In the future, this world that we live in, will be very different. In this day and age, we work, we get a paycheck, we cash our check and then we use the cash to buy whatever we want. In the future cash will be a thing of the past. We will have different digital currencies for everything that we buy. There
will be food currency, real estate currency, beauty shop currency, video game currency, gas currency, pet currency, etc,etc. All the different currencies will have a different value. We will be able to exchange whatever currency that we have into another currency. It all seems very confusing right now, but it will all be automated and seem very simple in the future. It will allow every product and service to determine its own value rather than putting the same value on everything, like it is today.
ICO stands for Inital Coin Offering. It is the means by which funds are raised for a new cryptocurrency venture. Early backers of the project buy a percentage of the new cryptocurrency in exchange for legal tender or other cryptocurrencies. The money is then used by the start up firm to complete the project. The money is returned to the backers and the ICO is deemed unsuccessful if the money raised does not meet the minimum funds required to further the project. Early backers are motivated in the hope that the plan becomes successful and translates in to a higher cryptocoin value then what they purchased it for.