"ICO alternative" sounds like plain ole' crowdfunding ... although they label it: "JOBS Crypto Offering (JCO)"
The JCO works in three stages:
Stage One — Under Regulation D (Reg. D), a company offers purchase agreements to accredited investors in a presale. These purchase agreements are being referred to informally as a “Block-SAFE.”
Stage Two — Once the company meets the capital raise goal they have set, they submit documentation to the U.S. Securities and Exchange Commission (SEC) to get approval to issue digital equity securities to the public under Reg. A+, or by filing a registration statement under the Securities Act.
Stage Three — Under Reg. A+, the securities become available to both accredited and non-accredited investors, and can then be traded on an alternative or traditional exchange approved by the SEC. According to the IBI website, “These equity tokens represent one share of stock in the company, and they are able to pay dividends.”