ICOVO Seeks to Add Legitimacy to ICOs
ICOVO is an blockchain project entering ICO on September 14. This smart contract platform will be the first to introduce DAICO standards to this fundraising model.
DAICO stands for “Decentralized Autonomous Initial Coin Offering”. It’s a ICO model described by Vitalik Buterin in 2014, wherein funds raised through ICO would not be available to the ICO company all at once. Instead, funds would only be released at certain milestones. This would motivate blockchain companies to actually achieve the goals they set forth at ICO. If a company missed milestones, ICO investors could vote to have their funds released and returned.
In a world where ICO fraud is such a big problem, DAICO standards seem like the common sense solution. However, these have never been implemented by a smart contract platform. ICOVO wants to be that ICO platform, and to work to introduce even more standards for better ICOs, regulation compliance, and investor protections.
The ICOVO ecosystem will be based around ICOVO Web and the ICOVO App. The web application will be how individuals and companies can access ICOVO’s various ICO services. In this way, ICOVO will operate something like Ethereum, providing the foundation by which a new blockchain company can run their first ICO.
The ICOVO app will allow ICOVO users to easily research and invest in ICOs running on the ICOVO platform. Users will do this by using OVO tokens - the proprietary currency/token used within the ICOVO ecosystem.
The ICOVO ICO runs from September 14 through October 8. During this time, 120,000,000 OVO, or 60% of the total supply, will be sold and distributed to OVO investors. OVO will be an ERC20 token, released on the Ethereum blockchain. OVO tokens can be stored in any Ethereum wallet that supports ERC20 tokens, like MyEtherWallet or Exodus.
ICOVO also wants to use their platform to make ICOs more regulation-compliant. ICOVO will work with national governments to create systems that automatically comply with regulations, on the behalf of all ICOs running on ICOVO. They’ll also work to create regulation compliant standards for ICOs that have buyers in many different countries. ICOs of this type often comply with one set of regulations, while running afoul of others.
There’s no question that greater investor protections and regulation compliance are both necessary for a healthy and legitimate ICO industry to thrive. Whether ICOVO can compete with established ICO platforms is another story, but the foundation they seem to have created appears strong.