Introducing ImmortalDAO (△,△) — A Decentralized Reserve Currency Protocol built on Celo
ImmortalDAO. The solution to many problems.
Let’s be frank. ImmortalDAO will start off as an OHM fork, BUT will eventually deviate to forge its own eternal path.
Inflation, Lack of Utility in NFT, Lack of integration between projects, etc. We will come across the other two problems in the later sections.
Inflation, a natural sign of growth, devalues our purchasing power as the cost of living increases. We have witnessed hyper-inflation in the US in the past few years as more stimulus cheques are printed. There are multiple ways to hedge against inflations such as accumulating interests through banks, investing in real estate, investing in BTC or ETH and more. However, inflation has started to outpace the bank interests which are controlled by monetary policies, real estate prices have become too unaffordable that it feels like an extortion, BTC (a store of value) and ETH (an ecosystem with many dApps) are too volatile and have yet to gain an intrinsic value to determine its actual risk. This is starting to sound dystopian.
An appreciating asset that is bound to outpace inflation, an asset with defined risks through intrinsic values. An asset that has the ability to be volatile for profits but also stable during times of hardship, *cough* the bear market.
How can this be achieved? Well, ImmortalDAO with its token on the Celo blockchain, called ‘IMMO’, is an asset, backed by cUSD (and hopefully cEURO and other strategic assets in future) in our treasury. Yes, cUSD is not an appreciating asset and its relative purchasing power frequently changes, but it does provide stability in the beginning of our growth and does help to establish an intrinsic value such that we will never fall below 1 USD. Now, the next step of this innovation is to amalgamate stability and a floating market into the system. Of course, the credits belong to Olympus founder in this particular regard for such a spectacular algorithm. The innovation will be explained in another article, to keep our introduction brief and concise.
Why Celo? Why Immortal?
The answer is pretty simple, Celo has always piqued our developers’ interests and intend to help Celo in revolutionising the financial system, aiming to bring prosperity to all.
To bring prosperity to all, Immortal has to be everlasting, permanent, not transient in nature. Hence, our team came to the conclusion of having ‘Immortal’ as our finalised name.
So, what’s the actual substance of ImmortalDAO?
Definitely, Immortal is going to have staking (a profit distribution model for ImmortalDAO) and bonding (a leverage strategy, buying below the market price). The mechanics of staking and bonding will be explained in-depth in the future article.
Sounds the same to me, what’s the difference?
Remember about the lack of nft utility and lack of integration between projects that were mentioned above? Immortal will hopefully be the first innovation of its kind. Immortal aims to be the bridge between the projects. Immortal wishes to be the spork of OlympusDAO (instead of a spoon like HectorDAO), displaying versatility.
Immortal will remain vague in this portion, to prevent potential frontrunning.
That will be the end of the brief introduction. We look forward to sharing more of our mechanics and ideas in future articles.
Goodbye, fellow Immortals! See you in the realm.
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