Tribe Review : Is It Good Or Bad Coin Read Our Article

About Tribe

Tribe is the governance token for the FEI algorithmic stablecoin. Fei aims to provide a new decentralized solution to the stablecoin market. Existing stablecoins are either fiat-collateralized and, therefore, centralized or crypto-collateralized, making them capital-inefficient. Other algorithmic stablecoins suffer from no liquidity backing the peg, making them inherently unstable or centralize rewards to seigniorage stakeholders.

FEI proposes a model similar in design to fractional reserve central banking, where the protocol issues FEI for a subsidized price against ETH at its genesis event and subsequently uses the incurred Ether as a treasury to maintain the peg. This is the governance token of the DAO controlling the governance of FEI and can be used in governance proposals or swapped for FEI in a UniSwapV2 liquidity pool.

Point Table

Price Live Data

The live price today is $0.307235 USD with a 24-hour trading volume of $627,346 USD. They update the to USD price in real-time. This is down 0.72% in the last 24 hours. The current CoinMarketCap ranking is #186, with a live market cap of $158,325,468 USD. It has a circulating supply of 515,323,065 TRIBE coins and a max. supply of 1,000,000,000 coins.

Who Are the Founders of Tribe?

This is run as a DAO, meaning its governed by its community in a fully decentralized manner through smart contracts. The Fei stablecoin governed by the DAO was founded by a team of Bay Area residents, namely Joey Santoro, Brianna Montgomery, and Sebastian Delgado and launched in March 2021. Santoro is the CEO of Fei Labs and was a software engineer at Okta Inc with a degree in computer science from Duke University.

Montgomery, the project’s business lead, worked at ConsenSys, a blockchain studio, prior to being involved with Fei Labs. Delgado served more than two years at Dharma Labs, a DeFi project and graduated from UC Berkeley. Fei Labs is backed by several VC funds, such as Andreessen Horowitz and Coinbase Ventures.

What Makes Unique?

Fei identified the capital inefficiency of crypto-collateralized stablecoins and the “mercenary capital” phenomenon as the main obstacle to designing a fully decentralized stablecoin. The former implies that more capital has to be deployed than can enter the system, which by design limits the growth potential of a system using crypto-backed stablecoins. Furthermore, coins like DAI suffer from liquidity providers always being on the hunt for the best yield and, consequently, have a limited scope of autonomy.

FEI introduces the concept of product-controlled value (PCV). The Tribe DAO governing the stablecoin issued FEI at a subsidized rate for Ether at its launch to generate a pool of Ether as its treasury. Tribe then supplied a part of this ETH with freshly minted FEI in an ETH-FEI liquidity pool on Uniswap to enable trading of the stablecoin. While users can buy FEI from the DAO, they cannot sell FEI back to it but have to sell FEI on the open market. Stability is maintained through an incentive system. If the price of FEI exceeds the peg, arbitrageurs can sell ETH to the Tribe DAO and sell their FEI on Uniswap to generate a profit.

If the price is below the peg, the incentives Tribe installed come into play. FEI buyers in the Uniswap liquidity pool receive a rebate to restore the peg, while sellers have to pay this rebate and an excess penalty to incentivize the peg to be restored. The further away from the peg the price of FEI has moved, the bigger the rebates and penalties, making it highly unprofitable for sellers to sell discounted FEI. Tribe can use its Ether reserves to buy back FEI and burn excess FEI to reduce supply as a last resort. 

Tribe DAO

The DAO has ultimate control over the Tribe ecosystem. It has the highest level access control roles, including:

• Arbitrarily moving PCV
• Minting FEI
• Creating and granting new access roles

The DAO is controlled by the token holders and in order to perform an action it requires a proposal to be created and passed. The proposal threshold is 2.5M TRIBE, with quorum being 25M TRIBE.

The contract is available here: FeiDAO.sol and it is an instance of OpenZeppelin’s OZ Governor, with a module to make it compatible with GovernorBravo.

Features

Decentralization

The token powers the decentralized blockchain network on which is based. Decentralization makes ensuring users have ownership over their data and content and that the platform is resistant to censorship and manipulation.

Content Creation

The platform enables users to produce and distribute content to others. The creation and sharing of posts, photographs, videos, and other forms of material by users with their followers or the larger Tribe community is possible.

Tribe emphasizes

The emphasizes community interaction and participation by letting users connect and follow people who have similar interests. On the platform, users can engage in discussions and arguments with other users by leaving comments on and like postings.

Tribe offers a compensation system

They offers a compensation system to encourage members to produce and distribute high-quality content. The tokens, which users can spend to access premium features or to support other users and content creators, can be earned by users for their contributions to the site.

Governance

Voting with the tokens on choices and ideas that have an impact on the platform’s future is one way that users of Tribe can engage in the platform’s governance. This guarantees that the community will have a say in how the platform is developed and directed.

How Is the Tribe Network Secured?

TRIBE and FEI are both ERC-20 tokens on Ethereum. The network is governed as DAO and incorporates different roles: governor, minter, burner, PCV controller, and guardian. All of these are also community-governed.

ERC-20 is a token standard most new tokens follow when publishing on the Ethereum blockchain. Ethereum is one of the most popular blockchains for DAOs and is secured by a proof-of-work consensus mechanism that requires miners to mine new Ether. A set of decentralized nodes validates transactions and secures the Ethereum blockchain.

After its public launch, the briefly stopped trading of the stablecoin to fix a security breach that would have allowed attackers to withdraw a significant portion of ETH from the ETH-FEI Uniswap pool. The breach was sealed before any damage was done.

Where Can You Buy Tribe?

This is available on UniSwapV2, Binance, Huobi, Coinbase, and Gate.io.

Conclusion

In conclusion, Tribe is a blockchain-based social media platform with a decentralized architecture created to offer consumers a censorship-resistant and community-driven substitute for established social media platforms. Tribe intends to encourage content production, foster community interaction, and give users authority over their data and content by utilizing blockchain technology and the token.

Users can take part in decision-making through the platform’s governance process, which also ensures the platform’s long-term viability and growth. Overall, Tribe is a promising example of how blockchain technology may be used in the social media sector, and thanks to its distinctive features and user-centered design, it may one day help spread the use of decentralized applications.

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