Introducing DAICO

DAICO is an innovative fundraising model that merges some of the benefits of Decentralized Autonomous Organizations (DAOs), aimed at upgrading and making the initial ICO concept more transparent and secure. DAICO model allows token holders to control the withdrawal of the funds, also providing an option to vote for refund of the remaining contributed money in case the team fails to implement the project.

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Disadvantages of an ICO

Once the crowdsale period finishes, developers have complete access to all the contributed funds. Developers thus create the danger of scam for contributors.

After the end of crowdsale, when tens of millions of dollars are already collected, the team suffers deterioration in its motivation to implement the project.

Centralized raising of funds that contradicts the very spirit and nature of crypto industry. The crowdsale conditions are obscure.

Benefits of DAICO

If token holders are disappointed with the project’s progress, they can set the contract to withdraw and get a refund. This protects token holders from scam.

Funding is not released in a lump sum, but a mechanism is implemented to spread it over time. This increases and sustains the team's motivation to deliver a product.

With DAICO, the raised funds are safely stored in a decentralized manner. The crowdsale conditions are completely transparent and hard coded in the smart contract.

What are the main characteristics of The Abyss DAICO?

The Abyss, the next-generation digital distribution platform based on a crypto reward ecosystem, has conducted the world’s first DAICO with the following features:

Token holders can initiate the poll on tap increase or refund;
Only token holders can vote using tokens on their ETH wallets (tokens held by project developers are not eligible to vote with);
Prevention protocols are included to protect against abuse by large token holders like exchanges;
The weight of each vote is limited by a certain amount of tokens.

The Tap Poll

The initial tap in Smart Contract is set to 500 ETH monthly and can be increased by the Tap Poll;
Voting for tap increase can be held on 10th day of each month;
Voting starts immediately after initiation and lasts 3 days;
Maximum tap increase is limited to 50% (of the initial tap amount) at a time.

The Refund Poll

The refund poll can be summoned once a quarter: more specifically, on July 1, October 1, January 1, April 1 of the respective year;
Each token holder can initiate the refund poll. The voting starts immediately after initiation and lasts 1 week;
The refund voting is considered a success if more than 1/3 of tokens (from total token supply) voted “YES”;
If voting for refund is success, one more (controlling) voting for refund is carried out within a month. If situation is repeated, the DAICO smart contract is switched to refund mode returning the remaining contributed ETH to the token holders;
The refund is available during 2 years (after the end of crowdsale), with the last refund voting starting on April 1, 2020.

The Abyss DAICO Timeline

April 18, 2018

The Start of Token Sale

June 10, 2018

First Tap Poll

May 16, 2018

The End of Token Sale

July 1, 2018

First Refund Poll

DAICO Smart Contracts

During The Abyss Token Sale (DAICO) the project utilizes five smart contracts:

Crowdsale (TheAbyssDAICO) contract. This smart contract is meant for crowdsale and will not be used after the end of crowdsale;
Fund (PollManagedFund) contract. This smart contract is meant for storing contributed ETH;
Tokens (ABYSS) contract. This is our main smart contract which will be operational after the end of crowdsale;
Reservation Fund (ReservationFund) contract. This smart contract is meant for storing ETH contributed by greylist participants;
Utility contract (LockedTokens). This smart contract is meant for locking the Company’s, Reserve and Foundation tokens for a certain time period.

DAICO Smart Contract Sources

How to Vote

A Complete Guide to The Abyss DAICO Smart Contract