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How To Prevent Rich People From Gaming The DAICO System
The DAICO Model I have been thinking about the healthier practices of ICOs for a while, and this January I was intrigued by DAICO model that proposed a new way to think about a post-ICO governance. In a simple term, it allows token holders to assert meaningful control over the funds by bringing the concept of DAO(DAO * ICO = DAICO). If you don’t know what DAICO is, here is a summary. You can read the original post by Vitalik Buterin here.   The DAICO model cannot solve all the issues, but it is a step forward towards a more reasonable ICO market. The mere existence of a tap in the DAICO can make it impossible for token issuers to just run away with all of their funds.I am part of a team that implements this DAICO model, and we are facing some challenges especially in voting system. In this post, I discuss the biggest challenge in the voting. How To Prevent Rich People From Gaming The System The biggest concern in the DAICO, in terms of its likelihood, is how to prevent rich people from gaming the voting system. When the governance is tied to the ICO, it is not difficult to imagine that concentration of wealth yields concentration of political power. The paradox in the DAICO is that we have democracy and capitalism at once. Citizens in a democracy go to the ballot box with one vote for each; participants in a capitalist economy come to the marketplace with unequal resources and leave the marketplace with unequal rewards. These two concepts are inherently different because democracy depends on equality, capitalism on inequality(although even democratic voting system ends up non-democratic because of the political funding issue).   Unfortunately, we cannot have one person one vote system on the blockchain…