A unique project within the cryptosphere, Sarcophagus is trying to make a name for itself in the industry by offering a solution for managing the assets held by a user upon their death. He has just distinguished himself once again by carrying out a rather special fundraiser. In particular, the project managed to obtain $5.47 million from venture capital companies by selling them tokens of its DAO. Explanations.
A smart combination of traditional fundraising and DAO’s cutting-edge approach
A year ago, Sarcophagus launched its utility token ERC20 SARCO, earning it inclusion in CoinList’s Spring 2021 Seed Batch. The latter is a token sale platform that takes care of promote early-stage crypto projects that are not yet making token sales. Sarcophagus then formed a DAO (Decentralized Autonomous Organization) last summer, initially only including regular members of the cryptosphere. He then expanded his DAO to venture capital firms in exchange for capital from them.
Last Thursday, the project announced that it raised $5.47 million by selling its DAO tokens to these companies. These include Greenfield One, Placeholder, Inflection, Lattice, Infinite, LD Capital, Hinge Capital, Blockchange, Coral DeFi Investments, Blockchain.com Ventures, Lo Enterprises, and Compound VC. ” Investors had to work directly with the DAO, and votes were held to approve the investors’ respective agreements and acquisition schedules. Everything is recorded on the channel, available to the public, forever », Specifies the announcement of Sarcophagus.
The operation of the Sarcophagus protocol is based on a series of actions to be performed by a user to prove that he is alive. Otherwise, the assets held by the latter are kept in a sarcophagus and transferred to the address of the recipient that he had taken care to inform. In practice, the Sarcophagus protocol uses third-party incentivized node operators, whom the service calls archaeologists, and who are paid in SARCO tokens to maintain the network.
This formula, which makes it possible to secure a user’s assets in the event of proven incapacity, disappearance or death, has naturally aroused the interest of venture capital companies. “Creating fail-safe solutions that trigger action when a participant is not active will be a fundamental part of Web3 and decentralized financetweeted Felix Machart of Greenfield One.
Like Sarcophagus, several projects in the cryptosphere have chosen to raise funds from venture capitalists through their DAOs. According to data site DeepDAO, the formula has already raised a total of $10.1 billion in cryptocurrency in the industry.
Source: Decrypt
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Luc Jose Adjinacou
Far from having dampened my enthusiasm, an unsuccessful investment in 2017 on a few cryptos only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.
