“ACT is a truly innovative concept in the cryptocurrency space focused on social good”
Boris Povod, President of the WINGS Foundation Council
Wings forecast reward structure
WINGS forecast question
“How much ETH will ACT raise during its pre-ICO?”
The ACT donation campaign has three phases:
- Pre-ICO: 17:00 CEST (08:00 PDT) 18th July 2017–1st August 2017
- Pre-release access: Close of pre-ICO — 18th November 2017.
- ICO: 18th November 2017–18th January 2018.
- Platinum — 10x for first $250k
- Gold — 5x for next $250k
- ICO: 18th November 2017–18th January 2018.
Example: Donator “Sean” donates $100,000 on the first day of the pre-ICO (phase 1). Sean’s allocation of ACT Token at the ICO is therefore 10x his donation i.e. $1,000,000 worth of ACT Token.
Note: Platinum and Gold bonuses reduce by half (to 5x and 2.5x respectively) after the half way point of the pre-ICO (25th July at 17:00 CEST).
Act token price = Total amount fundraised / 8 billion tokens
- pre-ICO soft cap — to be decided after WINGS.ai price forecast event
- ICO cap — announced closer to ICO (ETH price dependent)
- Individual donation cap — $150,000 for the pre-ICO.
About ACT Tokens
“A well-designed token increases in value along with the network. It incentivises the community and early adopters to use, participate, spread and evangelise the platform that it represents. This bootstraps a global community where everyone shares incentives to make the project grow and succeed.” Jan Isakovic, Cofound.ie
- The ACT Token is a reward token that governs the distribution of 15% of platform revenue to proposal curators.
- Platform revenue is generated from citizens purchasing votes that can be applied within limits to proposals.
- Once a proposal is vetted by curators, and the community agrees to fund it through a voting round, a smart contract triggers payment.
What is ACT
Act supports the extent and capability of citizens to hold the state accountable and make it responsive to their needs. It is a next-generation organisation that aggregates funding from citizens targeting change and organises decision-making on an immutable blockchain.
Explainer Video — ACT is a blockchain solution for Social Accountability
The problem and opportunity
Many people interested in our future on earth know about the crowd platforms that promote cause petitions. Avaaz is such a platform that boasts 44 million members from 194 countries. Similarly, Change.org claims over 178 million “people taking action”. Change.org is actually a for-profit company that Forbes reported in 2012 had revenues over $15 million with 20 million members. These platforms are growing incredibly fast reportedly adding millions of users monthly.
Too often we hear about non-profits imploding due to exposés about fat-cat CEOs, or, worse, serious corruption. Other than this, we commonly hear about the offensive ratio of fundraising costs to money reaching the ground. Also, “clicktivism” has become mostly bark with less and less bite. Change.org charges people to promote their petitions therefore people with deeper pockets can promote their cause more loudly. And Avaaz (in common with many NGOs) seems to favour sensational causes in order to raise funding, which risks being more about promotion than impact.
The ACT Team asked;
“What if we could effectively disrupt this clicktivism and the NGO world through decentralization and blockchain? Heck, what if we could create something more impactful than the United Nations”?
Like many innovative crypto-solutions before it, ACT turns much conventional wisdom on its head. Members on the ACT decentralised platform pay for votes and 15% of that revenue is divided among the people who rank and curate proposals from people or organisations trying to drive change. Our model is designed to ensure that only high-quality, legal, and appropriate proposals are promoted. More than 80% of the remaining revenue is all paid to causes.
If ACT had 44 million members as Avaaz does and each bought just $20 of votes per year, $13.2 million would be paid to curators and holders of the ACT cryptocurrency in that year. If it had 178 million users as Change.org has, and each spent, on average, just $10 per year on votes, over a quarter billion dollars would be distributed amongst ACTION token holders who curate content, and over a billion dollars would go to fund causes that protect our future on earth.
You can review more analysis of the model here
The potential for ACT is that everyone participates in it. ACT will have staggering revenues if it fulfils its potential as a social change engine that many, many people around the world are part of.
How does ACT work
ACT use cases
The rights of Maria Dzuba’s disabled daughter.
The ACT white paper, website and explainer video all use the hypothetical example of Maria Dzuba from Minsk, Belarus to help explain the what and why of ACT. In summary, Maria’s 8 year old daughter Lera is disabled and local government refused to repair the elevator in her building for budget reasons. Belarusian law allows for a petition to be raised to create a “public letter” which can be considered. Maria asks the ACT community for $200 to fund her campaign.
A journalist detained and in need of legal support.
Sometimes when civic mobilization occurs within a hostile political system, the independent media that seeks to cover the story can get into hot water. For example, a cameraman could have his/her equipment confiscated and he/she could be detained by the police. In this instance, the person urgently needs the best legal support. ACT could support such an intervention, and even fund replacement equipment!
Communities fighting coal mining expansion in the United Kingdom.
Local communities around the world are fighting open cast coal mining that is harmful to their health and the wellbeing of their children. In some places such as Wales in the UK, expansion plans threaten to drive other existing and new employers from the area who do not want to be located where such health concerns exist. Such local action inevitably ends up weighing heavily financially on communities that initiate them. Consequently, they can ill afford to maintain them let alone expand them in line with the potential for real impact and change.
Dates: September 2016–today
- Funded by founders and Daoact Ltd
- Prototype completed
- pre-ICO smart contract complete
- Technical analysis and full costings completed
Dates: 18th July 2017 17:00 CEST (08:00 PDT) — 1st August 2017 17:00 CEST
- Pre-ICO — See details above
Dates: End pre-ICO — 18th November 2017
- Pre-release Access. Cap derived from WINGS forecast. Application required.
- ACT Vote smart contract
- ACT funding App
- ACT ICO smart contract
Dates: 18th November 2017–18th January 2018 (or until cap is reached)
- ICO. Cap derived from WINGS forecast. Limit $150,000 per person.
- ACTION smart contract
- ACE curation platform
- ACT smart contract