Special Drawing Rights (SDR) is a supplementary international reserve asset created by the IMF to supplement member countries’ official money reserves. This global reserve’s value is based on a basket of four major international currencies and is used mostly for emergency loans or shoring up currency reserves of developing countries.
Acchain.org has recently announced the launch of its ICO aiming to raise funds for the development of such an asset for the crypto market. The response from the community turned out to be overwhelming, which resulted in the extension of the ICO’s timetable.
As Serena Lin, spokesperson for ACChain, has stated:
“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. People were demanding to know more. 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.”
ACChain’s A-SDR is a global basket of cryptocurrencies based on the IMF’s model. A-SDR will be accessible for anyone, who wants to cross-settle transactions or to make an exchange from cryptos to fiat and vice versa.
“Experts agree that one of the most powerful benefits of the Blockchain revolution is the ability to ‘eliminate the middleman’ – with attendant speed increases and cost reductions within the global commerce arena. It is estimated by the WTO, for example, that over $1.6 trillion a year (USD equivalent) is spent on transaction costs alone when countries do business on an international level.
Blockchain transactions can reduce these costs significantly, and 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.”
The innovative platform is powered by ACCoin (ACC), a top-tier “fuel” coin, supervised by the International Digital Assets Exchange Council (IDAXC). Alongside Ether and Bitcoin, ACCoin will form the ecosystem’s digital reserve. Offering ongoing, updated, exchange rates, which would be determined and fixed worldwide.
ACChain distributed ledger is self-governed and self-improved, able to create new blocks from nodes while working on a new asset chain.
Mr. Lin says:
“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. 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.”
A-SDR is underpinned by an innovative system issuing new units to satisfy pent-up demand for asset-digitization via ACCoins within the Ecosystem every 180 days. At the same time, the relative exchange values between the three digital currencies in the basket (ACC, Bitcoin and Ether) will be adjusted. The fixed and quantifiable value of all three coins in the basket will, in turn, be used worldwide as benchmarks for banks and other institutions or organizations offering exchange and conversion services, including exchange to and from sovereign coins and to and from fiat.
Participants in 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.
“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. In the years to come, 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 for the future, as they will finally be able to be quantified in terms of a “basket” bound to real things.”
E-Commerce giant TENCENT Holdings Ltd has recently announced that it will adopt ACCoin ecosystem and play a significant role in the platform’s launch.
Through the summer of 2017, the Eco-System was successfully stress-tested with a variety of assets, including a rare type of Chinese tea and a very large real estate project in Texas. Other successful tests included financial instruments, and even a line of electric cars.