- The CULT treasury collects 0.4% of each transaction, this means a steady source of funding
- Cult DAO wants to accelerate the process of doing away with the traditional banking system
- Inflation robs the poor, stops them from accumulating savings
Cult DAO released The Cult Manifesto, according to which the DAO funds “those contributing or building toward a decentralized future,” Bankless Times learned from a press release on CoinTelegraph. CULT, the project’s native token, cannot be stopped once it has been launched.
The CULT treasury collects 0.4% of each transaction. This means a steady source of funding as long as proposals are being submitted.
Destroying the global banking system
Bankless times are a matter of time, no tautology intended, and Cult DAO wants to accelerate the process of doing away with the traditional banking system. This is the first project of its kind, prepared to finance revolutionaries and others eager to make a change in the name of progress.
Achieving fair power distribution
CULT DAO wants to end central banks’ tyranny by accelerating the collapse of the old financial system. While not without risk, the Cult Manifesto is quite interesting to read.
According to a pseudonymous crypto protocol founder, the current monetary system keeps people in poverty because debt-based economies require inflation to operate. He adds that inflation robs the poor, stopping them from saving adequate funds.
The project of Cult DAO is startling, but it leaves no one indifferent: fair distribution of power is achievable as long as you’re serious about it.
Process of submitting proposals for funding
Participants can submit projects for funding from Cult DAO, but only the top 50 CULT stakers can make funding suggestions and monitor the recommendations made. Guardians cannot be corrupted because they don’t have voting rights.
Funding proposal criteria
All proposals must meet three criteria: to directly benefit a noble case, further the cause of decentralization, and fight against centralization. Anyone can make a proposals as long as they obey these rules and their suggestion is supported by a Guardian.
Fully decentralized fundraising methods
Obviously, Cult DAO and its fundraising methods are fully decentralized. The organization will exist as long as its community keeps using the CULT token, validators vote, and custodians make proposals. The initiative will fund revolutionaries, fresh ideas and decentralization.
Details around the CULT Token
CULT is Cult DAO’s liquid and tradable token. Transactions with CULT will help support the protocol by gradually filling the DAO’s treasury, which will then be able to support investments in decentralized technology.
Proof of stake protocol
CULT’s PoS token is dCULT, which people are granted when they stake their CULT into the DAO. It can be exchanged for the original amount of CULT staked.
Contributors
