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2017 was indeed the “best of times” for early Bitcoin speculators and the “worst of times” for outdated institutions struggling to make sense of the twin, unstoppable, themes of Decentralization and Open-Source (Digital) Currencies. That this paradox arrives on our doorstep just in time for Xmas is something even Dickens himself would appreciate.
You would expect that, since the world economy has had eight full years to digest the implications of Bitcoin and Blockchain, we would by now be reaching a point of stability and mutual co-operation? You would be wrong.
Even as you read this, there remain as many headlines heralding the imminent demise of decentralized crypto-currencies, as there are suggesting the trend is merely getting started.
Perhaps the most significant quote of all came from Blockchain CEO Peter Smith, who, in a December 18th interview, told CNBC, “I think this year will be the first year we start to see Central Banks start to hold digital currencies as part of their balance sheet.” Smith closed the interview with the astonishing comment that Central Banks should start to issue their own “digital assets” in 2018.
To make sense of all this, we need to stop, take a breath, and assess where we currently are, and then consider what types of solutions are needed to move forward? Where are we?
For starters, 2017 witnessed what may qualify as the fastest acceptance in history of a brand new technology — the Blockchain, or the use of an open-source, distributed, ledger to record and manage transactions more efficiently and more trustfully than current “middleman” institutions and entities.
2017 also engendered financial chaos as the price of Bitcoin — the first and best-known Blockchain-based cryptocurrency — took a moonshot. A result, perhaps, not only due to the groundswell of interest from investors, but also because the large banking institutions were caught completely off-guard by the phenomenon, and had no machinery in place to control the price movements of the new coin. As they do for example, with ordinary stocks, bonds, fiat currencies, and, of course, precious metals.
These factors in turn sparked other so-called “alt-coins,” also based on the same underlying Blockchain tech. It is estimated that some 1600 have been released so far, and possibly another 1000 are due to be released in the next few months. The end result is that the public is understandably clamoring for an interchange mechanism between traditional currencies and the new digital counterparts.
The solution? The new A-SDR or “digital currency basket” which will operate under the purview of a decentralized global management body, the “International Digital Assets Exchange Council,” or IDAXC. IDAXC will supervise and facilitate the exchange of digital tokens based on a mix of three key, well-known, coins or tokens: Bitcoin, Ether, and ACCoin. Of the mix, Bitcoin and Ether are perhaps the better-known. ACCoin, however, started its own internal development over a decade ago, (even before Bitcoin was officially launched!), and was based on a very particular vision from its programmers. A vision which not only foresaw the coming of digital tokens, but went even further and envisioned that those same digital tokens could, in fact, hold rights to underlying assets (both tangible, like land, and intangible, like financial paper); and so effectively be “backed” by something quantifiable and of substance. This is a very important distinction because even today Bitcoin, notwithstanding its lofty valuation, is backed by nothing.
Where cryptocurrencies need to first seek acceptance or recognition from local governments, “cryptomoney” need only be backed by something in order to become a self-contained medium of exchange. Therefore, digital coins, anchored to assets of determinable value, herald the era of Blockchain 3.0: self-contained, value-determinate, decentralized, “cryptomoney.”
The visionaries behind ACCoin understood, from the beginning, that to achieve their goal they would need more than a simple coin or token, they would need an entire Eco-System. This would not only capture and monitor the underlying asset, but also allow future movement of that asset (into and out of the digital universe); and even to anticipate the re-conversion of the coin back to the original asset at the behest of the holder. They also foresaw the problem of moving digital tokens to and from the banking (fiat currency) universe, and planned ahead for that too. The answer is the A-SDR.
The A-SDR is an international digital currency fund sponsored by ACChain. It is a currency basket composed of BTC, ETH, and ACC. These three digital currencies together form the mainstream chain. Via “anchoring” ACC, BTC and ETH, the A-SDR Fund aims to become the premier global mechanism for digital asset distribution and settlement, enabling full-spectrum application and distribution within the global digital assets Eco-System.
ACCoin, as the international supernode currency generated within the ACChain, in turn anchors all digital assets, also enabling exchange with the local currencies of each regional node worldwide. This makes ACCoin the first standard digital currency with the capability of global digital asset Exchange & Settlement, which additionally permits the creation and function of the “Exchange Rate Index” inside the A-SDR Digital currency basket.
The Significance of A-SDR Fund
- It permits a unified value (measurement) system of digital assets covering the gamut of the digital universe.
- ACC anchors Bitcoin (BTC) + Ethereum (ETH), making them “digital gold reserves,” building a new digital asset Exchange & Settlement system worldwide.
- More high-quality digital assets may potentially become the beneficiaries of the A-SDR digital currency basket, realizing their full potential in a decentralized digital asset measurement system, ultimately building a digital kingdom of global proportions.
The Functions of A-SDR Fund
- A-SDR Fund is able to settle with local currencies via the regional super node.
The A-SDR digital currency forms a relationship of Exchange & Settlement with the local currency via the regional supernode, establishing an exchange relationship between all digital assets through the entire exchange settlement system.
- A-SDR Fund is able to settle with the bank’s digital currency.
It establishes a defined-value Exchange & Settlement standard linked to traditional financial digital tokens, to become a “true bridge” to traditional financial systems.
Applications of A-SDR:
- “Digital assets” application. A-SDR can quickly establish defined settlement relationships among potentially millions of digital assets, so as to realize the full spectrum potential of Blockchain assets and transactions.
- Digital currency settlement network. Over 100 banks worldwide have launched a digital asset Exchange & Settlement system, constituting the beginnings of a digital asset Exchange & Settlement network that will be global in scope.
A-SDR Fund Issue Plan
- ACC release profile: Fund Name: International Digital Currency Fund A-SDR
Fund size: 100 million ACC
Fund sales target: 2000 BTC + 300,000 ETH
Fund Issuer: RSM Canada
Fund Use: To build a digital currency settlement system, invest in digital asset banks, and a digital assets trading system.
Fund Return: The digital currency A-SDR fund does not have a redemption mechanism, which is a form of exchange of rights and interests. Investors gain future investment income through the core investment in ACCoin.
Fund issue period: November 28, 2017 to December 24, 2017
Fund Closing Period: December 24, 2017 to January 22, 2018
Qualified Investors: Organizations in the field of digital asset Exchange & Settlement, Blockchain industry participants, R & D personnel of Blockchain projects, as well as investment members of digital assets trading platforms.
Exchange rate: 1BTC = 14000ACC; 1ETH = 420ACC
Investment Value: Participation via ACCoin in global digital assets trading and circulation. ACC, which is based on the ACChain, is convertible to global digital assets. Therefore, ACCoin will participate in the transactions generated.
- A-SDR Digital Currency Basket and Legal Tender Exchange & Settlement
In collaboration with the designated digital asset banks, ACChain forms the Global Digital Asset Settlement System. Digital asset banks in this system participate in the global digital currency Exchange & Settlement system (i.e., exchange with the digital counterparts of existing fiat systems) as indicated below:
1ACC = 1USDT (Dollar token)
1ACC = 0.85EUR Token (Euro tokens)
1ACC = 112.2JPY Token (Japanese tokens)
1ACC = 0.75GBP Token (Pound tokens)
1ACC = 6.63RMB Token (RMB tokens)
To learn more or participate in the ICO, visit the Website: http://www.acchain.org/en/activity.html
Follow on Twitter: https://twitter.com/ACCHAIN
Like on Facebook: https://www.facebook.com/ACChainGlobal/
Read the Whitepaper: https://www.acchain.org/whitePaper/Acchain_whitepaper_En.pdf
Contact Name: Serena Lin
Contact Email: [email protected]
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