ERC-20 Creator Wants to Let Investors Take Money Back

Vogelsteller felt responsible for the ICO boom and he intends to propose a better model
31 October 2018   771

Ethereum developer and creator of the ERC-20 standard Fabian Vogelsteller during a speech at the Devcon4 conference in Prague proposed the concept of a reversible ICO (RICO), during which a special smart contract will allow investors to return the invested funds at any stage of project development by returning tokens. This is reported by COindesk.

You are able to withdraw the funds you committed at any point of time and you do this by simply sending back your tokens. It brings the balance back between the community and the project and I think this is really important.

Fabian Vogelsteller

ERC-20, Creator

As soon as the Ethereum coins come back to the investor, other users will have the opportunity to purchase tokens. Vogelsteller stressed that all this can provoke a fluctuation of quotations, therefore, projects will need to attract basic funding from private investors outside the ICO.

He added that he felt responsible for the ICO boom, because he had created the standard, and he intends to propose a better model. In his opinion, RICO can significantly reduce the number of scams and encourage project creators to keep their promises.

Earlier, Vogelsteller proposed to use the ERC-725 rulebook for the standardization of digital identification technology.

KuCoin to Launch Spotlight IEO Platform

As reported by the KuCoin itself, information about the first tokensale will appear this week
21 March 2019   72

The KuCoin marketplace announced the launch of a platform for initial exchange offerings (IEO) called Spotlight.

The exchange's blog says that information about the first tokensale will appear this week. It is also known that tokens will be distributed according to the principle of first-come, first-served, that is, in the order of receipt of applications from investors. To purchase assets of new projects will use its own token exchange - KuCoin Shares (KCS).

In order to participate in the tokensale users will need to be verified. Some countries and regions will not be admitted to IEO on KuCoin.

After Binance conducted two extremely successful IEOs on the basis of its platform, BitTorrent and, the analogue of Launchpad appeared on OKEx. Soon, Bittrex International announced the launch of its own IEO platform.