The DAO is one of the greatest inventions of our time. Originally made possible by the Ethereum network and the EVM (Ethereum Virtual Machine), several blockchains now offer the ability to create a DAO including Fantom (FTM), Cardano (ADA), Solana (SOL), Binance Smart Chain (BSC), and others.
A DAO is a decentralized autonomous organization. It’s like a company in that it has a purpose to work towards, however, there are no senior-level officers and no managers. Everything the organization does is proposed and voted on by the holders of the DAO’s native token.
But DAOs don’t just materialize on their own. Someone has to put in the time and resources to develop the plan, create the smart contracts that run the operations, and get the message out to potential investors. These activities are generally laid out in a document called a whitepaper, the purpose of which is to enlighten prospective members on how the DAO will operate.
One such animal is a DAO called Uniglo (GLO). According to the Uniglo Whitepaper, the idea is to bring together a community of crypto investors to build a common treasury that will be used to invest in digital assets such as cryptocurrencies and NFTs as well as tokenized real-world assets such as gold, collectibles, art, and rarities. All decisions on which assets to buy and sell and other project activities are voted on by the community.
The assets will exist across various blockchains including Ethereum, Binance Smart Chain, Polygon, Solana, Fantom, Avalanche, and more. The idea is, that if one of these networks encounters a black swan event it doesn’t put the entire portfolio at risk.
The Uniglo Whitepaper also lays out the project’s revolutionary burning mechanism meant to create a hyper-deflationary token. The idea is to make the token more and more scarce and at a faster and faster rate over time in order to keep the price floor high. First, a 2% tax on all sales of GLO tokens is burned. Second, profits from investments can be used to buy back and burn GLO tokens as voted upon by the community.
The starting circulation will be 218.75 million GLO, 80.00% of which will be made available to early investors via private presale. Any tokens that remain unsold after the presale will be burned. Also, 7.30% goes into a liquidity pool, 5.00% goes to the Uniglo Foundation (vested for 3 years), 5.00% goes toward development, and 2% goes toward marketing.
Once the token goes onto exchanges, 2% of every transaction will be transferred into the GLO liquidity pool within Uniswap, 5% will be transferred into the treasury, and 1% will be dedicated to marketing efforts.
The DAO itself is protected by a Multi-Signature Authentication System or Multi-Sig for short. This prevents alterations to the smart contracts without the consensus of the board. It also prevents back-door loophole attacks.
The Uniglo DAO, which will run on BSC, will likely act as a model for future community investment DAOs on other blockchains such as Fantom and Ethereum.
You can check out the whitepaper and get involved in the token presale at the Uniglo.io website.
Learn more here
Join Presale: https://presale.uniglo.io/register
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