ICOVO: The World’s First ICO Platform Implementing DAICO

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ICOVO is a platform that wishes to bring back the lost value of ICOs by helping to secure investors through different means. ICOVO will help to involve the investors actively in the initial development of projects they are funding.

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Initial Coin Offering (ICO)

Though very effective at the time it was introduced, ICO has lost it value as many investors are totally scared of it. New projects need ICOs to get funds to execute their projects. These projects can change the world but when there are no investors to fund them, they become dead. Investors become scared of ICOs for many are their experiences in the past.

Why Investors may not want to Invest in an ICO

  • It is becoming increasingly hard to accurately verify the identity of project team members so as to prevent scam. When investors cannot ascertain the originality of the identity of project team members, it becomes hard to trust them.
  • Many project developers do change their whitepaper or project vision as time goes on. This becomes injurious to the project and raises alarm for the investor who trusted the project vision at first.
  • Project developers seem to become less concerned or lose motivation to continue the project after they have raised funds for the course. It becomes very easy for them to withdraw funds contributed by investors and run away, not because they are scam initially but because they lost motivation after the contribution is done.
  • Many investors lose funds they contributed to projects when it failed. Project developers delay or refuse to refund investors when the project fails.

ICOVO

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ICOVO is a platform that wishes to bring back the lost value of ICOs by helping to secure investors through different means. ICOVO will help to involve the investors actively in the initial development of projects they are funding. It will also help to verify not just investors but the project team through a KYC method that cannot be falsified. ICOVO will ensure that projects keep to their words by preventing whitepaper deletion or editing.

ICOVO and KYC

Know Your Customer is a policy that was enforced first on banks to ensure compliance with Anti-money Laundering. In essence, it is a measure to ensure that anyone who completes the process won’t be able to get involved in Money Laundering else they will be apprehended. But it has been noticed that people upload false documents or pictures which have been edited. With ICOVO that is not the case as there is the passport based ID verification meaning that passport can only be taken live at the time of verification (passport cannot be uploaded from local storage).

Whitepaper Protection

ICOVO prevents whitepaper alteration or deletion by storing using Interplanetary File System (IPFS). IPFS ensures that files which are stored are not saved on a single computer. But each file stored is saved different computers scattered all over the globe, thus it is impossible to retrieve or effect changes on the file from a single computer. IPFS is used to store large files on the blockchain. Through the IPFS it is ensured that the initial version of the whitepaper cannot be edited or deleted by anyone and it will always be accessible to anyone who needs it. ICOVO ensures that project developers keep to their word which was written in their whitepaper.

ICOVO and DAICO

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Source

The idea of DAICO was introduced by Vitalik Buterin on January 6, 2018. The essence to protect the investors of ICO by involving them in the initial development process of a project.

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Vitalik suggested the Tap policy which involves the investors voting to determine how much of funds the project developers can withdraw per second. All of these measures are included in the smart contract which will be used for collecting funds by the project team. This means that the project team cannot withdraw all funds and run away as the investors can also vote (according to the tokens held) for a refund. Investors can vote for a refund if they do not believe in the project anymore. ICOVO will use this policy to help secure the investors by making them actively involved in the initial development processes of the project.

DAICO Challenge

According to an article written by Chrisjan Pauw on ‘What is a DAICO, Explained’, the potential disadvantages of a DAICO was highlighted. Pauw mentioned that if the project developers hold a larger percentage of tokens then they will only need to influence a lesser number of the investors to vote for an increase in the funds released per second. This can be disastrous.

ICOVO’s Solution = DAICOVO

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On ICOVO there is a maximum number of tokens that can be acquired by a single investor. This is done so that some investor will not be ‘super-powered’ enough to single-handedly influence the Tap policy. This means that a single investor cannot determine what happens to the whole funds contributed to the development of a project.

Other Features

ICOVO website and applications shows all running ICOs with their concise details. Each project’s Github updates is made visible for increased transparency. The platform also ensures that all project’s whitepaper that is run on it is written in the same format so that it will be easy for investors to compare and contrast to select the ones that suit them.

Conclusion

Through the implementation of DAICOVO, Passport based ID verification, IPFS whitepaper storage, it is sure that ICOVO is bringing back the lost value to ICOs.

For further information on ICOVO, you can Visit:

Website | Whitepaper | Telegram | Twitter | Bitcointalk ANN | Facebook

All images not sourced are from the ICOVO whitepaper

Thanks for reading. I am @ayobami99. You can also reach me on bitcointalk and blog for more exciting contents on the blockchain technology.

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