This post is about ACT ICO Review.
We at coinraja.com always try to keep you updated in terms of cryptocurrency trading market. The launches of new coins, the new blockchain, new platforms, new ICO’s everything in this new trading market world.
So today also we gonna do the same. Today we will review a new ICO known as ACT ICO. so without any delay let start ACT ICO Review.
What is ACT ICO?
The act is a decentralized autonomous organization (DAO) speaking about social accountability by forming micropayments from citizens to fund grassroots proposal that drives change. It is based on the capability of citizens to hold the state accountable and make it responsive to their needs.
It is the combination of two parts. First is ACT, where citizens purchase votes and apply them to proposals. The other one is the ACT curator engine (ACE) where ACT token conduct the policy for the curator rewards.
In all this, the main function is based on the ACE only. It contains the functionality that rewards those that hold ACT’s tokens. They are called as ACT and action.
How does ACT works?
First of all, individuals have to download the mobile app into their devices. Doing this it will invite them to choose cause type through the social accountability (an approach towards building accountability that relies on civic engagement) in the process of intervening. After that, they can buy their votes. It will be used to support the proposal.
It is not a crowdfunding. The motive of the ACT is that vote holder – citizens all over the world – receive push notification via the official app. It will alert them about important proposals. So that they can vote in YES or NO or ABSTAIN.
Suppose a mobile user with top-up or pay as you go accounts do not top-up each time that they wish to send an SMS. The user keeps his account toped-up so that he/she can send an SMS or respond whenever needed. You can take this example to understand hoe ACT ICO works. Same with the ACT – people can keep their votes so that they can react whenever needed.
How is ACT and ACT’s ICO designed?
- Vote and price accessibility – it will maintain a price for votes that will be affordable to all level of investors or individuals. This problem will be resolved easily by denominating the cost of one vote in dollars rather than Ethereum.
- Proposal quality and validity – it is to ensure that the voters only receive proposals that are a high potential, valid, non-spam, legal and legitimate.
- Security – ACT’s ETH pools are stored in the Ethereum blockchain. So the dollars donated by users to obtain votes will be stored securely. It is well tested and proven security.
- 10 billion ACT will be issued during the ICO.
- It will be located in the smart contract.
- ACT donation campaign: 80% (including pre-ICO)
- ACT contributors: 8%
- The ACT team: 5%
- Daoact Ltd: 3%
- ACT bounties: 2%
- Wings: 2%
The ACE process
- Proposal submission
It requires a small payment of ETH. Proposal value could be forced to follow a particular direction depending on the platform’s capitalization.
Many institutions are responsible for collecting public money are obliged to operate in a transparent way. In the ACT model, transparency is fundamental.
It will push a proposal to ACT users locally and globally once the underlying conditions and criteria are filled properly.
After the activation, they will receive a notification message in the app on their devices. They can open the proposal, read it and discuss it for voting purposes. After that, they vote in yes or no or abstain. If the numbers of members of the assembly reached 60% of the decision then the proposal will be funded.
First of all, it is not the decision of an individual, it is fully based on the final voting of the community. So it can be a plus point or it can be a minus point also. As sometimes the decision of an individual can affect the community in the matter of influence.
Also, the voting of a community can also affect the correct voting of an individual. All depend on the engine of the ACT that is ACE. If the maintained this platform to the social accountability prospect then surely it is having a future in the digital market trading.
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