Initial coin offerings: Linking technology and financialization
Initial coin offerings: Linking technology and financialization
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DOI：
10.1177/0308518x20954440
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发表时间：
2020-10
期刊：
影响因子：
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通讯作者：
Matthew Zook;Michael H. Grote
中科院分区：
文献类型：
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作者：
Matthew Zook;Michael H. Grote
本文阐述了数字技术与金融实践之间的相互作用，以及它们如何促进正在进行的金融化进程。我们专注于基于区块链的代币产品的情况，以及它们对重塑现有初创公司投资体系的贡献。我们展示了未来的客户如何通过首次代币发行（ICO）过程成为投资者。本文基于2018年和2019年对区块链和行业从业者的采访，重点关注2018年初对特定ICO的深入案例研究。我们提出了一个由催化剂，裂缝和空隙组成的框架来分析金融化过程，并告知理论金融化如何通过企业家利用的社会构建技术提供的新空间。通过这个框架，我们可以更好地理解金融化背后的机制，特别是业务流程和更大的社会关系（如投资者和客户的角色）被重新想象和重新设计的方式。
This paper elaborates on the interactions between digital technologies and financial practices and how they contribute to the ongoing process of financialization. We focus on the circumstances of blockchain-based token offerings and their contribution to reshaping existing systems of investment in startups. We show how future clients become investors via the initial coin offering (ICO) process. The paper is based on interviews with blockchain and industry practitioners during 2018 and 2019 and focuses on an in-depth case study of a specific ICO in early 2018. We suggest a framework consisting of catalysts, cracks and voids to analyze the financialization process and to inform theories of how financialization advances through the new spaces afforded by socially constructed technologies upon which entrepreneurs capitalize. With this framework we provide a better understanding of the mechanics behind financialization, particularly the ways in which business processes, and larger social relations such as the role of investors and clients, are reimagined and reworked.