In every Initial Token Offering (also known as Initial
Coin Offering) we have to strive to create a token which will catch
the interest of the community. This first of all requires
forethought and an understanding of what is driving the community,
but it also needs to focus on creating a sound legal basis for
years to come, no matter how often the token has been transferred,
be it online or through the transfer of an offline wallet. Token
structuring therefore is also a task for the lawyers.
1. The Art of Creating Valuable Token-Economics
We are seeing Initial Token Offerings where tokens have been
created by just mirroring the structures known to private equity
investments, and in many cases even watered down in their economic
effect to a marginal quota of both ownership and future profit
participation without having any relation to decentralisation or
the blockchain. These token sales are not doing the block-chain
justice. They neither build on its potential, nor
