CMCGlossary: Decentralized Autonomous Initial Coin Offerings (DAICO) ✨ A method for decentralized funding of projects that introduces a form of governance in the ICO process. 👉 Details:
that were not intended to go into a development phase at all. With little to no ability to enforce refunds due to a lack of defined regulations in the ICO space, investors’ only option in such cases is often to rely on the team’s ethics.
Buterin’s DAICO concept proposes to lock all the proceeds of an ICO into a decentralized autonomous organization smart contract and put the governance over that DAO in the hands of the investors. The funds would not be released all at once after the fundraising campaign is over, but rather be unlocked at a certain per-second rate called the tap variable, voted upon by the investors. Moreover, if the development team proves unable to finish the project, the contributors can vote to refund whatever resources remain to themselves.
DAICO is a relatively recent and yet unproven concept, but in theory, it is expected to make the governance of ICO funds more democratic and offer investors a degree of protection from fraud.
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