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CULT DAO(CULT-dCULT) What It Is and How to Earn Cult

 

By Nerly Shammah Oct 25, 2022.

 

 

Cult DAO is a decentralized autonomous organization set up to help fund projects that promote liberty and decentralization. An idea coined as "decentralized venture capitalism" the CULT is controlled by CULT token holders through a proof of stake protocol.

 

 

Understanding CULT DAO

 

Deployed totally on non-upgradeable smart contracts, CULT DAO is envisioned to be a part of the building blocks of decentralized applications and/or liberty-focused projects.

 

The CULT token is the native asset of the DAO, when users perform transactions in CULT, 0.4% is taxed and fed to the treasury. The treasury builds up this value for future funding of projects presented as proposals to the DAO.

 

Typically, the treasury accumulates transaction taxes to a value in USD that equates to 15 ETH. 13 ETH from this amount is given to "voted" proposals while 2.5 ETH is burned.

 

The DAO reviews all proposals to see if it goes in accordance with the criteria of the organization.

 

Who are The Guardians and The Many?

 

There are two sets of governing bodies in the CULT DAO, the first is The Guardians and the second is The Many.

 

The Guardians are the top 50 dCULT holders, they are responsible for bringing proposals to the organization. The Many are every dCULT holder below the 50 ranks and are the ones with the right to vote in proposals for funding.

 

For more clarity, the top 50 dCULT holders called That Guardians do not have voting rights but are responsible for presenting proposals made for funding to The Many to vote in or reject.

 

The Guardians due to their high stakes are excluded from voting rights and only given the power to push proposals believed to meet the DAO's criteria. This model delegates voting influence to the weaker network participants by stake in order to ensure that "wealth" does not control what the DAO funds.

 

How to get a proposal funded on CULT DAO?

 

There are a number of criteria that has to be met for a “proposal” to be passed by a guardian to the DAO for voting by the many. The criteria are that the proposed project must:

 

● Fight Against Centralisation,

● Further the Cause of Decentralisation

● Directly Benefit a Noble Cause

 

Furthermore, for a proposal to be voted on, a couple of information has to be presented to the DAO, this includes:

 

● The total supply of the investee protocol token

● The percentage of the total supply being offered in return for 13 ETH investment

● The tokenomics

● The audit of the token and any contracts if built

● The burn and distribution plan*1

 

How To Earn Cult? - Here’s How Rewards Are Distributed

 

When an investee proposes to the CULT DAO, a percentage of its token supply is offered up for the organization in exchange for funding. This supply is fed to the holders of dCULT(staked CULT tokens).

 

Typically, 50% of the token supply is converted to CULT and distributed to dCULT holders, while 50% is burned to a dead wallet. In this way, the investee token benefits from the effects of scarcity as the DAO eliminates 50% of the committed supply and 50% is sold for CULT, causing an additional revenue stream for the DAO treasury while also increasing buying pressure in the market. The CULT is then distributed to dCULT holders in proportion to the stakes they control.

 

Is CULT DAO(CULT CRYPTO) A Good Investment?

 

At the time of writing, CULT token is worth $0.00000749 a unit with a market capitalization of about $32.8 Million. CULT has a circulating supply of 4,381,051,340,363 tokens and a max supply of 6,666,666,666,666 tokens, we recommend thorough personal research before making any investment bets.

 

To learn more about CULT DAO, visit their official website cultdao.io