Constructing a Novel Network Structure Weighting Technique into the ANP Decision Support System for Optimal Alternative Evaluation: A Case Study on Crowdfunding Tokenization for Startup Financing

Abstract

Abstract This study constructed a novel decision-making framework for startup companies to evaluate token financing options. A Network structure weighting (NSW) technique was developed and integrated with the analytic network process (ANP) to create a comprehensive assessment model. This innovative approach addressed the limitations of traditional multi-criteria decision-making methods by effectively capturing the complex interdependencies between factors influencing token financing decisions. The proposed model comprises three main steps: (1) utilizing a modified Delphi method to identify key factors affecting token financing, (2) developing the NSW technique to determine the network structure of these factors, and (3) integrating the NSW results into the ANP model to evaluate and rank the critical factors and alternatives. This study applied this framework to assess three token financing alternatives: Initial Coin Offerings (ICO), Initial Exchange Offerings (IEO), and Security Token Offerings (STO). The results indicate that STO is the optimal financing alternative for the analyzed startup scenario in token financing, followed by Initial Exchange Offerings and Initial Coin Offerings. The model identified platform fees, issuance costs, and financing success rate as the three most critical factors influencing the decision. This study contributes to both methodology and practice in FinTech decision-making. The NSW-ANP framework offers a more robust approach to modeling complex financial decisions, while the application to token financing provides valuable insights for startup companies navigating this emerging funding landscape. The proposed framework lays the groundwork for more informed and structured decision-making in the rapidly evolving field of cryptocurrency-based financing.

Keywords

• Crowdfunding
• Token financing
• Network structure weighting (NSW)
• Analytic network process (ANP)