Rome DAO – a complete explanation for beginners =

A new day, a new DAO. It seems that way nowadays. The DAOs are flying around you. In this article you can read all about what Rome DAO is, what a reverse currency protocol is and what sets it apart from all other DAOs such as the fork of Olympus. You can also read about the team behind this project, the roadmap of the past and the future, but also the disadvantages that this project certainly has. Are you planning to learn more about Rome DAO ? After this complete guide for beginners you have the answer.

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  • View quickly
  • What is Rome DAO and what is a reverse currency protocol?
  • The Three Pillars of Rome DAO
  • Why is Rome DAO so unique?
    • The game element of Rome DAO
  • How and where do you buy tokens?
    • The steps for a passive income
      • Strike
      • Bonding
  • The team behind Rome DAO & social media
  • Rome DAO roadmap
  • The Disadvantages of Rome DAO
  • Conclusion

What is Rome DAO and what is a reverse currency protocol?

Rome DAO is a reverse currency protocol on the Moonriver blockchain. A reverse currency protocol (or a treasury backed protocol ) means that the liquidity is in the hands of the protocol itself. Rome DAO is a DeFi 2.0 solution .

Moonriver is compatible on the EVM network. EVM stands for Ethereum Virutal Machine, which means that the smart contracts on it can connect to the Ethereum smart contracts. Moonriver has proven itself as a liquidity leader for several parachains in the ecosystem.

Rome DAO chose the Moonriver blockchain because it was the best way to develop the APYRPG (the game element, more on that later). Moonriver was also the best choice for future ideas and NFTs.

This reserve backed protocol uses a game theory or game theory . Game theory rewards the user for staying in the protocol through staking and bonding . There is a high APY ( Annual Percentage Yield ), which earns you interest on interest. Every day you accumulate interest, so that the rewards can quickly add up. This also allows you to use autocomputing again. This means that you reinvest the profits you have earned, which in turn yields a higher return. Hello, passive income!

The Three Pillars of Rome DAO

The three main goals of Rome DAO are:

  • Expanding Moonriver into large(r) networks with well-functioning ecosystems . They say themselves: ‘ their success is our success ‘.
  • Rome DAO aims to become the largest holder of total liquidity within Kusama & Polkadot (the underlying ‘architecture’ of the project, more on this later).
  • By adding gaming, the chance of the whales investing only large amounts is smaller. Precisely because of the aspect of gaming, smaller interested parties can also participate and co-decide in administrative decisions from the team.

The Kusama network on which Rome DAO is built, in combination with Rome DAO, is still partly experimental, but precisely because they are looking for involvement from the community, this ensures an innovative approach.

Den Rise / Shutterstock.com

Why is Rome DAO so unique?

This all started at Olympus DAO. All new forms developed after this are forks from Olympus. Rome DAO is by no means the only fork of Olymps DAO, because the forks have sprouted like mushrooms. Still, they are all fairly new ways of DeFi.

Despite the fact that this is the umpteenth fork, Rome DAO is one of a kind. First, Rome DAO is a protocol on the Moonriver blockchain, with the underlying Polkadot-Kusama architecture.

Rome DAO also has a partnership with Olympus DAO . This is special, because so far there have been few direct collaborations with Olympus DAO. Because of the strong community of Olympus, this gives a lot of confidence for this new project.

In addition, there is a game element , APYRPG. RPG is an abbreviation for Role Playing Game. Within Rome DAO, you can take part in wars or campaigns, earning money or NFTs by staking . So more than just the APY. In this way you are more active than just putting money into something. The thought of the makers of Rome DAO is that this will keep more people involved for a longer period of time instead of investing, taking profits at the peak. Unfortunately, the real launch date of the campaign has been pushed back for some time.

The game element of Rome DAO

Within the game element you can join Roman houses, which gives you the right to vote on the war. The idea behind this is that ‘smaller’ investors (outside the major crypto whales) can also participate and help decide on the future of the protocol. It is not yet entirely clear how this will work exactly, because at the moment there is no specific launch date for all components. By joining the Roman houses you get a kind of right to vote. Every house faces a different decision.

  • House of Kek: culture and cultural history
  • House of Sempronia: This house focuses on Rome DAO’s product and has a focus on design and development
  • House of Grapes: This house supplies all of Rome with grapes and organizes events
  • House of Consuls: a community of policymakers and trendsetters
  • House of Chaos: Members have set a goal for Rome to grow within the Kusama ecosystem.

Each of these houses also has their own Twitter profile, which can be found on the Rome DAO website.

During launch, Genesis NFTs were minted in a particular campaign. These are comparable to the Gen0 heroes of the DFK. The expectation is that these NFTs will increase in value considerably, with the help of strikes and results achieved in the game, for example. With these Genesis NFTs you get more voting rights, you receive a higher interest on staking and you also have advantages with future campaigns.

In the game of Rome DAO, ancient Rome is simulated, to indicate globally in which time/atmosphere the game takes place. You can fight against and with each other or sabotage other people’s houses to benefit yourself by striking or other rewards.

Much attention has been paid to design and visuals in the game .

Website Rome DAO

How and where do you buy tokens?

You can’t just buy the tokens you need all at once. You need another token first, to buy ‘fuel’. The token you need for this is Moonriver (= MOVR). You can purchase MOVR on major exchanges such as Binance or KuCoin. You can also purchase MOVR via decentralized exchanges.

The steps for a passive income

You buy Moonriver. With this you pay the transaction costs and the tokens you want to purchase. You can buy these tokens on the decentralized exchanges. On the larger exchanges you can buy USDT via iDeal, for example. Suppose you want to do this via KuCoin, you buy USDT (or the other coin you bought). From your trading account you buy with your purchased USDT MOVR. Once you have purchased MOVR, you can proceed to the next step. Make sure you select the correct network in your Metamask and send your MOVR to your MetaMask. Once MOVR is in your Metamask, you can stake or bond.

Strike

This is quite simple. Via Solarbeam you swap your MOVR to Rome tokens. Next, add Rome to your MetaMask. You can see your Rome on the Rome website. From here you can stake your Rome . By clicking here, you lock your tokens to get rewards on them. Under the heading strike, you will see ‘claim Rome’. Here you can claim your earned tokens after a while and get them in your Metamask.

Bonding

By ‘depositing’ your tokens, you provide liquidity. You then sell your liquidity to Rome DAO. This will give you Rome tokens for a reduced price.

MOVR converts you into 2x 50% value of other tokens. In addition to ROME, you also buy FRAX on Solarbeam , for example . This is the stablecoin on Solarbeam. So you convert half to Rome and the other half to FRAX.

You add these 2 tokens to a liquidity pair by adding both tokens and providing liquidity to the pool . You sell your tokens to the protocol of Rome DAO, so to speak. After this you give permission to use the tokens in the program to provide liquidity with your tokens. This links the tokens together in a token pair. In Metamask you can check if everything is going well by looking at Solarbeam Liquidity Pair (SLP).

Once the price of the tokens is favorable, you can earn money faster. If the price is not favorable, then there is a danger of losing money. So always be aware of this.

Make sure you leave a small amount of MOVR in your Metamask for other possible transaction costs. You need the transaction costs when claiming, for example. If it later turns out that you don’t have enough MOVR in your Metamask, you’ll have to go through the whole process again (which will incur additional costs) to claim your coins at all.

Now that you have sold the tokens to the protocol, you can start claiming. You can do this several times a day, but you can also choose to save it up.

In the video below you can hear and see more about Rome DAO and the results:

https://youtu.be/CP4TUvTa6BM

The team behind Rome DAO & social media

Unlike many other protocols, the team behind Rome DAO is anonymous . This is not necessarily a bad thing, because there are several projects where members decide to continue building in anonymity. So it doesn’t have to be a red flag.

The anonymous team members are very involved in and on various channels, but under a fake name. Information about the social media accounts including a link can be found at:

  • Twitter + all separate twitter accounts per house of Rome DAO, which can be found via the main Twitter account
  • Discord, almost 30,000 members
  • Medium, over 4,000 followers

Rome DAO roadmap

Rome DAO has published many news items since the start of the project . There was a clear roadmap, many updates were given and the news feed was full of new, promising messages.

Yet it has been very quiet since the end of December (2021). It is not so quiet on the social media channels, but it is on the news feed on the website. Certain questions are answered in the various social media channels, but since December 2021 no current update has been given on the website.

The Disadvantages of Rome DAO

The Rome project is great fun, but it is also noticed that the team does not always meet their deadlines . All kinds of features are being promoted and announced, while these agreements have not been fulfilled lately. Various launch dates are being pushed forward, so you notice that members of the community sometimes drop out. The dates, according to the team, are postponed because they prefer to do a good job rather than half a job. That is of course understandable on the one hand, but on the other hand members are waiting for the promised next steps.

Conclusion

Rome DAO is a reverse backed protocol that is incredibly innovative . The project originated from a collaboration with Olympus DAO, but is distinguished by the game element . The game element was created in order to bind users longer. Where you see at other DAOs that users invest and leave at the peak, Rome DAO hopes to retain long-term investors with the element. The team behind Rome DAO is anonymous and at the moment there is some criticism of the postponed deadlines. We are therefore keeping a close eye on Rome DAO and are curious whether there is as much future in it as was initially thought.

Is the Rome DAO completely new to you? Does it sound like something to you and do you want more information? Are you curious about the possibilities or do you have questions about these topics? Join our AllesOverCrypto Facebook group or Google your question + AllesOverCrypto. This way you will automatically become wiser about all topics related to crypto, blockchain or gaming.

Header: A. Solano/Shutterstock.com

 

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