How DAOs are reshaping the decentralized reserve currency system
NemesisDAO (the ‘DAO’) is bringing a decentralized reserve currency system designed to the Binance Smart Chain. The DAO is supported by a treasury-rebase mechanism that offers an intrinsic worth that will not be lowered than its face value. The protocol intends to become the go-to reserve currency on the Binance Smart Chain network while ensuring short-term or long-term returns for all token holders.
The DAO intends to operate a community-driven venture where token holders retain the freedom to vote on recommendations and submissions for future events. Through the integration of DAO, it focuses on providing incentives to community members for staking and minting. The DAO is a community-governed reserve currency project where token holders reserve the right to vote on suggestions and proposals for future developments. Furthermore, the DAO strives to be the world’s premier blockchain platform, providing users with an equal and fair chance while providing an appropriate and safe environment free of rug pulls, manipulation, and other nefarious actions.
The primary objective is for NMS is to become a popular trading combination on the BSC with real-world assets backing it up. Nemesis DAO is developing a policy-controlled currency system in which the DAO controls the behaviour of the token to a greater extent to benefit the masses. The mechanism can optimize for stability and consistency, allowing NMS to serve as a universal unit of account and instrument of exchange currency.
What are Decentralized Autonomous Organizations?
DAO (Decentralized Autonomous Organization) is a type of organization governed by rules stored in a transparent computer programme and is not affected by a central government. No managers are required because the rules are built in the code, eliminating any bureaucracy or hierarchy barriers.
Several of today’s modern internet users, as well as future generations, are eager to form social organizations to find an answer to the question - How can we exchange information in a secured environment? Even while blockchain facilitates automated trusted transactions and asset exchanges, Ethereum claims that internet users worldwide desire to organize themselves in a “safe and effective way to cooperate with like-minded people all over the world.
As a DAO has predefined rules, it operates independently and is managed through a consensual decision-making mechanism. Slock.it, a German firm, created “The DAO” in support of its decentralized variant of Airbnb in May 2016. It was a massive hit at the time, with a crowdfunding campaign raising over $150 million in Ethereum. However, it was subjected to a hack whereby hackers diverted some 50 million dollars worth of Ethereum from the DAO due to certain flaws in their code, which ultimately led to significant trust issues of investors on the DAO ecosystem. Lately, a resurgence of interest in DAOs has arisen due to the rising popularity of Decentralized Finance (DeFi) since 2020.
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Image credits: charlesdeluvio and Christine Roy.’
Disclaimer: The purpose of this article is to remove informational asymmetry existing today in our digital markets by performing due diligence, asking the right questions, and equipping readers with better opinions to make informed decisions. The writer holds Bitcoin, Ethereum, Cardano, Solana and Cosmos. The writer has a vested interest in the story.