Section 3: History and evolution of ICOs
The first reported ICO was conducted by Mastercoin in 2013, with the fundraising event running for almost one month.
Mastercoin raised close to 5,000 bitcoins, valued around $500,000 at the time.
Since the first ICO in 2013, there has been a flood of ICOs with a new ICO launching every other day. In 2016 alone, 54 major ICOs raised close to $103 million dollars, with ICONOMI ($10 million) and SingularDTV ($7.5 million) being the front runners. The current year, 2017, has been phenomenal for ICOs, rais-ing around $1.25 billion in 92 ICOs.
Tezos and Bancor are among the top ICOs of 2017, with the earlier raising $230 million and the latter raising $153 million.
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