legal challenges of initial coin offerings. Rev Trimest Droit Financier (RTDF) 3:54\u201365","journal-title":"Rev Trimest Droit Financier (RTDF)"},{"issue":"6","key":"598_CR6","doi-asserted-by":"publisher","first-page":"381","DOI":"10.1007\/s12599-017-0505-1","volume":"59","author":"R Beck","year":"2017","unstructured":"Beck R, Avital M, Rossi M, Thatcher JB (2017) Blockchain technology in business and information systems research. Bus Inf Syst Eng 59(6):381\u2013384","journal-title":"Bus Inf Syst Eng"},{"key":"598_CR7","unstructured":"Buterin V (2014) A next-generation smart contract and decentralized application platform. White Paper. \nhttps:\/\/www.ethereum.org\/pdfs\/EthereumWhitePaper.pdf\/\n\n. Accessed 14 June 2018"},{"key":"598_CR8","doi-asserted-by":"crossref","unstructured":"Catalini C, Gans JS (2018) Initial coin offerings and the value of crypto tokens. \nhttp:\/\/ide.mit.edu\/sites\/default\/files\/publications\/SSRN-id3137213.pdf\n\n. Accessed 10 June 2018","DOI":"10.3386\/w24418"},{"key":"598_CR9","unstructured":"Coindesk (2019) Coindesk ICO tracker. \nhttps:\/\/www.coindesk.com\/ico-tracker\/\n\n. Accessed 28 March 2019"},{"key":"598_CR10","unstructured":"Conley J (2017) Blockchain and the economics of crypto-tokens and initial coin offerings. \nhttp:\/\/www.accessecon.com\/Pubs\/VUECON\/VUECON-17-00008.pdf\n\n. Accessed 5 July 2018"},{"key":"598_CR11","doi-asserted-by":"crossref","unstructured":"Fenu G, Marchesi L, Marchesi M, Tonelli R (2018) The ICO phenomenon and its relationships with ethereum smart contract environment. In: 2018 International Workshop on Blockchain Oriented Software Engineering, Campobasso","DOI":"10.1109\/IWBOSE.2018.8327568"},{"key":"598_CR12","unstructured":"Fridgen G, Regner F, Schweizer A, Urbach N (2018) Don\u2019t slip on the ICO\u2014a taxonomy for a blockchain-enabled form of crowdfunding. In: 26th European conference on information systems, Portsmouth"},{"key":"598_CR13","unstructured":"Haas P, Blohm I, Peters C, Leimeister JM (2015) Modularization of crowdfunding services\u2014designing disruptive innovations in the banking industry. In: Proceedings of the 36th International Conference on Information Systems, Ft. Worth"},{"key":"598_CR14","doi-asserted-by":"crossref","unstructured":"Hartmann F, Wang X, Lunesu MI (2018) Evaluation of initial cryptoasset offerings: the state of the practice. In: Internationel Workshop on Blockchain Oriented Software Engineering, Campobasso","DOI":"10.1109\/IWBOSE.2018.8327569"},{"key":"598_CR15","unstructured":"ICObench (2019) ICO Market Quarterly Analysis Q4 2018. \nhttps:\/\/icobench.com\/reports\/ICO_Market_Quarterly_Analysis_Q4_2018.pdf\n\n. Accessed 28 March 2019"},{"key":"598_CR16","unstructured":"Jin S, Ali R, Vlasov A (2017) Cryptoeconomics: data application for token sales analysis. \nhttps:\/\/aisel.aisnet.org\/cgi\/viewcontent.cgi?article=1001&context=icis2017b\n\n. Accessed 5 July 2018"},{"key":"598_CR17","volume-title":"Fintech Handbook","author":"W Kaal","year":"2017","unstructured":"Kaal W, Dell\u2019Erba M (2017) Initial coin offerings: emerging practices, risk factors, and red flags. In: M\u00f6slein F, Omlor S (eds) Fintech Handbook. Beck, Munich"},{"key":"598_CR18","unstructured":"Kostovetsky L, Benedetti H (2018) Digital tulips? Returns to investors in initial coin offerings. \nhttps:\/\/ssrn.com\/abstract=3182169\n\n. Accessed 10 July 2018"},{"key":"598_CR19","unstructured":"Lagarde C (2018) A regulatory approach to fintech. Fin Devel 55(2). \nhttps:\/\/www.imf.org\/external\/pubs\/ft\/fandd\/2018\/06\/how-policymakers-should-regulate-cryptoassets-and-fintech\/straight.pdf\n\n. Accessed 10 April 2019"},{"key":"598_CR20","unstructured":"Notheisen B, Hawlitschek F, Weinhardt C (2017) Breaking down the blockchain hype\u2013towards a blockchain market engineering approach. In: 25th European Conference on Information Systems, Guimar\u00e3es"},{"key":"598_CR21","unstructured":"Pietrewicz L (2017) Emerging trends in entrepreneurial finance: the rise of ICOs. \nhttps:\/\/www.researchgate.net\/profile\/Leslaw_Pietrewicz\/publication\/322197042_Emerging_trends_in_entrepreneurial_finance_The_rise_of_ICOs\/links\/5a4ab049aca272d294646e6b\/Emerging-trends-in-entrepreneurial-finance-The-rise-of-ICOs.pdf\n\n. Accessed 15 July 2018"},{"key":"598_CR22","unstructured":"PWC (2019) 4th ICO\/STO Report. \nhttps:\/\/www.pwc.ch\/en\/publications\/2019\/ch-20190308-strategyand-ico-sto-report-q1-2019.pdf\n\n. Accessed 30 March 2019"},{"issue":"6","key":"598_CR23","doi-asserted-by":"publisher","first-page":"385","DOI":"10.1007\/s12599-017-0506-0","volume":"59","author":"M Risius","year":"2017","unstructured":"Risius M, Spohrer K (2017) A blockchain research framework. Bus Inf Syst Eng 59(6):385\u2013409","journal-title":"Bus Inf Syst Eng"},{"key":"598_CR24","doi-asserted-by":"crossref","unstructured":"Robinson R (2017) The new digital wild west: regulating the explosion of initial coin offerings. \nhttps:\/\/ssrn.com\/abstract=3087541\n\n. Accessed 15 June 2018","DOI":"10.2139\/ssrn.3087541"},{"key":"598_CR25","doi-asserted-by":"crossref","unstructured":"Rohr J, Wright A (2017) Blockchain-based token sales, initial coin offerings, and the democratization of public capital markets. \nhttps:\/\/ssrn.com\/abstract=3048104\n\n. Accessed 10 June 2018","DOI":"10.2139\/ssrn.3048104"},{"key":"598_CR26","unstructured":"SEC (2017) Chairman Jay Clayton: statement on cryptocurrencies and initial coin offerings. \nhttps:\/\/www.sec.gov\/news\/public-statement\/statement-clayton-2017-12-11\n\n. Accessed 24 Sep 2018"},{"key":"598_CR27","unstructured":"Swanson T (2015) Consensus-as-a-service: a brief report on the emergence of permissioned, distributed ledger systems. \nhttps:\/\/allquantor.at\/blockchainbib\/pdf\/swanson2015consensus.pdf\n\n. Accessed 3 July 2018"},{"key":"598_CR28","unstructured":"Vogelsteller F, Buterin V (2015) ERC 20 token standard. \nhttps:\/\/github.com\/ethereum\/EIPs\/blob\/master\/EIPS\/eip-20.md\n\n. Accessed 28 July 2018"}],"container-title":["Business & Information Systems Engineering"],"original-title":[],"language":"en","link":[{"URL":"http:\/\/link.springer.com\/content\/pdf\/10.1007\/s12599-019-00598-z.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"http:\/\/link.springer.com\/article\/10.1007\/s12599-019-00598-z\/fulltext.html","content-type":"text\/html","content-version":"vor","intended-application":"text-mining"},{"URL":"http:\/\/link.springer.com\/content\/pdf\/10.1007\/s12599-019-00598-z.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,4,21]],"date-time":"2020-04-21T23:26:00Z","timestamp":1587511560000},"score":1,"resource":{"primary":{"URL":"http:\/\/link.springer.com\/10.1007\/s12599-019-00598-z"}},"subtitle":["Economic and Technological Foundations"],"short-title":[],"issued":{"date-parts":[[2019,4,23]]},"references-count":28,"journal-issue":{"issue":"6","published-print":{"date-parts":[[2019,12]]}},"alternative-id":["598"],"URL":"https:\/\/doi.org\/10.1007\/s12599-019-00598-z","relation":{},"ISSN":["2363-7005","1867-0202"],"issn-type":[{"value":"2363-7005","type":"print"},{"value":"1867-0202","type":"electronic"}],"subject":[],"published":{"date-parts":[[2019,4,23]]},"assertion":[{"value":"3 April 2018","order":1,"name":"received","label":"Received","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"13 November 2018","order":2,"name":"accepted","label":"Accepted","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"23 April 2019","order":3,"name":"first_online","label":"First Online","group":{"name":"ArticleHistory","label":"Article History"}}]}}