Initial coin offerings, often referred to as “ICOs,” are making their debut in Hollywood. There are now several ICOs that are either already in the market or coming soon, including “MovieCoin,” “Lights,” and “Mavo Tokens.” This article provides a short overview and explanation of this recent fad. In order to understand ICOs, it is important to first have a basic understanding of the underlying technology, terminology, and history that brought us here.

The basic building blocks of ICOs (and everything else discussed in this article) are “blockchains.” Blockchains are permanent records of transactions that are recorded on chains of individual computers (“blocks,” and thus the name “blockchain”). By creating a permanent digital record over an entire chain, blockchains permit instant verification and authentication of any information, including contracts, account information, currency transactions, and records of stock ownership. Because of this versatility, blockchains will be used for countless different purposes in the future.

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