Such a tactic is more common in cryptocurrency ventures that haven't finished building out their blockchain-based platform, product, or service. Typically, Ether (ETH) is used to pay for ICO events, but fiat money may also be accepted in rare circumstances. Typically, investors participate in initial coin offerings (ICOs) in the hopes and expectations that the digital token (or coin) and the firm that corresponds to it will succeed, possibly leading to a healthy return on investment (ROI) for those who are seen as early backers. Although ICOs are frequently likened to IPOs (Initial Public Offerings), they differ significantly in that investors do not purchase any form of ownership or shares in a firm. The primary purpose of initial coin offering events is to raise money for startups that are still in the very early phases of development and require funding to advance the idea. Unfortunately, many ICOs are carried out by shady organizations who raise significant sums of money before disappearing without providing any updates on their progress. Due diligence, also known as DYOR, is crucial for investors to perform before making a decision to invest in a cryptocurrency business. Before making them available on ICO crowd sales, a cryptocurrency token or coin can be issued in a variety of methods. While some businesses opt to start from scratch with their blockchain and create their own native coin, the bulk of ICO events to date have been held on the Ethereum network, adhering to the so-called ERC-20 token standard. For instance, a startup may use smart contracts on the Ethereum network to develop an ERC-20 token for its own cryptocurrency. In this case, the smart contracts ensure that the ERC-20 protocol's set of rules for creating digital tokens on the Ethereum network is adhered to in a trustworthy and independent manner. The production and issue of digital tokens, which are then made available through initial coin offerings (ICOs), are supported by a few other blockchain systems, except Ethereum, which is the most widely used. These platforms include Komodo, Waves, NEM, NEO, and Stellar, to name a few. Initial Coin Offering crowd sales are undoubtedly a successful way to raise venture capital and project funding, enabling firms and projects to get money at their initial phases.