What is CigDAO?

Crypto is Good DAO or CigDAO is a decentralized organization rooted in game theory and focused on accelerating the growth of the Internet Computer $ICP ecosystem. Your Coin ($YC) holders govern CigDAO canister smart contracts and treasury. CigDAO catalyzes growth through two core processes:

Partner Funding:

Partner grants have created several exciting partnerships with some fantastic projects in development today. Anyone is welcome to propose a partnership grant from CigDAO. Applicant proposals outline how they will use the grant funding to grow their dApp and provide value to the CigDAO ecosystem.

Developer level tooling:

The CigDAO team developed “My Little Protocol (MLP). MLP is an open-sourced command line interface tool that enables dApp developers to tokenize and decentralize their entire application stack. MLP allows developers to focus on application development rather than the DAO technology by providing a token, DAO canister, swap canister, multi-sig wallet, token explorer, and proposal UI.

Tokenomics

Your Coin ($YC) governs CigDAO. Your Coin is a novel token with a substantial tax system that encourages holding and ensures constant deflation. At the time of writing, every transfer of $YC is taxed 11%. The tax is distributed across to DAO treasury, team treasury, holders, and burn function at 3%, 2%, 3%, and 3%, respectively. These parameters are under the control of YC holders and can change with a DAO proposal.

Every one of Your Coins is equal to 1 DAO vote. DAO proposals are the only way to make code changes, transfer funds, etc. When $YC is used to vote, it is taxed at 100% according to the above percentages. If you cast ten votes, you relinquish ownership of all ten tokens.

YC launched in December 2022 with 1,000,000,000,000 tokens. 100,000,000,000 tokens are held in a vesting smart contract, 200,000,000,000 tokens are held for initial liquidity, and 200,000,000,000 tokens are available for public sale. At the time of writing, 503,090,077,914 tokens have burnt.

Token Distribution

The novel approach to the YC token distribution is rooted in game theory. Distribution will take place over one year starting on 12/1/2022 at 4:00:00 PM. 200,000,000,000 of Your Tokens are in distribution according to the schedule below:

200,000,000,000 of Your Tokens are split evenly into 365 consecutive 24-hour periods of 547,945,205.47945210 YC. At the end of each 24 hours, the respective set number of Your Tokens set forth above will be distributed pro rata amongst all purchasers, based on the total $ICP contributed during those periods, respectively, as follows: Number of Your Tokens distributed to a purchaser = a * (b/c)

a = Total $ICP contributed by a purchaser during the period. b = Total number of Your Tokens available for distribution in the period. c = Total $ICP contributed by all authorized purchasers during the period.

At the time of writing, 75/365 have ended, and 41,095,890,411 billion tokens distributed to participants members.

More information on CigDao

https://blog.cigdao.com/ https://cigdao.com https://dao.cigdao.com