Gold Standard DAO AMA: 21/12/21
Transcript of the AMA held on the 21/12/21:
1) What are the Gold Standard DAO’s goals?
Long term success is what we are aiming for, to eventually be an algorithmic reserve currency backed by a basket of real world assets with transparent backings. More precious assets, game changing features will also be integrated along the way to ensure GSDAO’s success. Gold Standard DAO aims to bring the gold standard back to the monetary system.
2) How do I participate and how do I get on to the whitelist?
The initial whitelisting process is concluded. However, you can reach out to one of the CMs in Discord, we may have some spots available. (KYC applicable)
3) When is the public sale?
The IDO is currently ongoing and is being extended by 4 to 5 days due to market conditions. We understand that some of our community members feel the need to engage our AMA before deciding to participate in the IDO. The public auction sale will go through Copper Launch by the end of the year to early January, following with the main net launch shortly after.
4) Can I still contribute to the maximum amount of the IDO even if I only pledged for the minimum?
Yes, please reach out to one of our CMs for instructions
5) When will I get the receipt for the IDO?
An email will be sent out to all participants shortly after the IDO is concluded. Each of the individual contributions are manually managed and cross checked before airdrop at main net.
6) Where is GSD launching on, and what’s the benefit?
We are launching on Avalanche because they have all the infrastructures available to support the protocol. (EVM compatibility, great liquidity and low transaction fees). We will bridge over to Syscoin layer 2 once ZkRollup is ready. This being said, GS DAO needs to be supported across multiple chains.
7) Some wallets are not compatible with web3 yet. What is the plan?
We are currently working on implementing web3 onto LODEpay wallet. There may be a slight delay for users who prefer to use their Lodepay Wallet to receive GSD. We have a ‘No man left behind’ mentality on this aspect of the project. Just reach out to us if you have more questions regarding this.
8) What is the plan for our future assets, what are we looking to integrate into our treasury?
Upon main net launch, our bonding assets are AUX, AGX, USDC, SYS (subject to availability), GSD — AUX and GSD — USDC. In V2, however we will be looking into other precious assets.
9) What is the relationship between gold and the price of GSDAO?
As the price of gold fluctuates, the intrinsic value of our treasury / floor price moves, in theory it reflects into the price of $GSD being traded on an AMM.
10) What is the APY? What’s the point and benefit of holding $GSD?
We are planning on starting the APY at around 20,000–40,000%, the key is to make it sustainable. Long term stakers benefit by staking $GSD, earning compounding rewards every eight hours.
11) How are we different from OHM?
Ohm is mainly backed by Dai, which is a USD backed stable coin. While $GSD is backed by physical precious assets stored in vaults around the world. GS DAO aims to build a product not just for the crypto community, but for mass adoption and real world use cases.
12) How will OHM updates affect GSD and what’s the plan moving forward?
Our core members have been in the crypto space since the early days, they are well connected to the crypto community and pay close attention in keeping up with the market.
They are constantly looking at ways to improve the protocol not just from one other protocol, but rather many other defi products.
13) There is another rug today. Should we be concerned that the GSD team is anonymous. How can you instil confidence in the community?
No, you should not be concerned about the GSD team being anonymous, our partners and backers are public. Team members have also been doxed between partners. We had the chance to do our IDO earlier, but at the end decided to do things the right way, consulted world class international lawyers to set up our foundation correctly in Switzerland. This ensures GSD continues to develop in years to come.
14) Are we planning to list on exchanges? What is the strategy?
We are looking to provide LP on Trader Joe for our main Dex, we are also open to talk to CEX about future listings and collaboration.
15) The project seems to be more user friendly for the tech savvy. How are we addressing this to the community that may not?
We are trying to simplify the process including onboarding and offboarding for everyone. The plan is to always include step by step instructions for any processes. On top of this we are also actively engaging with our community within Discord.
16) What social media are we using or will be using, is there any plan for marketing?
We are active on both Discord and Twitter at this stage. As we grow, we look to expand our presence on Telegram, Reddit, Youtube, Instagram or Tiktok. In terms of marketing leading up to public auction, we will be using influencers on these platforms to spread awareness. If you think you can help, please reach out to one of the GS Team or simply email us on firstname.lastname@example.org.