ARCC OFFICIAL PAGE
Published in

ARCC OFFICIAL PAGE

Getting through the ARCC Whitepaper Part 2

Yup, we actually printed out the 141 page monster whitepaper!

So, it’s nearly been a couple of months (Feb 6th, 2019) since we officially launched ARCC as a project and started creating awareness for it. In this time I’ve been to Istanbul, Taipei, Macau, Dubai, Hong Kong, Singapore and New York and essentially flew around the world 3 times and I’m both excited and wiped out. Needless to say, I’m a lot more succinct in explaining ARCC and getting right down to it now and while I can do an elevator pitch for ARCC, it is different depending upon who I am speaking with. It’s simply the nature of our project — elevator pitches are great for products, not so great in setting up an understanding for an entire decentralized distributed economic system. The net effect of an elevator pitch in our case creates either further confusion or dumbs down the project such that the listener simply relates it to the closest thing that is hot in the market right now.

Man, I have taken more photos of myself in 2 months than I have in 10 years lol.

What has been effective for me in explaining ARCC is having created a series of elevator pitches that deal with each aspect of the ARCC project and then getting to the final punch line. In this respect, I think it gives enough mental framework for those to get through the whitepaper with an understanding that there is light at the end of the tunnel.

ARCC as a decentralized, distributed economic system is broken up into 4 operational parts:

  1. Token Adoption Model
  2. Monetary Policy
  3. Product
  4. Token Utility & Social Impact

I bookend both points with the problem we are solving and the punchline.

Without further ado here it is:

1. The ARCC on the spot ‘Pitch’: Problem/Solution

The problem we are solving is structural financial inclusion in failing emerging markets, specifically targeting the urban working poor and we do this by exposing corruption in these markets. The economy of Southeast Asia has increased by 66% over the last 10 years, but this has not affected the standard of living for the urban working poor which compose between 30%-50% of the urban populations. This group of people are not even unbanked, they are undocumented and have no demographic information leading to lack of legal and financial representation.

Our solution is to create a decentralized information network which rewards users with our token, ARCC, for every act of reporting on their daily lives, from how long their commute was, what they pay for utilities, to broken roads and the number of floods and electrical outages around them. The fact is, for the urban working poor, their entire lives are lived in an environment of systemic corruption. If we can provide hard, real time, aggregated and verified data, then we can provide a public mandate that can be used to empower this group of people to have a voice backed by this hard data and a debt free micro asset in ARCC. If we are able to bring an entire class of people out of urban working poverty, then this will not only change their lives, but the lives of 630 million in Southeast Asia.

2. The Key Points of the Pitch

As a decentralized distributed economic system, we break it down to 4 areas: the Token Adoption Model, Monetary Policy, Product and Social Impact Token Utility.

The token adoption model is that of an incentive for the data integrity of the network, users are rewarded with ARCC in a form of Social mining, which we call ‘Social Proof of Work’, whereby when they report or verify data on our network, they are rewarded with ARCC. As such, ARCC needs to have value and we do this through a brute force model of a currency reserve and investments that provide inflow of funds to the currency reserve. These investments are aligned to the productivity of the region, whether through infrastructure or having it’s own social impact. In order to achieve this, we look to our Monetary Policy.

The objective in Phase 1 of our monetary policy is to spend the first 8 years amassing the currency reserve as an endowment fund of sorts with no fund redemption, only growth to find a defensible price range. This range will be determined by the total size of the currency reserve, the fund inflow from the investments, the value of the investments and the rate of ARCC adoption within the Social Proof of Work network. The currency reserve interacts with the secondary price market in the first 8 years, only to ensure that ARCC is of sufficient value to be a strong enough incentive for data reporting for our users. We then spend the next 10 years creating algorithmic mechanisms and models based on the currency reserve size and fund inflow that will allow us to best defend and define that range within a running average. The last 20 years will be focused on mass adoption of ARCC as a reserve currency.

The product itself is a locational reporting app much like WAZE, whereby users use a mobile app to report on location based events (broken roads, lights, flooding, garbage, sickness, etc), upload their utilities and bills, and do socioeconomic surveys. The app acts as their wallet and virtual identity as well. Once a locational report is made, the event goes up once there are additional similar results, then those users that are in the area are prompted to verify the results in the app. The app itself will be designed to run offline and update itself when there is WiFi access. Both unverified and verified data will be published to the blockchain.

The utility of ARCC lies in its social impact offering. Ultimately, the network becomes the largest micro-asset management platform in the world, and users will be on a 3 year vesting schedule for any ARCC they earn in the network, but can immediately use their ARCC in micro-asset management services such as micro insurance for property and health and co-investing in the current ARCC main investments. Anywhere between 1%-5% will be made available to the community and will allow micro assets to actually have 5%-10% annualized interest rate returns on even a $1. Eventually, fully vested ARCC will find maximum entrepreneurial impact in a corrupt free market.

3. The Punchline(s):

This is a project to change the world and establish a decentralized decentralized economic system for structural financial inclusion.

From a fintech view you can see it as e-wallet with social adoption model.

From an economic development view this is the first real systematic approach to solving the biggest problem we have, corruption, as well as providing a debt-free asset for entrepreneurial deployment.

From a cryptocurrency point of view, we have a solution that on-boards those in emerging markets without capital contribution and empowers them with ARCC as a ‘macroeconomic stablecoin’ i.e. non pegged currency.

From a technologist’s and economist’s point of view, the singularity is coming, but if you think that it comes without solving inequality on a structural level, then we’re never going to make it, inclusion needs to be part of the process of production, not a matter of redistribution.

From a social impact point view, it’s the largest micro-finance network focused on a debt-free micro-asset model.

But the real punchline is, in 2019, is there any reason why there should be poverty in these emerging markets or even in developed nations like parts of the US? The fact is, we accomplish this, we create a model for the future and change the course of human history.

Yes, I’m going for the Nobel Peace Prize, not because I want to really win it, but because I want people to know how serious I and our team is about this project. The blockchain community talks about how blockchain will disrupt everything and they narrowly focus on financial markets, while missing the point that if the innovation is as big as everyone thinks it is, then it is going to do more than disrupt an industry, but change the course of human history.

And…The Reactions

At this point, if they are interested, I answer a bunch of questions, show ‘em the 141 page whitepaper, get into the executives and my background and give them our business card. The reactions I get are always positive, and the initial disbelief is usually then replaced with ‘wow, the scope is huge, but the approach is well thought out,’ after I answer an additional 5–20 questions, lol. But the main takeaway is that, we are self funded to this point and its hasn’t been a small sum and that means that come hell or high water, we’re going to get this done. We need to get this done, humanity calls for it.

Sinjin David Jung

IBMR.io / ARCC Managing Director & Founder

March 27th, 2019

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store