Re: A suggestion for ICO promoters and bounty managers
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I have a few suggestions to resolve some of the issues, before the issues go out of hand.
1. There should be a requirement that if anyone want to post an ANN in Bitcointalk, he must deposit 0.1% of the total amount (of the softcap) in an escrow account. For example, if a project is planning to raise $50,000,000 from the investors, then before creating the ANN thread the promoters must deposit $50,000 in either BTC or ETH to an escrow account held by the Bitcointalk staff. If the soft-cap is smaller, like $500,000 then the escrow amount should be 0.1% of that, i.e $500. If the promoters vanish, then this amount should be forfeited. Also, if the promoters go back on their promises once the tokens are listed, then this escrow amount should be frozen and may be (partially) released only if they achieve the objectives which they had promised earlier.
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Very good ideaI have a few suggestions to resolve some of the issues, before the issues go out of hand.
1. There should be a requirement that if anyone want to post an ANN in Bitcointalk, he must deposit 0.1% of the total amount (of the softcap) in an escrow account. For example, if a project is planning to raise $50,000,000 from the investors, then before creating the ANN thread the promoters must deposit $50,000 in either BTC or ETH to an escrow account held by the Bitcointalk staff. If the soft-cap is smaller, like $500,000 then the escrow amount should be 0.1% of that, i.e $500. If the promoters vanish, then this amount should be forfeited. Also, if the promoters go back on their promises once the tokens are listed, then this escrow amount should be frozen and may be (partially) released only if they achieve the objectives which they had promised earlier.
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But for suggestions no. 1
It seems that it will be burdensome for project owners in carrying out their work because they need the funds to continue to promote and in other development frameworks
It might be better to use trusted escrow in raising ICO funds so that investor funds remain safe if something unexpected happens