Africa First - ACX Network - Medium
I am a firm believer that decentralized networks will win and disruptive token economies will upend every industry vertical in our lives ...
Creating access to financial and technological tools for the word's 1.7 billion unbanked adults through the development of a sustainable decentralized bank.
The Highlights: Empowerment via the Access (ACX) Token
Branchless Banking Infrastructure: Mobile Bankers provide door-to-door savings collection and loan underwriting services daily to others, using only a Smartphone.
Over 500 Bankers and 30,000 clients ready to join the Access Network.
Growth is incentivized through ACX token distribution.
ACX token unlocks the usage of new financial tools and applications.
ACX token fund perpetually incentivizes developers to create more and more valuable applications to be used by the Access Network.
Founded by the team at Atlas Money--an experienced VC-backed team with 30 employees across 7 countries that already provides financial access to thousands of people in West Africa.
We estimate that the total number of people in those unbanked households who lack adequate financial access to be much greater. Communities in the developing world face countless challenges on a daily basis, and lack access to the tools they need to realize their full growth potential.
Banks have decided that the 'other 1.7 billion' unbanked adults are ‘not worth’ banking.
This leaves the underbanked limited to the financial access provided by Mobile Carriers, who typically only provide money sending services for very high fees.
Access Network is a decentralized bank that incentivizes people to bank each other, and developers to build better financial tools for them.
Simply put: The People's Bank + The People's Dev Shop.
How it Works
Access Network is constructing a World Bank for the Unbanked, complete with self-governance, incentives, and mass distribution.
Access' own ACX tokens are used to:
Access Network partners with local banking platforms like Atlas Money--- a system of branchless bankers who provide door-to-door financial service to their local communities.
Atlas' self-employed agents attend to the financial needs of their clients daily.
Carrying just a smartphone, Atlas agents service people who were excluded from participating in the global economy.
Access Network is built to achieve a massive global scale. This ambitious adoption can be reached by a quick yet sustainable incentive, such as rewarding users for what they are already doing - banking each other.
Developers everywhere are incentivized by a bounty reward to build solutions Access Network end-users are asking for. Specially designed voting systems let anyone with ACX tokens put value on both the most pressing problems and viable solutions. This direct feedback loop is a dream come true for any app developer as it takes the guesswork out of what to build and how.
Access team is kicking things off by building the first apps for free money sending, loans and e-commerce. To further promote inclusive development the Access team will be co-hosting hackathons across Africa.
Every aspect of an everyday African life is within communities. From religion to money, communities make decisions, save money and pray together. Access Network relies on and empowers these established social structures by integrating self-governance. The Governance Protocol and amenable rules allow everyone to equally dictate how the whole network works.
The Team behind Access Network has been building a branchless banking network, Atlas Money, for the past 2 years right from within West Africa. We are taking our on-the-ground banking experience and bringing it over to Access to accelerate the realization of financial and wealth inclusion for all.
Atlas Money is backed by top venture capital funds and angel investors, including Tim Draper, Partech Ventures, 1517 Fund and Shawn Byers. The team has gone through Boost VC and Techstars Barclays.
Join the first World Bank for the Unbanked.
See the Form C or view it here: http://acxnetwork.com/whitepap...
Access is a protocol that helps reward the development of financial tools for the underbanked, and Access (ACX) is a digital token used to incentivize banking and savings activities. Access was built by the team behind Atlas, the successful branchless community banking platform for the underbanked.
Currently, any person with a smartphone in West Africa can download the Atlas app and earn money as a banker to their community. When ACX Network goes live, hundreds of Atlas Agents and thousands of Atlas clients will instantly switch to a token rewards model, effectively turning all agents into ACX nodes and exchanges.
Atlas is the founding company behind Access. Access has a broader scope than Atlas but will be able to leverage Atlas’ network of 30,000 users and 500 agents in Ghana and Senegal to kickstart its go-to market strategy.
Having the agent network already in place is a distinct competitive advantage, as incentivized individuals on the ground will drive adoption across cultural and technological usage barriers.
Atlas is merely a partner exchange network in the greater Access Network ecosystem. Access is actively partnering with other existing networks across the world to speed up adoption and distribution of ACX.
Atlas began its journey in Ghana and has successfully expanded into Senegal.
Agents act as ACX entry nodes, allowing African users to purchase or earn-in to Access Network without any deep blockchain acumen or specialized hardware.They will also act as vote proxies, where users can delegate their voting power to local leaders/agents so they can steer the development of the network on their behalf.
1) Agents are required to pre-purchase digital credit to guarantee the safety of end user deposits. ACX will be used to unlock higher usage of given services and get discounts on others.
2) The Atlas ground team sources agents with local community leaders who vouch for their reputation in the community.
3) Successful agents refer new agents as do our mega end users like market-leader women.
We are creating a self-governed network which will develop its own ecosystem of dapps. To succeed, participants need to be aligned around the same incentives. ETH holders don't necessarily care about the future of the unbanked, but ACX holders have a vested interest in their inclusion.
The equitable distribution and built-in value of ACX will incentivize developers, developed world participants, and developing world participants to come together as a community that envisions and implements its own solutions.
A token is necessary to prove a stake in Access that can be utilized to vote in decision-making processes such as rewarding developments, as well as modifications to the governance protocol itself.
ACX tokens enter circulation with increased adoption and usage of the network, unlike many inflation schemes which are hardcoded.
The Access Underserved Exchange (AUE) reserve distributes ACX to underserved populations through partner organizations (like Atlas Money) that work on the ground in the developing world. For example, African users who deposit with Atlas Money Agents will earn ACX for having active and increased fiat balances, which they can stake for premium services like free money-sending or spend for discounted banking fees. Tokens for use on the AUE are distributed to organizations at a limited rate that is proportional to adoption and will be used to provide local incentives to other partner agent networks in countries across the World.
The Incentive Pool reserve rewards developers who create apps and tools that increase the usability of the platform and thus drive adoption. Incentive Pool funds are only distributed when a sufficient proportion of ACX holders vote in favor of a project. The Incentive Pool is unlocked at a fixed rate over a 10 year period. ACX holders are incentivized to vote for projects that increase the value of the network by a greater amount than resultant dilution. For example, if I believe that a new ACX loan dapp will increase the long-term utility value of the Access ecosystem by >2% and the corresponding Incentive Pool payout will dilute the value of my ACX by <2%, then I should vote in favor of the project. Over a large number of self-interested participants, the increase in value from new projects will tend to exceed any decrease that would result from inflation.
Radical Trust is a new voting mechanism derived from Quadratic voting. It uses a radical function to calculate voting weight where the weight of each token declines as more tokens are committed by an individual. This way, pooled together, small token holders can have a greater impact than large individual holders. Additionally, to prevent large token holders from using multiple accounts to increase their overall weight, votes will be weighted by an identity score that utilizes existing identity solutions such as Keybase, Civic, Uport, and traditional KYC.
This model gives a greater voice to smaller token holders and brings balance to the ecosystem unlike one token one vote systems that greatly advantage the rich. A one token one vote system would not be a viable way to align interests in a network dedicated to democratizing financial access.
To kickstart the network’s adoption, we need to take away as much risk as possible for the developer community while incentivizing governance participation by ACX holders. Having an incentive pool overcomes the tragedy of the commons problem by removing the need for any one party to finance new projects.
Because of our Radical Trust decision-making module, small token holders pooled together will always have a greater impact than whales for an equal amount of tokens. Thus, communities can come together to direct the development of the tools they really need.
At first we will focus on agents and community leaders who all have access to smartphones. Users will be able to delegate their votes to those they trust within their communities who share the same goals and needs.
Liquid democracy, the ability to delegate voting power of the ACX token, will be crucial to leapfrogging the current limitations of the infrastructure in Africa and in developing countries.
We will also be dedicating some of our proceeds to circulating smartphones to end users in exchange for earned ACX tokens. We also hope to partner with other stakeholders that are aligned around increasing smartphone penetration faster than is currently forecasted. More smartphones will further decentralize the banking infrastructure of Access Network, while also enabling future applications to have more value, such as e-commerce, where a smartphone is necessary to geo-locate end users accurately.
Want to help bank the unbankedRosen DikovInvested about 14 hours ago
Very Interesting concept. I believe this is the future in banking.Raymond EllisInvested about 16 hours ago
The statement alone of "Financial Access is a Fundamental Human Right" speaks volumes as to what this application of blockchain can bring to a equitable, and opportunistic future.Avery KondaInvested 2 days ago
Blockchain is adding values to the business.Surajit PaulInvested 2 days ago
I have been with cryptocurrencys and Blockchain for years now and highly believe in technology. It is the futureDon WadeInvested 3 days ago
I want to help solve the problem of unbanked consumers.Charles HammersloughInvested 3 days ago
blockchain!Chris KibbeInvested 3 days ago
I am a firm believer in Financial Inclusion and see that blockchain is the way to solve it at a global level.Vincent AlimiInvested 3 days ago
I believe that blockchain is the future and will happen sooner than later!Tony BackusInvested 3 days ago
we need to help people by investing this will not only help an investor but help the world.Dale JoynerInvested 4 days ago
Blockchain for social impact is how I investKurt GrelaInvested 4 days ago
Social impact + Crypto 100% in my interest !!! Go for it!Marco MatoukInvested 4 days ago
I think this is a logical and doable extension of microbanking. A model that has proven successful in some cases.Mel ClarkInvested 4 days ago
I care about financial inclusion and believe in the ability of blockchain to make a differenceAjay PalapartyInvested 4 days ago
Economic systems can benefit global communities without the need for traditional money.Cody HeisingerInvested 5 days ago
GmfbSoham BhatiaInvested 11 days ago
Empowers local community who are personally personally vestedAdam AngibeauInvested 14 days ago
Looking to make a profit..Derek HoldenInvested 15 days ago
Because I believe that everyone should be financially empowered with technology and I believe this is the team to make that happen!Crissy CostaInvested 15 days ago
Mickey and team are absolute rock stars. They understand their Africa market and have an impressive vision.Josh ChenInvested 16 days ago
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