applancer Advertise

15 Insights about ACT Pre-ICO

Jul 03, 2017 Posted /  3880 Views

15 Insights about ACT Pre-ICO

15 Insights about ACT Pre-ICO:

ACT is a decentralized Autonomous  Organisation (DAO) uniquely for social accountability by consolidating micropayments from a large group of citizens to fund proposals from grass root level that have the potential to make a great change in the society. Social accountability is the capability and extent of the citizens in holding the state accountable and making it useful and responsive to their needs. A Decentralised Autonomous Organisation (DAO) is basically created as a medium to achieve a shared purpose and will receive and give funds. It controls the actions that are done to help or promote the purpose of the DAO. DAOs do not have a central authority like government for its control. It works on the basis of smart contracts and blockchain technology. A blockchain is an encoded digital ledger that is stored on multiple computers in a public or private network. It is comprised of data records or “blocks.” Once these blocks are collected in a chain, they cannot be changed or deleted by a single actor; instead, they are verified and managed using automation and shared governance protocols.

Applancer presents 15 insights about the new revolutionary DAO ACT:

Check all ICOs List here

1. What problem does ACT solve?

There is always a power imbalance between citizen action and state action. This can sometimes manifest itself as bureaucratic inertia ( authorities doing nothing), or, in worst case scenarios, repercussions, and reprisals against those who dare to speak truth to power. ACT aggregates citizen force by pooling modest payments for votes (for example, one million people pay $1) within an immutable block chain, powered by software that releases funds only to causes that the citizens themselves vote for. Take the example of a community-fighting plan for an open cast coal mine, where there is certainty that its pollution will kill. The ACT platform would allow a concerned, local community to raise money and scale protests in a matter of days. ACT creates a sea change in how citizen action is initiated and executed, empowering citizens to better hold their governments accountable and make them responsive to their needs.

2. The way in which ACT works:

To use ACT, citizens should first download the ACT's mobile app to their mobiles. This app initially invites them to select cause types that they wish to address through social accountability interventions, and then purchase their votes which are used to help proposals. The funds raised from vote purchases are used to fund successful proposals. Apart from the specific mobile app of ACT, there are browsers like Toshi or Status which could be used with an ACT bot. What happens next citizens all over the world who are part of the ACT DAO will receive push messages or notifications through their mobile apps for alerting them about important proposals and allowing the users to vote yes, no or abstain. ACT certainly makes a change in the society because in a large group of citizens, if a smart contract is triggered, the proposal is funded instantly.

3. The design of ACT:

ACT is designed to become the de facto global platform that drives social accountability through funding proposals. As such, citizens would use it in a way that is consistent with this purpose, they should desire to maintain a balance of votes relating to the areas that they care about so that they can respond to proposals in real time.

ACT is a DAO designed to carry out two particular goals. They are Vote price accessibility to maintain a price for “votes” that is accessible to everyone in the world regardless of their personal economic context; Proposal quality and validity to ensure that DOA ACT voters only receive proposals through the App that are high potential, valid, non-spam, legal and legitimate.

4. Vote price accessibility:

The challenge of vote price is resolved relatively easily by denominating the cost of one vote in dollars rather than in ETH. The initial nominal cost will be 10 cents(USD) with a limit of a number of votes that an ACT user can apply to any given proposal of 100 dollars' worth (1000 votes). However, where millions of voters might be amongst the poorest people in the world, this is not enough because there is risk that wealthier groups could capitalize on votes. A mechanism is therefore designed to mitigate this risk, such as further limits on the number of votes that a user can apply to a given proposal.

5. Security:

ACT’s ETH pools are stored in the Ethereum blockchain, not a new blockchain built and maintained by its development team. In this way, the potentially millions of dollars donated by users globally to obtain votes will be stored with proven and tested security. Smart contracts will trigger payments to curators and proposal makers in line with the ACT code, immutably. For any proposal, the ticket size of proposal will be hundreds or thousands of dollars, not millions. So the risks are not very high.

6. ACT Tokens:

ACT is the token that is the unit of account in ACE (ACT Curation Engine). During ICO, 10 billion ACT tokens will be released and they are allocated by smart contracts in different ways such as ACT Donation Campaigns - 82.5% (including pre-ICO), ACT contributors  - 8%, ACT Team - 5%, Daoact Pvt Ltd. - 3%  and ACT Bounties - 1.5%.

7. The ACT Curation Engine (ACE) process:

The ACT curation engine(ACE) is a decentralized platform for vetting proposals. It rewards its curators through an algorithm derived to score individual contributions that most community members will consider to be a fair assessment of the subjective value of each contribution. ACE process happens in 4 steps: Proposal submission, Curation, ACTIVATION, and Voting.

8. Proposal submission:

Proposal submission requires a small payment in ETH and the value of payment depends upon the platform's capitalization. The proposal is public as any post that is found in Steemit or Medium or any campaign in Kickstarter oR GoFundMe. Proposals may also be shelved if it receives lots of downticks at the period of Curation.

9. Curation:

Any discussions relating to the validity of a proposal can be completely open. Many institutions responsible for allocating public money are obliged to operate in a transparent way. It can be conducted in public domain or can be collected from the citizens through the freedom of information regulation. In the ACT model, transparency is a basic characteristic.

10. Activation:

The algorithm of ACT platform, the ACTIVATION algorithm will push proposals to ACT users locally and globally (whose profile settings selected the theme and geography of the proposal) once the underlying conditions and criteria are satisfied.

11. Votes:

Once ACTIVATION occurs, ACT users are notified by the App on their mobile device. They can open the proposal, read it together with the entire dialogue with curators and decide to vote yes, no or abstain. If a quorum of 60% is reached then the proposal is funded. ACT users could also have an option to “assign” their votes to another member who exhibits recognized expertise in the topic under proposal, or whose reputation otherwise encourages the user to assign his or her vote to this person. Reputation could be evaluated by success rate of proposal voted for or success rate as a curator (presumably many curators will also be active participants in ACT).

12. ACT Curator rewards:

The design of ACE empowers the curation community to unambiguously act as a guardian of proposal quality on behalf of the global ACT Community. The curator's role is very important to the success of the platform and for the mission of ACT and they surely deserve significant rewards. Anyone can access the curation engine by making an account, but unless the curator owns the ACT tokens, he will not be able to get any rewards. However their wallet will display virtual rewards, ie the rewards they would have earned if they owned the ACT tokens. This encourages many users to buy tokens and to take part in the community rewards program.

13. ACT and ACTION Token:

There is need for curators with long-term commitments towards the platform for its success. In the case of ACT, this type of commitment is encouraged where the curators who downtick or flagged a proposal which was not successful after activation is only given rewards. But the problem is the volatility of altcoins in the market which affects the long term health of ACT tokens. The solution to this is a second coin ACTION token, which is not an influence token and depends only on algorithm which speculates the account activities of various curators and how many successful projects had been delivered by their activities.

14. Changes in the smart contract and tunable values:

Just like the common innovative platforms like Steemit, WINGS, etc., ACT will also benefit from a well-funded core team  of  developers, marketing specialists, UX developers and strategic advisors that will absorb community sentiment, and interpret trends and behaviours both good and bad that require responses in ACT in order to improve its chances of achieving what it sets out to do. To support platform sustainability, ACT’s smart contract will pay 1-2.5% of revenues to Daoact Ltd, and 1-2.5% of revenues to the Daoact Foundation, depending on the funds raised during the donation campaigns.

15. About the ICO:

3 concerns are there after the completion of ICO. They are liquidity, market size and use of proceeds. All these concerns are satisfiable by the ACT platform. The ACT ICO smart contract will create and distribute ACT Tokens when fundraising is concluded. ICO smart contract will be ready for deployment on November 18th, 2017, however, if the project has not raised its cap amount by then (this cap will be decided before the pre-ICO) fundraising can continue until January 18th. The latest that ACT Tokens will be issued is, therefore, January 18th, 2018 and the earliest date is November 18th, 2018.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

For more details on how you can submit an opinion or any news , view our Editorial Policy or email [email protected].

Tags: dao act ico act ico act ico 16 july ACT Token ACT Contract Dao ACT Token ico list Top ICO List ico list july

Hottest Blockchain Newsletter

For updates and exclusive offers, enter your e-mail below.