ARCC – Eliminating Corruption in Emerging Markets
As an Indonesian, I can’t agree more with IBMR which states that corruption is the root of the problems that hinder the development of a country. Simply put, a corrupt government means that all matters relating to the government are based on money. You need to pay money to win and run an infrastructure project, you need to pay money to get a position in government, and so on. As a result, rich people are getting richer, rulers are increasingly in power, and competent people do not have a stage to show off.
All of that is what actually happened in Indonesia. Although Indonesia has been established for 74 years and has abundant human and natural resources, because of unhealthy governance, Indonesia’s development is very slow compared to other countries so that many of its people experience social and economic problems.
Corruption in Indonesia has become rampant, structured, and even has become a culture at every level of government. Although there are some individuals who are not corrupt, unfortunately, they are very few compared to the corrupt group. As a result, this honest individual is unable to change the current system or even be eliminated by corrupt groups. Therefore, an innovative solution is needed to solve this corruption problem and thanks to the blockchain technology, there is now a disruptive solution, which is a decentralized economic system.
International Blockchain Monetary Reserve (IBMR) issued a project called the Asia Reserve Currency Coin (ARCC). The ARCC is a decentralized economic system project for corrupt failing emerging markets, not just Indonesia but all Southeast Asian countries. The ARCC will improve the economy of countries in Southeast Asia by reducing corruption through the Social Proof of Work mechanism. The low level of corruption is then expected to create an inclusive economy and radical social transparency so that it can increase long-term urban productivity and create an efficient entrepreneurial market.
Social Proof of Work
Social Proof of Work is a mechanism for mining ARCC tokens. This mechanism allows users to earn ARCC tokens by filling out surveys, uploading utility data, identifying corruption location points, and validating or providing updates to data. The number of tokens earned by the user depends on the quality of the data uploaded. Variation of data and the amount of data uploaded can be used by anyone from public policy specialists to activist groups so that it can produce reliable data. These data will then attract public media attention and invite the government to have the opportunity to directly deal with these types of corruption by creating supporting infrastructure and fair pricing.
This mechanism not only reduces the level of corruption significantly but can also provide additional income for users. ARCC tokens earned by users can be exchanged on the secondary market or can also be used for investment in the asset network services.
Asset Network Services
In addition to reducing the level of corruption, Social Proof of Work also provides micro asset management services for users. ARCC tokens that can be used for this service are only for tokens that are mined or earned from the Social Proof of Work network, not tokens earned from the secondary market. ARCC tokens obtained through Social Proof of Work will be held on a vesting schedule for 3 years before they can be withdrawn to the secondary exchange market or their personal wallet.
In the micro asset management network, ARCC tokens will be used for health and property insurance as well as private equity investments with limited risk in regional projects that have been invested by the ARCC.
Token symbol: ARCC
Softcap: 5M USD
Hardcap: 80M USD
Total supply: total amount raised during the private sale and then doubled
Token ARCC will be on a continuous token minting model for a period of 40 years. There are five use cases that require an annual new mint supply of ARCC, including:
- ARCC annual allotment: ARCC mining per year will be limited to the amount determined and taken from the annual collection. The mining rate will be scaled every week based on the frequency and ARCC coins left for the collection.
- Airdrops for new users: airdrop for users who turn 16 years old.
- Currency reserves:
- Regional investment: the ARCC will be used to seed new investments, grants, scholarships, and regional competitions. And if no suitable investment, the excess ARCC will be burned.
- Management and operations: the ARCC will be used to cover management salary costs, operations and development, and performance bonuses.
For further information, visit the ARCC website and read the whitepaper.
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