‘Goodbye, ICO’: The Abyss, a Digital Distribution Platform, To Conduct the World’s First DAICO
Originally published on: CoinSpeaker
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January 31, 2018
The new project is going to hold the world’s first token sale event incorporating the elements of Decentralized Autonomous Organizations (DAO)
The Abyss, a next generation digital distribution game platform, has announced plans to start an ICO campaign that will be conducted through DAICO, an innovative funding model proposed by Ethereum founder, Vitalik Buterin.
DAICO is an improved version of an ICO merged with the benefits of Decentralized Autonomous Organizations. According to Buterin, this new method is expected to simplify the fundraising process and make it more secure by allowing project’s contributors to take part in the voting process.
“DAICO provides tangible solutions to the ever-changing security needs and puts transparency at the center of innovation. We are confident in our capability to implement and improve Buterin’s idea. Our DAICO will be the perfect bridge between fundraising and team motivations control,” said Konstantin Boyko-Romanovsky, the founder of The Abyss platform.
The Abyss crowdsale will represent an improved ICO model, allowing investors to control the withdrawal of funds raised during the campaign. Besides, contributors will be able to close the project and refund the money invested in case the team fails to implement it.
Before the start of DAICO, the company will introduce the voting system with a team of Oracles, the industry professionals, who will act as arbitrators with exclusive rights to initiate polls for project’s shutdown.
“DAICO is a new mechanism, and there should be ways to further strengthen it while maintaining flexibility, transparency and security. Oracles and exclusive voting rules will do the job efficiently and reliably. Only project’s contributors will be granted a voting right,” said K. Boyko-Romanovsky.
“Controlled by the Smart Contract, the Company’s and Reserve tokens will not be eligible to participate with. We will utilize the proof-of-stake algorithm during the polls, but to make it impossible for the exchanges to take part, the weight of each Ethereum-wallet’s vote will be limited by a certain amount of tokens”, he added.
The company’s native token, called ABYSS (ERC20 on the Ethereum blockchain), will be used as a priority internal mechanism for interacting within the platform as well as for making in-game purchases. The Abyss ecosystem offers players a wide range of profitable options, including referral payments, rewards for creating content and payments for personal game achievements.
The Abyss DAICO event is planned to start on February 7, 2018 and will continue until April 1, 2018. The participants of the sale will be offered additional bonuses, ranging from 25% to 5%.