On December 6, South Korean media outlet, Sedaily reported that Presto which is a Blockchain startup based in South Korea is planning to file a constitutional appeal against a local ban on Initial coin offering (ICOs).
As mentioned on its website, Presto provides a “total solution to development teams from website building to token issuing.” Reportedly, the startup was on its way to run an ICO based on Decentralized Autonomous Organization (DAICO) for the first time in South Korea.
DAICOs’ main objective is to improve the ICO fundraising method with the help of some features of Decentralized Autonomous Organizations (DAOs).
Such a fundraising procedure allows users to use smart contracts to vote for a refund of the funds in case they lose their trust in the developers or the project, Sedaily states.
In last year’s September, all ICOs were banned in South Korea. According to Sedaily’s reports, the founder and CEO of Presto, Kang Kyung-Won announced that the startup has “been hitting a snag as the government and the National Assembly have done nothing over the last one year since the government’s blankets ban on ICOs.”
He further revealed his intentions to file a constitutional appeal, “We will ask the court to rule on the ICO ban and legislature’s nonfeasance.”
The ban violates “people’s freedom of occupation and property and equal rights and scientist’s basic rights.” Presto CEO and founder believes the fast speed of technological advancement that came along with the fourth industrial revolution, “such unconventional and pre-modern measures as the ICO ban should not exist any longer.”