Getto Know FAMODAO and Joinin FOMODAO2022-05-13
Full name of DAO is Decentralized Autonomous Corporations, which means decentralized autonomous organizations. Its idea is originated from blockchain technology.
The FOMO DAO is the world’s first encrypted autonomous community operated in the DeFi domain. Its full name is FOMO Decentralized Autonomous Corporations. It is originated from Russia, and created by a group of passionate encryption enthusiasts. It takes the position of “the Sickle of Capital”. As a representative of the public, FOMO DAO would like to send out the voice of Russian public to the world. FOMO DAO pursues peace and justice, yearn for real life and oppose the wanton trampling of capital. FOMO DAO is accessible for members from all countries and regions in the world. All participants of the Community may establish his or her own online business under a fair, open and equal condition.
I. Advantages of FOMO DAO
The most important advantages of FOMO DAO are its independence, security, and no special limits of authority by a third party.
1. Completely decentralized
FOMO DAO is the first FOMO DeFi autonomous DAO community running on Binance Chain. It realizes autoexec algorithm in the way of technical implementation of smart contract. It is developed and deployed by a group of encryption enthusiasts, and has realized decentralized operation. No central organization would control FOMO DAO, and no individual or group may disable/stop or alter it in any manner.
Decentralization provides complete transparency, uniqueness, and impossibility of alteration, because all information is open to the public. Once internet connection is available, all transactions can be viewed by using a blockchain browser.
2. Safety and autoexec algorithm
FOMO DAO smart contract code is an encrypted algorithm that does not store any funds and processes the profit rewards earned by DAO participants in a matrix structure. It is an autoexec software algorithm that performs the function of distributing rewards among FOMO DAO participants under certain conditions. The source code of the smart contract is open source on the chain and accepted by security auditing companies.
FOMO DAO smart contracts facilitate automated payment among users, so as to protect participants from being cheated, and the assets will not be wrongly paid. In FOMO DAO, the payment will be immediately sent to the user’s encrypted wallet. FOMO DAO smart contracts will remain in effect as long as computers and the Internet exist.
3. Extremely high security
All interactions in FOMO DAO are handled by the smart contracts on the blockchain. No individual or group may disable, stop or alter them, even if the operator is the creator, developer or deployer of the FOMO DAO smart contracts.
4. No restrictions
All transfers and transactions would directly enter into the participants’ personal encrypted wallets, with no hidden fees or use of any software or resource of a third party. As a result, all profit awards would be fully owned by such participant. And such profit awards can be immediately used once they enter the personal wallets without any restriction of time or space.
II. Join in FOMO DAO: Users who own LP shall immediately become the indispensable member of FOMO DAO.
Establishing liquidity pool (all tokens will be available for DAO execution)
100% of FOMO tokens will be inserted in liquidity pool. Initiators of FOMO DAO Community shall 0 token.
2. Establish initial liquidity pool: 10000 USDT (BSC)
3. Issue price: 0.000001 USDT
4. Initial circulation is 10000 USDT:10,000,000,000 FOMO
5. After FOMO tokens enter Pancake’s LP liquidity pool, the smart contract code shall be automatically performed. 10000USDT in the pool shall be permanently locked and shall not be withdrawn forever.
III. Economic model and participation method of FOMO DAO
1. Add LP of FOMO with one click and earn 1.4 times equivalent LP income
The minimum LP of FOMO that can be purchased is 100USDT. LP shall be purchased at a multiple of 100USDT. The contract will automatically execute the purchase of FOMO tokens, building of liquidity LP pool and the allocation of LP vouchers. 1.4 times equivalent LP incomes will be earned after purchasing LP.
2. FOMO token transaction and transfer business
Fomo DAO community governance tokens may be acquired by inserting 1.4 times equivalent LP profits and market promotion LP rewards into the pool. Pancakeswap only supports selling of FOMO tokens, rather than directly or individually purchasing of FOMO tokens. Community members who have received FOMO tokens can trade or conduct transfer business on PancakeSwap at any time.
3. Node acquisition method of FOMO DAO
When the user invites 30 valid addresses whose investment is larger than 100U, the contract will automatically generate nodes. When the address below a node becomes a node, the node shall be upgraded to a super node.
4. LP distribution method
[Users reward]: 40% of LP shall be automatically allocated to the previous user who add liquidity pool
[Public platoon reward]: 20% of LP shall be allocated to the queuing users who have 1.4 times profits and add liquidity pool
[Sharing reward]: 10% of LP shall be allocated to inviters
[Node reward]: 5% of LP shall be allocated to node
[Contract deposit]: 20% of LP shall be deposited in the award pool and be allocated to super nodes and the last order in proportion as the rewards
[Maintenance fees]: 5% of LP shall be owned by the developers and be used for platform maintenance
[GAS subsidy]: FOMO tokens shall be offered as GAS subsidy after each addition of liquidity pool
[Reward for super node]: 20% of the LP weighted dividend will be given to the super node as the reward for each 10000 orders, and FOMO tokens will be destroyed
[Reward for achieving goals]: 5000U LP shall be given to the user of the 10000th order as the reward, and FOMO tokens will be destroyed
[Ultimate reward]: the last user who adds LP at the end of countdown will receive 50% of the reward pool as the ultimate reward, and FOMO tokens will be destroyed
5. Regeneration mechanism
FOMO DAO counts down for 24 hours by default in each round. 1 hour will be increased for each new order, and the maximum added time shall be 24 hours. Regeneration mechanism shall be initiated after creation of the ultimate reward, the previous public emission reward shall be reset and LP pool shall be continuously added, so as to ensure the sustainable increase of FOMO’ market value.
FOMO DAO insists on the development idea of “Community Consensus, User First”, provides high-quality platform and service for Community members, encourages the members of FOMO DAO to comply with the principles of “mutual help, mutual assistance and mutual benefit”, and jointly realize the super rights of Community.
Node is a key element of the FOMO DAO, because it allows node users to mix and jointly manage the FOMO DAO Community in a trusted manner, jointly determine the direction of the FOMO DAO, and handle and coordinate all issues in the DAO Community.