In the early periods of ICO campaigns, the early backers of the project are given a particular percentage of the cryptocurrency in exchange for other cryptocurrencies or fiat currencies. (cryptocoinjudge.com)
As of August 2017, Initial Coin Offerings (ICOs)-- a means of raising funds for a new cryptocurrency venture, whereby units of the new cryptocurrency are sold to early backers of the project in exchange for legal tender or other cryptocurrencies — were said to have collectively raised over $ 1.2 billion, surpassing early stage venture capital funding for internet companies. (slaw.ca)
Backers of the project say it will reduce U.S. reliance on oil from the Middle East and allow the country to fulfill its energy needs from one of its closest allies. (cnbc.com)