By
Svetlana Soroka
May 31st, 2018
CoinCrowd in collaboration with a decentralized exchange and a cryptocurrency wallet introduce the very new DAICO protocol for conducting ICOs.
CoinCrowd looks to revolutionize token sales with DAICO, a new protocol that will revolutionize how token sales are conducted.
The idea came from Vitalik Buterin, the mastermind behind Ethereum. The DAICO protocol is designed to improve on the token sale model, which has quickly become the de facto means of raising funds within the cryptocurrency sphere, by integrating certain aspects from decentralized autonomous organizations (DAO’s).
DAICO’s are formed with the help of CoinCrowd, a token sale platform with automatically generated smart contracts. Guarantees are given to participants through their Mile Control System (MCS), where tokens are only released after predefined milestones are achieved. If token holders are unsatisfied with progress being made, they are able to vote for a refund during any stage of the process.
All DAICO’s generated through the CoinCrowd protocol are enlisted within CoinCrowd’s exchange automatically. The exchange is decentralized, as well as key operations like handling private keys and settlement of assets. Transactions are made instantly through off-chain orders and a complementary matching engine.
The exchange is also integrated into a wallet accessible via mobile and desktop. This allows users globally to access CoinCrowd’s services on the go and at home.
CoinCrowd’s wallet also provides a tool to manage all phases of token sale participation and cryptocurrency management. Users can trade a variety of cryptocurrencies, convert fiat currencies, join token sales, and even satisfy KYC requirements all within the wallet.
Multiple accounts are supported, allowing different people to access the same wallet. Ethereum Name Service (ENS) is also supported, which lets human readable names be used in lieu of long strings of digits and letters.
Accessibility of the wallet does not come at the expense of security, with users being the sole owners of private keys. Wallets can be password protected, but also support biometric authentication, which is usually more secure and convenient than pin access.
The wallet was released in March, with a prototype of the DAICO protocol being debuted soon. CoinCrowd’s own upcoming token sale will utilize the protocol, making it the world’s first DAICO.
The CoinCrowd Token (XCC) is necessary for proper functioning of the entire network. While CoinCrowd is open sourced, fees generated by their exchange will be used to burn tokens. This will increase adoption and decrease supply, making XCC a long term value for token holders.
Users interested in participating in the crowdsale must join the whitelist to comply with KYC regulations. The whitepaper is also available for those who want more information regarding operations.
