Frankly, this is one of the most fascinating protocols created in recent times. This is just as captivating as it is terrifying in fact... Read it The Manifest, we say to ourselves that we are finding the foundations of culture CypherPhunk 😉
The token of CultDAO is the CULT and you can see that it has experienced a very good upward curve since its launch. This is still normal and we must now be careful to know if the protocol meets a seasoned community. The protocol can also fail, don't forget that.
It is the purpose of this article to present CultDao.
CultDao Overview
CultDao wants to be a protocol with a fully decentralized token. Entirely. We are therefore not talking about a private investor, an investment fund and payment here and there to mentors and advisors.
The developers of CultDAO want to resist this trend of creating protocols that are owned by well-known investors in classic finance. CultDAO want to return to the foundation of decentralization.
No, we're going back to the basics of what a decentralized protocol should have been, like Bitcoin, in fact.
The goal of CultDao is to finance, help and contribute to building (truly) decentralized finance.
The goal of CultDAO
Yes, the primary objective of CultDAo is to provide financial power to people who want to launch decentralized protocols.
So how does it work?
Well, suggestions must meet 3 criteria:
- Give real ideas to fight against centralization
- Advancing the cause of decentralization (through education or otherwise)
- Benefit a noble cause.
Proposals can be submitted by anyone if they meet the criteria. However, it is important to know that a "guardian" will propose them as such.
Understanding the usefulness of goalkeepers
So the idea is that we can submit proposals. There are 50 guardians (which are actually the 50 most active Cult users).
You should know that Guardians cannot vote. They therefore cannot be corrupted in their decisions. There can therefore be no history of conflict of interest for example.
? CULT can be staked and you then receive dCULT. The top 50 dCULT holders are called "Guardians."
All holders below the top 50 have voting rights nonetheless. You still have to stack CULT tokens to be able to vote.
CultDao’s business model
The exchange and transaction of CULT will constitute the treasury with 0,4% collected on each transaction.
The entire economy of cultDAO depends on its users. Every time a transaction is made or custodians submit a proposal, or even validators vote, this is all part of the protocol's business model.
Basically, new ideas, no matter how revolutionary, will be funded by the initiative itself.
Final word on CultDAO
The founder of CultDAO is anonymous and can still be followed on Twitter: O'Modulus.
CultDao is a project that is very critical of the current monetary system. In the manifesto it is said that today's monetary system keeps people in poverty.
So, CultDAO wants to break this state of affairs. That’s ambition, isn’t it? Well, yes, you have to understand it by taking a step back.
In any case, the ambition is to be welcomed, very clearly. We're going to follow the project closely and see what's under the engine...
I invite you to go to the site and read the FAQ which is sufficiently precise to better understand how CULT works.
- Discover the CultDAO protocol
- See the price of the CULT token on Coinmarketcap (you will also have the address of the token if you want to buy Uniswap for example).
- Know how to use Uniswap (Tutorial).
The token has gained more than 500% since its launch. So you really have to take your time to do your research. DYOR, as always.
Note: No financial advice is given in this or any other article on zonebitcoin. This is information of which you are the sole judge and master. Be responsible with your investments and only invest as much as you are willing to lose.
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