What’s the official website for this project?
The official website for the Gold token (GLDT) is gldt.org and for the Gold DAO is www.gold-dao.org.
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Hi ICP fam, the details about the SNS sale can be found in the sns_init.yaml file on the GoldDAO Github.
Also, this repository contains all code related to the GoldDAO project. Have a look and let us know if you have any remarks or questions.
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One question.
Why ICP?
Is there any reason why it should be ICP instead of issuing Gold NFT, GLDT, USDG on other chains?
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I think they needed Origyn NFT to authenticate the real world gold bars onchain.
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There are many reasons, one being e.g. that ICP is the only one that allows us to put all data on-chain for a reasonable cost. The NFT runs on the Origyn Protocol which includes all certificates, audit reports etc about the gold bars, so it’s essential that those can be stored for a reasonable cost. On top of that, ICP is one of the few chains who are actively working on cross-chain capabilities (see ETH integration) and we are planning to utilise this for bringing the tokens to other chains.
Have a look at the whitepaper where we describe a bit more about this.
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I’ve confused what I do with my Gold NFT’s… will I be “staking” or “swapping” them? Just clearing up terminology as I’ve seen both words used.
To me staking implies I will be paid or earn a yield on my Gold NFT and I will be paid in GLDT. Swapping implies to me that I will get a lump sum 100 GLDT per 1g of Gold NFT.
Is there anywhere to make a yield on my GLDT or Gold NFT in the ecosystem or do I have to wait to mint USDG with my GLDT and then loan out my USDG to make a yield?
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Attaching interest such as GLD gov tokens to Gold NFT locked in a GLDT swap to the extent that they do not become liquid tokens would be effective in increasing the volume of GLDTs in circulation.
Regarding the terminology, Gold NFTs are “swapped” for GLDT. About the yields, there is no immediate yield just from swapping GLD NFT to GLDT. To encourage users to swap GLD NFT to GLDT, there will be a variety of incentives, including airdrops, like OGY and GLDGov. A sustainable form of income from the GLDT will come once products like USDG are built on top of it.
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It looks as if the proposal formatting went squiffy. Here is the proposal text in a more readable form - I hope! I disclaim all responsibility for the text though.
Gold DAO Proposal for SNS Proposal to create an SNS for the project Gold DAO.
Token distribution
The total supply at time of the SNS sale is 1_000_000_000 Tokens.
- 20% allocated to the decentralization sale (200_000_000 Tokens)
- 18% allocated to the team (180_000_000 Tokens)
- 62% allocated to the treasury (620_000_000 Tokens)
Governance
The governance model includes staking, voting, and other relevant details.
The minimum amount of SNS tokens to stake a neuron is 100.
The minimum dissolve delay for a neuron to cast votes on proposals is 3 months and the maxmimum dissolve delay is 2 years.
Decentralization Sale
- Minimum number of participants: 100
- Minimum raised through direct participation: 200_000 ICP
- Maximum raised through direct participation: 750_000 ICP
- Minimum contribution through direct participation: 8 ICP
- Maximum contribution through direct participation: 200_000 ICP
- Neuron fund participation: Yes
The dapp
The Gold DAO is developed in different phases and the SNS will control the following canisters at time of the SNS sale
- oh54a-baaaa-aaaap-abryq-cai (GLDT ledger)
- oo6x4-xiaaa-aaaap-abrza-cai (GLDT ledger indexer)
- o4yaf-3yaaa-aaaap-abr2a-cai (GLDT explorer frontend)
- bojx2-iaaaa-aaaag-ab3jq-cai (GLDT landing page frontend)
Verification
All information about the project can be verified in the whitepaper and on Github.
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You mention audit reports in the original post, have any of these been published yet?
Yes, you can find them on their site.
humanity might need this. but old might will hate losing control.
sadly i suspect the banana republic usa will go after this project … like they prevented COMDEX of COSMOS becoming a commodity broker.
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This is a really exciting project. As the project grows, wouldn’t housing the physical gold as volume increases with a single vault provider in Switzerland create a risk of centralized point of failure? Are there any plans to decentralize and use multiple providers separated geographically to increase the decentralization of the custody of the physical gold itself?
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you can find the reports here
Good morning!
I noticed that it seems as though a code review of the application is being requested, however there’s potentially a mix up in understanding, and financial audits are being provided instead.
Does GOLD DAO have a development team auditing the code base of the application?
Thank you, God Bless🤝
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A Decentralized Autonomous Organization (DAO) is a type of organization represented by rules encoded as a computer program that is transparent, controlled by the organization members, and not influenced by a central government. DAOs are often associated with blockchain technology, most commonly the Ethereum blockchain.
Key elements of DAOs include:
- Smart Contracts: DAOs operate through smart contracts, self-executing contracts with the terms of the agreement directly written into code. These contracts are stored on a blockchain, ensuring transparency and immutability.
- Voting Mechanisms: DAO members typically have voting power proportionate to their stake in the organization. Decisions, such as fund allocations or protocol changes, are made through voting.
- Tokenization: DAOs often involve tokens representing ownership or voting rights within the organization. These tokens are usually tradable on cryptocurrency exchanges.
Gold DAO (Hypothetical Concept):
A “Gold DAO” could imply a DAO that is somehow linked to gold or assets. Here’s a hypothetical scenario:
- Asset-Backed Tokens: The DAO might issue tokens backed by physical gold reserves or a gold-backed stablecoin. Each token could represent ownership of a portion of the gold held by the DAO.
- Governance: DAO members could use their tokens to participate in governance decisions, such as determining how the gold reserves are managed, whether to acquire more gold, or other strategic decisions.
- Smart Contracts: Smart contracts could be used to automate various processes, such as distributing profits, voting on proposals, or managing the redemption of gold-backed tokens.
- Transparency: The blockchain nature of DAOs ensures transparency, allowing members to verify the gold reserves and the DAO’s activities on the blockchain.
- Decentralization: The decentralized nature of the DAO means that decisions are made collectively by its members, reducing the need for central authorities.
Risks and Challenges:
While the concept of a Gold DAO sounds promising, it’s essential to consider potential risks and challenges, including regulatory compliance, security concerns, and the stability of the underlying asset (gold). Additionally, developments and new projects emerge frequently in the blockchain space, so it’s crucial to research and verify the specifics of any project claiming to be a “Gold DAO.”
I have two questions:
- Can you elucidate on your vision of a sufficient liquidity environment for the project after the launch?
- Can you share any information on the team and advisors behind the project, their domain focus and previous experience? Will there be a foundation associated with the Gold Dao project after SNS launch which contributes to the project, similar to how DFINITY does for the IC?
I know some of this may have been discussed on x.com however I think as SNS sale approaches it would be helpful to add it here for the developer community to see who may not be active on that platform. Thank you for your thoughtful consideration.
Yes, there is an audit that is being done.
Congratulations @GOLDDAO for exceeding the minimum commitment goal and tapping into the Neuron’s Fund for your SNS.
Hey @bjoernek is there a glitch in the NNS dApp display? It appears that the commitment goal progress bar shows direct commitment only, not overall commitment. Shouldn’t it show both direct commitment and neuron’s fund commitment? The overall commitment is almost 2/3 to the maximum, but the progress bar shows only 1/3 of max commitment. This could lead people to think they have plenty of time to make their commitments when in reality it could be close to the end.
Also, now that we have an S-shaped Neuron’s Fund commitment curve, how can we tell where we are on that curve. Is it maxed out already or still in the max slope region? How can we tell?
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