Which of the following is not one of the steps performed in a typical Initial Currency Offering (ICO) event?

             I.          Blockchain project developers invite the public to invest in their idea. This proposal involves the pre-purchase of crypto coins or tokens set to be created by the application.

           II.          A regulatory agency (in U.S. it is SEC) scrutinizes this proposal and issues an opinion. 

         III.          The blockchain application launches and early investors are provided their promised crypto coins/tokens for personal use or investment.

         IV.          Miners verify that a token is legitimate and that it has a valid nonce.