ARCC
Abstract. Bitcoin is the technological achievement of the decentralization of peer-to-peer trustless electronic cash, which then lead to the economic achievement of the issuance of a new global non-fiat currency. While ICOs through Ethereum have created hundreds of new cryptocurrencies, few progress past the standard that Bitcoin has achieved. The next level in achievement through Ethereum and ICO’s should be found in cryptocurrencies which have the objective to further a new global decentralized economic paradigm.
We propose to explore the impact of crypto-currencies in the area of ‘economic development’. Economic development is the area of bringing ‘third world’ developing countries out of poverty to the standards and stability of the ‘first world’. Currently, there is no clear economic development model which provides distributed development that improves the lives of all individuals over than of just the standing economic elite, i.e. major corporations or societal elites who are the main beneficiaries of increased GDP of a nation.
Incorporating two major innovations of bitcoin of decentralization and incentives, the International Blockchain Monetary Reserve, IBMR, seeks to create a new economic participation model through a ‘Social Proof of Work’. In emerging markets, individuals do not have the opportunity to engage in asset accumulation or realize a long term economic outlook due to the instabilities of their own markets and the lack of infrastructure which makes entrepreneurship limited in scope and scale. The ethos of blockchain technology and cryptocurrencies is to create trustless financial structures that create distributed and unrestricted capital. Nowhere is this more of a necessary than for emerging markets to break out of the structured oppression of powerlessness and poverty, and yet the capital cost of mining through hardware and electricity makes this an unrealistic undertaking for 3rd world participants.
Social Proof of Work, replaces the act of mining with electricity with mining through socio-economic participation and peer-to-peer validation. Through the IBMR Economic Development Platform, individuals from emerging markets will be able to mine ARCC (Asia Reserve Currency Coin) through a decentralized system of socio-economic voting and surveys. The ARCC mined on the IBMR Social Proof of Work network can then be spent within the network towards regional cooperative infrastructure and industrial investments that support regional competitiveness and market stability. The results of these surveys contributes to a radical transparency which directly addresses the biggest barrier to development which is systemic corruption by the economic elite.
ARCC itself will take a role as a ‘regional cryto-reserve currency’. Emerging markets all face a high degree of volatility which affects currency stability, which in turn, affects overall national investment and market sentiment. Yet on a regional level, regions such as South East Asia, have exhibited consistent growth. ARCC will: (i) align its underlying value to this regional economic growth through investment in regional infrastructure and industrial projects, (ii) hold a fiat and crypto currency reserve to give a base value for the ARCC, (iii) be directly distributed to the individuals of the region, and (iv) via Social Proof of Work create the first decentralized regional economic development network.
The distribution network, IBMR EDP (International Blockchain Monetary Reserve Economic Development Platform) will be composed of: (i) a regional ID and wallet; (ii) a Social Proof of Work Platform where by participants ‘mine’ their ARCC via socio-economic surveys, votes, and education courses, and (iii) an internal investment platform which only accepts ARCC earned through ‘Social Proof of Work’. 12.5% of the total ARCC initially minted, will be mass distributed on the basis of this Social Proof of Work model through the IBMR EDP to the South East Asia region.
Tim
Stanley K. Kwok
Eric Tao
Geraldine M. Diaz
Vince Wang
Joel Malasaga
Advisor
Eric Tao
Geraldine M. Diaz
Vince Wang
Joel Malasaga
Advisor
Darius Yuen
Mark Mu-Chi Sung
Conroy Cheng
Morgan Potter
Mark Mu-Chi Sung
Conroy Cheng
Morgan Potter
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