CULT DAO Review: Decentralization for the Win
Cult DAO recently launched and released The Cult Manifesto bringing the world's first utterly decentralized token. Once CULT has started, it cannot be stopped, like Bitcoin. Cult DAO aims to fund people or groups contributing to a decentralized future.
Due to a small 0.4% commission charged on every transaction, the exchange and transaction of CULT will continuously replenish the treasury. Provided the proposals are submitted, any protocol wishing to change the world will have a steady funding source. No matter how extreme the proposal.
The goal of Cult DAO is to accelerate the collapse of the global banking system and the current world order. As the first decentralized financing system, the project sponsors revolutionaries and those wishing to break society's ties.
The Idea Behind CULT and How it Began
CULT started when Vasco da Gama found the passage to India by sailing around the Cape of Good Hope. CULT began in 1526 when the first transatlantic slave journey docked off the coast of Brazil. CULT sprang from and is based on tyranny, meaningless existence, enslavement, and the chains that tie people. True freedom, according to CULT, comes from realizing and accepting that you exist as a function and cog in a central bank's ideal economic process.
The primary goal of a central bank is to maximize employment, yet we are automating occupations so quickly that we are generating bogus jobs only to keep us enslaved. Job automation should imply freedom. However, freedom is impossible to achieve within the existing economic and financial system.
That's how CULT was born. Every transaction, deposit, and movement of the token allows you to participate and accelerate economic and societal progress towards decentralization. As the project puts it, you can battle your way out by fighting from within.
Features
Project Proposals
The protocol allows people to submit funding proposals for the Cult DAO. Only the top 50 CULT stakeholders Guardians can offer suggestions for funding from the protocol and monitor the recommendations made. However, Guardians cannot vote.
Proposals must satisfy three criteria to be accepted. They must fight against centralization first. Additionally, they should advance the cause of decentralization and directly benefit a noble effort. It is possible to submit proposals from anyone, as long as they follow these rules, and a Guardian is the one who presents them.
Cult DAO and its technique of financing are entirely decentralized. Cult DAO will remain as long as users utilize the CULT token to transact, custodians offer ideas, and validators vote. The project will support revolutionaries, new ideas, and decentralization.
Staking CULT
Staking CULT is the foundation of the whole protocol. The Guardians are the primary stakeholders (holders of dCULT). Meanwhile, once staked, the user will get dCULT tokens as security for their deposit. The user can then redeem against the initial amount placed by the user.
The DAO receives a 50/50 part of the agreed-upon percentage when a project proposal is accepted. Cult burns half of it, while the other half is sent to the DAO and distributed among CULT stakeholders.
The user must have staked tokens to vote or get prizes. However, there is no requirement to deposit coins for staking to access the CULT network. Each transaction moves the project forward, whereas each token burn lowers circulation.
Advantages of CULT DAO
Completely Decentralized: Cult DAO is based on total decentralization with an economic model and guardians to succeed in its mission.
Project Funding: Those who submit proposals for financing can do so through Cult DAO. They can use the funds to build on their ideas and present them to the world.
No Barrier to Entry: Cult offers the opportunity for anyone to propose innovative solutions as long as you meet their three criteria. They should fight against centralization, advance decentralization, and support a noble cause.
Staking: Staking CULT is the basis of the whole protocol. Stakeholders (holders of dCULT) are the Guardians. After staking the deposit, the user will receive dCULT tokens as security for their deposit.
CULT Token
CULT is the tradable and liquid token of CULT.DAO. Making CULT transactions will aid the protocol by progressively increasing the DAO treasury, encouraging decentralized technological investments. It is performed by collecting 0.4 percent of all CULT transactions straight to the DAO.
This tax will go towards the Cult DAO's cash fund. The value grows until it reaches a USD value that matches the market value of 15.5 ETH. As previously indicated, staking the CULT token allows you to earn dCULT. The guardian group comprises the 50 wallets with the most tokens.
The custodians are the only people who may approve project ideas for the DAO. They cannot vote, but they must check that each proposal fulfils the DAO's standards.
If a project proposal goes through and its value exceeds 15.5 ETH, Cult will send 13 ETH straight to the proposal's wallet address, and Cult will burn 2.5 ETH. If a proposal is not authorized, CULT will continue to rise over 15.5ETH and once verified; Cult automatically transfers the funds.
What is dCULT?
dCULT is the “proof of stake token” for CULT. Users who stake CULT in the DAO receive dCULT rewards, which may be traded for the CULT staked. dCULT is non-transferable and may be obtained only by staking CULT. The user may examine their balance by adding the dCULT contract address to their wallet.
Final Thoughts
Cult provides a platform for anyone to contribute innovative approaches. The DAO operates independently and with the help of the 50 guardians who have the most CULT tokens. The treasury system raises cash on a recurrent basis by utilizing network exchanges. Each transaction will be subject to a 0.4 percent tax.
The aim is to achieve the 15.5 ETH barrier, which Cult will issue if the community chooses a proposal. The initiative, backed by staking, produces revenue from transactions and the success of projects voted upstream.
Website: https://cultdao.io
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