CULT DAO Announces Its Launch

London, United Kingdom–(Newsfile Corp. – February 9, 2022) – Cult DAO is happy to announce its launch, and has released The Cult Manifesto, bringing what it bills as, the world’s first completely decentralized token. Cult DAO serves to fund “those contributing or building towards a decentralized future.” The exchanging and transacting of CULT will continuously replenish the treasury due to a small 0.4% collected on every transaction. 

The project is the first entirely decentralized financing mechanism to sponsor revolutionaries and those eager to break society’s ties.

CULT.DAO 

Submitting Proposals for Project Funding

For people to participate, they can submit proposals for financing by Cult DAO. Only the 50 Guardians, the top 50 CULT stakers, can submit suggestions for funding from the protocol, and monitor the recommendations made. Note that Guardians cannot vote.

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 method are entirely decentralized. Cult DAO will exist as long as users transact with the CULT token, custodians propose proposals and validators vote. Revolutionaries, fresh ideas, and decentralization will all be funded through the initiative.

CULT Token

CULT is CULT.DAO’s tradable and liquid token. Making transactions with CULT will help the protocol by gradually filling the DAO treasury, which will support investments in decentralized technology. It is accomplished with a 0.4 percent collection on all CULT transactions that travel directly to the DAO.

What is dCULT?

dCULT is CULT’s “proof of stake token.” When users stake their CULT into the DAO, they are granted dCULT, which may be exchanged for the amount of CULT they staked originally. 

dCULT is non-transferable and can only be earned by staking CULT. By adding the dCULT contract address to the user’s wallet, they can view their balance.

Staking CULT

Staking CULT is the basis of the whole protocol. The top stakers (holders of dCULT) 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 against the amount initially placed by the user.

When a project proposal is accepted, the agreed-upon proportion granted to the DAO is split 50/50. Half of it is burnt, 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 help of the 50 guardians who have the most CULT tokens. The project also has a treasury system that raises funds on a recurrent basis by utilizing network exchanges.

You can read more about the project or get updates on Cult Dao through these links:

Website: http://cultdao.io/
Twitter: http://twitter.com/wearecultdao
Discord: http://discord.com/invite/hHDBvNnXqe

Contact: 

Mr O’Modulus
theabyss@cultdao.io

To view the source version of this press release, please visit http://www.newsfilecorp.com/release/113274