100 times in 5 days, CULT has attracted much attention for a while.
The purpose of CULT.DAO is to empower and fund those who build and contribute to a decentralized future. In short, Cult.DAO is a decentralized venture.
CULT.DAO is mainly composed of two groups – Guardians and Voters. DAO members pledge $CULT to get corresponding $dCULT. $dCULT corresponds to the governance rights of voters. The first 50 $CULT stakers will become Guardians and have the right to propose. All other $CULT stakers are voters.
Next, let’s take a closer look at CULT.DAO.
- What is CULT?
CULT is the tradable and liquid token of the CULT DAO, and the measure of a 0.4% tax on all CULT transactions will slowly fill the DAO’s coffers for investments in decentralized technologies.
- What is dCULT?
dCULT is just a “Proof of Stake Token” for CULT. When a user puts his CULT into the DAO, he will get a dCULT, and during the period of time he has the dCULT, the user can exchange it for the originally invested CULT at any time, plus any rewards given to the DAO.
- What makes CULT different from other decentralized investment platforms?
The platform is not under any control, without any human intervention, Cult cannot be changed. We cannot access liquidity and cannot upgrade or edit smart contracts or tokens. Cult is different because it cannot be blocked, not by guardians, developers, governments, regulators, or anyone. They can destroy servers, but the code is still there, the investment in decentralized technology is still there. Decentralized technology still exists.
- Where does the investment money come from and how does the mechanism of CULT work?
- Normal interactions and transactions between users and tokens are subject to a 0.4% tax (in the form of CULT) per transaction, which means that all transactions should be settled in standard DEX slippage settings.
- This tax is collected in the Cult DAO treasury and accumulated to a dollar value, which matches the market value of 15.5 ETH.
- CULT can be collateralized with dCULT. The first 50 dCULT holders are guardians .
All holders below the Guardian have voting rights, and these are the many .
- Guardians (top 50 holders) are the only users who can make proposals to the DAO, but they are not allowed to vote on proposals they submit, which must meet these three criteria ( fighting centralization, promoting the cause of decentralization, directly benefit from decentralization ) in all or most of them. But they can support proposals as they please, and only their voices can influence others, not their wealth.
- If a proposal has been approved and reaches the value of 15.5CULT ETH, it will automatically send 13 ETH to the provided proposal wallet address, and 2.5 ETH to the burn wallet.
- If a proposal is not approved, CULT will continue to accumulate beyond the 15.5ETH level, but will be sent automatically once the proposal is approved.
A total of 6,666,666,666,666 CULTs, 50% of the tokens will be pre-sold on unicrypt on January 30, 2022, and a total of 250 ETHs will be raised. Each wallet can only purchase CULTs worth 1 ETH. The project can be launched when the pre-sale reaches 125ETH. 60% of the funds raised from the pre-sale have been added to the uniswap liquidity and locked by unicrypt for 264 years; the remaining 40% of the funds are used as the start-up marketing fee of the project, and part is paid to the development team as the cost of research and development, testing, and auditing.
Most of the unsold 50% CULT goes into the liquidity of uniswap, part of it is donated to famous people as guardians, and the last 10% is given to the development team working for free (linear vesting within 12 months).
Although the founder (Mr O’Modulus) is anonymous, he has done KYC certification of Solidproof (earlier this year, CULT.DAO has passed the audit of Solidproof), and Solidproof endorses him as a very well-known cryptocurrency founder.
At the same time, Mr O’Modulus will also invite founders of some well-known Web3 projects to serve as guardians. Currently, the following are:
@TrustlessState (Founder of Bankless), @dominicVEMP (CEO of vEmpire DDAO), @auryn_macmillan (GnosisDAO), @hackapreneur (Justin Wu), @only_rares (CPO of Ethereum Towers), @deepcryptodive, @META_DREAMER, @abv_avg_joe and more , Vitalik celebrities are still being invited.
However, it needs to be emphasized that the project is started by the founder, but the ownership of token ownership, smart contracts, and uniswap liquidity LP will all be destroyed . Whenever someone in discord asks who is the project leader, someone will answer No one and everyone. The founder cannot interfere with the operation of the DAO, the investment/revenue of the DAO will be run through the smart contract, and the ownership of the smart contract has been destroyed .
At present, there are 890.442 ETH remaining in the treasury, and 1.68 trillion CULTs have been destroyed.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/detailed-explanation-of-cult-dao-a-decentralized-venture-capital-organization/
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