Initial coin offerings (ICOs) represent an innovative and new funding mechanism for new technology ventures. In our comprehensive review of the industry’s evolution, we show that despite its short history, there have been dramatic changes and shifts in the number of ICOs, the amount of money raised, the geographic distribution of ICOs, and their regulation. This dynamism calls into question current research practices and findings. We propose that scholars sort out and differentiate supply of vs. demand for ICO funding, taking geography and regulation into account with a global perspective.

中文翻译：

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首次代币发行（ICO）的全球发展及其监管的全面回顾

初始代币发行（ICO）代表了针对新技术企业的创新性新融资机制。在对行业发展的全面回顾中，我们发现，尽管历史很短，但ICO的数量，筹集的资金量，ICO的地理分布及其监管都发生了巨大的变化。这种活力使人们对当前的研究实践和发现提出了质疑。我们建议学者们从全球范围内考虑地理和法规，从而对ICO资金的供求进行分类。