ICOVO is a new addition to the field of Distributed Autonomous Initial Coin Offerings (DAICOs).
A DAICO is a version of an ICO, which incorporates a few aspects of Distributed Autonomous Organisations (DAOs). The ICOVO platform intends to prevent the scams that have flooded the ICO market by utilising KYC/AML, whitepaper versioning, and smart contracts.
The whitepaper versioning will make the use of blockchain and IPFS to ensure that whitepapers cannot be retrospectively altered. Only ICO projects which are approved and comply with the DAICO model will be allowed on this platform. The ecosystem includes an ICOVO App and ICOVO Web, which have been developed to reduce the high barriers to entry in the ICO marketplace.
The platform’s wallets also conform to ERC20 and ERC223 standards. The platform will ensure that it has a refunding process if an ICO is claimed to be a scam or is faulty, based on the voting done by the network. Development of the project started in early 2018 and is still in progress – the ICO will begin in November 2018, and will be active for 30 days. Project founders, as well as investors, are very keen to start using the ICOVO platform. This enthusiasm has helped ICOVO to develop a healthy social media presence, and it is likely to be a popular choice for investors when the ICO launches next month.