About

Providence DAO - a coin certification product developed by Providence, integrates know-your-customer (KYC) principles of traditional financial markets with the innovative crypto infrastructure of tomorrow.

Providence aims to find a reasonable balance between anonymity and investor protection. Our range of products will help investors to filter fraudulent projects from legitimate investments and provide a recourse in the event of misbehaviour. Final vision of Providence is to provide a toolkit for investors and project founders for investment fraud reduction. The Providence token is a long term project and is built upon utility products that serve a real purpose. Providence will develop a range of pseudo-doxxing mechanisms that produce the equivalent effect of verifying issuer’s identity without sharing any personal data to external parties, as well as other products aimed at developing a fair investment environment. These would include disclosures and measures taken by the issuer and mechanisms of binding dispute settlement that would ensure the possibility to hold the issuer responsible and liable in the case of misbehaviour. Our team consists of a variety of professionals in legal, finance, creative and technical areas. Our previous expertise is also closely tied to work with cryptocurrency exchanges and other complex financing and capital market projects. We believe that our team, together with our community, can build a one-stop-shop infrastructure not only for housing investor protection mechanisms but also other infrastructure cumulatively creating an environment where cryptocurrency investors can access all necessary tools to meet their reasonable expectations and for issuers to have greater certainty about access to capital. We believe that actions speak louder than words. We will try to work as efficiently as possible and our vision is to make everything transparent to our community. We put equal emphasis on all three areas: marketing, development and community care. 

Firstly, we, as an intermediary, have an initiative to think in the long term. Unlike an issuer which may have incentives to take the capital raised now instead of waiting for the rent, we rely on long-term relationships between our clients/fiduciaries - issuers and investors and our reputational capital. Secondly, to ensure our own responsibility towards our clients/fiduciaries, we will adopt, to the extent possible and in the absence of countervailing reasons, a transparency-based approach. We will incorporate principles of traceability and actuality wherever blockchain is insufficient and where our decision is necessary. Thirdly, by our current vision, unlike traditional gatekeepers, especially credit rating agencies, we are not subject to “issuer-pays'' conflict of interests. We receive our remuneration from the use of our utility token by the crypto market. This ensures that our interests lie only with providing best service to both of our clients/fiduciaries. Fourthly, we are externally constrained by our legal, economic and social environment. Our team operates from the European Union which has some of the most stringent rules on data and investor protection that are effectively enforced by some of the most competent authorities in the world. These external constraints as well the necessity to preserve our reputational capital both as a project and individually (through professional ethics) amplifies our own firm internal commitment to the standards of behaviour we seek to project and ensure.

Tokenomics

Financial metrics Tokenomics, liquidity, allocations, pre-sale details and vesting Tokenomics We understand that tokenomics are the backbone of any successful token. We observed many successful tokens while also learned from those that have failed. This allowed us to derive the following model: Redistribution It should incentivize and reward token holders and long term investors. In order for redistribution to be efficient we tried to find a balance between token holder benefits and different burdens that make investment exit strategies complicated making it 4%. Burn rate Many of the benefits that come from burn systems mimic traditional taxation characteristics. Unfortunately, token burns are often used by scam projects for deceitful purposes. We have opted not to have this feature since the gained benefits can be directly achieved by other of our tokenomics features. Contributed to LP Market liquidity is the most important factor of price stability. It absorbs large (whale) transactions, gives investors confidence while structuring their investments, and during tough times - absorbs panic selling. Because of this, we have decided to put the largest proportion of tax to the locked liquidity pool. Burn rate Redistribution Contributed to LP (locked forever) 0% 4% 5% Total transaction tax = 9%

Token distribution Presale allocation (70%) Largest part of our tokens will be sold to the community. This will give additional layers of protection to the community. You will have the most control over the supply. Combining this with the existing locking and vesting mechanisms, investors will not have to be concerned about any rugpulls or price manipulations by the larger market players. Part of the allocation will be deposited as forever locked LP. Marketing (5%) and development (5%) wallet We believe that such an allocation of funds will suffice for building our project to a state where we will be self-sustaining. If by any chance we fail to deliver with these token allocations we will use part of the team wallet to continue our operations. Team wallet (9%) The founding team consists of 6 people with extensive prior education, training and employment. Collectively, we cover a wide scope of professional fields ranging from programming to regulatory compliance which allows us to take a professional approach to each required area of expertise. Additionally to that, we will also give small token allocation to community chat moderators.