Cryptocurrencies are going pretty strong around the world with Ethereum, Bitcoin, Ripple and the rest of the pack increasing their application and acceptance. But what is missing is a united global assimilation with the currency fiat system that will ultimately intermingle the two seemingly immiscible words.
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The idea of a full global-level anchoring of currencies and assets is certainly not a new one. The International Monetary Fund (IMF) had been working on a universal basket of currencies for several decades but the efforts could not ultimately prove fruitful. The reason behind this is often given that banks aren’t willing to relinquish their control over the assets they own nations want to avoid anchoring their currencies for socio-political reasons.
But, the efforts of IMF didn’t ultimately prove to be futile as now the concept is now being applied to the crypto world. The reason why it has the potential to succeed in the crypto world is that such a system is in fact accepted rather than rejected because the coin owners own their currency in a personal capacity and can decide on a simple progression in the field that stands to benefit all of them.
ACChain are currently working on a supra national digital currency basket that uses three cryptocurrencies Bitcoin, Ethereum and ACCoin (ACCChain’s native currency) to anchor them against assets and cryptocurrencies around the world. The platform is called A-SDR and it is a transparent platform that determines and fixes exchange rates worldwide. A-SDR is the initiative of International decentralized Committee IDAXC (International Digital Assets Exchange Council).
This new platform is going to be especially important in the near future, with the Blockchain 3.0 coins. The blockchain 3.0 coins are the latest versions of coins being launched on a blockchain. Rather than Blockchain 2.0 coins, which have basis in nothing more than an idea, Blockchain 3.0 will have actual physical assets backing them especially if the governments around the world aim to launch new coins to act as their national currency.
This is a step in the right direction to assimilate the altcoin multiverse into the current financial system and bring transparency and competition to the international stage.
But why is there a need for such a cryptocurrency basket?
It is indeed a fair question to ask. According to Serena Lin, spokesperson for the new platform:
“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.”
So basically, the anchoring the coins in a basket will greatly reduce transaction costs and allow small and medium companies to use crypto as they so far had been lagging behind its usage because of lack of what some call “transaction fee threshold”. This move can indeed usher in a new era of development in the crypto world. There is also the ease of releasing new coins on the A-SDR platform itself rather than Ethereum or other programmable blockchains with guaranteed instant tethering.
The A-SDR platform is undergoing a crowdfunding for the platform’s native currency (ACC coin). The function of the new currency is to form a trusted 3-way with top cryptocurrencies Bitcoin and Ethereum and anchor them in one place.
ACCoin Token Generation Event
The token sale of the new platform has resulted in funding of more than 28.58 BTC and 69.16 ETH. ACCoin’s initial price is set at 1 BTC= 14000 ACC and 1 ETH = 420 ACC. The TGE’s deadline has been extended by a week till January 31st 2018.
To learn more or participate, visit the Website: http://www.acchain.org/en/activity.html