Imagine a future where the world reserve currency is digital, where an international system of currency exchange exists on a decentralised blockchain based platform, where it’s possible to convert all of your physical assets into digital currency… Well, that future is not too far away.
What is ACChain?
Asset Collection Chain (ACChain) is a Chinese company that launched in May, 2017 with a vision to digitalise assets and realise global asset digitisation. Using a global, open source, blockchain based, decentralised platform, ACChain wants to rid the world of cash and allow people to trade in their physical assets into their digital coin, ACC. Oh, and it also wants to replace fiat currency with a new digital world reserve currency.
Let’s look into ACC
Asset Collection Coin (ACC) is the standard asset token used in the ACChain platform. People trade in their physical assets – or digital currencies like Bitcoin and Ethereum – for ACC, which in turn is linked to a new digital world reserve currency, the SDR.
Don’t know what SDR is? Basically, SDR is an international reserve asset created by the IMF based on a number of different currencies like the US dollar, Japanese Yen, Euro, and so on. What ACChain wants to do is replace the Dollar, Yen, Euro, and so on, with ACC. In other words, this could be huge.
In the whitepaper released by ACChain, it’s stated that “ACC… will jointly form the digital asset interchange object – SDR digital currency… The SDR will be the main exchange token along with tokens of each international node’s general ledger token in the international exchange”.
Why this is game-changing
ACChain wants every country’s currency to be digitised, and for it to exist as part of ACChain’s network. All currencies would be pegged to the ACC, and exist as part of an international currency exchange network that’s completely digital. In an ideal world for ACChain, cash would be completely obsolete and all assets would be digital.
Of course, this has a number of people excited and a number of people worried. Part of ACChain’s whitepaper states that “those who control the international supernodes, win the market”, suggesting that a small elite could potentially control the entire global market. If you’re interested in further reading, check out this article and this video.
The ICO and technology development
ACChain launched a global ICO which ended in June, 2017, and is now in the process of developing the technology to bring the vision to reality. And if it manages to do that, the forecasts are for ACChain to be a major success, paving the way for a new era of economic exchange.
Whether that’s an era of decentralisation and economic freedom or one that’s far more concerning, to do with centralisation and elite control of the global economy, we can’t be sure. That said, ACChain is no doubt a company to watch out for, and we’re sure to hear more very soon.