Without meeting up, DAICO idea and CryptoKami platform for ICO have the same common goal in terms of making contributors have more power over ICOs, thus reducing the risk of scams. The target is quite similar but the solution has different features. CryptoKami creates KAMI token and KAMIs tokens. Contributors not only hold KAMI token but also hold KAMIs token as additional power and interests, have the right to vote for organizations or companies decisions. The two tokens are the two protocol that creates the next token pair for the next ICOs on the CryptoKami platform. ICOs will follow the pattern of pairs of tokens CryptoKami provided the API. The Compulsory Reserve Mechanism (Comreme Algorithm) and Regulatory Contract also have a role to play as an effective anti-scam.
The idea of Vitalik Buterin launched in January, the CryptoKami project started in 2017. CryptoKami tends to be similar to Vitalik, which creates a more secure, secure and responsible ICO environment. But it seems CryptoKami has a more complete solution, a more consistent and long-term strategy.
Two types of tokens are crypto and stock based on the Compulsory Reserve Merchanism (Comreme Algorithm) via the Regulatory Contract, which creates the second blockchain layer built on the first layer is Cardano’s open source blockchain. This complete solution creates a 3rd generation blockchain infrastructure called CryptoKami. This system is the foundation for companies, organizations with business structures, operations, and decentralized power, are strictly regulated, not floating. All to achieve the goal of preventing scam, sustainable development and available management model, decentralization, voting, more complete decision making. Better to work with companies and organizations more effectively.
This is the Unique Selling Point completely and weightly of CryptoKami.
You are invited to refer to the article on DAICO, an idea by Vitalik Buterin introduced in January 2018. (source Cointelegraph)
DAICO — an idea proposed by Vitalik Buterin, founder of the world’s second largest cryptocurrency, ETHEREUM, one of the elites in Blockchain technology. DAICO can be considered a model call for a modern, decentralized investment in this new year.
What is DAICO?
How does it work?
What is the benefit of it?
What is the difference with ICO?
… Let’s find out below.
What is DAICO ?
DAICO is a word association between the Decentralized Autonomous Organization (DAO) and the Initial Coin Offerings (ICO). DAICO helps to put in place more stringent management rules for ICO projects to avoid risks to investors, through rigorous rules.
The idea was proposed by Vitalik Buterin in January 2018 and aims to tighten ICO safety by participating in the initial project development process. It will allow voter tokens to vote for reimbursement of contributions if they are not satisfied with the development process of the project development team.
For DAICO project development projects, the project development team is subject to a degree of accountability to the investor and helps the token owner to be assured that at least one product capable of generating minimum or refundable.
How does DAICO work ?
DAICO will launch a smart contract in the contribution mode. The DAICO contract has a mechanism for individuals to contribute capital to the project in exchange for specific network tokens. When the crowdsale finishes, the contract will not allow anyone to contribute, ie, only to sell the token normally. Tap production is effective after the capital contribution period ends. Tapes in the contract can be programmed to pre-determine the amount (per second) that the development team can collect from the token sale. Initially, the limit is set to 0 but then the investor can vote an enhanced tap decision.
How does DAICO work?
What does DAICO incorporate from DAO ?
• There are three main DAICO elements derived from the DAO.
• Firstly, one never puts absolute trust in a centralized project team. Decisions on capital contributions from the start are determined by the democratically elected system.
• Second, the accumulated capital is not spent in one but by a mechanism of spending money gradually over time.
• And finally, the opportunity to make a capital contribution. This decision is based on the ‘mind of the crowd’, which means that investors can vote to withdraw their funds if the project team fails to succeed.
What is the difference between DAICO and ICO ?
The biggest difference is access to capital. In the ICO project, when the token sale ends, the development team has absolute access to all contributions. The development team must first calculate the amount needed to produce a minimum profit product. And when it comes to what they call ‘soft capital’, they can begin to build products and spend on whatever they need. If they do not meet the initial soft capital value, they must repay the capital contribution. But if they succeed, there is no real obligation. With DAICO, investors can vote on the decision (at development stage) to increase the tap or repay the remaining capital (cancel the contract itself).
What are the benefits of DAICO compared to ICO ?
• It allows investors to control more capital.
• Investors have a major role and influence in the development phase of the project. If they are not satisfied with the progress of the project, they can set up a revocation and repayment contract.
• This completely reduces the risk of scam (fraud) ICO, where the development team holds a token sale and then hides money disappearing as soon as the ICO finishes without building any products. Because the amount of funds issued from the Intelligent Contract is strictly limited and controlled, the attack rate is reduced by 51%. Even if a 51% attack occurs, the attacker wants to send money to a select third party, resulting in theft not including the amount allowed by the investor (or the developing group). ) at any point (tap).
• For the ICO, when the development team raised tens of millions of dollars, their motivation for project erosion; or at least the activity on the project significantly reduced. The DAICO model helps motivate ideas into the real life of the group, which means that product offerings are maintained throughout the project lifecycle.
Some potential challenges for DAICO :
Any new concept has some challenges to address. If the development team holds a large amount of distribution tokens, they can only affect a small number of investors in order to manipulate the vote and receive a lot of money from the Smart Agreement.
The knowledge of investors also plays a very important role. They need to understand why the price of a particular token is increasing or decreasing to make the right decision when voting increases tap or payback. The best decision is based on facts related to the project rather than to the emotions related to the price of a particular token dominant.
Finally, investors may also not be involved by placing absolute trust in the DAICO model, thus not necessarily engaging in voting and decision-making, reducing the threshold number and weakened the security of this mechanism.
What do we hope ?
We hope that the CryptoKami platform and DAICO will push back the ICO scam, bringing to the global crypto market and the blockchain industry next real ICO, for a truly sustainable goal.