Bitcoin, Crypto currency, Blockchain

RICO: Fabian bird plate-safe variant of ICOs

Fabian bird plate, of his character, the inventor of the ERC20-Token-Standard for Ethereum, has apparently realized that the ICO’s market requires a more serious face. On the Devcon4 in Prague, he introduced the new variant of the ICOs: RICO. In order for investors to get in the future, significantly more safety.

ICOs does not have the best reputation. Scams there are like Coins on the Blockchain, a investment can lead to investors to the total loss. The only ones who benefit are often the editor: Exorbitant sums of money for questionable projects still in question würdigerem output. Also if you like can be found with well-thought-out investments and high expenditure on research some of the famous, but rarely seen needle in a haystack, is the common opinion in the Bitcoin Community: stay away from ICOs.

Extension of the ERC20-Token

This infamous Image revamp, now the developer of the ERC20-Standard, Fabian bird plate. On the Devcon4 in Prague, he presented his proposal for safe ICOs: the reversible ICOs – short RICO. So should it be for investors to get back their invested capital at any time during the project. For this, there should be dedicated, Smart Contracts, and the stored the sums of money automated refund, as soon as one ends his Token back.

The Token will then be released again for new investors. After bird plate the ultimately lead to new projects investors need to take care of that are outside of the Funding by the Token is aware of the project. So will then provided for more safety: in Order to win the latter, would need to deliver the projects.

How does a RICO?

RICO is ultimately an extension of the ERC20-Standard with Smart Contracts, which ensure that you can give back his Token. ERC20-Token placeholder on the Ethereum block Chain, a preliminary Token (which by the way is also created with Smart Contracts). The ICO Sale to invest in certain projects in return for (usually) just this placeholder. In the case of so-called Token Swaps you can trade ERC20-Token later in “real” Token of the respective projects.

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