ACT aims to be a decentralized funding platform for social projects and charitable giving. Current funding channels for charitable giving, especially grants, can be subject to regulation that slows down fund distribution and they aren’t always flexible enough to respond to emergencies or the rapidly evolving needs of communities. ACT founder, Fraser Brown, wants to leverage blockchain technology to facilitate charitable giving using micropayments on a democratized platform that rewards its users.
Funds received through the platform are pooled into a DAO that is part of a Swiss Foundation. Projects that the community votes to approve are funded through this pool.
Proposals on the network go through a four-step vetting process.
- Submission: users pay a fee in ETH to submit their proposals
- Curation: Curators (token holders with special privileges on the network) help vet proposal submissions by asking follow up questions, verifying user identities, and requesting the submission of additional information. The curation process unfolds transparently on a public forum. When a curator feels satisfied that a project is legitimate, they sign off on it.
- Activation: Once a project has satisfied the underlying curation criteria and is accepted, an algorithm matches that project with users based on their stated preferences and behaviors. Users receive a push notification on their mobile device whenever they are matched with a project.
- Vote: Activated projects are held to a community vote. One vote is equal to $0.10 of funding. Projects must meet a quorum requirements to receive funding.
The ACT token Model
ACT proposes a three-token ecosystem inspired by Steem.it. All tokens are ERC-20 tokens.
- VOTES: Used to vote for and fund proposals. The value of VOTES is pegged at $0.10. VOTES are purchased using ETH.
- ACT: Tradeable on external exchanges. Used to convert into ACTION.
- ACTION: Required to be a Curator and is a primary factor in determining curation rewards. ACTION is staked and converts back into ACT after a one year vesting period.
The object of the token sale is ACT tokens.
Project Status and Founding Team
ACT is headed by Fraser Brown, a social entrepreneur (and Olympian athlete) who has spent the better part of the last six years working with arts and environmental foundations. Fraser Brown was the founder and CEO of the Irish National Ballet between 2011 and 2015. Since 2015, he has focused his attention of environmental groups working to combat climate change.
Developmental expertise is provided by Draglet, a Munich based blockchain design firm. Earlier this year, Draglet and Fraser Brown worked closely together to develop a wireframe prototype of the ACT mobile app. In the future, ACT plans on hiring an in-house design team.
|Incorporation status||DAOACT ltd. Dublin, Ireland (with plans to establish a non-profit foundation, as well)|
|Team openness||Fully transparent|
|Blockchain Developer||Mohammad Bilal|
|Technical White Paper||Yes|
|Available Project Code||Not available|
|Role of token||Contribution Rights|
|Token supply||10 billion|
|Distributed in ICO||8.25 billion|
|Emission rate||No new coins created|
|Consensus method||Proof of Work|
|Sale period||July 18th, 2017 to August 1st, 2017|
|Investment Round||First public offering|
|Token distribution date||November 18th, 2017|
|Min investment goal||None|
|Max investment cap||5.25 million USD|
|How are funds held||Multi signature smart contract|
|Minimal Viable Product||Q4 2017|