Goodbye ICO, the DAICO Era Has Officially Started (ICO vs DAICO)

HashFlare

Goodbye ICO, the DAICO Era Has Officially Started (ICO vs DAICO)

Blockchain ICO
January 9, 2019 by admin
238
The DAICO is a new method for raising funds, proposed by Vitalik Buterin in 2018. It represents the union between a normal ICO (Initial Coin Offering) and a DAO (Decentralized Autonomous Organization). The goal is to minimize the complexity and risks associated with these.   ICO vs DAICO We have been hearing a lot about
DAICO VS ICO

The DAICO is a new method for raising funds, proposed by Vitalik Buterin in 2018. It represents the union between a normal ICO (Initial Coin Offering) and a DAO (Decentralized Autonomous Organization). The goal is to minimize the complexity and risks associated with these.

 

ICO vs DAICO

We have been hearing a lot about ICO, but only few people know about a new method for the decentralized collection of funds, called “DAICO”: Vitalik Buterin talked about it in 2018: DAICO involves the merging of the elements of decentralized autonomous organizations (DAO) and the so-called ICOs, in order to minimize the risks associated with the second one.

 

How does DAICO work?

The development team that intends to raise funds for their public project builds a DAICO contract, which starts in “contributory mode” – specifying a mechanism by which anyone can contribute. Once the fundraising has been completed, the possibility of contributing to the ETHs is lost and the initial balance of the token is placed; from that moment on, tokens can be exchanged. Within the smart contract, the tap function (unit: wei / sec) is inserted, which determines the amount of funds per second that the development team can request from the contract.

 

Function Meaning Link to the code
TAP Voting to determine the increase or decrease of funds granted to the development team. https://github.com/theabyssportal/DAICO-Smart-Contract

 

Self-destruction A vote that will determine the destruction of the Tokens and the reimbursement of the ethics collected to the respective investors

 

https://github.com/goalgorilla/daico-smart-contracts
Vote The integration of a voting system can guarantee a highly democratic vote without weight differences as it happens with DPoS solutions https://github.com/followine/daico

 

One year passed since Vitalik Buterin talked about DAICO, but finding projects that use the DAICO – reducing the risks for the investors – is not very common.

 

One of the real case is Followine, an innovative Italian start-up founded in June 2017 with the aim of developing a system capable of effectively fight the phenomenon of wine counterfeiting. On their website (https://followine.io/en/) you can find more info about what is a DAICO, how does it work and how it reduces the risks for the investors.

 

Another project that ran a DAICO is The Abyss, a gaming platform with versatile social features and earning opportunities, designed to be your sole gateway to MMO games universe. You can find more info about this project here https://www.theabyss.com/

 

Last but not least, Goal Gorilla launched a DAICO to offer a blockchain based solution that will help online communities, continue to play a central role in mobilizing connection and social change. Another project website is (https://www.goalgorilla.com/)

 

DAICO does not mean “perfection”: but running a DAICO means offering much more guarantees to the whole blockchain investors’ community. That is why it is essential ending with a question: being given the fact that the DAICO is considered a useful tool for reducing the risks connected to the ICOs, why several projects do not use it and do not think about the investors’ needs?

Add a Comment

Read previous post:
betbox ico review
BetBox ICO: How blockchain-backed Betbox dapp is Transforming Betting

Even though gambling takes place all around the world, most providers are dubious and insecure. That’s what keeps a lot...

Close