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Ethereum Founder's New Idea for ICOs Already Being Tested

According to Ethereum creator Vitalik Buterin, “Investors need more control over ICOs.” As one of the earliest influencers in the crypto funding mechanism, he still hasn’t stopped in thinking of ways to improve it. Just last month, he proposed the idea of combining it with a decentralized autonomous organization (DAO) which allows the investors to decide on how the money that is raised gets handled.
This was followed by the development of what he calls a “DAICO”, together with gaming startup ‘The Abyss’ who will be building its own version for an upcoming token sale. Konstantin Boyko-Romanovsky, the project’s founder, admits that the ICO model has been called into question for allowing businesspersons to raise big money without a product or a platform already built.
By adopting the DAICO model, he plans on showing investors that ‘The Abyss’ is about unsettling platforms for selling video games (such as the strategy employed by Valve’s market-leading site, Steam) by making the promotion of video games more flexible and generating more money for the developers.
While the project is on it’s test run, others are sceptical it will be widely-accepted, but Boyko-Romanovsky believes that the industry “has matured enough, with a significant number of sophisticated, institutional investors coming to the table, to want such insight into the inner-workings of an ICO issuer.” He also told CoinDesk: “DAICO, this is the true crypto for me, because it utilizes the best from ethereum.”

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