ICO's return on investment expectations, several days of thought. Please correct

My colleagues and I have done traditional private equity funds, selected projects (not blockchains), meetings, money (high-net-worth natural persons or banks), investment projects, equity acquisitions, dividends, and listings.
Due to the new rules and regulations of banks in China, private equity funds are now almost unable to obtain funds from banks to serve as LPs for private equity funds.
So ICO has been paying attention recently. Since no specific person explained it to me, I can only look at the white papers of various ICOs.
The following is an observation summary, please correct me Please correct me Please correct me.

Question 1, what is the expected number of investors of the ICO project?
A: The original idea of various concept projects on tall is indeed very good. Assuming that those goals that are difficult to make full of variables will be realized under the conditions that can be realized, as described in the white paper, it is possible to make a hundred thousand times.
In this atmosphere, the project with a ROE below 100 is not at all glanced at by investors. After searching, I discovered several ICO projects that described their own benefits as impossible to double.
And some have successfully completed the ICO, indicating that investors are rational. As long as there is a strong certainty, it will still be recognized by the market, so the expected income does not need to be too high. The ROE (annual return on equity or debt), even if it is 20, will be recognized by investors.
Such as ZrCoin, GENESIS.

Question 2. Can the token be recognized by the investor if it acts as an integral part of the project?
A: No, the tokens of some ICO projects are only units of equity and bonds. If they are equity, the ICO price will be linked to the net profit of the year/quarter. In the case of bonds, the ICO price is within the agreed repurchase price.
However, it is tempting to realize that some tokens are not equity or bonds, but they are like the certification of project participants in order to enjoy certain services later. This kind of hanging thing, how can it be recognized.

Question 3, What is the integrity protection method of the ICO project with repurchase, dividends, and loyalty rewards? Is it perfect?
A: The financial statements of the traditional listed companies' annual reports are audited by accounting firms and whether there are reservations. The ICO project clearly has profits, but reports false reports, uses low-cost repurchases, gains dividends, and has low-value incentives that infringe on the interests of investors. What are the mechanisms for this kind of behavior to protect the interests of investors and rely on guarantors? reality. I do not know what a complete mechanism to prove the integrity of the executive team.

Question 4, the tokens of many projects have been given a lot of functions, which can have the attributes of equity, debt, dividends, rewards, and buyback. Is the protocol used for so many functions complicated in programming complexity?
A: After reading several popular science articles, the complexity of the technology is not something I can understand. Many of them are based on the open source development of Ethereum. Still, some of the huge blockchain programming teams that come from self-employment build from scratch.
Or not built from scratch, but it should also be a library. If these things are open source, if it is not open source, then other issuers want to use their software, ICO project features exactly the same, not to spend a lot of time and energy of the programmer team. I don't know whether this kind of thing has any convenient, credible, reliable, and efficient third-party team and platform, and has the ability to do technical support.