CoinDesk Turns 10: The ICO Era – What Went Right?

But the to a greater distance you get off-chain with any feature of a distributed ledger, the more this model breaks down, for at least two reasons. Blue ribbon, because there’s less and less on-chain verification that goods or services are actually being provided, enticing fraud. This was seen repeatedly in scam ICOs, where entrepreneurs claimed their tokens were “backed” by actual estate or diamonds – claims that couldn’t even be verified, much less redeemed, on-chain.