Project name:
The Midas Initiative
One liner:
The Midas Initiative is an initiative focused on offering access to commodities at spot pricing, as well as creating a better, transparent and sustainable ecosystem for the users through tokenized commodities and hybrid securities.
Describe what your project is about:
The Midas Initiative focuses on creating a more accessible and secure ecosystem for trading tokenized commodities like gold at spot prices, alongside introducing hybrid securities.
These securities are designed either to be fully backed by commodities where their backing per token grows over time and it’s value is pegged to their backing, or partially backed which are not pegged to anything, but instead have a speculative second market value with growing contingencies serving as a scalable safety net.
The initiative aims to offer options that focus on user protection & economic sustainability through scalable contingencies, as well as offering access to commodities at spot pricing, while also offering insured storage and full transparency through regular audits and proofs of reserves.
How does the product fit into GUM?
The Midas Initiative brings tokenized physical commodities at spot prices, and innovative securities (both fully and partially backed by physical commodities or digital assets like BTC) to Solana via GUM, enhancing asset diversity and liquidity on Jupiter.
Describe partners, supporters, or collaborative efforts:
The initiative plans to collaborate with high security storage facilities in locations like Dubai, Singapore, or Switzerland. It also benefits from synergy with its own commodities trading arm for better operational efficiency.
We have just recently entered the phase of actively seeking potential funding opportunities and strategic partnerships, as well as recruiting talent to fill in any gaps as we are still a very small team.
Why did you build the project?
The initiative was built to address several ongoing issues in the crypto space including economic design flaws, lack of user protection, transparency, and sustainability while providing assets that could perform well even during economic downturns or periods of instability.
How does your project fundamentally change the web3 space?
The Midas Initiative introduces a new layer of sustainability and intrinsic value to digital assets through growing contingencies, potentially reducing speculative volatility and enhancing investor confidence in web3 assets.
What are your upcoming plans for the project?
Upcoming plans include, but are not limited to:
- Strategic partnerships
- Seeking the best funding opportunities
- Full regulatory compliance and registration
- Recruitment
- Further optimizations
- Finalizing storage locations
- Community building
- Marketing campaigns
We also plan to create a crowdfunding/publisher/incubator platform for indie game developers at a later date, where gamers can truly vote with their wallets which games get created and supported, but that is a story for another day as it hinges on a successful launch of the rest of The Midas Initiative.
Tell us about yourself (and your team)
Core team members:
Juraj Turkalj
Creator / Founder of The Midas Initiative
Currently in charge of everything related to business, economics and legal compliance.
Used to work as an advisor for a smaller web3 gaming project which didn’t end well due to the founders negligence and mismanagement of project funds, after which he started working on The Midas Initiative, while simultaneously working as an on-chain detective as a hobby on the WAX Blockchain until 2024, exposing and stopping numerous scams.
Twitter: Carlculat0r
Discord: carlculator
Matija Akrap
Co-founder of The Midas Initiative
Currently in charge of everything related to technology.
He has a lot of experience in different fields of software development, and is someone with a genuine passion for programming.
Even though he hasn’t worked in web3 before, he has experimented with web3 technology as a hobby as he always found it interesting.
Linkedin: linkedin.com/in/matija-akrap-a7761b179
Discord: akrap19
Lucijan Prpić
Co-founder of The Midas Initiative
Currently in charge of everything related to art & promotional materials.
He has experience as an Operations Manager which he will use to contribute to the initiative, but his passion lies in art and creativity.
He hasn’t worked in web3 before, but is familiar with the industry as he invests in cryptocurrencies for years.
Linkedin: linkedin.com/in/lucijan-prpić-a14a05179
Discord: lucijan2889
Appendix/About:
- Website: TBA (In development)
- Docs: The Midas Initiative v 1.01 - Google Docs
- Socials links:
- Twitter: TheMidasInit
- Telegram: TheMidasInitiative
- Discord: The Midas Initiative
For a more detailed read we recommend reading up on our docs which you can find under Appendix/About section just above this sentence.
Please bear in mind that certain aspects might still be subject to change for further optimization or to ensure legal compliance.
If you have any questions or feedback please let us know as we appreciate it and are fully committed to making this initiative the best it can be.
sounds nice to have a bit of security