Stepping Away From The Oracles Concept: Voting Rules Reconsidered

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Dear all, we loved the Oracles idea, and still it is good enough, we think. But, to be honest, we couldn’t find a universal way to prove to all our supporters that the Oracles would be and would act 100% independently. Despite all our efforts, we’re still hearing doubts and see a disbelief. We understand it though, and we respect our community members’ opinion.

This is why we got back to Vitalik Buterin’s original DAICO concept. We’re now removing the Oracles, providing each token holder the right to participate in the refund poll directly, without third parties. The refund poll will be carried out every three months. We assume it would be a good practice in terms of transparency and faithfulness.

Let us explain this in more detail below:

  • The refund poll will be summoned once a quarter: more specifically, on July 1st, October 1st, January 1st, April 1st of the respective year;
  • The voting lasts 1 week;
  • The poll starts immediately after initiation;
  • The refund is available during 2 years (after the end of crowdsale), with the last refund poll starting on April 1, 2020;
  • The refund poll is considered a success if more than 1/3 of tokens (from total token supply) voted for it;
  • If the refund poll is success, token holders should keep their tokens, and abstain from transferring them to another ETH wallet before the 1st day of the next month. In this case the poll will be considered accomplished. If tokens are transferred before the 1st day of the next month, resulting in the tokens amount decrease below the level needed for a refund, then the refund poll fails. If tokens are kept till the 1st day of the next month, withdraw for the Team is blocked, and the second refund voting is to be conducted within a month. If the second refund voting ends successfully, token holders can return the remaining funds. If failed, the withdraw for the Team is unlocked.

Further improvements to the DAICO model, that we introduce, will make it even more legally compliant, and at the same time will increase its transparency for the token holders:

  • Upon the advice from our lawyers we’re removing the one time withdrawal (the buffer poll);
  • Voting for tap increase can be held on 10th day of each month;
  • The tap increase voting is considered a success if “YES” votes exceed “NO”;
  • The voting process lasts 3 days;
  • The poll starts immediately after initiation;
  • Maximum tap increase is 50% (of the initial tap amount) at one time;
  • The tap increase voting will be available during 2 years (after the end of crowdsale), with April 10, 2020 being the last date to start it.
  • The initial monthly tap amount to be disbursed from the smart contract is 500 ETH.
  • There will be a possibility for the Team to withdraw ½ of Soft Cap right after the end of crowdsale and to convert it to fiat money (the project’s protection mechanism due to the high volatility of ETH price).

We deem the new voting system to be one of the core elements of DAICO fundraising model, distinguishing it from numerous industry ICOs. It was designed to ensure more transparent and safer processes, compliant with and promoting the principles of democracy in crypto industry.

All these changes will be in full power after the project’s smart contract is updated. For all token holders it means that now they are 100% protected from SCAM, as promised in one of our videos.

The Abyss has always been seeking ways to improve its DAICO concept and will stay on to it in each issue, including this one!

Best,

The Abyss Team


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