Funds gather in projects that provide services or technology with the concept of decentralization that will turn the very foundation of our existing society upside down, rather than where immediate returns are expected. The reason for these huge investments is because ICO investors are completely different from equity investors. They are dysphoric and doubtful about the current state of society, and have a sense of duty to create a plentiful future. Twenty or thirtysomethings that firmly understand the potential of technology to achieve this are pivotal. They held on to Bitcoin, Ethereum, and other AltCoins before the initial price surge, and raked in large capital gains. These sums would be impossible to attain by a twenty or thirty-something conventionally working in the structure of the present society.
ICOVO Target
ICOVO will allowing project founders to withdraw procured funds only within their capital-raising timeline and once certain milestones have been reached, motivation to release products is sustained.
Market Issues
- The steps necessary for investors to participate in ICOs vary from project to project and are difficult to understand. Similar to crowdfunding platforms or securities firms’ websites, the investing process needs to be uniformly streamlined. The key to the solution is a wallet optimized for ICOs integrating an easy-to-use user interface (UI) and exceptional user experience (UX).
ICOVO will solve this problem through the ICOVO App. The ICOVO App is optimized for ICOs with a list of ICOs and features the world’s first (as of January 2018) wallet where all tokens conforming to the ERC20/ERC223 standards can be managed. Anyone with a smartphone can invest in an ICO project through the ICOVO App. Combined with the ICOVO website, which can be accessed by computer, ICO participation becomes even easier. - The format of whitepapers and information available online varies, making it difficult to compare and efficiently collect information. Some variability is expected as each project is built on its own ideology, but there are numerous elements that are commonly shared such as vision, market, concept, service outline, project delivery technology, competitive edge, risks, token sale, token expenditure allotment, rewards program, use of procured funds, and the team.
The Solution
DAICOVO implements a mechanism that allows project founders to withdraw procured funds only after reaching milestones in their capital-raising timeline. For example, it is possible to enable project team members or contributors to withdraw only 20% of the total at the initial procurement stage, 20% after releasing the beta-version of the product, 20% after the official release, and the remaining 20% after successfully promoting the product. As a result of providing incentives for project founders to release products after the end of the token sale, motivation remains high and project durability is increased.
The P2P IPFS
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.
The biggest feature is whitepaper versioning using IPFS. All the whitepapers of ICO projects listed on ICOVO Web are managed by IPFS. Whitepaper versioning through IPFS storage makes it impossible to tamper with whitepapers later on. This means that even if investors fail to download the whitepaper before the ICO or lose it, they can always verify whether the project is proceeding according to the original whitepaper, and if it is not, they can draft and vote to have their money refunded.
How the System Will Work
The DAICOVO smart contract consists of mainly four smart contracts; a token contract, a token sale contract, a pool contract, and a voting contract (Figure 1). 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. They will go over the specification for each mode in the following paragraphs.
ICOVO smart contracts are already open sourced if you would like to understand the codes in detail(https://github.com/icovo/DAICOVO).
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.
Telegram Group: https://t.me/icovoco
Twitter: https://twitter.com/ICOVOCO
Facebook: https://www.facebook.com/icovoco/
Website: https://icovo.co/
Whitepaper: https://icovo.co/whitepaper/20180831_wp_service_en.pdf
Bitcointalk ANN/Bounty: https://bitcointalk.org/index.php?topic=4468796.0
Bitcointalk ID: Cashinout
Bitcointalk Link: https://bitcointalk.org/index.php?action=profile;u=2370240
ETH Address: 0x65a3f1DCBF0e6cABD5ed843BA86CC12d7466067c