近幾個月，區塊鏈和金融技術圈新出現了一個熱門話題： 首次代幣發售（ICO）。這引起了美國、中國等各國監管部門的注意。我對技術的一般原則很簡單：當監管者注意到它的時候，你也應該關注它。

監管者對ICO的關注并不意外； 通過首次代幣發售的形式，已經有數十億美元的真實貨幣被用于購買加密貨幣，加密貨幣的總市值已經超過1,600億美元。公司進行首次代幣發售時，會推出自己的加密貨幣并向投資者發售，而不是尋求市場或風投公司的直接投資。雖然到目前為止多數資金都來自區塊鏈社區內部，但這項技術的潛力巨大，很快就會有大型金融機構推出自己的加密貨幣，進入ICO市場。

事實上，這種情況已經開始出現。一個多月前，巴克萊（Barclays）、瑞士信貸（Credit Suisse）、加拿大帝國商業銀行（Canadian Imperial Bank of Commerce）、匯豐銀行（HSBC）、三菱日聯金融集團（MUFG）和道富銀行（State Street），與瑞銀集團（UBS）和紐約梅隆銀行（BNY Mellon）共同參與了一個項目，計劃在2018年之前推出一種加密貨幣“多用途結算幣”，用于有限的后期結算業務。另外，這些銀行也在與監管部門探討新加密貨幣的應用問題。

首次代幣發售不止是一種眾籌。正如瑞銀集團前首席技術官和首席區塊鏈專家奧利弗?巴斯曼最近所說的那樣：“ICO作為一種利用區塊鏈技術的全新商業模式，結合了眾籌和包含股權與貨幣的新型混合資產類別，將以數字化方式繼續存在下去。”

要想獲得投資，公司通常需要在某一國家的交易所上市（至少初期是如此）。現在，公司可以通過開發和售出加密貨幣以獲得各個國家投資者的資金注入，這突破了國家發行貨幣的正常限制。

到目前為止，進行首次代幣發售的主要是小公司和初創公司，不過大公司也已經行動起來。今年，漢堡王（Burger King）在俄羅斯發布了“皇堡幣”，而估值10億美元的信息應用Kik也宣布發布自己的加密貨幣Kin。這些例子表明，大型跨國公司至少開始試探性地準備將首次代幣發售，作為融資和吸引利益相關者的另外一種方式。

該系統大幅降低了渴望參與投資的公司的準入門檻。雖然該領域缺乏監管，可能意味著有人會蒙受巨額虧損，但獲得重大收益的潛力同樣巨大。

首次代幣發售不只限于公司； 今年，愛沙尼亞已經在探討推出一種國家加密貨幣Estcoin，以吸引更多外國直接投資。未來幾年，完全有可能會有更多公司和國家推出自己的加密貨幣，形成一個類市場的交易環境。雖然歐洲央行（European Central Bank）行長否決了愛沙尼亞的想法，但它進行的嘗試表明，首次代幣發售正在全球獲得越來越多的關注。

雖然公司可能會為自己的商品推出專用加密貨幣，但加密貨幣的發行實際上多用于融資。通過這種方式，從初創公司到成熟的行業領導者，都可以避開中介機構和諸多監管，獲得真正全球化的資本來源。監管部門已經注意到了這種技術； 所以，現在任何人都不應該對它視而不見。

本文作者丹尼斯?巴拉諾夫是DataArt的首席顧問。

本文最初的版本稱迪士尼參與了一款加密貨幣的開發，系錯誤陳述。

譯者：劉進龍/汪皓

In recent months a new hot topic has emerged in the blockchain and financial technology communities: initial coin offerings (ICOs). Regulators from the U.S. to China are taking notice. My general rule for technology is simple: When regulators care about it, so should you.

The regulatory interest is no surprise; billions of dollars in real moneyhave already been used to buy cryptocurrency in the form of ICOs and the total market capitalization of cryptocurrencies has surpassed $160 billion. An ICO occurs when firms create their own cryptocurrency and issue it for investors, rather than seeking investment directly from the markets or venture capital firms. While most of this money has to date come from within the blockchain community, the potential of this technology is so great that very soon major financial players will launch their own cryptocurrencies and enter the ICO market.

In fact, it’s already begun. Just over a month ago Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG, and State Street joined UBS and BNY Mellon in a project to launch a cryptocurrency—the “utility settlement coin”—set for a limited back-end run by 2018. The banks are also in discussion with regulators regarding applications of new cryptocoins.

ICOs are more than just crowdfunding. As former UBS chief technology officer and leading blockchain expert Oliver Bussmann recently said, “ICO as a new business model leveraging blockchain technology will sustain as the digital way, combining crowdfunding and [a] new hybrid asset class of equity ownership and currency.”

Whereas traditional investment methods require a firm to list in one country and utilize (at least initially) one exchange, creating and selling its own cryptocurrency allows a firm access to finance from anyone, anywhere, outside the normal constraints imposed by state-issued currencies.

To date, mostly smaller companies and startups have issued ICOs, but major firms have begun to make moves in this area. This year Burger King launched the Whoppercoin in Russia and the $1 billion-valued messenger app Kik announced the launch of Kin cryptocurrency. These examples illustrate that, at least tentatively, major global companies are gearing up to use ICOs as another means of raising capital and engaging their stakeholders.

This system dramatically lowers the barriers to entry for firms looking to invest. And while the lack of regulation in this area may mean some people are going to lose a lot of money, the potential for major wins is great.

ICOs are not just limited to companies; already this year Estonia is exploring the creation of an Estcoin cryptocurrency to drive more foreign direct investment into its economy. It is no longer beyond the realm of possibility that in a few years time multiple companies and countries will have launched their own cryptocurrencies and created market-like environments in which they are traded. Though the European Central Bank head has rejected Estonia’s idea, the country’s attempt shows that ICOs are gaining traction worldwide.

While it is likely that companies will launch their own cryptocurrencies for their own goods, the real use case for creating cryptocurrencies will instead be in using them to raise finances. With this method, firms from startups to established industry leaders can bypass intermediaries and perhaps many regulations to access a truly global source of capital. Regulators have taken note of this technology; it is time everyone else does as well.

Denis Baranov is a principal consultant at DataArt.

A previous version of this article incorrectly stated that Disney is involved with the creation of a cryptocurrency.