The Abyss, a developer of a crypto-based video games platform, is gearing up to hold its token sale through the world’s first DAICO event, the new method for decentralized fundraising that was recently proposed by the Ethereum creator.
The team behind The Abyss aims to create a crypto reward ecosystem that allows gamers and game developers to have a mutually beneficial cooperation. The project enables both sides to earn from their efforts, with players being rewarded for playing games, while developers will enjoy marketing benefits and payments for in-game items.
During the crowdsale event, The Abyss will launch a native token called ‘ABYSS’ which interacts within the platform and allows gamers to make in-game purchases. ABYSS will facilitate an ecosystem that rewards and incentivizes users to create and play games. Within the platform, users can spend and earn ABYSS in several ways, helping the community grow through all stages of user behavior.
The Abyss aims to become the first decentralized platform that incorporates elements of Decentralized Autonomous Organizations, or DAOs. The DAICO model was proposed last week by Vitalik Buterin, the creator of the Ethereum Network, and is designed to minimize the complexity and risk associated with ICOs.
The Russian-Canadian programmer says that the new model could greatly improve the traditional structure of token sales and eliminate the risk of resources being used in an inappropriate manner. DAICOs have the potential to revolutionize the way ICOs work as investors will have complete control over their investment, empowering them to continue or terminate the project at any stage to get a refund for their investment.
Abyss founder Konstantin Boyko-Romanovsky, commented: “DAICO provides tangible solutions to the ever-changing security needs and puts transparency at the center of innovation. We are confident in our capability to implement and improve Buterin’s idea. Our DAICO will be the perfect bridge between fundraising and team motivations control.”
“DAICO is a new mechanism, and there should be ways to further strengthen it while maintaining flexibility, transparency and security. Oracles and exclusive voting rules will do the job efficiently and reliably. Only project’s contributors will be granted a voting right. Controlled by the Smart Contract, the Company’s and Reserve tokens will not be eligible to participate with. We will utilize the proof-of-stake algorithm during the polls, but to make it impossible for the exchanges to take part, the weight of each Ethereum-wallet’s vote will be limited by a certain amount of tokens,” added Boyko-Romanovsky.