Introducing GOLD Standard DAO
In recent years, defi has taken a tremendous leap in its innovation and expansion. Many sectors see the opportunity to incorporate blockchain technology in their businesses. The main value that blockchain technology brings to real world applications are transparency, costs, efficiency and to an extent decentralisation. We saw the need for an algorithmic coin backed by precious metals.
Inspired by Olympus Dao, the Gold Standard Dao is designed to have a treasury backed by Gold.
The problem: Inflation
History has proven that unlike fiat currencies, which are created by governments, gold bullion will always preserve it’s buying power. This makes precious metals an excellent safe haven against financial market fluctuations and economic disturbances.
Gold Standard Dao aims to solve this issue by using tokenized gold as our backing.
The solution: A Gold Standard DAO
Gold Standard DAO aims to solve this issue by using tokenized gold to back our treasury.
Each Gold Standard DAO token is backed by 1 milli-ounce of gold in the treasury (at the time of writing this article: Gold is $1.76 usd per milli-ounce.) Live exchange price.
The protocol ensures that each $GSD minted is backed by 1 milli-ounce gold, meaning the fair value of $GSD should be traded above the intrinsic value.
“There are exciting times ahead for DAOs. Truly decentralized DAOs will finally emerge soon, made possible by ZK-Rollup tech. Gold Standard DAO and the ideas behind it really appeal to the Syscoin Foundation. We are collaborating to help Gold Standard maximize the advantages of using NEVM, Syscoin’s new smart chain with ZK-Rollups.” — Bradley Stephenson, Syscoin Foundation.
Details of our project can be found on our litepaper.
For further updates join our community Discord group for details of our upcoming token launch.