Full description of ImmortalDAO
Immortal is a
Decentralized (?) reserve currency protocol on Celo
Blockchain (?) based on the IMMO token. Each IMMO
Token (?) is backed by a basket of assets (e.g. mcUSD) in the Immortal treasury, giving it an intrinsic value that it cannot fall below. Immortal also introduces unique economic and game-theoretic dynamics into the market through
Staking (?) and bonding.
ImmortalDAO is also considered an algorithmic currency protocol with the goal of becoming a stable crypto-native currency within the Celo ecosystem. Though sometimes called an algorithmic stablecoin, ImmortalDAO is more akin to a central bank since it uses reserve assets like mcUSD to manage its price. The goal is to achieve price stability while maintaining a floating market-driven price. The biggest difference between IMMO and stablecoins like USDC is that IMMO is backed but not pegged to a particular price. Technically, the price floor for IMMO is 1 mcUSD, but practically a premium and the treasury value is added to the price. IMMO differs from other algorithmic stablecoins like Ampleforth (AMPL) because it issues IMMO to buy mcUSD and other assets and maintain a treasury. This mechanism is similar to FEI; the key difference is that FEI keeps a dollar peg, and ImmortalDAO Finance allows its token to float.
IMMO is the native utility token that is used for staking and bonding on our decentralised Application (https://www.immortaldao.finance/) as well as governance votes to determine how network resources are allocated.
- Exchange symbol (?): IMMO
- Cryptocurrency type (?): Token (?)
ImmortalDAO for developers
ImmortalDAO social sites
Source: NOMICS
