Hi ICP family
It is a big moment for us and today we are thrill to announce the creation of The Gold DAO SNS.
We are a group of individuals that have been working together for several years - some from DFINITY, ORIGYN, Yumi, Bity and Quantum - such as myself. We came together to launch the SNS GOLD DAO. We believe ICP needs a native USD Stable Coin and a Gold Token, however we want it to shine across multiple blockchain.
The initiative requires many different skill sets and the synchronisation of multiple actors. ORIGYN and Yumi have already succeeded in this regard and have prepared the ground for a decentralized Gold Project with their GLD NFT.
The Gold SNS will hold the smart contract private keys allowing the creation of GLDT and a USD stable coin backed by GLDT. Revenue will be shared within the SNS, together with 500 million OGY tokens as outlined via the most recent release of ORIGYN token economy, ORIGYN is doing this exceptional donation supporting The Gold SNS DAO holder and its further development. As explained this project is a Trinity, with three phase.
The phase one has been mentioned above. The phase two, is the creation of a smart contract enabling the swap of GLD NFT into GLDT, and is currently being audited. The Phase three which is the creation of a USD stable coin : USDG, is currently in development. It is an exciting moment for us and we are looking forward to debate in a constructive manner the next steps with all of you. We feel honoured to be part of the ICP family since years and thank everyone in advance for your attention and participation and patience.
Stay tuned, more infos to come.
While I do not work for DAOLink, I have been advising on tech integration and am the architect of the ORIGYN_NFT that has a key part to play in this ecosystem. I’ll be happy to answer any technical questions that anyone may have. I’ll answer what I can!
In a similar vein, I am a trained monetary theorist and will try to answer economic related questions.
Will there be a similar thing for fractionalized art?
Wow. I am glad to read this. Especially because it involves lots of collaboration and shows the strength and reach of the community.
Gold-backed on-chain stablecoin integrated with web2 and web3 - sounds great
This is the best solution for gold bugs . And would also enable multi-asset stables, like adding BTC to the mix and provide a more optimistic/ riskier stablecoin.
Great work and looking forward to it. (note to myself: should buy some OGY)
In its current state, the ORIGYN Network is really great at two things. Digital and Physical Escrowed Items. Physical Peer-to-Peer is in the dev queue and we’ll get there, but for now, things like the gold project and escrowed art are right in the wheelhouse of what we can do well.
The framework that the Gold DAO has put together can certainly be extended to other asset types. I’m not sure about the economics working as well for a stablecoin, but the swap canister that has been built could be used to swap painting pieces for painting coins with just configuration changes. This works especially well when you have the asset in escrow and a collateralized custodian.
Excited to see this develop!
Hmm, I have a fondness for gold; hopefully, it proves to be a wise investment
Well I wouldn’t really consider a stable coin an investment. But this kind of token on the IC is needed imo.
I read on Yumi’s website that Gold NFTs are provided by Metalor. What’s the relationship between Gold DAO and Metalor?
In general, I have a few related questions:
- is it possible for a DAO to directly partner with a company?
- does the partnership have to be mediated by a foundation “impersonating” the DAO?
- if so, how can the foundation commit to the decisions of the DAO?
Metalor has no relation with The Gold DAO. The Gold DAO is also not controlled by any entity. Even DAOlink Sarl who is launching the Gold DAO does not have control over The Gold DAO.
Metalor is one of the top 3 gold refiner in the world and through Yumi market place directly which is a regulated kyc/aml company or through any gold license company who would have the autorisation to sell/buy gold, Metalor can sells its gold. It is a new market opening for them. When describing phase one, then identity and the source of money is known kyc/aml. These operations a fully FINMA compliant.
Once an entity or a person has purchased gold and hold a NFT. He is the sole owner of it. It is up to that entity to decide to hold, sell, or lock is NFT into the phase 2 smart contract. The phase 2 is not operated by Yumi but is a smart contract which the private key is owned my the Gold DAO. The swap mechanism is done automatically, it is fully transparent. No team, company is behind it. Only the Gold DAO.
A DAO could demonstrate by a vote its will to enter into a collaboration with a company or a person. And to show a common will we could imagine a common digital signature. However this « will » is not yet recognized legally in most of counties. Evolution of tech is going much faster, than rule maker, legal civil structures and politics. It will takes time but we are definitely going into that direction. People participating in it are sort of pioneers. I was part of the first DAO, The DAO in 2016 and I can tell you things takes time.
Thanks for the clarification
Would be great to figure out how to make a DAO collaborate with a company. In this case Gold DAO would also manage the buy/sell of Gold NFTs and directly forward the orders to Metalor.
Thank you Massimo.
Well you must take in consideratIon one important thing. The Gold DAO is not kyc/aml so no entity which are not kyc can interact in phase 1.
It s a bit similar that if the SNS has bitcoin or ICP and the SNS want to sell it against fiat. No exchanges will accept because the SNS holder are not known.
The SNS can stay at the level of phase 2 and 3 but cannot enter phase 1 because or regulatory reasons.
Crypro to Crypro is ok though.
When someone will want to redeem its Gldt or Gold Nft in real gold it will have to go through kyc/aml
What just about to write a post about the spread of NFT price vs gold per g price being quite high on Yumi… then realised that it’s actually £30 cheaper than getting 100g sent to me via post (UK).
That’s not to say that either are great… as there is still quite a mark up from spot on both methods (about $300 above spot for 100g). ~4%
Gian - do you think with scale etc, NFTs/ Gold DAO will be able to offer gold closer to the spot? Having the most portable and tokenizable gold product as well as the tightest spreads would be rocket fuel!
Would love to see prices at spot + >2%