What is VoodooGroup and what does it do?

The Voodoo, MAGIC, and POISON reward tokens are just cryptocurrencies, but someone needs to be responsible for the marketing and growth of a project. That is why VoodooGroup, as a DAO (Decentralized Autonomous Organization), is set up to help Voodoo with adoption. But before explaining in detail what VoodooGroup does, let’s start with the basics of what a DAO is.

What is a DAO?

A DAO is an Autonomous Decentralized Organization. The most traditional organizations you know today rely on centralized management, and only the most important people in the project or team (CEO, COO, or CFO) make the biggest decisions and lead the project. A DAO is the opposite of this. Everyone is equal to each other, and your voting power depends on the amount of tokens you hold.

Some basic principles of a DAO are:

  • Decentralized Governance voting: Decisions are made by members through a voting process, which is also called Governance voting. All members/token holders have the right to vote on changes within a project.
  • Extra Transparent Through Blockchain: All transactions and decisions are recorded on the blockchain, making the process extra transparent, since nobody can manipulate the blockchain or delete transactions.
  • More tokens = More power: Members often use tokens to vote on proposals and influence the direction of the organization. The more tokens a member holds, the greater their voting power.

VoodooGroup: The DAO Behind Voodoo Token

Behind the Voodoo ecosystem lies VoodooGroup, a DAO that helps with the adoption of the project. Here’s a closer look at the role of VoodooGroup within the Voodoo Token ecosystem:

1. Management of All Social Media Platforms

VoodooGroup runs all of Voodoo Token’s social media accounts. Their job is to keep people engaged, share news and updates, and help build a strong community. It’s also VoodooGroup that is doing market research by analyzing which posts get the most engagement. Using social media in a strategic way helps with the adoption of the project.

2. Analyzing Different Liquidity Pools

Liquidity pools are important for a project since they help stabilize the price of a token. VoodooGroup takes care of different liquidity pools connected to Voodoo Token, MAGIC reward token, or POISON reward token. This means VoodooGroup makes sure there’s enough money (30% of each supply) available for buying, selling, or trading one of these tokens.

3. Development and Management of Decentralized Applications (dApps)

VoodooGroup is the organization that is responsible for creating and managing several decentralized applications (dApps) that are really important for the Voodoo ecosystem. These include:

  • Staking Platform: Platform where people can lock up their Voodoo tokens and earn a 30% APY
  • Gambling DApp: Offering decentralized gambling with a win chance of 47%
  • Voodoo Bank: A financial service that provides banking features in a decentralized way.
  • Faucet: An application that helps with adoption by giving free Voodoo tokens away to users.
  • Wheel of Fortune: Another decentralized application that helps with adoption.

4. Marketing & Buyback

Marketing is not free. 15% of the Voodoo token supply (3,150,000 tokens) is available to spend at any time by VoodooGroup for marketing purposes. This includes different marketing content such as reaching out to different influencers to create YouTube videos, promotional tweets, or buying and giving away free stickers for brand identity. Every Voodoo token spent will be bought back at a later stage, to ensure it won’t impact the token price.

5. Reserve Fund Management

Behind every decentralized application in the Voodoo ecosystem lies a smart contract. Especially the applications in the DeFi category (Staking, Voodoo Bank) need to refund users once the smart contract is empty and can no longer pay out interest. It’s VoodooGroup’s responsibility for the proper working of all decentralized applications. That is why VoodooGroup holds around 50% of the Voodoo token supply, 70% of the MAGIC reward token supply, and 70% of the POISON reward token supply spread in different wallets as a reserve fund for the proper functioning of Holders’ Redistribution.

6. Acting as a Support Team

VoodooGroup helps people in need. They take care of questions, ideas, and feedback from users. People can send emails to info@voodootoken.com, and the DAO will reply as soon as possible.

Future of VoodooGroup

Behind the scenes, VoodooGroup is working on a decentralized application where holders of the MAGIC and POISON Reward Token can participate in governance voting. An example of a voting proposal could be VoodooGroup showing pictures of four different influencers to reach out for marketing. Holders of MAGIC or POISON can vote on the influencer they like the most. After a certain amount of time, the influencer who gets the most votes will win, and VoodooGroup will reach out to this influencer.

Conclusion

VoodooGroup, the DAO behind Voodoo Token, plays a huge role in the success of Voodoo. They manage social media to keep people engaged and attract new users, control liquidity pools to stabilize the price of Voodoo, MAGIC reward token, and POISON reward token, and build useful decentralized apps (dApps) like the staking platform, gambling application, and Voodoo Bank. Plus, they make sure users get the support they need by answering questions and taking feedback. In short, VoodooGroup pushes the project forward and helps in increasing adoption.

What is VoodooGroup and what does it do? – Voodoo Token