ACX NETWORK-future development of financial tools
Abstract:
Most people in developing economies have no access to basic financial services. The high costs associated with the brick and mortar model of formal banking institutions make setting up branches in rural areas infeasible. Smaller financial institutions such as micro-finance institutions, while more accessible, are often untrustworthy and have been known to mismanage funds, collapse, and lose people’s life savings.
What is ACX Network?
The Access Network, an incentivized token economy governed by its participants, announced its upcoming launch today. It is created by the visionary blockchain start up Atlas Money, a fast growing Peer to Peer banking platform in West Africa with more than 300 agents and nearly 20,000 users who have already banked over $1.5M. Co-founded by a Techstars Alum and Peter Thiel fellow, Atlas has raised over $3.2M and is backed by notable investors such as Tim Draper, 1517 Fund, MITS Fund, and Partech Ventures.
Communities in the developing world face pressing real world challenges but lack access to the financial and technological tools to improve their situation. Crypto-communities have pioneered disruptive blockchain solutions but lack a user base eager enough to immediately make their innovations effective in the real world. In this paper, we introduce the Access Network (ACX Network) as a means of aligning the interests of these communities such that they may solve each other’s problems
How it works:
The ACX Network is a self-sustaining token economy that empowers participants to define financial access for themselves. Participants are incentivized to create long-term value for one another by democratically controlling the distribution of the Network’s Incentive Pool. These interactions are enabled by a modular suite of smart contracts that self-amend and distribute funds throughout the ecosystem according to the will of the network. The ecosystem consists of five core layers:
ACX Network’s Founding Principles of Empowerment:
a world that belongs to and benefits us all.
Roadmap:
Q1 2018: Access Network and its Governance Protocol goes live on test net
Q2 2018: Token Generation Event Access Network and its Governance Protocol goes live on main net
Q3 2018: Submitted Decision Making Modules will be voted on for adoption
Q4 2018: The first decision-making module will go live on the Access Network main net.
Q1 2019: Access will continue to develop useful Dapps for the Network, above and beyond developments contributed through any decision-making modules.
Team:
Mickey Costa – Co-Founder - Techstars; Boost VC; Serial Entrepreneur; GW Law ‘12
James Shuler - Co-founder - Thiel Fellow; YC SC ‘12, CTO of Eligible
Token Distribution
Total Supply – 6,000,000,000 ACX
27% Token Generation Event
27% Access Underserved Exchange
27% Incentive Pool
12% Founders
4% Advisors
3% Community Rewards
Verdict
ACX is the decentralized financial inclusion and empower the underserved: designed to speed up overall development through continued improvements to their state of financial access, accomplished by an incentivized token economy that they can govern and control for themselves. ACX Network is poised to ensure their economic empowerment. The ACX Network offers the crypto-community an elegant future-proof on-chain governance protocol and a sizeable incentive pool to stimulate innovation of the ecosystem. Importantly, the ACX initial deployment via Atlas Money offers the crypto-community access to a fast-growing base of thousands of underbanked users whom they can directly communicate with and serve. The crypto-community has innovated greatly despite the generalized speculative trend and the lack of access to regular daily users with which to prove their prototypes.
Links:
Website: https://acxnetwork.com/#first
Facebook: https://www.facebook.com/ACXnetwork
Twitter: https://twitter.com/ACX_Network
YouTube: https://www.youtube.com/channel/UCEMM4GZEp_yqjKUYZVRoznw/featured
Telegram: http://t.me/acx_network
