CIP #19 - Cook Believer Index

Status: proposed

Discussion link: Cook Believer Index (CBI)

Created: 02/21/2022

Executive Summary

To create Cook Believer Index (CBI) which encumbers1000 COOK tokens per CBI.

Essentially 1000 COOK Tokens = 1 CBI

Problem Statement

With a utility token like COOK, the current number of zeroes makes it quite cumbersome for holders to carry out basic accounting, community members who hold large quantities of COOK governance tokens at times find the denomination of their holdings too large and therefore inconvenient to manage their inventory.

Proposed Solution

Overview

Propose to create a new index - the COOK Believer Index (CBI) that encumbers COOK on a 1:1000 basis.

i.e. 1000 (CBI) = 1 COOK token.

Concisely put, the CBI is a ​​fully redeemable and fully collateralized basket that contains 1000 units of COOK token. For efficiency, the CBI will be redeemable in real-time for a 1:1000 equivalent of COOK tokens on-demand.

Rationale

The CBI will encourage large holders of COOK) to manage their COOK token inventory better with less complexity.

The eventual participation in holding of CBIs by community members will also allow better identification of repeated and loyal users of Cook Index Products. Feedbacks from repeated users will help better product and governance design for the Cook community.

Specification

  • Issuance of 1 Cook Believer Index will encumber 1000 COOK tokens in the originating holders’ wallet.
  • Cook Believer Index is to be fully collateralized by only COOK tokens
  • Cook Believer Index to be fully redeemable at a 1 CIB to 1000 COOK token ratio at all times.
  • CBI is to be redeemable in real-time for a 1:1000 equivalent of COOK tokens on-demand.
6 Likes

I hope it will implemented, great idea, this will help COOK a lot.

CBI - Cook Believer Index is what we need!

4 Likes

thank you COOK team for such fast proposal, I have seen discussion about CIB just started but is also clear that everybody is really excited about Cook Believer Index

3 Likes

I fully support this proposal, can’t wait to put my hands on CIBs

2 Likes

I agree 1000 COOK Tokens = 1 CBI will be much easier to manage, CIB has a lot of potential

1 Like

another great proposal, I am sure it will be accepted in voting

The CBI idea is superb. I personally support it and sure that it will gain massive voting.

1 Like

I applaud the COOK team for coming up with this idea to ease large holders in managing their portfolio, and I endorse it

Have gone through the proposal, it’s brilliant. A simple idea. This will help awhole lot. I support CBI

The CBI will encourage large holders of Cook, to manage their Cook token. It’s a smart idea to me

To invest is easy but to manage investment is problematic and this is proposal generate a solution for large holder.
I support the CBI proposal.

This is an incredible idea cause it will guarantees complete mitigation for huge holder and increase the development of $COOK ecosystem when the pro version for the institution is executed.
This is a planning ahead idea and i love it.

This kind of proposal will solve the improper handling of Cook governance tokens. You have my support! Lets implement this very soon!

CBI is the solution, it will encumber Cook for sure. Good idea

This proposal is the solution! 1:1000 ratio 1000 cook = 1 CBI is a clever Idea! this will give relief to those who hold large amount of Cook governance token. 100% gonna support this!

The proposed Cook Believer Index had always been the best solution, and it make it easier for one to manage their inventory.

If 1000(CBI) is equal to 1 cook token, then
1 Cook will be 1000(CBI), which is clearer and comprehensible. It will be more convenient to manage large amount of Cook token.

Since holding large quality of Cook token is difficult to manage, then the idea of CBI is the best.

1 Like

CBI is an exceptional idea, it encourage people to hold large amounts of Cook since it will be easy for them manage their inventory properly

It will be easier for Cook holder to buy Cook tokens even more. CBI will give investors more confidence in managing their tokens