The Daox Protocol is the new standard for all kinds of token sales that allows investors and startups deploy and interact via independent decentralized autonomous organizations (DAOs), enabling safety, efficiency, and decentralized decision making.
It is saving investor’s money in case the startup fails at early-stage (9 out of 10), making ICOs transparent, and strengthening the value of tokens on exchanges. And here is how:
How it Works?
ICOs and crowdfunding campaigns are easily launched using the Daox Protocol.
Each campaign then forms an Ethereum-based decentralized autonomous organization featuring its own ERC20 token.
Each DAO holds the raised funds and is managed by the transparent voting of its token holders.
One of the main principles is that all the collected funds are stored in a DAO instead of being at the disposal of a single individual. The funds are released based on withdrawal proposals submitted by the startup team. If investors (DAO token holders) of the startup are satisfied with the way the project unfolds, they approve such requests. (See other key features on Daox website).
Why Invest in Daox Based Startups?
Token's value is supported by the raised funds
Token holders can get a refund
Anti-scam ICO structure
Project progress must be transparent
Startup team is highly motivated
Smart contracts are checked by the community
What token sales problems are solved by Daox?
For investors: scams, low motivated founders, low value of tokens, misuse of funds, frequent failures, lack of transparency, high investments risks.
For startups: highly competitive environment, complexity of technology, hacker attacks, inefficient marketing, excessive time input, etc.
Do you have an MVP?
We have a live product, and startups are using the Protocol already.
DXC — The Token for ICOs 2.0. Why is this token different?
It’s an ICO 2.0 token so its value is backed by the raised funds which remain at the discretion of the token holders.
DXC token holders can vote for the refund if they are unsatisfied with the results of Daox.
It’s the first token with a fully transparent distribution and discounts. You won’t be at a disadvantage because someone secretly got a “whale bonus”.
DXC is a functional part of the community-driven protocol which is decentralized, therefore it will live independently of Daox.
And it indeed has a strong economy (not “the payment for platform services”)!
ICO Advisor | ICO Communications Expert Rated on Jun 26, 2018
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11%
I love this idea very much really. This, if done right, will help future ICOs projects to remove almost barriers encountered now and increase its success rate.
The MVP is good but it needs to improve its loading speed as it took a while to get it fully loaded from my side.
Team need to be diversified to make a stronger and convincing.
We will definitely keep working on our product, and we are hiring amazing people to join our team. So I believe that the community will love the result.
Partner crypto fund | Marketing |Blockchain entrepreneur|Fundraise capital |Influencer Rated on Sep 11, 2018
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5
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11%
Daox is proposing an advanced open source technological solution and unified protocol that aims to fix all these problems, preserving the benefits of crypto, raising the efficiency of capital and establishing the basis for the future investment industry.
The founders and leaders of the project are recognized professionals in their fields and in the blockchain industry. The project has a strong advisory board. Blockchain technology is necessary for the project. The legal structure of the company is transparent.
ICO advisor|Crypto-asset and ICO investor| Libertarian|CEO of Block Venture Project Rated on Aug 1, 2018 Modified on Aug 1, 2018
5
4
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9%
Team - quality experience, skills and experience in core team. Some good advisors too.
Vision - good vision, good use of blockchain and definitely a worthy project that will add to the crypto-economy by all but eliminating bad actors from the ICO market. However, we need to consider the efficiency of using a decentralised as opposed to a centralised team able to make a decision, as per the contract terms with start ups, immediately. There is the potential for abuse if bad actors own over 50% of tokens to be allocated to a project they have set up, thus meaning they can free the money for a scam project at every stage.
I like the idea of DAOs, they're difficult to censor due to their jurisdictional ambiguity, but this could lead to bigger issues in the future as regulations catch up worldwide (that's a worry for another day however). I think the only improvement that could be made here is if there was a delegated authority to act quickly when needed in this system.
Product - MVP available, user friendly and promising for the rest of project.
Good luck to the team with the implementation of this project.
As for the 51% ownership issue, there are two types of attacks, and we thought through both of them when planning the Daox Protocol core.
The first is that someone outside the project team will buy more than 50% of the tokens to be able to control the DAO. This problem is solved by having the white list of withdrawal addresses. The funds that are stored in Daox DAOs could be transferred either to the pre-defined Ethereum addresses of the team behind the startup, or to the token holders in case of the funds return. So, even if an attacker will manage to buy up 51%, the worst he could do is to keep declining all withdrawals proposed by the startup team. For that matter, there is a functionality that switches the DAO to the refund mode if no withdrawals were approved in a course of two months.
Another issue (the one that you actually mentioned) is when the startup is a fraud from the very beginning, and the team behind it owns 51% of the tokens. The Daox Protocol has three built-in features to reduce this risk by making it unprofitable to run scams. Firstly, the tokens that are distributed to the team, will not have the voting rights while they are locked-up. Secondly, each project can set the limits for withdrawals (e.g. that no more than 25% could be withdrawn in a course of a year). Thirdly, each project can change the weight of the “NO” votes for the withdrawal proposals (e.g. if the team is confident that they are doing the right and legit project, they can set an option that will decline any withdrawal that was declined by more than 20% of the tokens participating in the voting). Taking into account the large marketing budget that the scam project will need to spend, it is simply becoming unprofitable.
If the token sale is created using the genuine Daox Protocol smart contracts, potential investors could always be able to easily check all these settings and assess their risks. This, by the way, is one of the major reasons why the standard is needed instead of many different custom solutions.
Ph.D. | CEO | Investor | FinTech in Stocks | Blockchain in Cryptos Rated on Jul 13, 2018 Modified on Jul 20, 2018
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8%
Decentralized Autonomous Fundraising Organization or Fundraising DAO protocol.
Interested to find out at which stage do you release the raised funds back to the ICOs?
First of all, Daox doesn't hold the funds of ICOs at any stage. Each DAO-based token sale is completely independent and autonomous. Each startup and its investors are creating their own Ethereum based DAO (using the Daox Protocol).
The funds are released based on withdrawal proposals submitted by the team of the startup. These proposals are being approved or declined by investors. Moreover, if the majority of investors are unsatisfied with the way the project unfolds, they can vote for the refund.
Advisor | Consultant | Pr and Marketing Expert Rated on Aug 2, 2018 Modified on Aug 6, 2018
4
4
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8%
Team ★★★★
Vision ★★★★
Product ★★★★
I like the team and is a very good thing that they have an MVP ready.
I love the DAICOs, I really think that is the future of ICO industry, but there are a lot of projects doing exactly the same.
Only one of them will be the standard, maybe a couple more get survive.
High risk investment, but very interesting.
Thank you for the high appreciation of our work and team.
There are very few blockchain startups with a unique idea or approach these days, and we believe that Daox is one of them. And here's why:
We are not building just a platform, or just another DAO framework.
We propose a unified fundraising protocol (Fundraising DAO) which is aimed at fixing the most important problems of blockchain based investing. It is open-source, modular, independent and already warmly greeted by the community. As a community-driven project it will keep evolving until it becomes a gold standard for the majority.
We are also building one of the most advanced platform for Fundraising DAOs, with the main objective to make this protocol popular and easily accessible.
So Daox combines a unique inventive idea, a new community-driven product, and a platform to kickstart it. It is a solution for today's problems of crypto investing. And the fact that tokens are dramatically losing their value the same day they hit exchanges, shows that some sort of solution is indeed necessary now.
Investment Manager, Pre-ICO Venture Capital Investor, ICO Advisor Rated on Jun 29, 2018
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5
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7%
Nice concept, but the way you want to structure the investments you need to have the regulatory authorities on board. I can't see anything about that in the whitepaper.
The legal side of investing and raising funds is very important, especially when it comes to innovative solutions, such as autonomous organizations. Of course, we do work closely with law firms to ensure that Daox complies with the law.
Although we are also working on some legal solutions for ICO projects, this is not a part of our product or general development plan, and therefore it is not announced in our WP. Our priority is to introduce and spread a technological solution (protocol) that will be trusted and welcomed by the community. The same community that made crypto movement a reality.
Moreover, each case is individual. We do our best to support the first projects that use Fundraising DAO protocol, including the legal aspect. We believe that legal expertise around the Protocol will continue to evolve, with a growing number of projects and a community around the fair approach to the ICO.
Experts are independently and voluntarily contributing to the community. If no expert has rated the ICO, only ICO analyzer's results are used. Always research before investing as these ratings should not be taken as an investing guide of any kind.
Ratings and ICO analyzer results are being updated (re-calculated) every few hours.
