The Gold DAO, initiated by DAO.Link, is a groundbreaking undertaking aiming to digitize and democratize the worth of gold by blockchain know-how. This initiative merges the timeless attract of gold with an modern technique for folks worldwide to securely and pretty commerce bodily gold, bypassing conventional banking programs.
For over 5,000 years, gold has been deeply linked with humanity. It’s not only a steel; it’s timeless, corrosion-resistant, and extremely malleable for artisans. Its rarity from deep inside the earth provides to its desirability, traditionally related to wealth, status, and royalty.
Gold symbolizes enduring worth and craftsmanship in our collective historical past. Nevertheless, its impractical bodily weight led to the abandonment of gold as a bodily forex.
Internet 3.0 and blockchain know-how can tackle this situation and ameliorate the present options. In impact, Gold will be digitized into blockchain-based tokens, making it extremely moveable and straightforward to switch, whereas mixing the attraction and retailer of worth traits of gold with the energy of decentralization, transparency, transferability and the safety of blockchain know-how — a long-anticipated wedding ceremony.
That’s the place the Gold DAO function takes place.
The Gold DAO, initiated by DAO.Hyperlink, builds upon the achievements of the ORIGYN Protocol and Yumi. Leveraging the Internet Computer Protocol(ICP), this collaborative undertaking goals to revolutionize gold’s function in the digital and monetary world.
DAO.LINK has collaborated with modern firms and digital gold pioneers, together with the ORIGYN Protocol , Yumi Marketplace, DFINITY Foundation, Bity, Metalor, Loomis, KPMG, and Quantum Agency together with extremely expert people. Collectively, they’re reshaping how we are able to transact with gold worldwide, making it extra accessible and safe for everybody.
The motivations behind the Gold DAO are twofold. First, it goals to create a safe and absolutely compliant commodity based mostly upon bodily gold present on the blockchain, permitting for a liquid technique of alternate, and reaping the advantages of gold whereas addressing its fundamental downside: lack of transportability.
Second, it seeks to leverage the safety of gold to create a USD-pegged stablecoin in addition to, collateralized by digitalized gold — GLDT or straight by GLD-NFT.
The resolution’s first and most basic properties are safety, compliance, and being cross-chain. We guarantee safety by having the bodily gold insured and saved at Loomis and, or Metalor in Switzerland, which is audited quarterly onsite by KPMG. The gold is of 99.99% high quality of refinement and is procured by Metalor, a world chief in gold refinement.
We’re harnessing the distinctive know-how of the Internet Computer Protocol(ICP) to ascertain a Service Nervous System (SNS). The SNS, as the sole non-public key holder, ensures decentralization, transparency, and undertaking safety whereas stopping malicious actors from disrupting the undertaking or steering it solely in the direction of their very own pursuits. The SNS shall be the sole non-public key holder and the transparency of its mechanism is offered to everybody.
This ensures the undertaking’s continuity, backed by the energy of blockchain. Funds raised through the SNS will serve to proceed the improvement of section 2 and three which can be talked about beneath. Gold DAO SNS holders achieve governance tokens (GLDGov), letting them take part in undertaking governance and share in the undertaking’s income created by The Gold DAO.
The Gold DAO SNS includes three phases:
- Section 1: The main section has already been accomplished by ORIGYN and Yumi. A digital commodity representing safe and audited bodily gold in Switzerland. This entails the creation and issuance of GLD-NFTs; NFTs linked to bodily gold bars held in a prime safety storage and recognized by a serial quantity. Technically, these NFTs depend on the ORIGYN protocol, a Actual World Property (RWA) and a next-generation NFT protocol. GLD-NFTs are listed on the 2nd fixing of London and may symbolize 1g, 10g, 100g, or 1 kg of gold.
- Section 2: This section goals to introduce fungibility to GLD-NFTs, making a liquid digital gold token referred to as GLDT. A scarcity of fungibility and divisibility has hindered the broader use of gold-based NFTs as a medium of alternate, much like the limitations of pure commodities. The SNS will maintain the non-public key, permitting to push code and replace the sensible contract working the GLD-NFTs to GLDT swap, reworking them from non-fungible to fungible property.GLD-NFTs are securely saved in a sensible contract, and the creation price of GLDT shall be straight linked to the worth held inside that contract. In contrast to GLD-NFTs, GLDT is mathematically divisible and will be simply transferred, making it a flexible medium of alternate that derives its worth from gold costs.
- Section 3: On this ultimate section, the nature of gold as a commodity turns into essential because it paves the manner for the creation of a gold-backed stable-coin pegged to the US greenback — initially, the USDG, gold-backed stable-coins is not going to solely be restricted to USD forex in later phases. SNS-collected funds will finance the improvement of this stablecoin. Section 3 is the place to begin of income technology.
The international Tokenomic of the Gold DAO and the USDG stability mechanism have been theorized by Dr. Yulin Liu, a financial theorist presently serving as the Senior Financial Advisor at ChainLink. He’s additionally a former Chief Economist at Liquity, a Visiting Economist at the Financial institution of Finland, and an Economics Professor at HUST.
SNS holders of GLDGov inside the Gold DAO get pleasure from a number of benefits. In Section 3, they obtain income generated from the stablecoin (Section 2, a 1 to 1 swap, doesn’t generate charges). These holders actively make selections concerning gold sensible contracts, tokenomics, and undertaking processes. This energetic participation enhances decentralization and safety, fortifying the undertaking in opposition to corruption, energy centralization, and malicious actors, and making certain its ongoing operation.
Furthermore, holding GLDGov tokens supplies oblique publicity to digital gold property, which might develop in worth as the Gold DAO undertaking succeeds. These advantages collectively supply SNS holders monetary incentives, a voice in governance, and a stake on this historic DAO undertaking.
Final however not least, the ORIGYN basis has agreed to supply an unbelievable donation to make sure the success of The Gold SNS is offering 500 million $OGY tokens. This half-billion $OGY shall be staked for five years, the staking rewards shall be allotted to the SNS GLDGov holders month-to-month. 50% of all of it shall be distributed in 5 years. The different 50% will proceed to be staked inside the SNS, offering income to the DAO to help additional improvement. Let’s not neglect that $OGY is at the base of the digital gold mechanism described above. Each new gold certificates burns OGY tokens, creating a completely deflationary mechanism as described here.
The whitepaper and the tokenomics shall be launched very quickly on all of our platforms. We welcome questions and feedback and are at all times searching for constructive and clever engagement from the group. A particular bounty shall be devoted to invaluable contributors.
- If you’re , please get in contact with us together with your particulars right here: info@gold-dao.org
- A hyperlink to all of our platforms: linktr.ee/golddao
- Observe Gold DAO on Twitter: twitter.com/gldrwa
- Be part of Gold DAO on Telegram: t.me/TheGoldDAO
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