Decentralized autonomous organizations — known as a DAO for short — have become a mainstay of the crypto world.
The rationale behind DAO is to enable companies and organizations to fully function without the need for a hierarchical management structure. As this Cointelegraph guide explained, it’s like a vending machine delivering a snack in exchange for a bundle of coins — and then automatically using those funds to reorder stock. There’s no need for human involvement in keeping the machine running, as all of the processes it needs to function are pre-written into code.
Beyond this real-world example, the possibilities for DAO are endless. There’s just one issue: Some believe that the potential and promise that this technology offers aren’t being fully exploited. Many DApps only use DAO for governance purposes — enabling community members to submit proposals and cast votes.
A growing band of crypto enthusiasts believe that DAO will play a starring role as the world makes the shift to Web3 — paving the way for fully decentralized companies that can secure the same levels of significance and influence that centralized tech giants currently enjoy in the Web2 world. The rise of the value internet will require a new style of organization where decentralized apps are managed by community members.
But if this is going to be achieved, the DAO needs to evolve. Technical limitations need to be addressed and removed to achieve mass adoption.
MetisDAO believes that decentralized autonomous organizations should provide far more than a voting mechanism for members of the community. Instead, it argues that the DAO should help manage their collaborations — enabling everyone to contribute to a project’s growth and receive incentives based on their hard work.
But at the moment, the structure of the DAO means that it’s ill-suited to large-scale applications. There’s a heavy reliance on smart contracts, and the programming language isn’t always ideal for executing complex business logic. The focus on voting is also impractical for a big, decentralized company, and can distract from the bigger picture. Major businesses don’t have board meetings every day to vote on operational matters — instead, they have a framework to ensure that daily operations are under control. DAO needs the same.
From a technical perspective, change is also required. Layer 1 solutions are marred by high gas costs, low levels of efficiency, and a lack of on-chain tools that can support the management of a DAO. Evolution is also needed to ensure that members of a community can trust each other easily.
Making decentralized companies happen
MetisDAO features a core mechanism for building trust and holding people accountable. Known as Optimistic Governance, this approach aims to unite community members through the use of staking bonds, which ensures that participants are financially committed and motivated to work in the best interests of a project. Collaborators who fail to fulfill promises could end up being penalized through a suite of pullback mechanisms.
Decentralized companies can be established in three simple steps — and the embedded trust mechanism means that they can collaborate with anyone. Over time, users can accumulate Reputation Power, a decentralized business credentials system that’s based on collaboration history recorded on the blockchain. This means every wallet address can be evaluated so users can ascertain whether they are trustworthy or not.
Metis is also a Layer 2 solution (by hard-forking Optimistic Rollup) that serves as a sidechain on top of the Ethereum mainchain. This paves the way for greatly increased scalability and dramatically lower gas costs. Most transactions end up happening in this sidechain, and are rolled up into one package when communication needs to be made with the mainchain. Better still, a plethora of microservices and tools can be developed and deployed through this infrastructure.
The project also offers more functions for DAO management — and already, community members have developed task management, knowledge management and event management. This is coupled with a simple interface that Web2 users will find easy to understand, and straightforward APIs that pave the way for integration with other DApps.
In time, Metis is hoping to ensure that the DAO can serve as more than a shell structure that doesn’t encourage value creation. Reform is needed for effective governance. Many projects are home to token holders who are determined to pursue arbitrage opportunities — people who have little to no intent of voting because they don’t care about what’s going on in the community.
Metis just finished its seed round fundraising and is set to officially launch in April — and private fundraising is scheduled to conclude in the same month. This will pave the way for integration with Web2, DeFi and NFT communities. Integrating with DeFi protocols will enable community members to operate and manage their funds collectively and avoid being exploited by whales. Metis tokens are going to be listed on exchanges before June, and a range of additional microservice tools will launch. And before the summer, decentralized companies will be able to launch their very own tokens.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.
Unlike Dogecoin, Catecoin Gives a New Meaning to Meme Coins with Real Use case
In the present-day connected world, memes have become an integral part of our pop culture. While one can’t put a monetary value on the entertainment they provide, its creators can definitely be encouraged and rewarded for their contribution towards a lively internet.
Catecoin, the first decentralized meme-based token is trying to do just by incentivizing content creators as well as consumers. The project is the first of its kind to implement DeFi features in the content space. Fueled by the CATE token, the project offers a platform for user-generated content, quite similar to 9GAG but on a blockchain, along with content farming and staking features.
How does it work?
Using the Catecoin ecosystem is as simple as using any social network platform. Content creators can submit their creations to the Catecoin Meme Platform and once published they will start earning CATE rewards as the community likes or comments on that content. Even platform users who interact with the posts will receive rewards for their comments and likes.
Meanwhile, the posts are evaluated based on the received reactions. Any post with 500 or more likes from the community will become eligible for a transformation into an NFT and get listed on the NFT market. Catecoin refers to this entire process as Content Farming and has set aside 35% of CATE supply for this alone.
CATE is the utility token of the Binance Smart Chain-based Catecoin project. Apart from value exchange, these tokens also control the accessibility of the platform. Users should hold a minimum of 10,000 CATE to interact with any posts on the platform. Similarly, content creators will have to maintain a balance of 100,000 CATE to be able to submit their works to the platform.
While each like or comment will result in both content creators and consumers receiving 0.1 CATE each, the community can also earn additional returns by just holding the tokens. The platform shares one percent of each transaction made on the network with CATE holders, and at the same time burns the same amount to regulate supply.
Once a meme gets converted to NFT and lists on the NFT market, anyone can purchase it and start receiving any rewards the asset may generate in the future.
Get some CATE, it is simple
In just a few simple steps, one can become part of the Catecoin community early on. CATE is listed on PancakeSwap and users can acquire the tokens against BNB payment. Buying CATE will require users to download and set up Trust Wallet and MetaMask accounts and hold some BNB in their wallets. They can then visit PancakeSwap, make payment in BNB to the Catecoin token 0x118f073796821da3e9901061b05c0b36377b877e and receive the tokens in their connected wallet.
— CateCoin (@cateclub) May 13, 2021
What Makes CATE Different?
The flood of meme coins into the crypto market started long ago, and Dogecoin is the prime example. Many of these coins have a virtually unlimited supply and no real use cases. On the other hand, CATE has a definite supply of 100 trillion and a deflationary mechanism that reduces the supply by 0.5%-1% per transaction while providing a real-world use case – encouraging meme creators to monetize their content. The model adopted by Catecoin makes it the most sustainable meme project out there.
Amid Rumors Of Dumping Its BTC Holdings, Elon Musk Maintains Tesla Hasn’t Sold Any Bitcoin
Elon Musk has been dragged under the bus by countless bitcoin proponents as the price of the flagship currency continues to take a downward movement. Bitcoin dropped 20%, sending prices to $45,000 as of yesterday.
As of publication, Bitcoin imitates analysts’ predictions that the asset could continue to dip for the most part of this week, and with Bitcoin now trading at $45,065 at press time, their analysis remains valid.
The Bitcoin selloff continues
Asides from the “bearish” tweets from Musk, which to many is simply just the Billionaire’s expression of his dissatisfaction with Bitcoin, Bitcoin could sustain more losses if Tesla sold its remaining Bitcoin holdings.
Following Tesla’s announcement, onlookers spotted a Bitcoin transfer of 19,259, worth over $872 million at press time. Analyst William Clemente observed that the transfer time coincided with Musk’s tweet, hinting that Tesla may have indeed called it a day for Bitcoin.
Musk reveals Tesla’s $1.5 billion holdings still intact, prices soar
However, Musk has recently cleared the air on whether the Bitcoin holdings are still under Tesla’s belt. In what could be considered the most recent positive tweet from Musk on Bitcoin, he wrote “To clarify speculation, Tesla has not sold any Bitcoin.”
Some excited Bitcoiners are holding on to the news as a sign that Tesla has not lost all interest in Bitcoin, despite Musk’s tweets that Dogecoin is a superior asset to Bitcoin. On the other hand, skeptical Bitcoiners are convinced that in a matter of time, Tesla will pull through with its Bitcoin sale.
Recall that Elon Musk teased that this could be the case, given that Bitcoin proponents have continued to critique Tesla’s decision. Shortly after hinting that Tesla might give up its $1.5 billion Bitcoin holdings.
However, Bitcoin has since surged by 7% since Musk’s clarification on Tesla’s Bitcoin holdings.
Bitcoin doesn’t need Elon Musk
Meanwhile, analysts’ who heavily bought the dip have insisted that Bitcoiners pay no mind to the bear market.
In unison, key players agree that “Bitcoin doesn’t need Musk. Rather, Musk needs Bitcoin.” It is unclear where the market is headed going forward, but the sentiments from top Bitcoin proponents similarly claim that the bear trend is only temporary, as Bitcoin is still yet to bottom.
Elon Musk tweets BTC price bottom? 5 things to watch in Bitcoin this week
Bitcoin (BTC) is nearing $40,000 this week as “Dogefather” Elon Musk deals out pure pain to hodlers — what’s next?
After a traumatic weekend for many crypto investors, Monday is setting the stage for the next chapter in the wild 2021 bull market.
Cointlegraph takes a look at five factors which could shape what Bitcoin and altcoins do next.
Musk tweet hits key Bitcoin technical level
It’s all about one man yet again this week: Elon Musk. In characteristic fashion, the Tesla and SpaceX CEO caused uproar on Twitter when he came out bearish on Bitcoin.
BTC/USD sold off immediately on news that Tesla was halting BTC payments for its products, but for Musk, this was not enough.
Further tweets over the weekend, including criticism of Bitcoin’s decentralization and how he “believes in crypto,” added fuel to the fire.
It was a hint that Tesla may already be planning to sell its holdings, however, that caused the most misery. Bitcoin fell to near $42,000, retesting this previous all-time high level before steadying as Musk stressed that no sale had occurred.
“To clarify speculation, Tesla has not sold any Bitcoin,” he wrote on Monday.
With Musk versus the cryptocurrency community beginning to look like a full on war, Bitcoin is thus unsurprisingly volatile as all eyes remain on the Twitter battlefield.
At the time of writing, Bitcoin was trading at around $44,800, still down 8.7% over the past 24 hours.
As analyst Alex Krueger noted, however, the clarifitication tweet may be unwittingly acting as a local bottom signal, as Musk posted it just as BTC/USD hit a key 61.8 Fibonacci retracement level.
“Elon Musk must be an outstanding technical analyst,” he commented.
“His ‘Tesla has not sold any Bitcoin’ tweet was posted exactly at Bitcoin’s key technical level, the 61.8 fib ($42,845).”
BTC dominance falls below 40%
Musk’s activities have had a detrimental impact on Bitcoin and altcoins alike.
In terms of bearishness, however, nothing shows how much the average Bitcoin holder is suffering like market dominance.
On Monday, Bitcoin’s overall market cap share dipped below 40% for the first time since June 2018.
Already on the way out, dominance was dealt a significant blow thanks to the recent Bitcoin price pressure, while alts such as Ether (ETH) benefitted.
“The Bitcoin dominance is still falling,” popular Twitter trader The Moon summarized over the weekend.
“The alt season is not over yet. But my gut feeling is that the end is near!”
Bitcoin fundamentals provide calm
For all the nerveracking price action, meanwhile, nothing provides a bullish counterpoint to the current Bitcoin narrative than its network fundamentals.
Even after its $42,000 dip, Bitcoin is more attractive than ever for miners, and its network security is therefore also more solid than ever before.
As Cointelegraph reported, both hash rate and difficulty have staged a miraculous recovery in recent weeks, reclaiming all-time highs after a miner washout caused its own brief price crash.
The weekend proved to be no different, with weekly average hash rate topping 180 exahashes per second (EH/s) for the first time.
Difficulty is still on track to increase by over 10% at the next automated readjustment in 11 days’ time. The previous readjustment on May 14, at 21.5%, was the largest positive shift since June 2014.
“Bitcoin’s mining difficulty hitting an all-time high just after tesla’s announcement is a chef’s kiss,” Alex Thorn, head of firmwide research at crypto merchant bank Galaxy Digital, said last week.
Dollar bounces at support
Taking a break for crypto-specific triggers, the wider macro picture may yet provide some inspiration for price trajectory.
After plunging late last week, the strength of the U.S. dollar is returning. The U.S. dollar currency index (DXY) is bouncing off familiar support — surges in its strength tends to provide teething problems for BTC/USD.
At the same time, stocks are bullish in China but performing averagely in Europe and the U.S. Coronavirus, with localized peaks in some jurisdictions but fewer cases in others, joins the melting pot.
Among traders, however, it is inflation that is a key issue. A broad global rebound from the time of lockdowns and other restrictions creates problems for those attempting to engineer it — specifically, the U.S. Federal Reserve and other central banks.
“The global economic recovery is well under way; that’s what’s fueling the inflation fears,” Olivier d’Assier, Qontigo head of APAC applied research, told Bloomberg.
After stock markets’ rip roaring year, he added, appetite for profit taking will be understandably increasing.
Bitcoin still beats its last bull market
Is it 2013 or 2017 in terms of the Bitcoin bull market?
Among the industry’s best-known names, there is no hint of bearishness — all that remains to do is analyze the nature of the current retracement and compare it to years past.
This week, stock-to-flow creator PlanB notes that for all the Musk drama, Bitcoin is still performing better than during its 2017 run to $20,000. This despite the $42,000 dip officially being Bitcoin’s biggest this bull cycle and since the cross-asset crash of March 2020.
“It’s not a straight line to the next ATH, but a lot of volatility (multiple -30% dips). HODL.”
Calling for calm and zooming out is a key feature among seasoned Bitcoiners. As Cointelegraph reported last week, stock-to-flow remains unviolated by Musk or any other episode of downward volatility.
An accompanying survey meanwhile revealed that a majority of 35,000 respondents believe that BTC/USD will still hit $100,000 this year.
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