Connect with us
Prague Gaming & TECH Summit 2025 (25-26 March)

Blockchain

CULT DAO Announces Its Launch

Published

on

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

Advertisement

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.

Advertisement

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.

Advertisement

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:

Advertisement

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

Contact: 

Mr O’Modulus
[email protected]

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

Advertisement

Newsfile is a customer-focused newswire team that delivers press releases and corporate announcements to the global financial community. Approved by all stock exchanges, Newsfile offers broad access to media, analysts, investors and market participants. With agile services, proactive customer care and affordable pricing; Newsfile makes it easy for companies to tell their story to the audiences they need to reach.

Blockchain

VAP Group Set to Host Second Edition of Global AI Show in Dubai

Published

on

vap-group-set-to-host-second-edition-of-global-ai-show-in-dubai

VAP Group Set to Host Second Edition of Global AI Show in Dubai

Continue Reading

Blockchain

Sui’s Path Forward: Bybit Web3 and Sui Foundation to Host Exclusive Debate Live at Taipei Blockchain Week

Published

on

sui’s-path-forward:-bybit-web3-and-sui-foundation-to-host-exclusive-debate-live-at-taipei-blockchain-week

Bybit Web3

Continue Reading

Blockchain

Oxbridge / SurancePlus Announces Upcoming Participation in Key Industry Events

Published

on

oxbridge-/-suranceplus-announces-upcoming-participation-in-key-industry-events
Continue Reading
Advertisement
 title=
Advertisement

Latest News

Recent Listings

  • Global Payout, Inc.

    Since the Company’s inception in 2009, Global Payout, Inc. has been a leading provider of compreh...

  • MTrac Tech Corp.

    MTrac Tech Corporation, a Nevada Corporation, is a privately held, wholly owned subsidiary of Glo...

  • Net1

    Net1 is a leading provider of transaction processing services, financial inclusion products ...

  • uBUCK Technologies SEZC

    Based in Georgetown, Cayman Islands, uBUCK Tech is a fintech enterprise that specializes in digit...

  • LiteLink Technologies Inc.

      LiteLink is a major player in developing world-class enterprise platforms that utilize ar...

  • Good Gamer Corp.

      Good Gamer Corp. is a privately-held technology company focusing on gamers and streamers....

  • BitPay

      Founded in 2011, BitPay pioneered blockchain payment processing with the mission of trans...

  • About Net1

      Net1 is a leading provider of transaction processing services, financial inclusion produc...

  • Blockchain Foundry Inc.

    Headquartered in Toronto, Canada, Blockchain Foundry (CSE:BCFN)(FWB:8BF)(OTC:BLFDF) is a global b...

  • Sixgill

    Sixgill provides a full suite of universal data automation and authenticity products and services...

Trending on TBE