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In 2017, start-up funding through ICOs (Initial Crypto Offerings) surpassed traditional Venture Capital investments for the first time. Completely new types of firms, better described as ecosystems, are being bootstrapped into existence on the internet without any intermediaries. These crypto-tokens represent a new model for monetizing (open-source) community efforts and actor-oriented organizations. Never in history was access to capital for innovation made available on such a global scale. This book explores the phenomenon of these crowdfunded Blockchain-based decentralized organizations, including their financing and governance. These and other ICO mechanics are critically analyzed through three case studies: Ethereum, TheDAO and Steem.

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While studying at Vienna University of Business & Economics, Felix got excited about Blockchain technology and its impact on the financial system, the economy, and society. Searching for the most interesting use-case, he focused on token sales and token economics. As an Entrepreneur, he is passionate about technologies that transform markets.

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