隨著 Fintech 時代的來臨，區塊鏈技術引領風騷，計劃資金的來源逐漸由 IPO轉向 ICO，類眾籌興起，各式各樣加密貨幣／代幣流通。國際間各國也各懷不同主意，而經濟戰略發展的基礎，也受到該技術在各國間發展情況的影響。全球化與區域整合，使得 ICO 不只是一國之事。當中國禁止國內任何有關 ICO 活動進行時，這些藍鯨項目便開始向鄰近各國流竄，一不小心沿線國家反倒成為金融科技大國。究竟區塊鏈技術下帶來的 ICO 對一國政府、人民，或企業，是好是壞？
本篇論文將透過過往文獻、基礎，以及背景的探討，藉以了解 ICO 之生成，並且如此火熱的原因。並解析其自身優缺點，輔以與 IPO 差異之分析，試推斷 ICO之利與弊。再根據現況各國政府監管狀況（拉力）與推動應用作法（推力），搭配現有成功之 ICO 案例分析，望能對台灣未來 ICO 可能的發展方向與目前現況，做出結論，並提出是否可改善之建議。

With the advent of the Fintech era, blockchain technology has led the way, and the source of plans funds has gradually shifted from IPOs to ICOs, and crowdfunding has arisen, with a variety of cryptocurrencies/tokens circulating. Every country has different ideas. The foundation of economic strategy development is affected by the development of this technology among countries. Globalization and regional integration make ICO more vital. When China banned all of domestic ICO activities, these blue whale projects began to flow to neighbouring countries, and made them accidentally became a major financial and technological country in Fintech area. Is the ICO brought by blockchain technology good or bad for a government, people, or enterprise?
This paper will use the past literature, foundation, and background to understand the generation of ICO, and why it is so popular. And analyze its own advantages and disadvantages, supplemented by the analysis of the difference with the IPO, try to infer the advantages and disadvantages of ICO. Based on the current state of government supervision (pulls) and the promotion of application practices (pushes), combined with the existing successful ICO case analysis, it is hoped that the future development direction and current status of Taiwan's ICO will be concluded, and whether it can be improved. This paper will give a suggestion.

論文審定書 i
摘要 ii
Abstract iii
目錄 iv
圖目錄 vi
表目錄 viii
第 一 章 緒論………..……………………………………………… 1
第一節 研究背景………………………………………………... 1
第二節 研究目的與動機..………………………………………. 3
第三節 文獻回顧………………………………………………... 5
第四節 研究方法與架構………………………………………... 7
第 二 章 基礎與背景………………………..……………..……… 8
第一節 加密貨幣與代幣..………………………………………. 8
第二節 代幣創造………..……………………………………… 10
第三節 ICO流程…………………………………………...….... 13
第四節 ICOs 銷售階段與種類..…………………………...….... 18
第五節 公有鏈、私有鏈、聯盟鏈………………………...….... 21
第 三 章 安全與法規議題…................……..……………..……… 24
第一節 ICO vs. IPO………….…………………………………. 24
第二節 ICO 之利與弊………………………………………….. 25
第三節 前 25 大 ICO 國家組成….…………………………….. 30
第四節 各國推動作法與監管狀況…………………………….. 32
第五節 小結…………………………………………………….. 41
第 四 章 台灣 ICO 應用前景分析.......……..……………..……… 44
第一節 各國面對相關應用作法－智財為例………………….. 44
第二節 ICO 區塊鏈價值共創平台成功案例分析…………….. 49
第三節 小結…………………………………………………….. 65
第 五 章 結論與建議…………….........……..……………..……… 67
參考文獻……………………………………………………….…… 73

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