The publish Lamb of God’s Randy Blythe and DevilDriver’s Dez Fafara Back New Cryptocurrency Chakra Coin appeared first on Consequence.
Whereas many bands have been dabbling in crypto by way of NFTs, Blythe and Fafara have gone a step additional, investing in a brand-new cryptocurrency. In response to a press launch, the Chakra Coin was designed to “foster group and put money into charitable causes.”
Will probably be a completely community-owned “deflationary token,” which decreases in its market provide as time goes by and permits for passive earnings era. This issue implies that customers or the mission’s workforce will take part in actions that cut back the coin’s provide on the blockchain (per Yahoo). Basically, because the coin is bought and traded, its worth will enhance, rendering income that may put towards charitable causes.
The press launch states that the Chakra Coin workforce “pledge to donate a portion of income to varied causes and hope to encourage the entire group to do the identical.”
“I’m a believer in Chakra Coin,” said Fafara, who additionally fronts Coal Chamber. “We began this enterprise to create a group of giving again and paying it ahead. I’ll donate partial proceeds to a number of charity organizations. I hope that everybody who participates in Chakra Coin will do the identical, creating a greater world and a extra cohesive existence for everybody concerned.”
In additional technical phrases, the Chakra Coin combines “worthwhile yield producing DeFi and protected store-of-value, a gas-free cryptocurrency free from friction and borders” with a “disruptive goal” of serving to “usher in a fairer financial way of life.” As an outspoken activist, that’s one thing Randy Blythe can get behind.
“The potential of blockchain expertise, together with DeFi and cryptocurrencies, to create a extra equitable system of wealth distribution is extraordinarily intriguing to me,” Blythe stated. “It’s my hope that being concerned on the bottom ground with a cryptocurrency group that holds a charitable element as considered one of its core tenants can be one small step in direction of making a fairer, extra altruistic financial system for everybody.”
Each Blythe and Fafara level out that they don’t seem to be monetary advisors, and encourage anybody curious about investing to do their very own analysis or seek the advice of a monetary professional earlier than buying Chakra Coin or any cryptocurrency.
Concluded Fafara: “Dogecoin, Shiba Inu, Safemoon, and the entire stuff taking place with cryptocurrencies is immensely thrilling. My hope is that Chakra Coin will encourage others to share the wealth with the much less lucky.”
For extra data on Chakra Coin, go to the official website.