To increase fairness and responsibility in the ICO space, we propose a new model for an ICO, which we call a ”Reversible ICO” (RICO). This type of ICO improves the power balance between coin buyer and project by flowing funds slowly to the project and allowing coin buyers to withdraw their funds at any point in time.
The ERC 20 Token Standard [Fab] spurred a new era of projects that run ICOs on th Ethereum Blockchain. This is mainly due to the flexibility of a smart contract interface standard, meaning it only defines how to interact with it, but not how it should internally work. This flexibility allows ERC 20 tokens to be used in all kind of smart contract based protocol, and be issued by other smart contracts, like an ICO smart contract.
Current ICOs deploy a smart contract that receives ETH and return tokens (cryptocurrencies, assets, utility tokens, protocol tokens, access tokens, etc.) based on a set ratio. This ratio is sometimes changing over time while the ICO is running, and ma