The team of the decentralized exchange Bisq said that it is giving up the idea of the initial placement of coins (ICO), which is very popular in the crypto-currency community. Instead, the exchange published a whitepaper of the upcoming decentralized autonomous organization (DAO).
"Unlike the badly damaged ICO models, when people ask for big money for their whitepaper, we already have a working platform developed through altruistic donations and voluntary contributions. The platform has been operating for more than a year, and we intend to distribute ownership and management among those who contributed to the project, those who helped to translate the idea of a decentralized exchange into reality." - the Bisq blog says.
In this regard, the Bisq team makes a clear and categorical statement:
"We do not conduct ICO and we do not sell tokens!"
Own BSQ tokens will be distributed between the order of 200-400 persons who supported the project, and with the launch of DAO these tokens will be freely traded on Bisq.
Additional information on the upcoming DAO Bisq should be published in the near future, but already the exchange team says that the DAO will be implemented in stages.
The first stage is already actually implemented, although it needs further development and additional testing. The second stage is expected to be ready in about three months (October 2017) and will include voting and periodic issue of tokens.
The head of Bisq Manfred Carrer also offers those who contributed to the development of the exchange, read the instructions on how to claim the right to BSQ tokens. The deadline for applications is July 14.
Recall, previously known as Bitsquare Exchange was launched in beta mode in April 2016. Last month, Bisq founder and CEO Manfred Carrer expressed his clear position on the future development of bitcoin, announcing his intention to support user-activated softswap (UASF).
I set up a then Bitsquare, now Bisq, account. Read up on their site and peeked in Reddit. I looked at who is offering to buy/sell bitcoin. Not too much choice.
Being US based, I didn't understand how to get my $US into the Bisq ecosystem and trade to bitcoin. Sending a postal money order? Really? What kind of seller would be willing to wait a week or so for an envelope to show up in the mail?
Until they find a way to make transfers for a US bank without incurring the $40 international transaction fee, I don't see how this service would be useful.
If I'm missing the boat on something, please correct me.
Joe
PS Upvoted you.