Vitalik Buterin, Ethereum’s co-founder, has suggested for a new and improved ICO model named DAICO. The DAICO is one of the ways to have better Initial Coin Offerings (ICOs) in the market. By combining characteristics from Decentralized Autonomous Organizations (DAOs) and ICOs the crowdfunding process will be less complex and risky.
In order for a team to raise funds, it needs to publish a DAICO contract that starts off in ‘contribution mode.’ The contract must specify which is the way in which investors can contribute ETH to the contract and get tokens in exchange. The mechanism can be chosen by the team that is raising the funds and can be a dynamic per-person cap, a KYC’s sale or any other way desired.
With this upgraded way of fundraising, the ICO concept will become more transparent and secure. With DAICO, the risks are minimized, requiring the developer and the vote to be compromised to cause any damage.
The Abyss First DAICO
The first DAICO fundraising model will be conducted by The Abyss. The Abyss is a next generation digital distribution platform that delivers different types of video games (Free2play, MMOs and cryptogames), including AAA-titles. But there is an important difference with other game platforms like Steam. The Abyss offers another user experience with a motivational and referral system.
In this way, gamers profit from the referral payments their invited friends make on the platform. The gamer will also receive earnings from personal achievements, monetization for content created, auction of in-game items, syndication to earn from joint activities and the possibility to withdraw tokens to the personal Ethereum wallet.
Developers will also receive benefits according to the things they do. There will be a referral program for them as well, target and content generating audience at the start of the project, access to specialized game statistics, simple techniques to get internal and external traffic, multilingual 24/7 support service and many others.
As this will be the first DAICO to be launched, the founder of The Abyss platform, Konstantin Boyko-Romanovsky said:
“DAICO provides tangible solutions to the ever-changing security needs and puts transparency at the centre 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.”
The tokens will be used in order to interact on The Abyss platform. The referral and motivational programs will be paid with ABYSS tokens only and most of the internal services will also rely on this cryptocurrency.
For game purchases with ABYSS tokens, the users will be granted with important discounts. 1/3 of the platform’s commission from the internal CPA Network and the auction transactions will be burnt by smart contract.
- 60% will be allocated in the crowdsale.
- 21% will be for Company & Advisors.
- 18% will be reserved and frozen for sixth months. This reserve will be used to provide motivational rewards to players in order to accelerate the ecosystem growth at the early stage of platform operation, as well as bringing amazing new games to the platform.
- 1% will be destined to the Bounty program.
In the team there are several young and experienced professionals in the video game industry.
Konstantin Boyko-Romanovsky is the founder of The Abyss. He has more than 17 years of experience in the game industry. He has also founded Destiny.Games video game company, that backs The Abyss. Besides that, he is a successful blockchain investor, cryptocurrency expert, and technology entrepreneur.
Vladimir Kurochkin is the president of Destiny.Games. He has over 12 years of experience in the game industry and a significant experience in project development and management. At Destiny.Games he worked his way up from a web project administrator to president.
Artem ‘Shanni’ Veremeenko is the executive producer. He is also a game designer and a scriptwriter with 14+ years of experience in the video game industry. He is the author of F2P Botva Online game. Furthermore, he works in Destiny.Games since 2008.
The emergence of Blockchain technology has enabled the creation of The Abyss, a next-generation digital distribution platform, that offers a ground-breaking motivational and referral system. Gamers will be able to earn from in-game and social activities. The Abyss developers will reduce their marketing expenses and earn from their referral gamers, even if they pay in other games on the platform.
In addition to it, The Abyss will be the first DAICO in the market ready to be tested by developers and gamers. The use of Oracles and exclusive voting rules will allow the platform to be secure, flexible and transparent.