- If I have a good project, is ICO actually a viable path for someone like me*?
If the project is based on cryptocurrencies, it would be easier to raise funds.
- Does the token need to have a function, or be backed by something specific besides the company itself?
- Does the token actually need to exist? Could someone just raise money and keep a database of donors and then issue them the "tokens" later?
- I see different types of tokens: pos, pow, etc. What's to stop someone from just using email addresses in a database and calling it a "token"? Like, what makes a token a token?
Blockchain technology lets user track their shares more transparent and makes possible to exchange shares without control of the company. It is better, when shares are distributed through tokens.
- can a token represent a share of common stock in a private corporation?
Yes, if you legally promise that tokens are equal to stocks.
- if so, can I use an ICO as sort of like a "private" IPO? That's how it seems, which is what makes it appealing.
For a real world company, you should be too transparent in order to make your investors feel safe. ICO's are better for transparent and online systems.
- Does the company/project have to have something to do with or otherwise utilize coin technology (blockchain etc)?
As I said earlier, it is not a must, but rather preferred.