DARFChain offers proof-of-accounting smart escrow for Vitalik Buterin's Revolutionary #DAICO Model for ICOs

Vitalik Buterin recently proposed a new method for decentralized fundraising called the “DAICO”. Incorporating elements of Decentralized Autonomous Organizations, or DAOs, the new model is designed to minimize the complexity and risk associated with ICOs.

Buterin outlined the new model in a post on the Ethereum Research Forum entitled “Explanation of DAICOs”. Buterin’s proposed model could greatly improve the traditional structure of an ICO and eliminate the risk of resources being used in an inappropriate manner by ICO creators for personal gain. The “DAO” in “DAOICO” refers to a Decentralized Autonomous Organization that is governed by a smart contract.

A DAICO contract is published by a single development team that wishes to raise funds for a project. The DAICO contract starts off in ‘contribution mode,’ specifying a mechanism by which anyone can contribute ETH to the contract, and get tokens in exchange. This could be a capped sale, an uncapped sale, a Dutch auction, an interactive coin offering, a KYC’d sale with dynamic per-person caps, or whatever other mechanism the team chooses. Once the contribution period ends, the ability to contribute ETH stops and the initial token balances are set; from there on the tokens can become tradeable.

DARFchain team support the approach and is ready to fulfil smart escrow functions.

We guess that if crowdinvestors in DAO will vote for projects bases only on “voice from their hearts” sounds not like rationalistic idea. This way all complicated projects have no chances to living, only gambling will be.

We got a vision that objective, rational criteria needed, as “smart escrow”.

It seems we have a decision: we develop “proof-of-accounting” token mechanism to calculate real value of issued tokens every investor can get access to project’s accounting to view project’s health.

Vitalik's original paper: https://ethresear.ch/t/explanation-of-daicos/465

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