ICOVO - The World’s First ICO Platform Implementing DAICO

misteroladipo (28)in #ico • 6 years ago

INTRODUCTION

Funds gather in projects that provide services or technology with the concept of decentralization that will turn the very foundation of our existing society upside down, rather than where immediate returns are expected. The reason for these huge investments is because ICO investors are completely different from equity investors. They are dysphoric and doubtful about the current state of society, and have a sense of duty to create a plentiful future. Twenty or thirty somethings that firmly understand the potential of technology to achieve this are pivotal. They held on to Bitcoin, Ethereum, and other AltCoins before the initial price surge, and raked in large capital gains. These sums would be impossible to attain by a twenty or thirty-something conventionally working in the structure of the present society.

ICOs are at the crux of the ecosystem necessary for hatching innovative blockchain-related startups. ICOVO will support healthy ICOs, which will create the future, by offering ICOVO Web, ICOVO App, and DAICOVO. Details are described in the three points below:

Increase ICO Transparency and Protect Investors.
Reduce Barriers for ICO Participation.
Increase Project Durability.

ABOUT ICOVO

Proposed by Ethereum co-founder Vitalik Buterin on 6 January, 2018, a DAICO is a model that uses decentralized methods to prevent planners from dishonestly using funds raised through an ICO. In ICOs using tokens that conform to the ERC20 standard, smart contracts are used to limit the amount of funds raised that project founders can withdraw per unit of time, and if the project is canceled for whatever reason, the remaining funds can be returned to the ICO investors if a consensus is reached.

It is easy to forget that collecting funds at a stage without any product releases is the most fortunate start project founders could ask for. ICOVO aims to resolve this issue by using DAICOVO, which disables withdrawal of procured funds as a lump sum after the end of the crowdsale to ensure product release.

DAICOVO implements a mechanism that allows project founders to withdraw procured funds only after reaching milestones in their capital-raising timeline. For example, it is possible to enable project team members or contributors to withdraw only 20% of the total at the initial procurement stage, 20% after releasing the beta-version of the product, 20% after the official release, and the remaining 20% after successfully promoting the product. As a result of providing incentives for project founders to release products after the end of the token sale, motivation remains high and project durability is increased.

MISSION & VISION

ICOs are at the very core of the ecosystem necessary for hatching innovative, blockchain-related startups. This mechanism for the future must not be crushed, but rather carefully preserved. Here are the visions and missions the team have for future ICO planners.

We will create a better investment environment and reduce barriers to ICO participation by unifying the investment process and the format for information disclosure.
We will sustain project founders' motivation for product release and increase project durability by introducing a system in which project founders can only withdraw tokens according to the Tap (an amount that can be withdrawn per unit of time).
We aim to protect ICO investors by introducing a fundraising management system and increasing the transparency of ICO project founders as well as the projects themselves.

PROBLEMS

When the ICO project is canceled or frozen, funds are not returned.
Most times, It is difficult to identify scam ICO projects.
Passport photographs for KYC are easily false with photo editing software.
ICO investment has a high barrier to entry.
It is difficult to draft and vote for things such as a DAICO refund.
Planners lack the funds to conduct an ICO.

SOLUTIONS

Using DAICOVO makes refunding possible.
KYC/AML and project progress disclosure as required by ICOVO can be used as a guide for judgment.
The ICOVO App's dedicated KYC/AML photo uploader prevents photo editing.
The ICOVO App is optimized for ICO tokens, so using it makes it easy to participate in token sales and manage tokens.
The ICOVO App makes it easy to participate in drafting and voting on the management of procured funds.
ICOVO's initial charge is only 10,000 USD. If the ICO succeeds, there is a fixedrate success fee; if it fails, there are no fees beyond the initial charge.

OVERVIEW

ICOVO is a one-stop ICO support service providing DAICOVO, a platform for managing the issuance of tokens in ICOs using Ethereum's ERC20/ERC223-compliant DAICO framework, the ICOVO App, which includes a wallet function that can manage all ERC20/ERC223-compliant tokens, KYC/AML functions for ICO investors, Block Chain and IPFS-based whitepaper versioning, and ICO Web, an ICO listing site with ICO project management functions, as well as other ICO necessities such as reviews of whitepapers and other documents, legal checks, engineer work from DAICOVO parameter adjustment to deployment, and Offering all of this on a one-stop basis will reassure ICO investors, lend credibility to ICO project founders, and make ICOs more sound, while at the same time lowering the barrier to entry in ICOs by consolidating the participation process (see figure below).

FEATURES

Daicovo: Proposed by Ethereum co-founder Vitalik Buterin on 6 January, 2018, a DAICO is a model that uses decentralized methods to prevent planners from dishonestly using funds raised through an ICO. In ICOs using tokens that conform to the ERC20 standard, smart contracts are used to limit the amount of funds raised that project founders can withdraw per unit of time, and if the project is canceled for whatever reason, the remaining funds can be returned to the ICO investors if a consensus is reached.

ICOVO App: ICOVO's iOS/Android-compatible smartphone app(ICOVO Wallet in iOS and ICOVO Wallet PLUS in Android) is a native and web hybrid. It includes the world's first (as of January 2018) local wallet that can easily manage ICO list information and all ERC20/ERC223-compliant tokens. It is compatible with DAICOVO and comes with functions that allow project founders to easily draft and conduct voting on fund management.

ICOVO Web: ICOVO Web is a website for ICO project founders to list their ICOs for investors. It thoroughly protects ICO investors and lists only ICO projects that comply with ICOVO requirements. The criteria for listing on ICOVO are the utilization of DAICOVO, planner KYC/AML as required by ICOVO, and disclosure of the progress of the project.

OVO: ICO investors who use OVO to purchase tokens for projects drafted on the ICOVO platform get a 25% discount compared to using ETH. Because OVO is an exchange-listed token, its price fluctuates against ETH. For this reason, the rate for the 25% discount against ETH is set at whatever the rate is just before each drafted project's token sale begins (resulting in the discount rate continuing to fluctuate throughout the token sale).

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