ICOs triggered a wave of interest in blockchain technology last year. ICOs mainly support project implementation by pre-announcing a project’s development plan, then obtaining cryptocurrency in the virtual community.

However, ICOs face a conflict. Because ICOs can quickly get a lot of financing during the early stage of a project, these funds can be circulated throughout the exchange in a very short time. This makes it possible for speculation hype to make the P/I (price/investment ratio) of the tokens grow hundreds or even thousands of times greater than the initial coin offering, allowing early investors and project parties to cash out early on. This turns real project implementation into a secondary goal. And project fulfillment will bring out a lot of unrealistic expectations, drastically reducing the P/I ratio. Therefore, the ICO’s original intention of obtaining funds to support project development actually ends up lowering the value of the currency when the application is actually implemented. This means that the biggest benefit for investors is no longer the application. And that translates to the capital market greatly interfering with actual application development.

Therefore, getting listed on an exchange becomes a burden rather than a benefit for most applications. This is because the market value for most applications isn’t high, and liquidity is low. A centralized exchange can’t accommodate all DAPP tokens, so it’s not cost-effective for ordinary DAPP tokens to get listed.

This means that changes must be made to the existing ICO model. On this basis, we propose an amended ICO process, which we call ATO (Asset-based Token Offering).

ICOs and stocks exist on two different extremes. One is financing through obtaining PE []after the application matures, and the other obtains financing before the application is released, drawing out an inflated P/I. ATO provides a continuous asset-based financing solution that will continue to receive necessary financial support as the project grows.