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      "text": "There were gains among The Class of 2017, concentrated in 10 ICO tokens, most of which are in the blockchain infrastructure category. However, there is no sign that these new projects have had any success in reducing the dominance of Ethereum as the industry's main platform.",
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      "text": "86% are now below their listing price; 30% have lost substantially all value. An investor purchasing a portfolio of The Class of 2017 ICOs on 1 January 2018 would most likely have lost 66% of their investment.",
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      "text": "Of the ICO start-ups we looked at from The Class of 2017, only 29% (25) have working products or prototypes, up by just 13% from the end of last year. Of those 25, seven companies accept payment in both traditional fiat currency (dollars) as well as ICO tokens, a decision that reduces the value of the tokens to the holders.",
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      "text": "1 See methodology in appendix. 2 Defined as when first available to trade on a cryptocurrency exchange.",
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      "text": "In December 2017, we analyzed the top ICOs that represented 87% ICO funding in 2017. In that report, we found high risks of fraud, theft and major problems with the accuracy of representations made by start-ups seeking funding.",
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