ACT : is one of the decentralized autonomous organization (DAO) which provides innovation via proposals with the help of user friendly mobile app. App is easy to use. A user simply needs to download the app and vote for a particular proposal simply voting. The proposal with considerable votes are then funded. ACT allows conditions the affect state’s ability and engage citizens for social accountability.
ACT is providing citizens as platform through which they can easily mobilize their financial resources in order to fulfill their objectives of coordinated actions and their willpower to formulate and convey opinion in the form of proposals. They have access to information which is necessary to negotiate and gain access to resources.
It comprises of two parts one for the vote holder and second consist of ACT curtion engine. ACT works with prosperity by following its two main goals. One is to maintain suitable pricing of votes in order to make it accessible for the whole world equally, releasing initial amount of 10cents per votes for a proposal worth of 100 dollars, and also limiting the numbers of votes to a proposal and second important goal is to check the validity and quality of every proposal submitted. ACT run a fair algorithm to reward curators. 15% of ETH collected by votes on a proposal are rewarded to the curator. The main objective of ACT is to reduce the imbalance between state action and citizen action. If we talk about security of ACT, ACT’s ETH pools are all stored in the ethereum blockchain. Ethereum blockchain is an old blockchain built and maintained by its development team. So the millions of dollars generated by the votes on proposals all around the world are stored in reliable, tested and proven security system. Some contracts will initiate payment to curators and proposal makers in accordance with ACT code. It is hard to judge fraudulent proposals on ACT, so in order to minimize the risk of funds flowing to these frauds all the first timer proposal amounts can be capped but the average ticket size of a particular proposal will be hundreds or thousands of dollars but not millions. ACT is basically a token that is the unit of account in the ACE. During the ICO nearly 100 Billion ACT will be issued.
These are allocated by the smart contract as; 80% to the ACT donation campaigns, 8.0% to the ACT contributors. 5.0% is allocated to ACT team which is meant to paied as ACTION vesting tokens. Daoact Ltd accounts the 3.0% of the total whereas 2% to the ACT bounties and the remaining 2% goes to WINGS. There is a basic ACE process to run all this which includes proposal submission followed by curation, activation and voting. ACT Whitepaper.
Author: Camelson
Bitcoin profile link: https://bitcointalk.org/index.php?action=profile;u=377298
ETH address: 0x1a0a527236d8908Db0007E546B544Cba3F226A90
