Here is a twist: the developer of the standard ERC-20 proposed to create a "reversible ICO"
Source:During his speech at the annual conference Devcon4 Fabian Vogelstein proposed standard «reversible » or RICO, which will allow investors to return their funds at any time. In particular, Vogelstein identified the issue of creating a separate smart contract for «return of the invested funds».
How to get your money back from ICO
Recall, most of the code that forms the basis of the standard ERC-20, Vogelstein has developed independently. On Devcon4, he stunned the audience with his new ideas.
You will be able to withdraw the funds earlier invested in the project. To do this, simply send back the coins ETH.
According to the programmer, RICO will reduce to almost zero the probability of a Scam. Since users will be able to leave at any time, startups are strongly interested in proper performance of their initial promises. Besides reversible ICO will allow the project «to die a natural death» no risk to investors ' funds.
Offer Vogelsanger handy can approach today's stock market. According to Coindesk, over the past 2 years with ICO managed to attract over 20 billion dollars. Some part of this amount is owned outright fraudulent schemes or dead projects.
This will return the balance between community and crowdfunding. I believe that the development of RICO is a very important step.
image Source — eCrypto
Due to the fact that ERC-20 tokens play a huge role in almost any ICO, Vogelstein could not help but feel personally responsibility for everything that happens in the market. He told the audience at the end of your report.
The Best way to make test — to verify in practice. The developer of the standard ERC-20 will do so. Model RICO it will test the private startup Lukso. I hope he will succeed.
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