The team works according to the Roadmap and is funded monthly according to the budget graph. If an investor does not like the way the project's team is working, they can leave the project ex parte 45 days after the end of the PreDAICO (90 days after the end of DAICO). Money are refunded from the smart contract in proportion to the amount of tokens being returned and the remaining balance in the smart contract, factoring in the refund coefficient. You can read more about our refund policy in the Whitepaper.
The system used the reversed auction model. The price of the goods decreases until one of the participants stops the auction. The first buyer who stops the auction, wins.
The bid step and the lower limit of the price are defined by the WINBIX system using a special algorithm that takes into account the seller's requirements, the number of participants in the auction, results from previous rounds and other factors. Thanks to this algorithm it is impossible to predict how the auction goes.
As we know, last year was a popular undertaking to raise funds for the project through the ICO. But this system is completely outdated. It seems that the system is not bad, but very often investors lost their invested funds. Fortunately, there is a new fundraising system, which completely eliminates the investor from the risk of losing their invested funds. The system is called DAICO, which can be translated as a decentralized autonomous public placement of tokens. This means that the tokens are stored on a separate smart contract, which are controlled by investors. The team and project managers do not have access to the funds that are stored there.
But how is the project funded? It all depends on the points and dates in the Roadmap. That is, by a certain date and item, a certain amount is allocated, which is spent on this and nowhere else. This means that the team will not be able to spend the collected funds, and even less, hide with them.
But here many may have another question: “Why is it the project leaders, from which they will profit”? Profit developers and project participants will receive after the final implementation of the project, that is, after it finally enters the market.
DAICO is a new fund-raising model which was suggested by Vitalik Buterin, the creator of Ethereum blockchain. It combines the advantages of decentralized autonomous organizations (DAO) and classic ICO.
The team of Winbix decided to withdraw the tokens to the market through the DAICO procedure to minimize the risks for investors and also to make the processes of fund-raising and expenditure transparent and safe.
DAICO of Winbix has its own features:
The TAP, which is monthly financing of the project.
To change the TAP is possible only through the vote.
Each participant has a possibility to withdraw from the project unilaterally and to return the remaining part of unspent funds in exchange for acquired tokens.
Coin burning of all the unsold tokens.
Therefore, we can argue that the Winbix project token has the resource in the form of cash balance on a smart contract.
Website: https://winbix.io/en
Read Whitepaper: https://winbix.io/whitepaper/Whitepaper_en.pdf
ANN topic: https://bitcointalk.org/index.php?topic=5130735
Telegraph: https://t.me/winbix_channel
Facebook: https://www.facebook.com/winbix.market
Twitter: https://twitter.com/WINBIX_channel
Average: https://medium.com/winbix
Reddit: https://www.reddit.com/user/winbix
YouTube: https://www.youtube.com/channel/UCBCr7T7GX1pCTxArtrt7u9A/
About the author:
Username Bitcointalk: duongmy
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ETH address: 0xa9C11aBb2b10834A2b2DDb8bF1019557ffb02b81