Newstrail.com

Cult DAO Donates to Coin Center’s Legal Battle for Tornado Cash

Cult DAO Donates to Coin Center’s Legal Battle for Tornado Cash

Cult DAO funds ideas to turn them into reality.

Cult DAO is happy to announce its donation of $20,000 (USD) to Coin Center, a crypto policy non-profit. Coin Center has announced it is preparing to challenge the U.S. government’s Tornado Cash ban in court. Cryptocurrency is under attack. Sanctioning the use of open-source protocols and detaining developers without charges is an offense to all free people.  

Cult DAO believes that the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) overstepped its bounds when it blacklisted Tornado Cash, a potential violation of constitutional rights, freedom of speech, and privacy. The criminalization of autonomous code, by treating it as a “person”, is a frightening development and has the crypto community outraged. 

Cult DAO is a community-driven decentralized autonomous organization and serves to fund “those contributing or building towards a decentralized future.” CULT is Cult DAO’s tradable, hyper-deflationary token. Making transactions with CULT will help the protocol by gradually filling the DAO treasury, which will support investments that:

– Fight Against Centralization

– Further, the Cause of Decentralization

– Directly Benefit a Noble Cause

This is achieved due to a 0.4 percent collection on all CULT transactions that travel directly to the DAO. Cult DAO has funded 89 projects for a total of $1.9 million. The treasury is currently valued at nearly half a million dollars. 

An investment proposal can only be put forward by the Guardians. These are the top 50 holders. Guardians cannot vote and hence cannot be corrupted in their decisions. Proposals can be from anywhere, community members, other crypto projects, politicians, anarchists, socialists, or the left or right wing, so long as they conform to the guidance above. The proposals are voted on by the CULT token holders, otherwise known as the Many.

Cult DAO and its funding process are completely decentralized. It cannot be stopped. As long as there are people transacting with CULT, Guardians putting forward proposals, and users voting, Cult DAO will continue to fund revolutionaries, decentralization advocates, and those willing to break the chains of society. 

To learn more about the project or get updates on Cult DAO send an email to theabyss@cultdao.io and visit: 

Website: https://cultdao.io
Twitter: https://twitter.com/wearecultdao
Discord: https://discord.gg/DndBSXWY