The DAICO model directly enables token holders to participate in the project roadmap and development process including the ability to withdraw tokens if they are not happy with the progress being made by developers.
The DAICO design begins with a contribution period in which contributors send funds to the project in exchange for network tokens in an initial token sale or ICO. Through the initial sale a DAICO smart contract acts in essentially the same way as a ICO token sale contract. After the completion of the initial sale, however, investors have the ability to vote on a specific parameter called the tap.
The tap is a mechanism written into the DAICO smart contract to unlocking funds for the project to use towards development . As the project reaches development milestones the voters are able increase the rate at which funds are unlocked. However, if the project does not meet milestones and loses the confidence of investors the investors may vote to destroy the contract and the remaining funds in the DAICO contract become available for withdrawal by the contributors.
The Abyss project is scheduled to implement a DAICO with token sale starting on March 7.
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What is a DAICO, Explained
The Аbyss Team
The World’s First DAICO: Remodeling The Token Sale
Explanation of DAICOs
Documentaries, videos and podcasts
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- Initial Coin Offering (ICO)An initial coin offering (ICO) is a means of crowdfunding the release of a new cryptocurrency.
- Decentralized autonomous organization
- CryptocurrencyA cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.
- The Abyss (cryptocurrency)