Initial Coin Offerings

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Oferta pública inicial de moedas (initial coin offerings) no Brasil: desafios entre a regulação pela comissão de valores mobiliários (CVM) e a recepção de institutos em outras jurisdições

Oferta pública inicial de moedas (initial coin offerings) no Brasil: desafios entre a regulação pela comissão de valores mobiliários (CVM) e a recepção de institutos em outras jurisdições

The scope of this study is, from the review of articles, bulletins and academical and technical texts, to obtain a critical analysis of the of Initial Coin Offerings (ICOs), going about its main positive and negative aspects. ICOs have the potential to be one of the main tools for Brazil, as many other countries, drive their economy forward and overcome times of crisis. Exclusively carried out in a digital environment, people from all over the world can participate in ICOs, being only necessary that they have internet acess. Most regulatory agencies all over the world have handled ICOs with caution. The blockchain, cryptographic technology used in ICOs, will most certainly continue to be used in areas. The system’s security, reduction in costs and, up to now, uncorrupted data, turn blockchain into a revolutionary technology, suitable for ICOs. It has been common for regulatory agencies to publish notes and announcements in order to warn the market about the risks involved in ICOS and that cryptocurriencies, depending upon the characteristics they present, may or may not be under the scope of activities regulated by those regulatory agencies.
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Human capital's importance in Initial Coin Offerings' (ICOs) success

Human capital's importance in Initial Coin Offerings' (ICOs) success

The Initial Coin Offerings (ICOs) are an emerging topic in the literature but there is still a considerable literature gap due to their novelty. ICOs’ main function is to fund innovative ventures which are based on a distributed ledger technology (DLT) such as blockchain. The funding is performed via the tokens selling by the cutting hedge technological ventures and the tokens purchase by worldwide investors (Chiu & Greene, 2019). Therefore, the investors are able to buy tokens directly from the new venture without the need to a third party involved. The tokens sold will be venture capital project’s functional future units, in other words, they will have a utility function, right of ownership or royalties (Fisch, 2019). According to Howell, Niessner, & Yermack (2018) there are three main token categories: (i) currency token: used as a means of exchange and store such as a cryptocurrency; (ii) security token: used as a conventional security but recorded and exchanged on a blockchain. The underlying of this token type can range from corporate equity (typical share), to commodities, real estate or even currencies; (iii) utility token: is the most common token type and provides to the buyer consumptive rights to access a product or service. According to Kranz, Nagel, & Yoo, 2019 there is a fourth type of toke, namely, the donation tokens which do not grant any rights to the investor and are used to raise money for entrepreneurial and idealistic projects. According to Brochado (2018) there are also hybrid tokens which combine more than one of the characteristics mentioned above and new token types should appear in the future (Fisch, 2019). All the characteristics and main information on the ICO should be described in the Whitepaper of the new venture which, although unregulated, tries to mimic a regulated prospectus (Chiu & Greene, 2019). According to Brochado (2018) we could define ICOs as an alternative investment form offering the possibility of direct financing from worldwide investors and which contributes to the democratization of entrepreneurship and access to capital markets. The ICOs are based on Blockchain’s technology and offer the chance to invest in a project’s initial phase through the acquisition of a token. It also allows tokens’ transaction on secondary market which is essential to their success (Chen, 2018). This definition is in line with Fisch (2019) who also highlights the similar approaches of crowdfunding and ICOs although an innovative characteristic of the latter is the possibility of selling tokens in a secondary market not available in crowdfunding.
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A natureza jurídica dos Tokens e da realização de Initial Coin Offerings (ICOs)

A natureza jurídica dos Tokens e da realização de Initial Coin Offerings (ICOs)

Considerando que a grande discussão para a configuração de um token como valor mobiliário, tanto no caso Munchee quanto no caso Niobium¸ dizia respeito à expectativa de lucros, é poss[r]

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A SISTEMÁTICA BRASILEIRA DE SEGURANÇA DA ATIVIDADE FINANCEIRA NO CIBERESPAÇO E A ATUAL (IN)APLICABILIDADE ÀS INITIAL COIN OFFERINGS (ICOs) E AOS SEUS ATIVOS VIRTUAIS THE BRAZILIAN SYSTEM OF FINANCIAL ACTIVITY SAFETY IN CYBERSPACE AND THE CURRENT (IN)APPLI

A SISTEMÁTICA BRASILEIRA DE SEGURANÇA DA ATIVIDADE FINANCEIRA NO CIBERESPAÇO E A ATUAL (IN)APLICABILIDADE ÀS INITIAL COIN OFFERINGS (ICOs) E AOS SEUS ATIVOS VIRTUAIS THE BRAZILIAN SYSTEM OF FINANCIAL ACTIVITY SAFETY IN CYBERSPACE AND THE CURRENT (IN)APPLI

Nuevas tecnologías en el ámbito de la economía digital, como el initial coin offering (ICO) y sus activos virtuales, cuando se asocian a softwares que proporcionan anonimato en torno a sus transacciones, potencian los riesgos de criminalidad virtual, lavado de dinero, financiamiento al terrorismo e incluso ciberataques al sistema financiero estatal. Tales riesgos cibernéticos han demandado a los gobiernos el desarrollo de sistemas de seguridad de la actividad financiera en el ciberespacio, involucrando mecanismos de ciberdefensa, órganos de fiscalización, así como aparatos normativos para regular, prevenir y reprimir ciberataques. En vista de este panorama, en esta investigación se objetivó describir la sistemática brasileña de seguridad para la actividad financiera en el ciberespacio, analizándola frente al fenómeno de la initial coin offering (ICO) y sus activos virtuales, llegando a la conclusión de que el actual sistema es inaplicable a tal fenómeno.
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Initial Coin Offering (ICOs) : determinants of successful Initial Coin Offering (ICOs)

Initial Coin Offering (ICOs) : determinants of successful Initial Coin Offering (ICOs)

2018). More than $6 billion USD have been invested via Initial Coin Offerings since the beginning of 2016 and triggers 1,500% in 2018 (Ferreira, 2018), this quickly demonstrates the existence of a “new era of crowdfunding” that uses blockchain tokens as an innovative way to raise early-financing. ICOs is a combination of crowdfunding and blockchain, therefore with the issuing of a crypto asset (that could be both a coin or a token) through a blockchain, this new token can represent a wide range of scarce assets, such as currencies, securities, properties, loyalty points, and gift certificates, among others (Buterin, 2014b; Yan Chen, 2018; Tapscott and Tapscott, 2016). The first ICO emerged in 2013 when Mastercoin, now known as Omni, was created by J.K. Willet, who described his idea in “The Second Bitcoin white paper” (Ravikant, 2014). As reported by Adhami and Giudici (2017), ICO is “an open call, through the internet, for the provision of cryptocurrencies in exchange for tokens generated through smart contracts and relying on the blockchain and technology, allowing the pledger to enjoy an exclusive right or reward or financial claim”. ICOs attract a wide range of intentions of investors. Some participants in ICOs invest in these early projects with the aim to receive a discount and use the token lately. Others type of long-term investors buy the tokens given that they believe in the project. Some participants may be speculators, they buy token with the intention to sell the token at a higher price in the future (Chen, 2018). ICO is seen as a new form of capital financing based on cryptocurrencies and is developed after a process where the white papers describing the program or protocol, the characteristics and the reason of its origin/implementation are disclosed. In the background of this process a pre- sale could be held and in the most of cases is mostly limited to a group of investors. (Johnston et al., 2017; Chuen et al., 2017).
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Gazelles and their initial capital structure

Gazelles and their initial capital structure

To achieve higher growth, gazelles require large financial needs (St-Jean, Julien, & Audet, 2008). However, start-ups face difficulties raising financial resources because of their lack of resources and reputation (Huyghebaert & Van de Gucht, 2007). The initial capital provides the firm with the required funding to achieve growth and survive in the first years (Stam & Garnsey, 2007). In fact, we can say that firms with higher access to financial capital tend to present higher growth rates (Audretsch, Keilbach, & Erik, 2004). On the other hand, HGF and gazelles tend to present greater access to capital than non- growth firms (BERR, 2008).
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Patterns of plant use in religious offerings in Bali (Indonesia)

Patterns of plant use in religious offerings in Bali (Indonesia)

An offering can be seen as a sort of self-sacrifice, as people spend time and money to make objects to offer (Eiseman 1990). In Bali, offerings are often labor-intensive as they should be attractive, not necessarily complex (although often so), and well prepared when presented to higher aspects of God. However, if they are offered to negative forces and demons, they may be less carefully composed. Also, with minor exceptions regarding the worship of demons, an offering must be fresh and cannot be used more than once. Though beautiful, offerings are never long-lasting because they are mainly made of natural materials directly coming from Balinese customs and traditions (Eiseman 1990) and plants are a key element both for their appearance and symbolic meaning.
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Natural biased coin encoded in the genome determines cell strategy.

Natural biased coin encoded in the genome determines cell strategy.

The proposed framework can be used to study various fundamental cellular decision-making problems, e.g. decision between two different pathways of ATP synthesis in yeast. We believe that in binary decision-making problems, there is a bistable network which determines the fate of the organism. Internal signals define both the weights of the edges of the bistable network from intracellular perspective, and the estimation of the environ- mental state considering them as competitor and cooperative organisms. Based on the proposed framework, the bistable network can be viewed as a biased coin that defines an almost optimal mixed strategy in the presence of cooperators and competitors. More precisely, our approach can be used for other cellular decision-making processes to quantitatively assess how the corresponding gene regulatory network affects the rational decision-making process in different isogenic cells.
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Deteção de simulação : validação do Coin in hand-extended version com adultos idosos

Deteção de simulação : validação do Coin in hand-extended version com adultos idosos

The aim of the current study was to validate the Performance Validity Test Coin in Hand-Extended Version (CIH-EV; Daugherty et al., in press) in groups of healthy older adults and older adults with dementia, according to a simulation paradigm. One of the groups, the non-simulating healthy older adults (n=30) was instructed to have their best performance, and the other group, the simulating older adults (n=29) was instructed to simulate a typical dementia memory deficit, with the purpose of obtaining allowance, financial aid or early retirement. Furthermore, a clinical group (n=17), diagnosed with dementia, was included. The results showed that the non-simulator and clinical groups have performed more accurately than the simulator group, although the clinic group have shown superior response times. There were no significant differences in accuracy and response time between the three test difficulty levels, in all groups. Through ROC curves analysis, the cut-off point (≤26) for healthy older adults was determined from the comparison between non-simulator and simulator groups, showing 100% of sensibility and 97% of specificity. The comparison between the simulator and clinical groups suggested a cut-off point ≤17 for older adults with dementia, showing 94% of sensibility and 97% of specificity. The CIH-EV demonstrated good convergent validity with all performance validity measures used (TOMM, Rey-15IMT and RDS) and was insensitive to sociodemographic variables and neurocognitive functioning in all groups. Besides, it showed reduced rate of false positives when compared to the other tests and, generally, it was the most accurate diagnostic test in the three groups. Thus, the present study corroborates the CIH-EV utility as an effective instrument in detecting the simulation of cognitive deficits in healthy older adults and older adults with dementia.
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Initial public offering

Initial public offering

A escolha do tema Initial Public Offering (IPO) está relacionado com o desenvolvimento contínuo e sustentável nos mercados da Critical Software e por ser uma empresa atractiva para investidores particulares e para capitais de risco. O objectivo de entrada em bolsa da Critical Software já tinha sido avançado há algum tempo pela empresa, mais precisamente em 2008, contudo, devido à instabilidade e mau momento nos mercados, essa decisão foi adiada. É de todo o interesse que a entrada em bolsa da empresa seja num momento favorável de forma a apresentar aos investidores uma boa empresa, com valor e capaz de atrair investimento e aumentar a notoriedade no mercado global como referiu Gonçalo Quadros, administrador da empresa, num artigo publicado pela comunicação social em 2009 1 . O meu objectivo com a escolha deste tema é explicar todo o processo da Initial Public Offering (IPO), desde a preparação, custos iniciais, procedimentos, outros custos e principalmente fazer uma análise teórica do custo- benefício da entrada em bolsa da Critical Software.
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Initial Semantics for Strengthened Signatures

Initial Semantics for Strengthened Signatures

We give a new general definition of arity, yielding the companion notions of signature and associated syntax. This setting is modular in the sense requested by [12]: merging two extensions of syntax corresponds to building an amalgamated sum. These signatures are too general in the sense that we are not able to prove the existence of an associated syntax in this general context. So we have to select arities and signatures for which there exists the desired initial monad. For this, we follow a track opened by Matthes and Uustalu [16]: we introduce a notion of strengthened arity and prove that the corresponding signatures have initial semantics (i.e. associated syntax). Our strengthened arities admit colimits, which allows the treatment of the λ-calculus with explicit substitution in the spirit of [12].
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The influence of hospitality and service offerings in religious tourism

The influence of hospitality and service offerings in religious tourism

Abstract | Religious tourism is the pioneer form of tourism that has begun almost with the dawn of humanity. Assumed the growing and significant influx of religious tourism and the assumption of the importance of relations of hospitality and religion, it is justified the present study that seeks to investi- gate the competitive strategy of religious tourist destinations and the need to broaden the discussions on religious tourism, understood as a promising segment in the tourism sector. The research question is: Do hospitality actions and service offerings in religious destinations encourage the visitors to return to the location? Therefore, this paper aims to analyze if the hospitality and service provision contribute to the competitiveness of the religious destination, the satisfaction of the believers and their return. Data for this study were collected from Brazilian travelers by means of a questionnaire based on the Likert scale and proposed hypotheses were tested. Findings indicated that the feeling of being welcomed in religious destinations positively affects the return of visitors to the destination. Findings also suggested that religion is not the only attraction of religious destinations.
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Previous Surgical History - Do We See One Side of a Coin?

Previous Surgical History - Do We See One Side of a Coin?

anesthesia history, but do not focus much on prior surgical history including site of previous surgery , procedure done and any surgical complication occurred. Most of us as anesthesiologists see towards one side of the history, that is previous anesthetic exposure, and if previous anesthetic exposure is uneventful, generally we consider it safe to proceed for surgery. But this looks to be one side of coin, other side being the surgical component of it. And most of the times we tend to overlook towards this component and sometimes this component tends to prove more important than previous anesthesia exposure as happened with us during one such case.
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Postmodernism and Neoliberalism: Opposite Sides of the Same Coin?

Postmodernism and Neoliberalism: Opposite Sides of the Same Coin?

Drugič, da postmodernizem s svojo jedko in neizpro- sno kritiko materialistične sociologije in razredne analize, kakršna je marksizem, sicer verjetno nenačrtno, a hkrati tudi neupravič[r]

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“Menopause: two sides of the same coin”: A qualitative study

“Menopause: two sides of the same coin”: A qualitative study

This study designed and performed with the aim of understanding the experience of menopause among Iranian women. It identified ten categories, two subthemes and one theme “Paradoxical experiences”. The study provides new insight into what is the meaning of menopause among Iranian women? How do they perceive the menopause? Most of the participants of our study referred to menopause as a natural life phase. "Natural" was defined as an inevitable but difficult time that one should go through. According to the feminist paradigm menopause is viewed as a natural developmental process that signals a life transition [19]. In Biri et al.'s study, 75.4% of the study population have had no concerns about menopause and the authors suggested that this was because of the women's understanding of menopause as a natural phenomenon, as is often the case with women from East Asian societies [23]. This means that the experiences were associated with social context, intensity and origin of each society [24]. In addition, the participants experienced menopause two sides of the same coin. Findings of a study by Mackay (2012) to explore the lived experience of the women with type 1 diabetes during the menopause suggested two themes (negative meaning and positive meaning). Negative meaning divided into 4
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Care and Mistreatment – Two Sides of the Same Coin?

Care and Mistreatment – Two Sides of the Same Coin?

The 41 care workers agreed that the major problems in care work are: lack of staff and being overworked (88%); conflict within work teams (83%); insufficient or poor training (80%); wo[r]

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Two sides of the same coin in immunopathology

Two sides of the same coin in immunopathology

Plasmodium infection. Regulation of iron homeostasis is a systemic response orchestrated in great part by hepcidin, and hemoglobinopathies have been linked to decre[r]

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Medieval coin automatic recognition by computer vision

Medieval coin automatic recognition by computer vision

The already mentioned initial researches with big acclamation, like Dagobert Project [13] and Coin-O-Matic [17], set the tone to the use of a massive dataset of modern coins photographed in an extremely controlled environment. In these conditions, they need only to rely on a global threshold and some basic edge detection to provide segmentation. Many researches, as in [16], frequently working over the same dataset, made use of generalized Hough Transform (HT). The HT limitation of detecting only circles is not a problem on modern coins, so this method was broadly accepted in that context. Unfortunately ancient and medieval coins do not provide perfect circles (or no circle at all) so HT is clearly insufficient. Some pioneer ancient coins researches, as [27], proposed the use of Canny Edge to detect the border of the coin, since Sobel filters provided inaccurate edge information. Even GrabCut was deprecated in favor to Canny Edge in [52], which was shown to provide better accuracy. However, the sole use of an Edge detector (or Sobel filter) requires a homogeneous background, or its texture will present edges hard to distinguish from the edges of the coin.
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Higher-dimensional puncture initial data

Higher-dimensional puncture initial data

This paper is organized as follows. In Sec. II , we review the constraint equations, the Brill-Lindquist [ 42 ] and Bowen-York [ 30 ] type initial data, and introduce an appro- priate coordinate system. In Sec. III , we provide the explicit form of the elliptic equation that must be solved for determining the Bowen-York initial data that describes a boosted head-on collision in D dimensions. We also present its dimensional reduction to four spacetime dimen- sions, following [ 13 ]. In Sec. IV , the case of a single black hole with linear momentum is considered, and it is shown that an approximate analytic solution can be found for all variables, including the conformal factor, in the limit of small momentum to mass ratio. In Sec. V , we explain the modifications we have coded to study the case of two black holes with aligned linear momentum P=r D3 S ¼ 0:8 (r S is the Schwarzschild radius) and present results for convergence tests, constraint violation, and the solution itself in D ¼ 4; 5; 6; 7.
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Initial genomics of the human nucleolus.

Initial genomics of the human nucleolus.

454 sequencing and microarray analysis revealed the pattern of nucleolus-associated chromatin domains (NADs) in the linear human genome and identified different gene families and certain[r]

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