A new white paper has been published detailing a potentially transformative protocol for initial coin offerings (ICOs).
The protocol, which would seek to produce an “equilibrium” between capped and uncapped token sales, represents a collaborative effort between ethereum founder Vitalik Buterin and developer Jason Teutsch, the creator of smart contract scalability project TrueBit.
In the white paper, released today, the authors detail a system by which an ICO could respond to the actions of buyers. Specifically, buyers would submit a valuation table via a smart contract that would enable them to make purchases dynamically relative to a real-time valuation.
More simply, the new ICO protocol would give buyers the option to withdraw investment bids on tokens, while evaluating the buyer’s stake relative to the entire ICO and shifting bids accordingly.