トークンの概要と開発観点から見たICO / Token and TokenSale

τʔΫϯͷ֓ཁͱ։ൃ؍఺͔Βݟͨ*$0 ϒϩοΫνΣʔϯΤϯδχΞษڧձ ,B[VLJ:BNBHVDIJ !ZBNBSL[ (VOPTZ*OD

,B[VLJ:BNBHVDIJ!ZBNBSL[ 4PGUXBSF&OHJOFFS!(VOPTZ 8FC"QQMJDBUJPO3BJMT %BQQT4PMJEJUZ 3FTFBSDI$SZQUP$VSSFODZ#MPDLDIBJO *OUFSFTUFE1SPPGPG4UBLF$BTQFS (JUIVC5XJUUFS!ZBNBSL[

(VOPTZ#MPDLDIBJO#MPH ʮIUUQCMPDLDIBJOHVOPTZJPʯPSʮάϊγʔϒϩοΫνΣʔϯʯ

"HFOEB ɾτʔΫϯ ɾ̏ͭͷτʔΫϯ ɾ*OJUJBM$PJO0GGFSJOH ɾ֓ཁ ɾྲྀΕ ɾࣄྫ ɾτʔΫϯηʔϧͷ࢓૊Έ ɾτʔΫϯίϯτϥΫτ ɾΫϥ΢υηʔϧίϯτϥΫτ
ɾϚϧνγά΢ΥϨοτ ɾ·ͱΊ

ɾτʔΫϯ ɾ̏ͭͷτʔΫϯ ɾ*OJUJBM$PJO0GGFSJOH ɾ֓ཁ ɾྲྀΕ ɾࣄྫ ɾτʔΫϯηʔϧͷ࢓૊Έ ɾτʔΫϯίϯτϥΫτ ɾΫϥ΢υηʔϧίϯτϥΫτ ɾϚϧνγά΢ΥϨοτ
ɾ·ͱΊ ɾτʔΫϯ ɾ̏ͭͷτʔΫϯ "HFOEB

τʔΫϯͱ͸ʜ

τʔΫϯ τʔΫϯͱ͸ɺʮ෇ՃՁ஋Λ෼ׂత͔ͭɺఆྔతʹѻ͏ͨΊͷσʔλʯ ෇ՃՁ஋ͱ͸ɺαʔϏεΛར༻͢ΔͨΊͷݖརূ໌Ͱ͋ͬͨΓɺऩӹ෼഑ݖͷॴ༗Λ ূ໌͢Δ΋ͷͷ͜ͱɻ ෇ՃՁ஋ͷ෇͍ͨσʔλΛzτʔΫϯzͱ͍͏୯Ґ τʔΫϯ τʔΫϯ ʹ͢ Δ͜ͱͰɺ෼ׂత͔ͭɺఆྔతʹѻ͑ΔΑ͏ʹͳΔɻ ਎ۙͳྫ51PJOU
51PJOUͷϙΠϯτσʔλʹ͸෇ՃՁ஋ͱͯ͠঎඼ߪೖ࣌ʹϙΠϯτΛϑΟΞοτʹ ؐݩ͢Δ͜ͱ͕Ͱ͖ΔɻσʔλΛѻ͏୯ҐΛϙΠϯτͱ͍ͯ͠Δ͚ͩͰτʔΫϯͰ͋ Δͱݴ͑Δɻࢧ෷͍ʹར༻Ͱ͖ΔͷͰϖΠϝϯττʔΫϯʹ֘౰͢Δɻ

ͭͷτʔΫϯ τʔΫϯ͸େ͖ͭ͘ʹ෼ྨ͢Δ͜ͱ͕Ͱ͖Δ ϖΠϝϯττʔΫϯ  ۚમࢧ෷͍ܕ ηΩϡϦςΟτʔΫϯ  ূ݊ܕ ϢʔςΟϦςΟτʔΫϯ αʔϏεར༻ܕ 'SPN'*/."QVCMJTIFT*$0HVJEFMJOFT

ηΩϡϦςΟτʔΫϯ  ূ݊ܕ ϢʔςΟϦςΟτʔΫϯ αʔϏεར༻ܕ 'SPN'*/."QVCMJTIFT*$0HVJEFMJOFT ͭͷτʔΫϯ τʔΫϯ͸େ͖ͭ͘ʹ෼ྨ͢Δ͜ͱ͕Ͱ͖Δ ϖΠϝϯττʔΫϯ  ۚમࢧ෷͍ܕ

ͭͷτʔΫϯ ϖΠϝϯττʔΫϯ ۚમࢧ෷͍ܕ ϖΠϝϯττʔΫϯ͸ओʹࢧ෷͍ͷखஈʹ༻͍ΒΕΔɻ #JUDPJOͳͲ͸ඇதԝूݖͷ࢓૊Έʹର͢Δ৴༻͕Ձ஋ΛੜΈग़͍ͯ͠Δɻ ϒϩοΫνΣʔϯΛ༻͍ͨϖΠϝϯττʔΫϯͷ࠷େͷڧΈ͸ɺࠃڥΛ௒͑ͨ ਝ଎ͳࢧ෷͍͕ՄೳͰɺख਺ྉ΋҆ՁͰ͋Δ͜ͱɻ &YBNQMF#JUDPJO #JUDPJO$BTI .POFSP

ϖΠϝϯττʔΫϯ  ۚમࢧ෷͍ܕ ηΩϡϦςΟτʔΫϯ  ূ݊ܕ 'SPN'*/."QVCMJTIFT*$0HVJEFMJOFT ͭͷτʔΫϯ τʔΫϯ͸େ͖ͭ͘ʹ෼ྨ͢Δ͜ͱ͕Ͱ͖Δ ϢʔςΟϦςΟτʔΫϯ αʔϏεར༻ܕ

ϢʔςΟϦςΟτʔΫϯ αʔϏεར༻ܕ ͭͷτʔΫϯ ϢʔςΟϦςΟτʔΫϯ͸ɺΞϓϦέʔγϣϯ·ͨ͸αʔϏε΁ͷσδλϧΞΫηεΛ ఏڙ͢ΔͨΊͷτʔΫϯɻ &UIFSFVN͸ܭࢉϦιʔεΛఏڙ͢Δ୅ΘΓʹɺରՁͱͯ͠&UIFSΛ(BTͱ͍͏ܗࣜ Ͱࢧ෷͏ɻ 'JMFDPJO͸෼ࢄԽ͞ΕͨετϨʔδྖҬΛར༻͢ΔͨΊʹ'JMFDPJOΛରՁͱͯ͠ࢧ෷ ͍·͢ɻ &YBNQMF&UIFSFVN
/&. 'JMFDPJO ;JMMJRB 0NJTF(0 4UFFN "-*4

ϢʔςΟϦςΟτʔΫϯ αʔϏεར༻ܕ ϖΠϝϯττʔΫϯ  ۚમࢧ෷͍ܕ 'SPN'*/."QVCMJTIFT*$0HVJEFMJOFT ͭͷτʔΫϯ τʔΫϯ͸େ͖ͭ͘ʹ෼ྨ͢Δ͜ͱ͕Ͱ͖Δ ηΩϡϦςΟτʔΫϯ  ূ݊ܕ

ͭͷτʔΫϯ ηΩϡϦςΟτʔΫϯ͸ݱ࣮ੈքͷΞηοτʹର͢ΔՁ஋ͷཪ෇͚ͱͳΔɻ ϒϩοΫνΣʔϯΛ༻͍ͨඇதԝूݖͷωοτϫʔΫ্ͰऔҾ͕ߦ͑Δ͜ͱͰɺ ͜Ε·Ͱଟ͘ͷख਺ྉΛ༗ͨ͠΍ΓऔΓ͕ݸਓؒͰߦ͑Δ͜ͱʹͳΔɻ ·ͨɺݸਓؒͰηΩϡϦςΟτʔΫϯΛ༻͍ͨΞηοτͷҠಈ͕༰қʹͰ͖Δ ༷ʹͳΔ͜ͱͰྲྀಈԽ͕ਐΉɻ &YBNQMF#$"1 4$* ηΩϡϦςΟτʔΫϯ ূ݊ܕ

ͭͷτʔΫϯ ηΩϡϦςΟτʔΫϯ͸ݱ࣮ੈքͷΞηοτʹର͢ΔՁ஋ͷཪ෇͚ͱͳΔɻ ϒϩοΫνΣʔϯΛ༻͍ͨඇதԝूݖͷωοτϫʔΫ্ͰऔҾ͕ߦ͑Δ͜ͱͰɺ ͜Ε·Ͱଟ͘ͷख਺ྉΛ༗ͨ͠΍ΓऔΓ͕ݸਓؒͰߦ͑Δ͜ͱʹͳΔɻ ·ͨɺݸਓؒͰηΩϡϦςΟτʔΫϯΛ༻͍ͨΞηοτͷҠಈ͕༰қʹͰ͖Δ ༷ʹͳΔ͜ͱͰྲྀಈԽ͕ਐΉɻ &YBNQMF#$"1 4$* ηΩϡϦςΟτʔΫϯ ূ݊ܕ
͜ΕΒͷτʔΫϯΛݩʹϓϩδΣΫτͷࢿۚௐୡΛߦ͏ɺ *$0ͱݺ͹ΕΔ࢓૊ΈΛ঺հ͍͖ͯ͠·͢

ɾ·ͱΊ ɾ*OJUJBM$PJO0GGFSJOH ɾ֓ཁ ɾྲྀΕ ɾࣄྫ "HFOEB

*$0 ϓϥΠϕʔτηʔϧ ϓϨηʔϧ Ϋϥ΢υηʔϧ *$0ͰͷτʔΫϯ͸ஈ֊తͳചΓग़͕͠ߦΘΕΔ *OJUJBM$PJO0GGFSJOH *$0ͱ͸ɺϓϩδΣΫτͰར༻Ͱ͖ΔίΠϯ σδλϧτʔΫϯɾ҉߸௨՟ Λൃߦ͠ɺϓ ϩδΣΫτਪਐͷࢿۚΛௐୡ͢ΔͨΊͷखஈͷ͜ͱɻ೥͔Βരൃతʹ૿͑ͨ
ϓϩδΣΫτଆ͸ϓϩδΣΫτͷৄࡉͱ੒ޭͤ͞Δ·ͰͷϩʔυϚοϓΛهͨ͠ 8IJUF1BQFSΛ࡞੒ɻ౤ࢿՈଆ͸8IJUF1BQFSΛݩʹϓϩδΣΫτΛ൑அɻ ϓϩδΣΫτͷ಺༰ʹࢍಉͨ͠৔߹ɺτʔΫϯΛߪೖ͢Δ͜ͱϓϩδΣΫτΛࢧԉ͢Δ

ϓϩϞʔγϣϯɾ ౤ࢿՈͱͷ ίϛϡχέʔγϣϯ *$0ͷେ·͔ͳྲྀΕ ࣾ ಺ ଆ ͷ ಈ ͖
ࣾ ֎ ڠ ٞ ໨తɾҙٛͷ ఆٛ ௐୡֹɾ ܭըݕ౼ طଘגओ΁ͷ આ໌ɾઆಘ หޢ࢜֬ೝɾڠٞ ίΠϯػೳɾαʔ Ϗεͱͷ༥߹ܾఆ εΩʔϜܾఆ ΦϖϨʔγϣϯ ઃܭ Ωϟϯϖʔϯ ઃܭ ίΠϯ࣮૷ ϗϫΠτ ϖʔύʔ ࡞੒ αΠτ ࡞੒ औҾॴͱͷڠٞ α Π τ Φ c ϓ ϯ ϓ Ϩ η c ϧ Ϋ ϥ ΢ υ η c ϧ η Χ ϯ μ Ϧ c Ϛ c έ ο τ ։ ઃ ࣄલ४උ ࣄલઃܭ ࣮૷ *$0࣮ࢪ 'SPN*$0ίϯαϧςΟϯάࣄۀ͔ΒಘͨτʔΫϯͱશମΞʔΩςΫνϟઃܭͷ஌ݟ ϲ݄d dϲ݄ dϲ݄ ϏδωεϚʔέ ๏຿ɾձܭ ٕज़ɾ։ൃ

ࠃ಺ ւ֎ ɾ$0.4" $0.4"͸*$0ͷϓϥοτϑΥʔϜΛߏங͢ΔϓϩδΣΫτ ʹ*$0ΛΫϥ΢υηʔϧΛ࣮ࢪɻ࠷େԯن໛ͷௐୡʹ੒ޭ ɾ"-*4 "-*4͸৴པͰ͖ΔهࣄͱਓʑΛ໌Β͔ʹ͢Δશ͘৽͍͠ιʔγϟϧϝσΟΞΛ໨ࢦ͢ϝσΟ ΞϓϥοτϑΥʔϜ ʹΫϥ΢υηʔϧΛ࣮ࢪɻ૯ֹԯԁ૬౰ͷࢿۚௐୡʹ੒ޭ ΑΓαʔϏεͷЌ൛ެ։༧ఆɻ
ɾ0NJTF(0 0NJTF(0͸ϖΠϝϯταʔϏεΛఏڙ͢ΔϓϩδΣΫτ ʹΫϥ΢υηʔϧΛ࣮ࢪɻ͓͓Αͦԯԁ૬౰ͷࢿۚௐୡʹ੒ޭ ɾ;JMMJRB ;JMMJRB͸ϋΠεϧʔϓοτͳτϥϯβΫγϣϯॲཧΛ࣮ݱ͢ΔεϚʔτίϯτϥΫτͷϓϥοτ ϑΥʔϜ ʹΫϥ΢υηʔϧΛ࣮ࢪɻ૯ֹԯԁ૬౰ͷࢿۚௐୡʹ੒ޭ *$0ΛߦͳͬͨϓϩδΣΫτͷࣄྫ

ɾ·ͱΊ "HFOEB ɾτʔΫϯηʔϧͷ࢓૊Έ ɾτʔΫϯίϯτϥΫτ ɾΫϥ΢υηʔϧίϯτϥΫτ ɾϚϧνγά΢ΥϨοτ

αΠτ ࡞੒ ϗϫΠτ ϖʔύʔ ࡞੒ ϓϩϞʔγϣϯɾ ౤ࢿՈͱͷ ίϛϡχέʔγϣϯ ࣾ ಺
ଆ ͷ ಈ ͖ ࣾ ֎ ڠ ٞ ໨తɾҙٛͷ ఆٛ ௐୡֹɾ ܭըݕ౼ طଘגओ΁ͷ આ໌ɾઆಘ หޢ࢜֬ೝɾڠٞ ίΠϯػೳɾαʔ Ϗεͱͷ༥߹ܾఆ εΩʔϜܾఆ ΦϖϨʔγϣϯ ઃܭ Ωϟϯϖʔϯ ઃܭ औҾॴͱͷڠٞ α Π τ Φ c ϓ ϯ ϓ Ϩ η c ϧ η Χ ϯ μ Ϧ c Ϛ c έ ο τ ։ ઃ ࣄલ४උ ࣄલઃܭ ࣮૷ *$0࣮ࢪ 'SPN*$0ίϯαϧςΟϯάࣄۀ͔ΒಘͨτʔΫϯͱશମΞʔΩςΫνϟઃܭͷ஌ݟ ϲ݄d dϲ݄ dϲ݄ ίΠϯ࣮૷ Ϋ ϥ ΢ υ η c ϧ *$0ͷେ·͔ͳྲྀΕ ϏδωεϚʔέ ๏຿ɾձܭ ٕज़ɾ։ൃ ͜ͷลΓͷ࿩

τʔΫϯηʔϧͷ࢓૊Έ લఏ ɾ&UIFSFVNωοτϫʔΫ্Ͱߦ͏ ɾτʔΫϯن֨͸&3$ʹ४ڌ͢Δ ɾ։ൃϑϨʔϜϫʔΫʹ5SVGqFΛ࠾༻ ɾ։ൃϥΠϒϥϦʹ͸0QFO;FQQFMJOΛ࠾༻ ɾू·ͬͨ&UIFSͷ؅ཧʹ͸(OPTJTϚϧνγά΢ΥϨοτΛ࠾༻

ͬ͘͟Γશମ૾ τʔΫϯηʔϧίϯτϥΫτ τʔΫϯίϯτϥΫτ &UIFSFVN1MBUGPSN (OPTJT.VMUJ4JHOBUVSF8BMMFU τʔΫϯΛߪೖ͢ΔϢʔβʔ PS όϦσʔτ τʔΫϯͷ෇༩Λ֬ೝ τʔΫϯߪೖؔ਺Λ࣮ߦͨ͠ϢʔβʔͷΞυϨεʹରͯ͠ɺ
τʔΫϯηʔϧίϯτϥΫτ಺Ͱࢉग़ͨ͠τʔΫϯྔΛ෇༩͢Δ τʔΫϯૹ෇ॲཧޙɺτʔΫϯηʔϧίϯτϥΫτʹରͯ͠ૹ෇͞Εͨ&UIFSΛɺ (OPTJTͷ.VMUJ4JHOBUVSF8BMMFUͷ8BMMFUΞυϨεʹUSBOTGFS͢Δ τʔΫϯηʔϧͷ࢓૊Έ ࢧ෷͏&UIFSྔΛηοτ͠5SBOTBDUJPO࡞੒ τʔΫϯηʔϧͷؔ਺Λ࣮ߦ

τʔΫϯηʔϧίϯτϥΫτ όϦσʔτ (OPTJT.VMUJ4JHOBUVSF8BMMFU ࢧ෷͏&UIFSྔΛηοτ͠5SBOTBDUJPO࡞੒ τʔΫϯηʔϧͷؔ਺Λ࣮ߦ τʔΫϯΛߪೖ͢ΔϢʔβʔ PS τʔΫϯͷ෇༩Λ֬ೝ τʔΫϯߪೖؔ਺Λ࣮ߦͨ͠ϢʔβʔͷΞυϨεʹରͯ͠ɺ τʔΫϯηʔϧίϯτϥΫτ಺Ͱࢉग़ͨ͠τʔΫϯྔΛ෇༩͢Δ
τʔΫϯૹ෇ॲཧޙɺτʔΫϯηʔϧίϯτϥΫτʹରͯ͠ૹ෇͞Εͨ&UIFSΛɺ (OPTJTͷ.VMUJ4JHOBUVSF8BMMFUͷ8BMMFUΞυϨεʹUSBOTGFS͢Δ τʔΫϯίϯτϥΫτ &UIFSFVN1MBUGPSN ͬ͘͟Γશମ૾ τʔΫϯηʔϧͷ࢓૊Έ

τʔΫϯίϯτϥΫτ .FUB$PJOTPM 4UBOEBSE5PLFOTPM 1BVTBCMFTPM 0XOBCMFTPM &3$TPM #BTJD5PLFOTPM &3$#BTJDTPM 1BVTBCMF5PLFOTPM #VSOBCMF5PLFOTPM
ྫ.FUB$PJOͱ͍͏&3$τʔΫϯͷ࡞੒ 0QFO;FQQFMJO͕ఏڙͯ͘͠Δ[FQQFMJOTPMEJUZͷ࢓૊ΈʹଇΔ

0QFO;FQQFMJO͕ఏڙͯ͘͠Δ[FQQFMJOTPMEJUZͷ࢓૊ΈʹଇΔ .FUB$PJOTPM 4UBOEBSE5PLFOTPM 1BVTBCMFTPM ྫ.FUB$PJOͱ͍͏&3$τʔΫϯͷ࡞੒ 0XOBCMFTPM &3$TPM #BTJD5PLFOTPM &3$#BTJDTPM 1BVTBCMF5PLFOTPM
#VSOBCMF5PLFOTPM ந৅ίϯτϥΫτ ந৅ίϯτϥΫτ BQQSPWFUSBOTGFS'SPNBMMPXBODF USBOTGFSCBMBODF0G POMZ0XOFS CVSO ؔ਺ݺͼग़͠Λ਌ίϯτϥΫτʹҕৡ QBVTF OBNFTZNCPMEFDJNBMT τʔΫϯίϯτϥΫτ

.FUB$PJOTPM 4UBOEBSE5PLFOTPM 1BVTBCMFTPM ྫ.FUB$PJOͱ͍͏&3$τʔΫϯͷ࡞੒ 0XOBCMFTPM &3$TPM #BTJD5PLFOTPM &3$#BTJDTPM 1BVTBCMF5PLFOTPM #VSOBCMF5PLFOTPM
ந৅ίϯτϥΫτ ந৅ίϯτϥΫτ BQQSPWFUSBOTGFS'SPNBMMPXBODF 5SBOTGFSCBMBODF0G POMZ0XOFS #VSO ؔ਺ݺͼग़͠Λ਌ίϯτϥΫτʹҕৡ QBVTF OBNFTZNCPMEFDJNBMT [FQQFMJOTPMJEJUZͷίϯτϥΫτΛܧঝͰ૊Έ߹Θͤͯɺ ͭͷτʔΫϯίϯτϥΫτΛ࡞੒͢Δ τʔΫϯίϯτϥΫτ 0QFO;FQQFMJO͕ఏڙͯ͘͠Δ[FQQFMJOTPMEJUZͷ࢓૊ΈʹଇΔ

࣮ࡍʹ࡞ͬͯΈΔ IUUQTRJJUBDPNBNBDIJOPJUFNTDGGGGD ߏ੒͢ΔίʔυΛಡΉ IUUQTHJUIVCDPN0QFO;FQQFMJO[FQQFMJOTPMJEJUZUSFFNBTUFSDPOUSBDUTUPLFO&3$ جຊతͳ֓೦Λཧղ͢Δ IUUQCMPDLDIBJOHVOPTZJPFOUSZUPLFOTVNNBSZBOEUPLFODPOUSBDU ্هΛࢀߟʹͯ͠Έ͍ͯͩ͘͞ τʔΫϯίϯτϥΫτ

(OPTJT.VMUJ4JHOBUVSF8BMMFU τʔΫϯίϯτϥΫτ ࢧ෷͏&UIFSྔΛηοτ͠5SBOTBDUJPO࡞੒ τʔΫϯηʔϧͷؔ਺Λ࣮ߦ τʔΫϯΛߪೖ͢ΔϢʔβʔ PS τʔΫϯͷ෇༩Λ֬ೝ τʔΫϯߪೖؔ਺Λ࣮ߦͨ͠ϢʔβʔͷΞυϨεʹରͯ͠ɺ τʔΫϯηʔϧίϯτϥΫτ಺Ͱࢉग़ͨ͠τʔΫϯྔΛ෇༩͢Δ τʔΫϯૹ෇ॲཧޙɺτʔΫϯηʔϧίϯτϥΫτʹରͯ͠ૹ෇͞Εͨ&UIFSΛɺ
(OPTJTͷ.VMUJ4JHOBUVSF8BMMFUͷ8BMMFUΞυϨεʹUSBOTGFS͢Δ &UIFSFVN1MBUGPSN ͬ͘͟Γશମ૾ τʔΫϯηʔϧͷ࢓૊Έ τʔΫϯηʔϧίϯτϥΫτ όϦσʔτ

τʔΫϯηʔϧίϯτϥΫτ τʔΫϯίϯτϥΫτ (OPTJT.VMUJ4JHOBUVSF8BMMFU CVZ5PLFO &5) @EFMJWFS5PLFOT USBOTGFS @GPSXBSE'VOET USBOTGFS &5)
CBMBODF0G BEESFTT 3FUVSOUPLFODPVOU Ϣʔβʔ τʔΫϯ෇༩Λ֬ೝ τʔΫϯηʔϧίϯτϥΫτ

0QFO;FQQFMJO͕ఏڙͯ͠Δ[FQQFMJOTPMEJUZͷ࢓૊ΈʹଇΔ τʔΫϯηʔϧίϯτϥΫτ τʔΫϯߪೖॲཧ ૹ৴͞ΕͨXFJʹରͯ͠഑෍͢Δ τʔΫϯྔΛࢉग़ τʔΫϯߪೖऀͷΞυϨεͱɺ ߪೖτʔΫϯྔΛ౉͢ XBMMFUͷΞυϨεʹରͯ͠ૹ৴ ͞Εͨ&UIFSΛసૹ͢Δ

0QFO;FQQFMJO͕ఏڙͯ͠Δ[FQQFMJOTPMEJUZͷ࢓૊ΈʹଇΔ τʔΫϯηʔϧίϯτϥΫτ CVZ5PLFO ؔ਺಺͔Β࣮ߦ͞ΕΔJOUFSOBMؔ਺ ߪೖऀ͕ૹ৴ͨ͠&UIFSͷֹʹԠͨ͡τʔΫϯྔΛ෇༩͢Δॲཧ τʔΫϯίϯτϥΫτʹରͯ͠ సૹ͢Δॲཧ ߪೖऀ͕ૹ৴ͨ͠&UIFSΛड͚औΓɺ؅ཧ͢ΔXBMMFUʹରͯ͠సૹ͢Δॲཧ

τʔΫϯηʔϧίϯτϥΫτ όϦσʔτ τʔΫϯίϯτϥΫτ ࢧ෷͏&UIFSྔΛηοτ͠5SBOTBDUJPO࡞੒ τʔΫϯηʔϧͷؔ਺Λ࣮ߦ τʔΫϯΛߪೖ͢ΔϢʔβʔ PS τʔΫϯͷ෇༩Λ֬ೝ τʔΫϯߪೖؔ਺Λ࣮ߦͨ͠ϢʔβʔͷΞυϨεʹରͯ͠ɺ τʔΫϯηʔϧίϯτϥΫτ಺Ͱࢉग़ͨ͠τʔΫϯྔΛ෇༩͢Δ
τʔΫϯૹ෇ॲཧޙɺτʔΫϯηʔϧίϯτϥΫτʹରͯ͠ૹ෇͞Εͨ&UIFSΛɺ (OPTJTͷ.VMUJ4JHOBUVSF8BMMFUͷ8BMMFUΞυϨεʹUSBOTGFS͢Δ &UIFSFVN1MBUGPSN ͬ͘͟Γશମ૾ τʔΫϯηʔϧͷ࢓૊Έ (OPTJT.VMUJ4JHOBUVSF8BMMFU

(OPTJT.VMUJ4JHOBUVSF8BMMFU IUUQTHJUIVCDPNHOPTJT.VMUJ4JH8BMMFU ෼ࢄ༧ଌࢢ৔ϓϥοτϑΥʔϜͰ͋Δ(OPTJT͕։ൃΛߦ͏

(OPTJT.VMUJ4JHOBUVSF8BMMFU Φʔφʔୡ ૹۚઌ (OPTJT.VMUJ4JHOBUVSF8BMMFU DPOpSN5SBOTBDUJPO UY*E DPOpSN5SBOTBDUJPO UY*E TVCNJU5SBOTBDUJPO EFTUJOBUJPO
WBMVF EBUB $POUSBDU%FQMPZ FYFDVUF5SBOTBDUJPO UY*E UYEFTUJOBUJPODBMMWBMVF UYWBMVF UYEBUB 5Yσʔλͷ࡞੒ 0XOFSͷBEESFTTΛొ࿥ ࠷௿DPOpSN਺ͷઃఆ 5Yσʔλͷঝೝ 5Yσʔλͷঝೝ ঝೝ਺͕ଗͬͨΒૹ৴ॲཧΛ࣮ߦ

(OPTJT.VMUJ4JHOBUVSF8BMMFU (OPTJT͕ఏڙ͍ͯ͠Δ.VMUJ4JH8BMMFUͷ࢓૊ΈʹଇΔ .VMUJ4JH8BMMFUίϯτϥΫτͷίϯετϥΫλॲཧ PXOFSͱͳΔ&0"ͷΞυϨε Λ഑ྻܗࣜ౉͢  @SFRVJSFE͸ඞཁঝೝ਺

(OPTJT.VMUJ4JHOBUVSF8BMMFU ৽ͨʹτϥϯβΫγϣϯσʔλΛ࡞੒͢Δॲཧ ࡞੒͞ΕͨτϥϯβΫγϣϯσʔλʹରͯ͠ঝೝ͢Δॲཧ τϥϯβΫγϣϯͷσʔλ࡞੒ޙɺ ঝೝ͢Δ ঝೝޙɺૹ৴ॲཧͷؔ਺Λ࣮ߦ (OPTJT͕ఏڙ͍ͯ͠Δ.VMUJ4JH8BMMFUͷ࢓૊ΈʹଇΔ

(OPTJT.VMUJ4JHOBUVSF8BMMFU ࡞੒͞ΕͨτϥϯβΫγϣϯσʔλΛݩʹɺ࣮ࡍʹ&UIFSΛૹ৴͢Δॲཧ ঝೝ਺ͷج४஋Λຬ͍ͨͯͨ͠৔ ߹ʹॲཧ͕ଓ͘ ࣮ߦࡁΈͷτϥϯβΫγϣϯͰͳ͍ ͜ͱΛNPEJpFSͰϋϯυϦϯά DBMMͰUYͷѼઌʹରͯ͠FUIFSΛ ૹ৴͢Δ (OPTJT͕ఏڙ͍ͯ͠Δ.VMUJ4JH8BMMFUͷ࢓૊ΈʹଇΔ

·ͱΊ τʔΫϯͱ͸ɺʮ෇ՃՁ஋Λ෼ׂత͔ͭɺఆྔతʹѻ͏ͨΊͷσʔλʯ τʔΫϯ͸େ͖ͭ͘ʹ෼ྨ͞ΕΔɻϖΠϝϯτϢʔςΟϦςΟηΩϡϦςΟ *$0ͱ͸ɺϓϩδΣΫτਪਐͷͨΊͷࢿۚௐୡͰɺஈ֊తͳചΓग़͕͠ߦΘΕΔ τʔΫϯτʔΫϯηʔϧͷίϯτϥΫτ͸ɺ[FQQFMJOTPMJEJUZʹ৐͔ͬΔͷ͕ྑ͍ ࢿۚ؅ཧ͸৴པͱ࣮੷ͷ(OPTJT.VMUJ4JHOBUVSF8BMMFUΛར༻͢Δͷ͕ྑͦ͞͏

͝੩ௌ͋Γ͕ͱ͏͍͟͝·ͨ͠ʂ✨

τʔΫϯηʔϧίϯτϥΫτ τʔΫϯίϯτϥΫτ &UIFSFVN1MBUGPSN (OPTJT.VMUJ4JHOBUVSF8BMMFU τʔΫϯηʔϧޙͷల։ ಠࣗνΣʔϯͷ࣮૷ &UIFSFVNΛར༻ͨ͠ αʔϏεߏங αʔϏεར༻ʹ࢖͏ ಠ
ࣗ ν Σ ʔ ϯ ಺ Ͱ ࢖ ༻ ͢ Δ τ ʔ Ϋ ϯ ʹ USBOTMBUF͠ ɺ ࢖ ༻ ͢ Δ ू·ͬͨ&UIFSΛऔҾॴͳͲʹച٫͠ɺϓϩδΣΫτਪਐͷࢿۚͱͯ͠࢖༻ ༨ஊ

トークンの概要と開発観点から見たICO / Token and TokenSale

トークンの概要と開発観点から見たICO / Token and TokenSale

Kazuki YAMAGUCHI

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τʔΫϯͷ֓ཁͱ։ൃ؍఺͔Βݟͨ$0 ϒϩοΫνΣʔϯΤϯδχΞษڧձ ,B[VLJ:BNBHVDIJ !ZBNBSL[ (VOPTZOD

,B[VLJ:BNBHVDIJ!ZBNBSL[ 4PGUXBSF&OHJOFFS!(VOPTZ 8FC"QQMJDBUJPO3BJMT %BQQT4PMJEJUZ 3FTFBSDI$SZQUP$VSSFODZ#MPDLDIBJO *OUFSFTUFE1SPPGPG4UBLF$BTQFS (JUIVC5XJUUFS!ZBNBSL[

(VOPTZ#MPDLDIBJO#MPH ʮIUUQCMPDLDIBJOHVOPTZJPʯPSʮάϊγʔϒϩοΫνΣʔϯʯ

"HFOEB ɾτʔΫϯ ɾ̏ͭͷτʔΫϯ ɾ*OJUJBM$PJO0GGFSJOH ɾ֓ཁ ɾྲྀΕ ɾࣄྫ ɾτʔΫϯηʔϧͷ࢓૊Έ ɾτʔΫϯίϯτϥΫτ ɾΫϥ΢υηʔϧίϯτϥΫτ

ɾτʔΫϯ ɾ̏ͭͷτʔΫϯ ɾ*OJUJBM$PJO0GGFSJOH ɾ֓ཁ ɾྲྀΕ ɾࣄྫ ɾτʔΫϯηʔϧͷ࢓૊Έ ɾτʔΫϯίϯτϥΫτ ɾΫϥ΢υηʔϧίϯτϥΫτ ɾϚϧνγά΢ΥϨοτ

τʔΫϯͱ͸ʜ

ͭͷτʔΫϯ τʔΫϯ͸େ͖ͭ͘ʹ෼ྨ͢Δ͜ͱ͕Ͱ͖Δ ϖΠϝϯττʔΫϯ  ۚમࢧ෷͍ܕ ηΩϡϦςΟτʔΫϯ  ূ݊ܕ ϢʔςΟϦςΟτʔΫϯ αʔϏεར༻ܕ 'SPN'/."QVCMJTIFT$0HVJEFMJOFT

ηΩϡϦςΟτʔΫϯ  ূ݊ܕ ϢʔςΟϦςΟτʔΫϯ αʔϏεར༻ܕ 'SPN'/."QVCMJTIFT$0HVJEFMJOFT ͭͷτʔΫϯ τʔΫϯ͸େ͖ͭ͘ʹ෼ྨ͢Δ͜ͱ͕Ͱ͖Δ ϖΠϝϯττʔΫϯ  ۚમࢧ෷͍ܕ

ϖΠϝϯττʔΫϯ  ۚમࢧ෷͍ܕ ηΩϡϦςΟτʔΫϯ  ূ݊ܕ 'SPN'/."QVCMJTIFT$0HVJEFMJOFT ͭͷτʔΫϯ τʔΫϯ͸େ͖ͭ͘ʹ෼ྨ͢Δ͜ͱ͕Ͱ͖Δ ϢʔςΟϦςΟτʔΫϯ αʔϏεར༻ܕ

ϢʔςΟϦςΟτʔΫϯ αʔϏεར༻ܕ ϖΠϝϯττʔΫϯ  ۚમࢧ෷͍ܕ 'SPN'/."QVCMJTIFT$0HVJEFMJOFT ͭͷτʔΫϯ τʔΫϯ͸େ͖ͭ͘ʹ෼ྨ͢Δ͜ͱ͕Ͱ͖Δ ηΩϡϦςΟτʔΫϯ  ূ݊ܕ

ɾτʔΫϯ ɾ̏ͭͷτʔΫϯ ɾ*OJUJBM$PJO0GGFSJOH ɾ֓ཁ ɾྲྀΕ ɾࣄྫ ɾτʔΫϯηʔϧͷ࢓૊Έ ɾτʔΫϯίϯτϥΫτ ɾΫϥ΢υηʔϧίϯτϥΫτ ɾϚϧνγά΢ΥϨοτ

$0 ϓϥΠϕʔτηʔϧ ϓϨηʔϧ Ϋϥ΢υηʔϧ $0ͰͷτʔΫϯ͸ஈ֊తͳചΓग़͕͠ߦΘΕΔ OJUJBM$PJO0GGFSJOH $0ͱ͸ɺϓϩδΣΫτͰར༻Ͱ͖ΔίΠϯ σδλϧτʔΫϯɾ҉߸௨՟ Λൃߦ͠ɺϓ ϩδΣΫτਪਐͷࢿۚΛௐୡ͢ΔͨΊͷखஈͷ͜ͱɻ೥͔Βരൃతʹ૿͑ͨ

ϓϩϞʔγϣϯɾ ౤ࢿՈͱͷ ίϛϡχέʔγϣϯ *$0ͷେ·͔ͳྲྀΕ ࣾ ಺ ଆ ͷ ಈ ͖

ɾτʔΫϯ ɾ̏ͭͷτʔΫϯ ɾ*OJUJBM$PJO0GGFSJOH ɾ֓ཁ ɾྲྀΕ ɾࣄྫ ɾτʔΫϯηʔϧͷ࢓૊Έ ɾτʔΫϯίϯτϥΫτ ɾΫϥ΢υηʔϧίϯτϥΫτ ɾϚϧνγά΢ΥϨοτ

αΠτ ࡞੒ ϗϫΠτ ϖʔύʔ ࡞੒ ϓϩϞʔγϣϯɾ ౤ࢿՈͱͷ ίϛϡχέʔγϣϯ ࣾ ಺

τʔΫϯηʔϧͷ࢓૊Έ લఏ ɾ&UIFSFVNωοτϫʔΫ্Ͱߦ͏ ɾτʔΫϯن֨͸&3$ʹ४ڌ͢Δ ɾ։ൃϑϨʔϜϫʔΫʹ5SVGqFΛ࠾༻ ɾ։ൃϥΠϒϥϦʹ͸0QFO;FQQFMJOΛ࠾༻ ɾू·ͬͨ&UIFSͷ؅ཧʹ͸(OPTJTϚϧνγά΢ΥϨοτΛ࠾༻

ͬ͘͟Γશମ૾ τʔΫϯηʔϧίϯτϥΫτ τʔΫϯίϯτϥΫτ &UIFSFVN1MBUGPSN (OPTJT.VMUJ4JHOBUVSF8BMMFU τʔΫϯΛߪೖ͢ΔϢʔβʔ PS όϦσʔτ τʔΫϯͷ෇༩Λ֬ೝ τʔΫϯߪೖؔ਺Λ࣮ߦͨ͠ϢʔβʔͷΞυϨεʹରͯ͠ɺ

τʔΫϯίϯτϥΫτ .FUB$PJOTPM 4UBOEBSE5PLFOTPM 1BVTBCMFTPM 0XOBCMFTPM &3$TPM #BTJD5PLFOTPM &3$#BTJDTPM 1BVTBCMF5PLFOTPM #VSOBCMF5PLFOTPM

0QFO;FQQFMJO͕ఏڙͯ͘͠Δ[FQQFMJOTPMEJUZͷ࢓૊ΈʹଇΔ .FUB$PJOTPM 4UBOEBSE5PLFOTPM 1BVTBCMFTPM ྫ.FUB$PJOͱ͍͏&3$τʔΫϯͷ࡞੒ 0XOBCMFTPM &3$TPM #BTJD5PLFOTPM &3$#BTJDTPM 1BVTBCMF5PLFOTPM

.FUB$PJOTPM 4UBOEBSE5PLFOTPM 1BVTBCMFTPM ྫ.FUB$PJOͱ͍͏&3$τʔΫϯͷ࡞੒ 0XOBCMFTPM &3$TPM #BTJD5PLFOTPM &3$#BTJDTPM 1BVTBCMF5PLFOTPM #VSOBCMF5PLFOTPM

࣮ࡍʹ࡞ͬͯΈΔ IUUQTRJJUBDPNBNBDIJOPJUFNTDGGGGD ߏ੒͢ΔίʔυΛಡΉ IUUQTHJUIVCDPN0QFO;FQQFMJO[FQQFMJOTPMJEJUZUSFFNBTUFSDPOUSBDUTUPLFO&3$ جຊతͳ֓೦Λཧղ͢Δ IUUQCMPDLDIBJOHVOPTZJPFOUSZUPLFOTVNNBSZBOEUPLFODPOUSBDU ্هΛࢀߟʹͯ͠Έ͍ͯͩ͘͞ τʔΫϯίϯτϥΫτ

τʔΫϯηʔϧίϯτϥΫτ τʔΫϯίϯτϥΫτ (OPTJT.VMUJ4JHOBUVSF8BMMFU CVZ5PLFO &5) @EFMJWFS5PLFOT USBOTGFS @GPSXBSE'VOET USBOTGFS &5)

0QFO;FQQFMJO͕ఏڙͯ͠Δ[FQQFMJOTPMEJUZͷ࢓૊ΈʹଇΔ τʔΫϯηʔϧίϯτϥΫτ τʔΫϯߪೖॲཧ ૹ৴͞ΕͨXFJʹରͯ͠഑෍͢Δ τʔΫϯྔΛࢉग़ τʔΫϯߪೖऀͷΞυϨεͱɺ ߪೖτʔΫϯྔΛ౉͢ XBMMFUͷΞυϨεʹରͯ͠ૹ৴ ͞Εͨ&UIFSΛసૹ͢Δ

(OPTJT.VMUJ4JHOBUVSF8BMMFU IUUQTHJUIVCDPNHOPTJT.VMUJ4JH8BMMFU ෼ࢄ༧ଌࢢ৔ϓϥοτϑΥʔϜͰ͋Δ(OPTJT͕։ൃΛߦ͏

(OPTJT.VMUJ4JHOBUVSF8BMMFU Φʔφʔୡ ૹۚઌ (OPTJT.VMUJ4JHOBUVSF8BMMFU DPOpSN5SBOTBDUJPO UYE DPOpSN5SBOTBDUJPO UYE TVCNJU5SBOTBDUJPO EFTUJOBUJPO

(OPTJT.VMUJ4JHOBUVSF8BMMFU (OPTJT͕ఏڙ͍ͯ͠Δ.VMUJ4JH8BMMFUͷ࢓૊ΈʹଇΔ .VMUJ4JH8BMMFUίϯτϥΫτͷίϯετϥΫλॲཧ PXOFSͱͳΔ&0"ͷΞυϨε Λ഑ྻܗࣜ౉͢  @SFRVJSFE͸ඞཁঝೝ਺

(OPTJT.VMUJ4JHOBUVSF8BMMFU ৽ͨʹτϥϯβΫγϣϯσʔλΛ࡞੒͢Δॲཧ ࡞੒͞ΕͨτϥϯβΫγϣϯσʔλʹରͯ͠ঝೝ͢Δॲཧ τϥϯβΫγϣϯͷσʔλ࡞੒ޙɺ ঝೝ͢Δ ঝೝޙɺૹ৴ॲཧͷؔ਺Λ࣮ߦ (OPTJT͕ఏڙ͍ͯ͠Δ.VMUJ4JH8BMMFUͷ࢓૊ΈʹଇΔ

͝੩ௌ͋Γ͕ͱ͏͍͟͝·ͨ͠ʂ✨

τʔΫϯηʔϧίϯτϥΫτ τʔΫϯίϯτϥΫτ &UIFSFVN1MBUGPSN (OPTJT.VMUJ4JHOBUVSF8BMMFU τʔΫϯηʔϧޙͷల։ ಠࣗνΣʔϯͷ࣮૷ &UIFSFVNΛར༻ͨ͠ αʔϏεߏங αʔϏεར༻ʹ࢖͏ ಠ