ICO contributors, though are willing to take risk, are looking for a more controlled risk system. Considering this, The Abyss, the next-generation digital distribution platform, recognized the dire need to remodel Token Sale to bring about significant increase in token holder’s trust.
Earlier this year, Vitalik Buterin (co-founder of Ethereum) opined that ICO be upgraded by merging part of the benefits of Decentralized Autonomous Organizations (DAOs). This new idea, DAICO, is an innovative fundraising model geared towards ensuring that ICOs are more secure with the introduction of poll system and the involvement of project’s token holders into the voting process.
DAICO brings worthy solutions to always changing security needs as well as ensuring transparency at the very heart of innovation.
The Abyss identifies the necessity of not just implementing this idea but also taking advantage of every room for improvements as it is the case with all new ideas.
This model gives room for refunds, and token holders can control raised funds withdrawal by the developing team. DAICO significantly reduces the risk of fraud, gives an option to refund the remaining money (should the team fail to implement the project) and gets rid of different kinds of attack on the voting process.
Accordingly, The Abyss’ voting system is an improved one: Oracles (the appointed industry professionals with established reputation) monitor the project development process from the start and act as arbitrators. Only the Oracles would have the exclusive right to hold polls for refund if the team shows unsatisfactory results.
The Abyss’ Oracles and exclusive voting rules will efficiently and reliably further strengthen DAICO while maintaining its flexibility, transparency and security. Voting rights will be granted to project’s token holders. In case of unsatisfactory performance leading to decision about refunds, the Smart Contract switches to withdrawal mode as well as burning the Company and Reserve tokens.
This DAICO model is anticipated to make fake ICOs almost impossible particularly with the incorporated strengthening. The Abyss DAICO, which is to become the world’s first, is scheduled for March, closing in April, 2018, according to the company’s data.