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      "text": "Compared to traditional venture capital investing, ICO-backed companies look like they offer more risk based on a number of factors including the lack of progress towards usable products.",
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      "text": "Regulatory concerns will likely continue to limit participation of certain classes of investors in various jurisdictions (e.g., non-accredited investors in the US). We expect regulators in developed securities markets to proceed cautiously.",
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      "text": "However, the early returns from ICOs are not encouraging. Compared to traditional venture capital investing, ICO-backed companies look like they offer more risk based on a number of factors including the lack of progress towards usable products.",
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      "text": "In a year, we plan to revisit The Class of 2017 and provide an update. We also plan to issue a report later this year reconciling funding claimed by projects to the activity reflected in their respective blockchains.",
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      "text": "The highest performing ICO investments in the last year have been mostly focused on blockchain infrastructure, while those focused on blockchain-enabled applications and business ecosystems generally have performed poorly.",
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      "text": "Nearly a year after the first big global wave of ICOs, there is not enough data yet to form a full perspective on the risk and return mix of this new investment medium. In prior technological revolutions, many companies failed, and it took time for those that didn't to mature into investments appropriate for a wide variety of investors.",
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      "text": "Globally, sources of funding will likely shift away from retail investors towards entities that can understand and manage the downside risks, such as venture capital and digital asset-focused investment funds.",
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