Attention! Do not miss your chance to take the chance to become part of the project IСOVO! ICOVO is the world’s first and only ICO platform Implementing DAICO that can actualize healthy ICOs.The core of its service is the DAICOVO smart contract, which is based on the concept of DAICO, which was advocated by Ethereum co-founder VitalikButerin in January 2018.
In order to achieve our mission of soundly cultivating ICOs into "the very core of the ecosystem necessary for hatching innovative blockchain-related startups" that will create the future, ICOVO must become a next-generation global standard for ICO platforms that is truly valuable to both innovative blockchain-related startups and ICO investors.
At the same time, we will make the ICOVO framework the global standard by proposing a new, centralized-decentralized hybrid management framework to central governments around the world currently seeking to develop healthy ICO environments through centralized methods.
What is DAICO?
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.
What is IPFS?
First proposed by Juan Benet, IPFS stands for the InterPlanetary File System. It is being developed by Interplanetary Networks with the help of the open-source community. It is a P2P distributed file system that connects multiple computing devices in the same file system to achieve distributed storage of files. In recent years it has been used to store large files directly on the blockchain.
System Design
As previously mentioned, our system consists of three components; the DAICOVO smart contract, ICOVO Web, and the ICOVO App. The DAICOVO smart contract is the core of this system, and token holders will be able to interact with the smart contract through our applications. In this section, we will cover this system in detail. The DAICOVO smart contract consists of mainly four smart contracts; a token contract, a token sale contract, a pool contract, and a voting contract. These independent modules interact with each other to form the DAICOVO system. In practice, these smart contracts start in "contribution mode" and transition to "voting mode". In the contribution mode, investors can contribute to a project by purchasing tokens to be issued. In the voting mode, they can exercise their voting rights over two options in a democratic manner; the smart contract will be executed when over half of the token holders come to an agreement. We will go over the specification for each mode in the following paragraphs.
1. The Contribution Mode
Prior to activating the contribution mode, token issuers are required to submit information about each parameter of the token sale smart contract. We will generate smart contracts based on this information. The parameters include: a token name, a symbol, the number of decimals, total supply, hard cap, sales schedule, sales model, per-person cap, an initial fund, and a tap. The sales model is a pricing mechanism for the sale, and token issuers can choose a fixed price model, a dutch auction model, an English auction model, or a second price auction model. The tap is a new concept that Ethereum co-founder Vitalik Buterin proposed in Ethereum Research. It specifies the amount of ETH or OVO that token issuers can withdraw per second. This smart contract for token sales will comply with the ERC20*2 standard.
Token issuers will maintain their whitepapers on IPFS (Interplanetary File System). IPFS is a transport protocol which was first released in 2015. It tackles problems that the traditional HTTP protocol has because of its location-based addressing. The HTTP protocol creates a centralized system where a file can only be retrieved by going to a single location, which leads to a single point of failure, censorship, and impermanent data. Their protocol can solve these problems with the content addressing system and other features in the protocol. The beauty of using IPFS in our system is in its decentralized architecture, preventing whitepapers from being controlled by a central entity. Token issuers can upload their whitepapers to this distributed network through ICOVO Web, making them visible to anyone.
Investors in token sales can purchase tokens by sending ETH or OVO to a smart contract address. The wallet in the ICOVO App will allow them to invest in tokens and manage the tokens that they have purchased. This deterministic wallet can generate an infinite number of addresses (public and private key pairs) with a seed. Thus, users only have to make a backup once. Since we won’t store users’ seeds or private keys on our server, they don’t have to worry about the loss of their money even in the worst case scenario – the hacking of our central server.
2. The Voting Mode
Once the commission is paid to us through the token sale smart contract and the contribution mode ends, token issuers can withdraw the funds they raised from the pool smart contract. The amount that can be withdrawn depends on the amount raised and the tap that was set. They will be able to withdraw through the ICOVO App without any technical skills.
At this point, token holders will have two rights; the right to make proposals and the right to vote for proposals. However, if token issuers choose to lock-up their tokens, they lose these rights during the lock-up period. Further, when token holders choose to transfer their tokens to another person, these rights will also be transferred. Two types of proposals can be made: raising the tap and self-destruction of the contract (i.e. a refund of the funds left over in exchange for their tokens). Everybody, can make new proposals. Two proposals cannot be made simultaneously, but reservations can be made as long as they are not identical. A token holder who does not vote will be counted as a downvote but will only be given a weighting of one sixth. Token holders will interact with the voting smart contract, which we describe in detail for each proposal below.
The first proposal is raising the tap. In order to prevent malicious behavior, proponents are required to pay a commission (in ETH) along with gas to create a proposal, which will trigger a function in the voting contract. They will be able to do so via our wallet in the ICOVO App. A voting is valid for 14 days, and just as in the creation of a proposal, token holders can vote from their wallet in the ICOVO App. If the proposal were passed the voting contract will call the pool contract to raise the tap, which will allow token issuers to withdraw more funds. Conversely, if the proposal fails were rejected the tap will remain the same.
The second proposal is self-destruction of a contract. Token holders can make a proposal for the remaining funds to be refunded in exchange for their tokens. The processes for making a proposal and voting are the same as proposals for raising the tap. If the proposal were passed the voting contract will call the pool contract, but in this case the code will trigger a refund. To be more specific, 30 days worth of funds will be supplied to the founder immediately after the approval and then Tap will be closed. This will block token issuers from withdrawing the funds and permit token holders to get a refund in exchange for their tokens.
3. A Fraud Prevention Voting System
The core of the DAICOVO smart contract is voting, which protects investors from fraud. In order to minimize the risk of vote manipulation, we implement three security measures.
The first is a per-person cap in token sales. Concentration of tokens leads to concentration of political power. Thus, we set up a limit on the amount of tokens each person can buy. The second is voting by a deposit. Think of the case where, once a vote is made with some specific tokens during a voting period, the same tokens are sent to other accounts so that it is statistically difficult to trace them from the original address. The same tokens could then be used to vote multiple times and wield more voting power than they should be able to. In order to prevent this type of Sybil attack, we require voters to deposit their tokens at a specific address, which will return tokens to their original address after the voting period. Lastly, we set a limit on the amount that a tap can be raised. It’s still possible for malicious token issuers to convince investors to vote for their proposal and raise a tap as much as possible so that they can run away with their money. In order to prevent this malicious act, a tap will not be able to be raised more than double.
OVO:
OVO tokens offering 25% off drafted project token purchases 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). In addition, 30% of the amount raised by the planners is paid in OVO while the remaining 70% is paid in ETH.
ICOVO App
Wallet supporting ETH/ERC20 - Private Key securely stored in the device
Decentralized exchange integrated - ICOVO App version 1.2.0 / January 1, 2019
Voting / Drafting function - DAICOVO (DAICO) interfaceICOVO App version 1.1.0 / September 15, 2018
ICO Dashboard - KYC/AMLWhitelist registrationWhitepaper explorer(versioned with Blockchain + IPFS)ICO Project listPhoto ID uploaderICOVO App version 1.2.0 / January 1, 2019
ICOVO is the world’s first and only ICO platform that can actualize healthy ICOs. Join now and see how your life is changing for the better.
More information:
WEBSITE: https://icovo.co/
WHITEPAPER: https://icovo.co/whitepaper/20180831_wp_service_en.pdf
FACEBOOK: https://www.facebook.com/icovoco/
TWITTER: https://twitter.com/ICOVOCO
TELEGRAM: https://t.me/icovoco
ANN thread: https://bitcointalk.org/index.php?topic=4468796.0
My bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1705618