The success of the cryptocurrency movement stems from the permissionless nature of the peer-to-peer networks that allow trustless transfer of value. Today, few assets actually do increase economic productivity, and with cryptocurrencies, we are mostly seeing the creation of new assets that represent different self-sustained communities. The recent rise of Dogecoin, often diminished as a meme, has shown us the power of the narratives. In order to self-sustain, communities are in desperate need of their currency to have different aspects; as a means of payment, store of value, utility, or unit of account.
In the light of these, we propose KANGAL, a governance and value token of the Kangal Ecosystem. KANGALs purpose is to distribute the value and voting power to its holders: The Kangal Community. We refer to our community as the KangalDAO.
While the KANGAL serves the purpose of representing ownership over the network and distributing voting power, we as the Kangal DAO have no control over its emission or distribution since it was launched fairly with 100% of the supply and there will be no further emissions. In order to fuel the ecosystem, we're creating a second currency called $TEAK. This currency will be minted only through staking and will be used within the Kangal ecosystem to power all the decentralized applications.
The DeFi aspect, the dApp ecosystem powered by $TEAK, and Kangal DAO governance is our answer to how to create a community that is not only self-sustaining, but also able to create incentives for every participant of the ecosystem.