Some countries have prohibited ICOs to protect investors, but with the appropriate regulations in place, investors can be safeguarded. Centralized governments can draft regulation provisions by utilizing specialists, but the problem is with management and supervision at the execution phase. Due to a lack of resources and the borderless nature of ICOs, it is difficult for centralized governments to effectively supervise administration with non-standardized methods.
ICOVO aims to solve this problem by using an autonomously operating system that does not depend on individual expertise. The system is a hybrid of the centralized client-server model and a decentralized P2P model featuring majority consensus. The centralized system is used to increase the transparency of ICO planners and projects. Specifically, this is achieved as planners’ identities are confirmed through ID verification and GitHub updates are quantified and displayed on ICOVO Web to make the actual status of the project more transparent. The decentralized system is used to prevent scams where ICO planners immediately withdraw funds and disappear after token sales. Fraud is prevented through DAICOVO, an
implementation of DAICO.