The system of initial coin offerings is a boon to developers who have unique ideas in mind. However, there are incidents of scammers taking advantage of the system to loot the unsuspecting individuals who jump into new issues without have a look at the white paper.
To safeguard investors’ interests, Vitalik Buterin, Ethereum creator, proposed a fund raising model named “DAICO”. Now, a Russian gaming company Abyss will commence its token sale between March 7 and April 7, 2018. Notably, the gaming company is going to use an improved DAICO model suggested by Vitalik Buterin.
What is DAICO?
According to Vitalik Buterin, 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.
After the contribution period, the contract has one major state variable: tap (units: wei / sec), initialized to zero. The tap determines the amount per second that the development team can take out of the contract.
There is also a mechanism by which the token holders can vote on resolutions. There are two types of resolutions:
- Raising the tap
- Permanently self-destructing the contract (or, more precisely, putting the contract into withdraw mode where all remaining ETH can be proportionately withdrawn by the token holders).
The intention is that the voters start off by giving the development team a reasonable and not-too-high monthly budget, and raise it over time as the team demonstrates its ability to competently execute with its existing budget. If the voters are very unhappy with the development team’s progress, they can always vote to shut the DAICO down entirely and get their money back.
Abyss Gaming platform
The Abyss is a next generation digital distribution platform, delivering all types of video games (Free2play MMOs and cryptogames being a key priority), including AAA-titles, to the fast-growing global game community. The Abyss offers a groundbreaking motivational and multilevel referral system, allowing gamers to earn from ingame and social activities, and other gamers’ payments as well. By joining The Abyss, developers will reduce their marketing expenses and receive an extra income from referral payments made in other games on the platform.
ABYSS tokens are a priority internal mechanism for interaction on the platform (ERC20 standard on the Ethereum blockchain). The game platform will be available for Desktop (Windows, MacOS, Linux), Mobile (iOS and Android) and Web.
The Abyss Token Sale is an advanced and improved DAICO model, allowing token holders to control the fund withdrawal limit, also providing an option to vote for the refund of the remaining contributed money in case the team fails to implement the project, with Oracles (appointed industry leaders) acting as arbitrators.
The Abyss digital distribution platform is being developed by Destiny.Games –Russia’s leading video game developer and publisher with a significant expertise in game projects launching and operation, as well as own MMO projects development. Abyss was founded by Konstantin Boyko Romanovsky who has 17+ years of experience in the gaming industry.
Token sale Details
Token sale (daico): mar 7 – apr 7, 2018 (09:00 UTC)
Price: 1 ABYSS = 0.24 USD
Developers accept ETH and BNB.
Soft cap: 6M USD
If this goal is not met, all funds will be returned
MAXIMUM TOTAL TOKEN SUPPLY: 603.75 M
All unsold tokens will be burnt by Smart Contract
hard cap – 40M USD
Minimum contribution is 0.1 ETH
Days 1-7 Maximum contribution is 10 ETH
Days 8+ no ETH contribution limit
300 000 BNB
Acceptable from the international (non U.S.) participants only
Minimum contribution is 1000 BNB tokens
Bonus: 25% (first 48 hours)
15% (Days 3-7)
10% (Days 8-14)
5% (Days 15-21)