The World’s First DAICO: Remodeling The Token Sale
With this statement we unveil the changes we’re intended to introduce to increase our contributors’ trust. By adopting these changes, we’re remodeling our Token Sale, making it the world’s first of its kind. It will be a good and (hope-for-it) trend setting example other teams, that are eager to bring their ideas to life, should follow.
Earlier this month the founder of Ethereum blockchain, Vitalik Buterin suggested upgrading the ICO concept by merging in some of the benefits of Decentralized Autonomous Organizations (DAOs). The new idea, entitled DAICO, is an innovative fundraising model, aimed at making the ICOs more secure by introducing the polls system and involving the project’s token holders into the voting process.
The Abyss Token Sale will represent an advanced and improved ICO mechanism, allowing token holders to control the fund withdrawal limit, also providing an option to vote for refund of the remaining contributed money in case the team fails to implement the project. With all this, The Abyss project is to become the world’s first Token Sale, pioneering and promoting the DAICO concept.
The main features of our DAICO will be as follows:
- The Abyss Team defines the necessary fund limit (tap = wei / sec) to support the platform’s development process after the Token Sale is complete. This means the maximum amount we can receive from the Smart Contract for a certain time period (for example, per month);
If we need to increase the size of the tap (or we need an extra sum for project’s purposes — overhead buffer), the poll will be initiated. Token holders with tokens on their Ethereum wallets (≥N, where N≠0) will vote for / against providing us with these extra funds. To prevent the abuse of the system, the % by which the tap may be increased at a time, is limited, also the tap can not be increased more frequently than once in 14 days;The poll is considered fulfilled, if a certain quorum (i.e. 10% of total tokens supply) is reached: ≥10% from TotalTokensSupply:
- Only The Abyss Team has the right to initiate tap/overhead buffer polls and only project’s token holders will be granted a voting right. Ensured 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 (i.e.≤ 0.1% from TotalTokensSupply);
- The amount of tokens needed to participate in the poll is calculated this way:
- To eliminate the fraud during the voting process (when tokens are transferred from one voter to another), after transaction is complete we will reassess the votes in accordance with the renewed balance;
- The token holders will be duly informed of time and date of a new poll. Votes are not accepted after the poll is closed (VoteStartTime ≤ block.timestamp ≤ VoteEndTime). The voting results (YesVoteTokens > NoVoteTokens, or vice-versa) will be visible to all participants;
- Before the start of Token Sale (DAICO) we will introduce the team of arbitrators, or the Oracles, — the appointed industry professionals, with established reputation in the relevant field, who would have the exclusive right to hold polls for refund, leading to the remaining funds returned to token holders;
- In case The Abyss Team shows unsatisfactory performance, resulting in the decision about the refunds, the Smart Contract switches to withdrawal mode, at the same moment blocking or burning the team’s and Reserve tokens;
- If the decision about the refunds is made, the remaining funds are returned to token holders at the rate calculated with formula:
We are sure that DAICO is an excellent option that will make fake ICOs almost impossible. However, it 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. We are still thinking over further improvements and are open to discussion.
We’re currently developing the project’s new Smart Contract, with the intent to present it to public before the start of Token Sale (DAICO). The Smart Contract will be audited by a reputable independent agency (New Alchemy among them).
To discuss the topic or offer an idea, please, refer to our Telegram channel: https://t.me/theabyss
You can also send your questions and suggestions, regarding the DAICO, or even file an application to become an Oracle, via: firstname.lastname@example.org
And one more thing…
Surely, modifying our Token Sale and the drastic Ethereum growth have triggered other important changes we should also make you aware of:
- We now cancel Pre-Sale and will conduct the main Sale only, starting on March 7, 2018 (09:00 UTC), ending on April 7, 2018 (09:00 UTC);
- Due to the rise of Ethereum value, the ABYSS token rate has been changed to 1 ABYSS = 0.24 USD;
- To implement the DAICO idea our Smart Contract should rely on Ethereum entirely. For this reason during Token Sale we will accept ETH only;
- During Token Sale (DAICO) bonus tokens will be accrued as follows: First 48HR (25%), Days 3–7 (15%), Days 8–14 (10%), Days 15–21 (5%);
- Aiming to expand The Abyss’ audience, we introduce the maximum contribution, which is 10 ETH.
- Also we changed rules of our multilevel referral program. New rules are available on our special referral program page.
Join the world’s first DAICO and become the part of cryptoindustry history!
We’re getting other magnificent things ready for you!
Stay tuned to our updates!
The Abyss Team