A blockchain-based global financial system is being built before our eyes, with Bitcoin reigning as the bedrock store of value. For commerce to flourish, we need a currency that can denominate prices that remain stable over time.
That currency is Ohm.
What do existing cryptocurrencies not provide us today that is needed for a well-functioning global economic system?
Bitcoin and Ethereum provide a fantastic store of value and have created immense wealth and utility in a short amount of time. But because the value changes over time, purchasing power changes week to week, and even more year to year.
To provide a reliable foundation for commerce, we need a currency that provides stable prices over arbitrary periods of time.
While the US Dollar has functioned as the global reserve asset for today's financial system, through recent US fiscal policy, it's clear the US Dollar is a tool for the government to boost the US economy and support the US economy via inflation.
To provide a global foundation for commerce, we need a currency that doesn't only cater to one country but provides stability for all.
OlympusDAO is the organization that develops, deploys and coordinates the protocol surrounding the Ohm cryptocurrency (i.e. monetary policy). As a decentralized autonomous organization (DAO), OlympusDAO is governed by the community (the holders of Ohm), who can participate in decision making regarding the evolution of the protocol.
Ohm (Ω) is a cryptocurrency designed to maintain stable purchasing power through a system of market-based incentives. Some key aspects of the protocol are as follows:
Each Ohm is guaranteed to be backed by 1 Dai, which serves as the long term price floor. The Dai is held by the protocol, which can profit by expanding the supply when the market price is greater than 1 Dai, and buying back Ohm when the market price is less than 1 Dai.
Unlike other algorithmic stablecoins which are pegged to the US dollar, the protocol behind Ohm does not choose a price target. Instead, it allows the market to choose a value that is balanced between buyers and sellers while the protocol adjusts incentives to keep the price stable.
The protocol OlympusDAO has created uses a system of bonds, protocol-owned liquidity and game theory incentives for market participants to drive behaviors that lead to price stability.
Interested in helping to bootstrap the currency of the future? OlympusDAO believes in building a strong community of early adopters who will become the evangelists that bring Ohm out to the world.
You will see (3,3) referenced in the OlympusDAO community. It refers to a game theory outcome in which participants gain more by cooperating and becoming long term supporters of the protocol.
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