Coin Governance System ICO
The Coin Governance System (CGS) is an on-chain insurance mechanism to protect ICO investors from scams and bad execution. It can enable ICO Token Holders to recover funds if things go wrong.
The CGS is currently working on the Kovan Testnet of Ethereum.
If an ICO implements the CGS, the raised funds will be held in an escrow smart contract and released gradually to the ICO project.
But, if at a certain point an ICO investor is not happy with the progress, he/she can submit a claim to the CGS by depositing ICO tokens. If this claim receives enough support from other token holders, it gets opened and handled by a decentralized judge: the community of CGS Arbiters.
The community of CGS Arbiters will be asked whether they think the ICO project is doing a proper use of the funds or not. If the majority believes the claim is rightful, the smart contract goes into a temporary withdraw mode and all unhappy ICO token holders can send back their tokens and recover the remaining funds left in the escrow smart contract.
The CGS Arbiters vote through a secret vote and reveal process and are incentivized to vote correctly since they can win more CGS tokens by voting correctly (majority outcome) or can lose tokens by voting incorrectly (the minority outcome).
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