What many of the biggest ICOs promised in their white papers aren’t found in their code—and that could pose a serious problem for investors. That’s the conclusion of a study that came out this week titled “Coin-Operated Capitalism”. The 104-page report bills itself as “the legal literature’s first detailed analysis of the inner workings of Initial Coin Offerings” and their findings show troublesome inconsistencies on the part of many popular ICOs. A University of Pennsylvania team headed by law professor David Hoffman with comp sci doctoral student Shaanan Cohney, JD/MBA grad Jeremey Sklaroff, and CTIC fellow David Wishnick wrote the piece. “We began with simple curiosity about smart contracts,” said…
This blank white paper still has more detail than most because it has the name of an actual person on it (via Shutterstock)