Cult Dao is a Cult consisting of a group of people who oppose centralization and aim to bring in a decentralized future.
Meanwhile, the investee token converts into CULT as it generates new transactions and market buying pressure. The investee protocol offers a rate of disbursement. A proposal may be brought about again once rejected. If the reason for the rejection is due to an inadequate disbursement offer, the investee protocol can fix and make these changes.
Thus, this article will tell you everything you need to know about Cult DAO. First, let’s dive in to understand what DAO is.
What Is DAO?
Decentralized autonomous organization (DAO) is a term for a group of people that agree to follow particular rules for a shared goal. Smart contracts – algorithms that operate when conditions are met – are used to write such rules into the organization’s code.
DAOs are entirely virtual organizations that use blockchain technology as a ledger to track everything in the group, whether it’s currency changing hands or decisions being made. Consider running a shipping company to understand how this may work in practice. There would be no governing board if that company became a DAO since everyone would have a say in decisions. Thus, smart algorithmic contracts would manage calculations such as inventory replenishment, transportation costs, and demand for certain items. Without the need for management, the company would run itself.
What Is Cult?
Now that you know what DAO is, we can continue to explain Cult DAO.
CULT is the Cult’s DAO tradable and liquid token. Cult DAO’s other token is dCULT, which is considered a “Proof-of-Stake Token” for CULT. When a user invests CULT in the DAO, they receive a dCULT, which may be swapped at any time.
The Cult DAO is decentralized, as is its funding process. Cult DAO will reimburse revolutionaries, decentralization enthusiasts, and anyone ready to break society’s ties as long as individuals are trading with CULT, Guardians are bringing out ideas, and users are voting. Only the Guardians (top 50 holders) can make a proposal. They cannot vote; therefore, their decisions cannot be corrupted.
These proposals must meet all three requirements or most of them:
- Fighting centralization
- Furthering the cause of decentralization
- Directly benefit a noble cause.
As mentioned above, what distinguishes CULT from other decentralized trading systems is that its platform is not under any control. Thus, Cult cannot be modified without human intervention. We do not have liquidity access, and we cannot update or modify smart contracts or tokens. Hence, CULT is unique because it cannot be blocked by developers, governments, regulators, or anyone else. They can destroy servers, but the code and the investment in decentralized technology remain.
Cult DAO Staking
The entire system of Cult DAO is built on CULT staking.
The Guardians are the top stakers and dCULT token holders. Meanwhile, after the user has staked their investment, they will receive dCULT tokens as security. The user may then redeem the money at any time for the initial amount placed.
The agreed-upon amount granted to the DAO is split 50/50 when a project proposal is accepted. The first half is burned, while the second half is sent to the DAO and distributed among CULT stakeholders. The user must have staked tokens in order to vote or get rewards. However, there is no need to deposit assets for staking on the CULT network. Each transaction advances the project, while each token burned diminishes the total number of tokens in circulation.
Users interact and trade with the token as usual. However, each transaction is subject to a 0.4% tax (in the CULT token), implying that practically all transactions should clear on regular DEX slippage settings. This tax is collected in Cult DAO’s treasury and accumulates to a USD value equal to 15.5 Ethereum’s market value.
CULT can be staked for dCULT. The Guardians are among the top 50 dCULT holders. Below the Guardians, all holders have voting rights and can make proposals. These proposals can come from anywhere, as long as they follow the guidelines and are submitted by a Guardian.
Cult DAO NFT Collection
Cult DAO announced the launch dates for their NFT collection in December 2021. The pre-sale began on January 11th, 2022, and sales began on January 13th, 2022. The Cult DAO NFT drop had a pre-sale price of 0.06 ETH and a public mint price of 0.1 ETH.
Immediately after their launch, every NFT was sold. The most popular one was the ‘Girl in the Helmet’. The NFT token, Girl in the Helmet, registered on the Ethereum blockchain, grants its holders exclusive ownership of works by well-known artists such as Beepl, Pak, and Bansky. Users who own this NFT token will have exclusive access to other member benefits, giveaway raffles, and future Cult DAO events. Another perk is the unique possibility to acquire existing and future rare NFT collections.
Girl in the Helmet (Source: Cult DAO)
How To Mint Cult DAO NFT?
- Use an exchange like Coinbase, Gemini, Binance (or any other preferred exchange) to fund your Metamask wallet with ETH.
- Go to the Cult DAO website’s minting page (at the launch) and link your wallet with Metamask.
- Approve the transaction costs + gas fees by pressing the Mint button.
Now you successfully own a Cult DAO NFT.
How To Buy Cult DAO?
We are going to show you how to buy Cult DAO on Coinbase. However, if you wish to purchase the token elsewhere, the steps are similar for any exchange.
How To Buy Cult DAO In Coinbase?
Some cryptocurrencies, like Cult DAO, can only be bought using another coin. So to purchase CULT, first you need to purchase Ethereum (ETH), then Cult DAO with ETH. a self-custody wallet is required. Below, we’ll show you how to purchase the token.
Step 1: Download Coinbase Wallet
Cult DAO can only be purchased using a self-custody wallet such as Coinbase Wallet. Coinbase Wallet is accessible through a mobile app and a browser extension.
Step 2: Choose a Username
You must select a username as part of the Coinbase Wallet setup process. This username enables users to transfer their cryptocurrency easily. You may keep your username a secret. However, you’ll need it to log in to your account.
Step 3: Buy ETH and trade for CULT
Go to the Coinbase Wallet extension on your browser. Select “Convert” from the drop-down menu. Look for Cult DAO and enter the amount of ETH you’d want to exchange for it. Confirm your purchase and finish the process by following the on-screen instructions.
Takeaways
- Cult DAO consists of a group of people who oppose centralization and aim to create a decentralized future.
- Cult DAO’s native token is CULT, and its other token is dCULT.
- The entire system of Cult DAO is built on staking.
- The Guardians are the top 50 stakers and dCULT token holders.
- Cult DAO’s NFT collection launched on January 13th, 2022, with the most popular NFT being “Girl in the Helmet”.
