INTRODUCTION
Blockchain is rapidly spreading all over the world, and we are faced with many improvements. The most important of these is the emergence of new multi-platform projects. Blockchain projects do not come up with only one project. They are also faced with their own central or decentralized stock markets. Of course, this development is positive in many ways. Because blockchain projects are very difficult to enter the stock market. They may have to pay for it, they may be delisted from an exchange. I'm going to tell you about ARCC, one of the project examples. But before I do, I'd like to talk to you a little more about blockchain.
When blockchain technology first appeared, it was said to eliminate banks. That's what they said because there were no high commission fees in the blockchain when they exchanged money. But blockchain technology and banks ' methods of using money are different. They both have their own advantages. Sometimes we need to learn to take advantage of the features of blockchain technology and sometimes the reliability of the bank. Because blockchain technology can be a much more useful platform if it works with banks. A lot of projects have already started to take steps in this direction.
The Asia Reserve Currency Coin (ARCC)
This may pass as one of the numerous cryptocurrency projects that hit the blockchain space at intervals. This is quite true but just like others, Asia Reserve Currency Coin (ARCC) has a unique use case.
The overall essence of the project is to tackle the menace of corruption in the Asian society. Of particular interest are limitations in the provision of services to the poor inhabitants of urban areas in the region. It is worth mentioning that basic amenities, such as electricity and water are in limited supply in the region. These shortages are not because of limited provisions for them. Rather, officials that ought to make them available to the poor populace chose to withhold the same for personal gains.
In light of this continuous shortage of the target audience, ARCC created a system that will go the extra mile to flush out the maligning attitude that has played out for long. It is worth noting that this task might seem daunting (it really is). Nevertheless, it is of urgent importance. Hopefully, the distributed ledger technology, on which ARCC takes premise, will help in mapping endemic corruption that has held emerging markets by the jugular.
Social Proof of Work as a Solution
It is disheartening that these corrupt practices still hold sway despite different steps taken to stop it. Social media outcries hardly get the right coverage/attention that will facilitate intervention in the system. Besides, the few individuals that lent their voice to the ongoing state of affairs are made to either step down from their decisions or get juicy offers.
To solve this issue, Asia Reserve Currency Coin (ARCC) makes use of a “Social Proof of Work” concept to disrupt the system. The idea is to facilitate reporting of corrupt practices within the locale. It is worth mentioning that there is a mobile application through which individuals/members of the community can provide the platform with real-time information of corrupt practices within their domain. Below are examples of real-world applications of the Social Proof of Work App.
A young schoolchild within the city gets home and discovers that the cans in the house do not have a drop of water. Buoyed by the hot weather, he goes out to the public tap to fetch some cans of water for the family. On reaching there, he discovers that many people seem to have the same problem as him – lack of water. On the contrary, there is no hope of getting a can of water, because the borehole is not bringing forth any. This infuriates him and on inquiry, he understands that funds for the project were released but a few officials kept a large part for themselves. The few funds used for the project couldn’t offer much, which is the reason why there was insufficient water supply in the community.
This is a clear case of a corrupt practice, which is the same problem ARCC wants to solve. In such a case, the schoolchild (who may have probably heard of ARCC’s Social Proof of Work App) can get home and tender a report of the incident to the blockchain network.
On receiving the information, the platform maps it for public view. If a few members of the community who faced the challenge can testify to it, ARCC then takes up the case to the next level. It makes the data public for relevant agencies to take note and address the public.
What Chances do ARCC have?
There are many reasons why the current formulation will see the light of the day. First, it is a better approach than the limited publicity in fiat scenarios. This time, the awareness will be much, leaving the perpetrators of such acts with no option than to retrace their steps. On the other hand, the government of the day may take interest because it will be bad publicity for the administration. Hence, the government can offer specific sums of money to make use of the available from ARCC to tackle the issue. To this end, it is feasible that the fight to tackle corruption is worth the struggle and will be successful in the end.
Benefits for Users
The core aim of the platform is to get real-time and concise data on the state of affairs in different communities within its scope. The users will have full-scale identity protection. Thanks to the blockchain technology, the platform “masks”/protects users’ identity. In appreciation of their efforts at reporting cases of corruption, ARCC rewards reporters (users) with token incentives.
Token Distribution
The plan is to distribute the tokens over a period of forty years. The first stage will last for 18 years, and the second for 22 years.
First Phase (a period of 18 years)
ARCC Airdrop: 5%
Management and Operations: 10%
Currency Reserve: 20%
ARCC Social Proof-of-Work Allocation Pool: 20%
Investments: 45%
Second Phase (a period of 22 years)
ARCC Airdrop: 5%
Management and Operations: 10%
ARCC Social Proof-of-Work Allocation Pool: 10%
Currency Reserve: 20%
Investments: 55%
Meet the Team, Advisors and Partners
Final Thoughts
The fight against corruption is universal but only few nations recorded utmost success at tackling it. The involvement of end-users who are the receiving end of such inordinate practices is a way to get accurate information. While users get token incentives for their inputs, the platform (ARCC) makes use of its string of networks to draw relevant attention to the resolution of the reported cases of corruption.
For more insight on this remarkable project, visit the links below
Website : https://ibmr.io
Whitepaper: https://ibmr.io/whitepaper/
Telegram : https://t.me/arccenglish
Twitter : https://twitter.com/ARCC_IBMR
Facebook : https://www.facebook.com/AsiaReserveCurrencyCoin/
YouTube : https://www.youtube.com/channel/UCEBy9xyVZPaLFqVllY3d12A
Medium : https://medium.com/@asiareservecurrencycoin
Telegram channel : https://t.me/arccannouncements
Author Information
Bitcointalk username: sebastianluv
Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=2459524;sa=summary