Over X-Mas weekend, an organization called Acchain.org, itself overseen by the international decentralized Committee IDAXC (“International Digital Assets Exchange Council”), issued a press release announcing the launch of an ICO to fund the "A-SDR," a global basket of digital cryptocurrencies based on a similar model that the IMF has been working with for several decades.
Whereas the IMF deals exclusively with banks within its own sphere, the emergent A-SDR is open to anyone looking to exchange or cross-settle transactions within the digital/fiat universe. Which, effectively, is everyone working in digital space.
In the original announcement, it was explained that ACCoin ("ACC") -- the top-tier coin supervised by the IDAXC -- would form a 3-part "digital cryptocurrency basket" alongside Bitcoin and Ether.
Such a supra-national system, just like the IMF model on which it is based, would be the first and perhaps most important step for integrating and quantifying the crypto (alt-coin) multiverse into the traditional (fiat) banking system. And would also be a necessity if sovereign nations decide to issue their own national coins or tokens in the days or months ahead.
According to Serena Lin, spokesperson for ACChain (the issuer of ACCoin), "Within a week of the X-mas release, Google showed our announcement had been picked up or linked on over 7500 English-language sites worldwide, and our staff was working around the clock answering questions on social media, especially Twitter. All things considered, we decided to delay the closing of the A-SDR ICO an extra 7 days, to January 31st, to try to answer questions."
The same basic questions were being asked over and over, explains Lin:
Why is such a Digital Basket Needed?
Blockchain transactions can reduce the "middleman fees" associated with international trade significantly. It can also enable smaller businesses, formerly unable to meet the "transaction fee threshold," to get into the game. That is potentially hundreds of billions of dollars of brand new commerce stepping onto the playing field. This is possible only if everyone, at once, has a conversion and exchange standard they agree on, and emanating from a central source."
What is ACCoin and why does it deserve to quantify Bitcoin and Ether?
"ACCoin is perhaps the best-kept secret in the digital world," suggests Lin. "Representing years of work initiated even before the launch of Bitcoin, ACCoin was designed and configured, complete with its own Eco-System, to be the premier "anchoring" or "digitizing" token on the planet. It has the ability to convert (and later reconstitute) both tangible and intangible assets to and from the digital universe. Every coin and token not anchored to a quantifiable asset -- even including Bitcoin -- is merely "Blockchain 2.0." Only those coins or tokens anchored to something identifiable and quantifiable deserve to be called "Blockchain 3.0," the final phase of the digital revolution. Coins backed by assets will also be more price-stable, experts say, and therefore much more suitable for daily commerce."
"Consider that asset-backed coins are not only quantifiable but ownership is specific and allocated. Unlike, for example, commodity futures that trade billions of dollars a day, per commodity, per exchange, but are mostly backed by nothing," says Lin. "Consider also that, over time, the daily trading volume of asset-backed coins will far exceed that of simple utility tokens that are unbacked. This is a huge paradigm shift that very few have considered."
"We expect the vast majority of issued digitized tokens to use the ACCoin system, much in the same way that the majority of Blockchain applications currently use Ether," explains Lin, "so by anchoring both Bitcoin and Ether in the A-SDR, we are actually adding value to these coins, as they will finally be able to be quantified in terms of a "basket" bound to real things."
What is the upside for participants in the A-SDR ICO?
"Participants in the A-SDR ICO receive ACCoin. As is the case of developers who use Ether, every subsequent and future transaction involving digitization or anchoring of a real asset using the Eco-System will incrementally increase the value of ACCoin."
Adds Lin, "We have a great many announcements coming in 2018. We expect several of these announcements to deal with the conversion, via traditional banks, of digital to fiat, and vice versa."
Is the IMF involved with the A-SDR?
"We simply borrowed a concept that had proven itself workable over decades, and retooled it to solve a pressing need in the crypto space."
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Media Contact
Contact Name: Serena Lin
Contact Email: serena@acchain.org
ACChain is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.