Vitalik Has a New Idea Regarding ICOs – It’s Being Tested
This Is The DAICO
Ethereum creator, Vitalik Buterin has suggested a model where the investors have control over their ICOS. This idea could be combined with the Decentralized Autonomous Organization (DAO). This is what Buterin called DAICO and has been developed. By adoption of DAICO, they also want to depict that The Abyss will disrupt the video games selling platforms by making video game promotions to favor the developers. Therefore, DAO users can manage their projects and manage their income and developments
Minimum Viable DAICO
According to Buterin arguments on the smart contract where token holders vote to set the “tap” and “refund” mechanisms. The tap represents the rate in which the smart contract allow issuing in drawing either from the smart contract which holds funds.
Buterin said in a post;
“The intention is that the voters start off by giving the development team a reasonable and not-too-high monthly budget, and raise it over time as the team demonstrates its ability to competently execute with its existing budget. Most people don’t understand what DAICO is and how it will change the industry.”
On the other hand, the refund is for allowing users vote either for “self-destruct” of the ICO which then empties the smart contract of the remaining ether and then returns the token holders to a proportion of the number of tokens they may hold.
The DAICO is being developed to suit The Abyss. For example, there is another way for the DAICO to increase funds called the buffer, the projects tap is also limited as compared to Buterin proposals and also rules have to be defined during development of a “quorum.” This is the number of people who can legitimately vote.
Therefore, the Abyss project seeks around 3-5 crypto luminaries which serve as oracles usually over the ICOS. Many of the oracles must come into agreement for a refund of the vote which is to be initiated. Therefore, in case the oracles vote for a refund poll, the holders of the tokens can vote it.
Boyko-Romanovsky said in a statement;
“I am not afraid that my project will be closed because of refund or something else.”