The World’s First DAICO Smart Contract Audited By OCEANICO

DAICO is a new model that integrates characteristics of DAOs into ICOs. The original idea was suggested by Vitalik Buterin in January 2018 and is aimed at making ICO’s more secure by involving investors in the initial project development process. It will further enable token holders to vote for the refund of the contributed funds if they are not happy with the progress being made by developers.  

The first project claiming to implement the DAICO concept is the Swiss startup, The Abyss - the next-generation digital distribution platform. In January 2018, the company announced conducting world’s first DAICO, and over time had its smart contract redeveloped in compliance with the new fundraising model.

“On hearing this, we decided to seize the opportunity of auditing the world’s first DAICO code, and obtained The Abyss’ smart contract on GitHub”. - comments Zoya Rzaeva, CEO of OCEANICO. - “After three weeks of work, the conclusion was finalized and sent to The Abyss for their consideration”.  

The conclusion states that: “Code quality is very good. Code style follows to the solidity recommendations. Almost all public methods have comments”.

 “No critical errors and possible vulnerabilities were identified during the audit. The Smart Contract complies with the requirements specified in the terms of reference”. - adds Zoya Rzaeva.  

Based on the results, recommendations for optimizing and ensuring the quality and security of the Smart Contract code were given to the developers’ team.

 

Click here to read the full report.

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