[cryptomonitor NEWS] DAICO, a new ICO Fundraising Model by Vitalik explained
How are you doing my dear STEEMIANS ?
This is my new post about actual news in Cryptosphere. From many news last week,
for me, the most exciting one, and also most interesting is from Vitalik Buterin
about DAICO. So, what is DAICO?
So, as you already know, well known russian-canadian programmer,
Vitalik Buterin, recently outlined a new decentralized fundraising model
for the Ethereum network called a - DAICO.
Let me explain; idea is to create a more better way of controlling an ICO, which is
the current model that is used for fundraising on the Ethereum network.
He sad that he accomplishes this by combining the old ICO concept with a
Decentralized Autonomous Organization (DAO), an organization
that is run by hardcoded rules.
ICOs allows a team of developers to find investors who see
a need for their proposed idea and invest in it directly.
This allows them to bypass traditional fundraising methods like
Initial Public Offerings (IPO) and venture capital.
This produced great gains on their initial investment,
which added boost to what’s been labelled the ‘ICO craze’.
To-date there has been over $3 billion raised by ICOs and still growing.
Vitalik's new DAICO is even better; it improves greatly on the existing ICO model
and gives investors a new level of control and protection against fraud.
DAICO starts out very similar to an ICO, but the difference between a DAICO
and an ICO begins after the contribution period, when a mechanism,
called a ‘tap’, kicks in. TAPS allow token holders to control how much
funding the team has access to.
Start your next project with DAICO !
So, i think, 2018 might be the year of the DAICO.
The idea behind DAICO is that the community who invested in
has control over their investment and will know that their
money is being spent wisely. Token holders can also vote to cancel a DAICO,
and get the remainder of their investment back. We will see.
More innovation means more exciting times; for us to come and
for the blockchain industry in general.
If you have any questions about DAICO or ICO, please, contact me on
Discord 24/7, user cryptomonitor#0447
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"Token holders can also vote to cancel a DAICO, and get the remainder of their investment back."
Wow! This would be pretty huge.
Use Case: Say we all invest in a promising ICO, then later find out they copied a whitepaper and amoung other things could potentially be a scam.. boom. This is awesome.
This guy is as clever as they come with a great sense for comical T shirts :-)
@cryptomonitor In today cryptoverse this is what is needed badly legit ICOs. I can see this bringing an end to allot of scam ICOs,
bitconnectX (cough)lol
Alot and I include myself dipped our toes in a little too quickly with promised riches. Luckily for me I knew bitconnect a scam from day one but I guessed it had legs and I did to my credit make a little, but most people not so fortunate and lost alot and im sure families and marriages have been turn apart because of these evil people!
So I can see this ending allot of those scams before they get of the ground!
Great article looking forward to your next post! upvoted and resteemed
This is a good post just a few questions:
How is the amount of funding the team has access to (TAPS) decided upon. Is it a democratic process akin to a stakeholder voting meeting?
What sort of mechanism would be in place to ensure that people could receive their money back, if they so felt the need?
Dope idea, but with every day 20 new ico's it is becoming really difficult to find to right ones for your money. Bu thanks for sharing mate u got a new follower!
Sometimes it's all a mystery and sometimes your have to spend crazy attention to understand it then you know how it works LoL.
Good post @cryptomonitor
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If you liked the blog but have nothing interesting to add, then an upvote is generally sufficient.
really informative great work.
All we want is better and better systems coming up day to day. Lets just hope it serve its purpose as stated and thumbs up sharing this with us @cryptomonitor
i enjoy your post! thanks. upvoted!