I remember when bitcoin prices rose like anything in the last year. The whole world was introduced to a technology called blockchain. So many sectors in this world were transformed, weren't they? The whole concept of trust was taken to an entirely new level, and the world got familiarized to an entirely new thing -- cryptocurrencies. This new piece of technology enables us to transact cashless. No hassle of carrying change, anybody can send or receive money from anywhere at any time; and everything completely credible, secure and safe!

Cryptocurrencies have made its way from being a mere medium of transaction to a form of investment over the last year. Companies have turned to crypto to find a medium of fundraising. You might be familiar with the term Initial Coin Offering (ICO). It is a simple process. Any project which requires finding or investment for its funding, holds an ICO, where investors can pay some amount which may be already decided, in specified currencies, to receive tokens in exchange for their share of investment. What is the use of holding tokens? These tokens may give the holders voting rights, or can be just an investment token which ensures the investor a return based on his/her investment and the performance of the company which held the ICO.

But there are a lot of problems surrounding this new trend of ICOs and a lot of limitations to a successful ICO launch. First of all, there are a lot of legal hurdles that the company has to pass to launch an ICO. Even if the company does so, the investors should trust this process, because there have been a lot if incidents where huge amounts were raised through ICOs and the company never functioned, making the efforts of the investors go in vain.

DAOX -- making fundraising simple

DAOX is a platform that is built upon blockchain, which helps to make the process of raising funds through an ICO really easy. DAOX is by itself a decentralized autonomous organization. So how does DAOX work? Any new company/individual who wants to start raising funds through an ICO can make use of this platform, and they will be issued their own ERC20 token to distribute among their investors. The companies can then hold the raised funds, and can use it for the functioning and betterment of the organization.

How does DAOX help gain the trust of investors? The details of all the funds raised and other proceedings are all stored in the Ethereum blockchain. The companies are only allowed to access the funds only after making a withdrawal request to DAOX. The platform will inspect the request and then either approve or reject it. This means that the funds are only used for the development of the company, and not for any fraudulent or personal purposes.

For any person/company to use the DAOX platform, they need to have acquired DXC tokens, which is the utility token for the DAOX platform. It is very important to note here that the funds are not raised in DXC, but in ERC20 tokens. The DXC tokens are just needed to make transactions within the DAOX ecosystem, like paying a fee to hold the ICO.

Concluding Remarks

The DAOX platform is a very simple idea to help blockchain/non-blockchain projects to raise funds for their functioning through ICOs. This makes the process of crowdfunding really easy even for startups, because they don't have to create a name for themselves first before launching their finding campaign. They don't even have to acquire the technical knowledge required to start an ICO. Moreover, this platform opens the door of opportunity of ICOs to even non-blockchain projects, further breaking the myth that ICOs are only mean for any company that works primarily using the blockchain technology. This project has immense potential, I'm really looking forward to this becoming the best platform for holding successful ICOs.

Website -- https://daox.org

Whitepaper -- https://daox.org/daox-whitepaper-eng.pdf

ANN -- https://bitcointalk.org/index.php?topic=2811642.0

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Published by smithjones

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