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FireDAO: Empowering Decentralized Governance and Incentives.

Ashikur Rahman
6 min readJul 10, 2023

Introduction

Cryptocurrencies and blockchain technology have revolutionized many fields. However, one that remains untapped in the field of film and filmmakers could be the main solution to generate massive adoption of this technology across society. The movie industry is one that keeps on getting new innovations and ideas from being black and white to surround sound but one thing that has not changed is getting funded. Raising the necessary financing is one of the biggest challenges. Crowdfunding is the new way to arrange funds, also it provides support to small investors and people who want to be a part of the movie world. FireDAO project has come up with the idea to provide the same platform to small investors, actors, and producers to get the benefits. This platform has the power to tell us a lot about our daily lives and past lives. Through this, we can observe the images of our life beautifully. So I think the contribution of the FireDAO token platform is huge in the world of cryptocurrency.

What is FireDAO actually?

FIREDAO is an easy-to-use tool that maximizes returns for cryptocurrency assets by automatically deploying them to decentralized finance (DeFi) protocols that generate the highest yield via lending, farming, and exchange services. FireDAO is a social DAO based on PID and FID soul-bound accounts initiated by RainbowCity Foundation whose mission is to fuel the evolution of decentralized civilization, light the fire of civilization, pass on wisdom, and prosper civilization.

Features of FireDAO

DeFi is an essential part of the Web3 ecosystem, offering financial services like lending, borrowing, and trading without intermediaries. These services are typically provided by smart contracts on decentralized platforms.

FireDAO has already launched its first core product on the Arbitrum One network — the Fire Passport, which is our PID system. With Fire Passport, you can create and manage your identity, achieve global Web3 on-chain identity creation, and actively participate in the development of the FireDAO ecosystem forum. Furthermore, we will gradually launch other core products such as FireSeed, FireSoul, on-chain reputation, city nodes, and global guilds, providing FireDAO community members with more innovative and practical features.

About FDT and FLM

FireDAO is a social DAO based on PID and FID Soulbound accounts initiated by RainbowCity Foundation which is building on Arbritrum! FireDAO is at the forefront of the decentralized revolution, with its innovative governance token, FDT, and its dynamic incentive token, FLM. This article explores the significance of these tokens and unveils the super-economic map of FireDAO, showcasing the interconnected relationship between FDT and FLM.

Goals of FireDAO

The goal of FireDAO is to achieve decentralized decision-making, shared economy, and social interaction revolution through the power and wisdom of the community, ultimately leading to the creation of the “Bitcoin Civilization.” We believe that the creation of Bitcoin will propel human society into an advanced civilization based on mathematics and algorithms, which we refer to as the “Bitcoin Civilization.” By creating and sustaining “FireDAO,” we aim to provide a continuous fuel source for the “Bitcoin Civilization,” passing on wisdom and fueling civilization.

Benefits of FireDAO

In the Early Contributors Plan, we also offer additional opportunities and benefits:

  1. FireDAO OG Round Whitelist: When you reach a certain level on the Zealy platform and become an outstanding member among early contributors, you will qualify for the FireDAO OG Round Whitelist. This will give you the opportunity to participate in the OG round subscription of FireDAO governance token FDT, becoming a cornerstone contributor to FireDAO and maximizing the dividends of FireDAO’s growth.
  2. Zealy Platform XP Points Exchange for FLM: On the Zealy task platform, you can accumulate XP points by actively participating in various tasks and activities. Once you reach a certain threshold, PID users can exchange these points for FireDAO incentive tokens FLM through the FireDAO forum at a certain ratio. This will bring you ecosystem rewards, further increasing your influence and rewards within the FireDAO community.
  3. FireDAO Ecosystem Forum Incentives: We encourage your active participation in the development of the FireDAO ecosystem forum, such as posting, replying, and interacting within the forum. As a reward, you will receive more incentive tokens FLM as recognition and appreciation for your contributions and participation in the forum.

Zealy Platform

FireDAO platform will implement its Early Contributors Plan through the Zealy platform, where crypto users worldwide can participate. Once anyone achieves a certain level on the Zealy platform, he will gain corresponding privileges and opportunities.

FireDAO encourages everyone to actively participate in various tasks and activities on the Zealy platform, interact and communicate with other community members, and showcase their talents and contributions. In the near future, FireDAO will release more detailed information about the Zealy platform’s ranking system and privileges, ensuring that every early contributor enjoys fair and just treatment.

Ecosystem of FireDAO

To support its vision, FireDAO has developed over 40 smart contracts, with many more in the pipeline. These contracts serve as the backbone of the ecosystem, providing essential functionalities and enabling seamless operations. With the continuous development of additional smart contracts, FireDAO aims to become the largest decentralized ecosystem in the world, hosting over 100 smart contracts in the future.

Tokonomics

FireDAO adopts a complex tokenomics model known as “3+2+7+X.” This model includes ecosystem tokens, ecosystem Web3 IDs, soul-bonding tokens, and community behavior badges. There are initially more than 10 different types of tokens to sustain and maintain the operation of the entire on-chain economy.

3 Ecosystem Tokens: FDT for ecosystem governance, FLM for ecosystem incentives, and FireSeed for ecosystem identity.

2 Ecosystem Web3 IDs: PID generated by minting FirePassport and FID generated by minting FireSoul, representing the Web3 identities of community members.

7 Soul-Bonding Tokens (SBT): SBT-001 to SBT-007, recording the community behaviors and data statistics of each formal DAO member.

X Community Behavior Badges: NFT-based badges issued by FireDAO for different ecosystem community behaviors, serve as another form of SBT.

How to join FireDAO

To participate in FireDAO, anyone needs to mint an NFT called FirePassport to obtain a unique PID. Once you have a PID, you become a prospective Rainbow Warrior and gain an account on the FireDAO forum, enabling you to actively participate in the ecosystem development of FireDAO. A FireDAO forum account can only be obtained through minting a PID as it is part of FireDAO’s community identity system. Once you have a forum account, you can participate in our Zealy early contributors program, forum bounty program, and community volunteer program.

Conclusion

In my opinion, FireDAO is something new in the crypto world. I must say that we should join this revolutionary project with various features and solutions provided by FireDAO project. FireDAO is a user-friendly platform that increases profitability and is easy to use even for non-technical users. So it is hoped that there will be more people who can feel the benefits of crypto.

For More Information:

AUTHOR

Bitcointalk Username: mdashik46

AltcoinsTalks Profile url: https://bitcointalk.org/index.php?action=profile;u=2873140

Telegram Username: @mashik250

Arbitrum Wallet Address: 0xA3EF752060D52A1C99865d2977296e05b70eF505

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Ashikur Rahman

Written by Ashikur Rahman

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