The International Blockchain Monetary reserve is working on a stablecoin project known as the Reserve Currency Coin (ARCC), which is expected to solve public reporting problems and cut down on corruption.
The coin is designed in a way that it will rise in value whenever the GDP and productivity increases.
Licensed Hedge Fund And ARCC Token Economy
The economy of the new stablecoin will bear two parts” a licensed hedge fund for managing holdings and investments and ARCC token economy will introduce many to the world of digital currencies.
Earning ARCC will be possible when one reports and verifies statistics in society. This includes things like utility bills, power outages, obstacles to commerce, traffic jams, and corruption. ARCC states that:
Judging from the way the token is expected to work, it sounds like social proof-of-work. People have to prove that they are working for the good of everyone by simply submitting and validating reports in various situations.
The data collected and compiled can then be used by anyone, with the goal of creating a free market environment.
“Through a Social Proof-of-Work protocol, [ARCC] acts as a decentralized information network that incentivizes users to report daily inefficiencies, aggregating feedback on local infrastructural improvements (acting as a public mandate by the people).”
Bring People Closer To The World Of Cryptocurrencies
The main benefit of the ARCC project is that it will bring people closer to the world of cryptocurrencies. People can report on events, validate them, and earn the tokens without having to invest any money in it. All they need to offer is their energy and time to help generate accurate, reliable data.
With this project, it means that the public can use data to hold the government responsible for their dealings. If their governments are corrupt, they can prove it from the data recorded on the blockchain and demand for action to lift the economic profile of their country and the regions as a whole.