Crypto Gaming Platform The Abyss Aims To Launch First DAICO Token Salebr>
Crypto gaming platform The Abyss is planning to hold its token sale through the world’s first DAICO event, a new method for decentralized fundraising.
The Abyss is a digital distribution platform that aims to deliver all types of video games to the fast-growing global game community. The platform offers a multilevel referral system to allow gamers to earn from in-game social activities and other gamers’ payments. The company will launch a native token called “ABYSS” which is based on the ethereum blockchain technology. The ABYSS token will be a priority mechanism for interaction on the platform.
The team behind The Abyss said they are aiming to become the first decentralized platform that incorporates elements of Decentralized Autonomous Organizations (DAO). DAO is a decentralized organization whose rules are governed by a smart contract. The Abyss DAICO event will be held next month.
DAICO was recently proposed by Vitalik Buterin, ethereum’s creator. It aims to improve the initial coin offering (ICO) model by merging in some of the benefits of DAO. According to Buterin, this method puts more power in contributors’ hands because it allows for building community consensus regarding how much raised funds a given project can go through.
Under the new fundraising method, 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, 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, the tokens can become tradeable.
DAICO also has a mechanism through which token holders can vote on resolutions, which can be made either by raising the tap or by permanently self-destructing the contract.