London, Feb. 10, 2022 — Cult DAO is happy to announce its launch and has released The Cult Manifesto, explaining what it deems as the first completely decentralized token. In theory, the project’s native token, CULT, akin to Bitcoin, cannot be stopped once it has started. Cult DAO serves to fund “those contributing or building toward a decentralized future.” The exchange and transactions of CULT will continuously replenish its treasury due to a small 0.4% collected in every transaction. As long as proposals are submitted, there will be a steady source of financing for any protocol wanting and willing to alter the world — however extreme that may be.
Cult DAO's goal is to accelerate the downfall of the global banking system and the current world order. The project is the first entirely decentralized financing mechanism to sponsor revolutionaries and those eager to break society's ties.
Pushing for fair distribution of power
Governed nations derive their just powers from the consent of their citizens. CULT aims to end the tyranny of sovereign nations and central banks by accelerating the collapse of the old financial system.
The Cult Manifesto makes for striking and dangerous, yet gripping, reading. Mr. O’Modulus, an anonymous figure also confirmed by Know Your Customer procedure as a famous existing crypto protocol founder, thinks that today's monetary system keeps people in poverty due to debt-based societies needing inflation to operate. Subsequently, he concludes that inflation serves to rob the poor and keep them from ever catching up. Cult DAO aims to have an out-of-control project that will awaken everyone: Fair distribution of power is an achievable goal if they want to take part in it.
Submitting proposals for project funding
Participants can submit proposals for financing by Cult DAO. Only the 50 Guardians — or the top 50 CULT stakers — can submit funding suggestions from the protocol and monitor the recommendations made. Note that Guardians cannot vote and hence cannot be corrupted in their judgments.
When making a proposal, all suggestions must satisfy three criteria: First, they must fight against centralization. They should also advance the cause of decentralization and, finally, directly benefit a noble cause. Proposals can come from anyone as long as they follow these rules and a Guardian is the one to put them forward.
Cult DAO and its fundraising methods are entirely decentralized. Cult DAO will exist as long as users transact with the CULT token, custodians make proposals and validators vote. Revolutionaries, fresh ideas and decentralization will all be funded through the initiative.
CULT is Cult DAO’s tradable and liquid token. Making CULT transactions will help the protocol by gradually filling the decentralized autonomous organization’s (DAO) treasury, which will support investments in decentralized technology. It is accomplished with a 0.4% collection on all CULT transactions that go directly to the DAO.
What is dCULT?
dCULT is CULT's proof-of-staking token. When one stakes their CULT into the DAO, they are granted dCULT, which may be exchanged for the amount of CULT staked originally. In addition, they receive any incentives paid to the DAO while they hold dCULT.
dCULT is non-transferable and can only be earned by staking CULT. By adding the dCULT contract address to the wallet, tokenholders can view their balance.
CULT staking is the basis of the whole protocol. The top stakers, dCULT tokenholders, are the Guardians. Meanwhile, the user will receive dCULT tokens as security for their deposit once staked. The user can then redeem at any moment at the initial amount placed.
When a project proposal is accepted, the agreed-upon amount granted to the DAO is split 50/50. Half of it is burned, while the other half is transmitted to the DAO and allocated among CULT stakeholders.
To vote or get rewards, the user must have staked tokens. However, to use the CULT network, there is no need to deposit funds for staking. Each transaction advances the project, and each token burn reduces circulation.
About Cult DAO
Cult DAO is a completely decentralized funding mechanism that allows everybody to contribute novel solutions. The DAO operates independently and with the aid of the 50 Guardians who hold the most CULT tokens. The project also has a treasury system that raises funds consistently by utilizing network exchanges.
You can read more about the project or get updates on Cult DAO through these links:
- Website: https://cultdao.io/
- Twitter: https://twitter.com/wearecultdao
- Discord: https://discord.com/invite/hHDBvNnXqe
- Mr. O’Modulus