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A-SDR Digital Currency Basket to Bring Stability and Universal Application of Cryptocurrencies


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Cryptocurrencies were supposed to usher in a new revolution worldwide that transformed the idea of currencies with the help of decentralization and blockchain. Though they are progressing in a rapid manner, they are still to be adopted internationally as issues of integrating the currencies into the current system continues to dog progress.

The IMF had a wonderful idea back a couple of decades ago when it aimed to build a supra-national system of global currencies and digital assets where popular currencies were anchored on a single platform, removing confusion or uncertainty associated with them. The IMF was unsuccessful in a bid to create a unified basket for all currencies partly because they contacted the banks and the banks themselves are a party to this problem. So, this universally accepted basket wasn’t acceptable to them at all.

ACChain.org, a startup overseen by the International decentralized Committee IDAXC (“International Digital Assets Exchange Council) has announced a similar basket called A-SDR but for cryptocurrencies that would help solve the persistent issues in the current system and help make digital currencies go truly global in the near future.

The platform is currently offering a 3-part digital currency basket, tethered or anchored to these three basic currencies. The 3 currencies include Bitcoin (BTC), Ethereum’s Ether (ETH) and the native currency of the new platform ACC coin (ACC). The platform offers updated exchange rates that are determined and fixed worldwide. The anchoring is completely transparent and open to anyone who wishes to see its mechanism.

“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” said Serena Lin, spokesperson for ACC Coin.

“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”

Why is There a Need for the Platform?

The new platform is going to streamline and bring everything to the mainstream with the help of its revolutionary features. The platform will reduce costs in transactions, which will be beneficial for some of the smaller e-commerce players who are unable to accommodate for the ever-increasing fees of the digital currencies.

There is also the added provision of releasing new coins on the platform. The new coins can then immediately be tethered to the proposed big three cryptocurrencies and thus become immediately tradable rather than waiting for exchanges to pick it up. So, basically whole countries can launch their own national coins on the system and they will then be readily available to trade.

These coins will of course be backed by national assets and that’s where things can get really interesting as these coins will have something on their back-end rather than conventional cryptocurrencies that only have all the decentralized computing power to show and nothing else.

While AC Coin is the new cryptocurrency, the platform itself is called A-SDR platform. The new platform is solving questions for the mass adoption of cryptocurrencies.

ACCoin Token Generation Event (TGE)

The new asset-digitization platform is undergoing a crowdfunding TGE right now. The TGE has raised more than 28.58 BTC and 69.16 ETH. The price of ACCoin is initially set at 1 BTC= 14000 ACC and 1 ETH = 420 ACC.

To learn more or participate, visit the Website: http://www.acchain.org/en/activity.html

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Andreessen Horowitz’s $300m Crypto Fund Buys Stakes in Stablecoin Project

An upcoming stable coin project featuring a loaning system has bagged a $15 million investment from Andreessen Horowitz. VC Firm to Govern MakerDAO The venture capital firm, with a history of high profile investments into crypto projects, bought 6 percent of the total MKR supply through its $300m crypto fund, a16z crypto. By doing so, the US firm has got the rights to govern the Maker network, which includes MakerDAO, the stable coin firm, and the Dai Credit System as it becomes the first DAO-enabled stable coin project. The investment also marks a16z’s very first strategic purchase in the crypto industry. Katie Haun, general partner at a16z, believes MakerDAO will provide a compelling opportunity to their fund in the crypto-space. The former federal prosecutor, who is also renowned for having led the investigation against Mt Gox and Silk Road, said in her press statement: “MakerDAO’s technology, ecosystem and talent have put theory into action to deliver a decentralized stablecoin that we believe will help drive the future of the crypto economy.” For MakerDAO, a $15 million investment means more funds to develop their Dai Credit System. Not to be confused with MKR, which is a proof-of-stake token, the Dai Credit System uses a specialized stablecoin called Dai. The Dai token is soft-pegged to the US Dollar and is created during a seemingly unique loaning process. “Dai is created when asset owners deposit collateral to secure a loan, which is denominated in Dai stablecoin […] This allows owners of illiquid or unstable assets that wish to retain those assets over the long term to gain short-term liquidity, i.e., an ability to spend value otherwise locked in those assets while still retaining those assets,” stated Haun. For now, borrowers will be able to use ETH token as collateral to secure a loan from MakerDAO. The team has also launched a multi-collateral DAI system on the Kovan Testnet. It would allow borrowers to collateralize a diverse basket of crypto-assets in addition to ETH. The Maker network, in general, makes use of a set of autonomous smart contracts to coordinate the loan system. That said, anybody with an internet connection and with some collateral to spare can create Dai stablecoins, without needing an intermediary. “With an exciting fall full of announcements, MakerDAO is making its mark as a vanguard of blockchain technology. The team looks forward to continued product excellence and rapid Dai adoption in the coming months,” the Maker team said as it signed off. Image from Shutterstock The post Andreessen Horowitz’s $300m Crypto Fund Buys Stakes in Stablecoin Project appeared first on NewsBTC.

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