Curated list of ICO approaches
  • Introduction
  • 1 - ICO Features to consider
    • Multiround
    • Forecasting
    • Volume Discount
    • Disable Transfers
    • Roadmap dependent on token sale proceeds
  • 2 - ICO Approaches
    • Dutch Auction approach
    • Interactive Coin Offering approach
    • Variable Token Vesting approach
    • Discounted Refunds approach
    • Proportional Token Allocation aka Proportional Refund approach
    • Continuous Token Model aka Safe Token aka NoICO approach
    • Inflation Funding approach
    • Curated List approach
    • DAICO approach
    • Bonded Token Presale approach
    • Microrounded Auction approach
  • 3 - Experimental ICO Approaches
    • Initial Free Offering
    • Initial Bounty Offering
  • 4 - Unclassified
    • Reverse ICO
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  1. 2 - ICO Approaches

DAICO approach

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Last updated 7 years ago

“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contract (or, more precisely, putting the contract into withdraw mode where all remaining ETH can be proportionately withdrawn by the token holders)

Either resolution can pass by some kind of majority vote with a quorum (eg. yes - no - absent / 6 > 0). Note that lowering the tap by vote is not possible; the owner can voluntarily lower the tap, but they cannot unilaterally raise it.

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”.

https://ethresear.ch/t/explanation-of-daicos/465