A topic modelling analysis of white papers in security token offerings: Which topic matters for funding?

Bongini, Paola; Osborne, Francesco; Pedrazzoli, Alessia; Rossolini, Monica

doi:10.1016/j.techfore.2022.122005

Cited by 11 publications

(9 citation statements)

References 107 publications

(167 reference statements)

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Their main use case is selling shares in a company, much like shares or fractional shares sold through conventional markets, or other businesses, for example, real estate, without the need for a broker [51]. It has been reported that major companies and startups are exploring security tokens as a potential alternative to other fundraising methods [51,52].…”

Section: Tokensmentioning

confidence: 99%

“…Tokens can be relatively easy to create and issue, and can be available to anyone with a mobile phone and Internet connection, enabling investments in a democratic way, without bureaucratic obstacles, with the use of basic technical literacy and small amounts of currency [52]. The biggest drawback to this concept is that the ecosystem of apps that support it (mobile apps, wallets etc.)…”

Section: Tokens Of Electrical Energymentioning

confidence: 99%

“…Power Ledger (PL) is an example of an Australian energy trading platform, founded in 2016, that enables the decentralized sale and purchase of renewable energy with the application of P2P contracts via blockchain [53]. PL does not require the use of special hardware, but it is necessary to install a smart meter so that data on energy production and consumption can be processed and further traded using software trading in tokens [51][52][53].…”

Section: Tokens Of Electrical Energymentioning

confidence: 99%

“…), including storage devices (various types of battery), and manages the flow of electricity from producer to the nearest location where it is needed encompassing the highest bidder. Such a closed loop obtained within the blockchain circulates electricity from the producer to the consumer via the shortest route, enabling consumers also to become producers (prosumers) of the renewable electricity in transmission [52]. However, since regulations governing electricity at the moment do not permit electricity trading via the P2P model, it is necessary to create a platform in the online marketplace, i.e., a microgrid that will enable prosumers to sell excess renewable energy produced in the form of solar, wind or other types of renewable energy tokens [45,52,54].…”

Section: Tokens Of Electrical Energymentioning

confidence: 99%

See 3 more Smart Citations

Regulatory Paradigm and Challenge for Blockchain Integration of Decentralized Systems: Example—Renewable Energy Grids

et al. 2023

View full text Add to dashboard Cite

Nowadays, fossil fuels are used in a clearly unsustainable way that can bring potentially catastrophic consequences. Electricity is currently delivered to end users by generation and energy transmission companies. Previous research shows that the development of modern circular economy sets a need for the re-orientation of socio and economic development of decentralized systems, including energy basis. In addition to being ecological, the use of renewable energy sources also has economic significance by contributing to energy independence. Citizens, industries, local and national authorities become interconnected within emerging novel renewable energy sourcing communities, through which they establish trade of energy and, most importantly, models of investing and reshaping the distribution of renewable energy. The modern portfolio management of renewable energy networking is aiming toward decentralized systems of trade, where the consumer becomes a producer (prosumer) within the network, itself managed by users. Excess energy produced in the micro-grid nets within the over-arching national and transnational energy grid should be accounted for and managed with blockchain technology for financial and structural security. The decentralization of the energy market requires the establishment of strict norms that will regulate the market and taxation of profits arising. The extensive literature review on blockchain in the energy sector reflects a very pragmatic and narrow approach to the topic, although it is evident that the distribution of energy within the blockchain would enable economic development through reducing cost and ensuring more secure energy trade. Blockchain technology embeds the related digital codes, in which information will be visible to all, but also secured from hacking and duplicating. However, there are challenges to this paradigm, not least the energy consumption of the extensive nodal mesh required to perform the necessary protocols. This paper aims to provide an overview of the application of blockchain technology and the need for the development of the regulatory system and of potential solutions to the challenges posed. By undertaking an energy consumption analysis of blockchain implementation from first electronic principles, which has not been constructed before in the literature, this paper’s conclusion stresses the future demand for reducing energy consumption and considers the latest findings in the quantum coupling of light signals as a potential for solving the enormous ledger duplication structure problem.

show abstract

Section: Tokensmentioning

confidence: 99%

Section: Tokens Of Electrical Energymentioning

confidence: 99%

Section: Tokens Of Electrical Energymentioning

confidence: 99%

Section: Tokens Of Electrical Energymentioning

confidence: 99%

See 2 more Smart Citations

Regulatory Paradigm and Challenge for Blockchain Integration of Decentralized Systems: Example—Renewable Energy Grids

et al. 2023

View full text Add to dashboard Cite

show abstract

“…During this period the market changed completely, with success now depending mostly on the type of token offering and the choice of launchpad platform. OECD (2019) and also relevant research by Ante and Fiedler (2020), Bongini et al (2022) and Lambert, Liebau and Roosenboom (2022. In fact, the increase in regulatory oversight for security tokens has driven the majority of ventures to classify their token as utility.…”

mentioning

confidence: 99%

The New Tokenomics of Crowdfunding

Alexander,

Dakos

2023

British J of Management

View full text Add to dashboard Cite

Whether proxied by the amount raised or the probability that this amount exceeds the soft cap, the factors driving the fundraising success of token offerings have changed considerably over the past 4 years. Possible factors include target market capitalization for the token, genuine signals of the venture's public credibility, price and momentum of ether, domicile of the venture and distribution of the token. There is a large previous literature on this topic, rooted in the entrepreneurial finance and crowdfunding literature, with numerous hypotheses based on signalling theory in its broadest sense. But due to substantial differences in samples, which end before 2020, the results are not only mixed but out of date. We have built the largest and most complete dataset on token offerings, spanning 2017 and 2022. The determinants of the amount raised were robust to different subsamples until the market virtually disappeared during the Covid pandemic. But it resumed in early 2021 and within 12 months had reached an all‐time high in terms of number if not market capitalization of new offerings. During this period the market changed completely, with success now depending mostly on the type of token offering and the choice of launchpad platform.

show abstract