Decentralising Centralisation TM
What is a Decentralised Autonomous Organisation (DAO)?
A DAO is a collectively-owned, blockchain-governed organisation working towards a shared mission. DAOs allow us to work with like-minded people around the world without having to trust a single leader to manage funds or operations. There is no CEO who can spend funds at-will or CFO who can doctor the books. The backbone of a DAO is its smart contract, which defines the rules of the organisation and holds the group's treasury. It can send and receive funds without a trusted intermediary and once a smart contract is live on the public blockchain, no one can change the rules except by a vote. This allows the DAO to run by the rules it was programmed with.
What is Boom DAO?
Boom DAO is a community-driven, non-profit organisation, focused on making commerce more equitable by decentralising the centralisation of money. Boom DAO oversees the Boom Foundation, which is responsible for the Boom, e-commerce without banking application, its native token the Multicoin (MTCN), and the global initiative to tokenise CBDCs starting with the Wrapped eNaira.
The Boom DAO is a permission-less, token-based membership DAO and the Multicoin (MTCN) is also its governance token. 1 MTCN, 1 vote.
How does voting work at Boom DAO?
An individual’s voting rights are equal to the percentage of Multicoins they own, divided by the total circulating supply. For example, if you own 8 Multicoins when the circulating supply is 100 Multicoins, you have 8% of the voting rights. Holders of Multicoins that also provide liquidity on decentralised exchanges with their tokens, are Boom DAO super voters because their voting rights is doubled. In the prior example, if the individual provides liquidity with his/her 8 MTCN, he/she will have 16% voting rights instead of 8%. Multicoins can be traded permissionlessly on decentralised exchanges such as Uniswap.
What projects does Boom DAO currently oversee?
- Boom Foundation, which operates the Boom, e-commerce without banking applications worldwide, and;
- The WxCDBC initiative which focuses on decentralising Central Bank Digital Currencies (CBDCs) into public blockchains to extend their utility by making them DeFi compatible, improve transparency of transactions and return control of money to the people. The first WxCBDC to be deployed is the Wrapped eNaira, the ERC-20 tokenised version of the Nigerian Central Bank Digital Currency, the eNaira.
What is a Central Bank Digital Currency (CBDC) ?
A Central Bank Digital Currency is virtual money issued and backed by a Central Bank. Like existing forms of money, a CBDC would enable the general public to make digital payments. Put simply, CBDCs are Central Bank-backed stablecoins and therefore, they are the safest digital asset available to the general public, with no associated credit or liquidity risk.