Algorand is a next-generation blockchain architecture that focuses on pushing blockchain adoption across various sectors of the economy, especially the financial sector.
Algorand is positioning itself as a scalable, secure, and stable blockchain for borderless finance through various facilitating partnerships. This can be seen in recent partnerships such as; the Republic of Marshall Islands in creating the world’s first CBDC- Central bank digital currencies(SOV) and the IBMR.io, the international blockchain monetary system in creating Asia Reserve Currency Coin (ARCC).
To further prove this, Algorand recently joined the wall street blockchain alliance(WSBA) in order to explore the limitless opportunities in the financial sector by working with tech and finance companies.
According to W. Sean Ford, COO of Algorand
“WSBA has a unique approach in bringing together leaders in an industry that is being significantly impacted by the advancements of blockchain, With recent accelerated adoption across open finance, traditional finance, and central bank digital currency initiatives, Algorand is well-positioned to bring a fresh perspective to alliance members. I look forward to our participation with this prominent group.”
IBMR.io
IBMR which means international blockchain monetary reserve Is the company behind Asia Reserve Currency Coin (ARCC) project.
ARCC.one
The ARCC.one is designed to support the Asia Reserve Currency Coin (ARCC) as the world’s ‘micro asset’ that enables the financial inclusion of the urban working poor class in Southeast Asia. This is an innovative path to financial freedom as the ARCC provides debt-free capital.
ARCC APP
Mobile app users can utilize to earn ARCC tokens through ARCC.one by completing socio-economic surveys such as reporting crimes like corruption, traffic jams, power outage, the barrier to commerce and utility bills, etc. The earned tokens can be used in asset management services through ecosystem microfinance partners to build wealth, or staked to fund community infrastructure projects without any holding fees or minimum balances compared to traditional banks.
PROS OF ARCC project
Southeast Asia has a major problem with poverty cycles. The majority of its population hasn’t experienced any growth in its standard of living for the past 10 years. About 50% of the urban population in southeast Asia is unbanked without any legal representation. Some major challenges are;
• Corruption
• Lack of infrastructure
• Exploitative economy
The Asia Reserve Currency Coin is solving these issues with an economic approach that is;
• Inclusive
• Distributed
• Accessible through the below-listed tech solution
• Create assets
• Grow assets
• Empower communities
This project is an upliftment for the unbanked and will definitely promote financial inclusion in Southeast Asia. ARCC is designed to provide debt-free capital to the urban working poor class.
ARCC USE CASE/REAL WORLD UTILITY
The dedicated ARCC.one will operate as an asset management platform based on the holdings of its users. The users will be able to use their ARCC tokens within the platform and have exclusive advantages of services such as credit, investment, and insurance facilities. This is made possible by the ARCC reserve. Earned ARCC tokens can be withdrawn after a vesting period to users’ personal wallets, and they can be converted to fiat and used to invest or spend as debt-free capital.
Algorand Strategic Partnership between IBMR.io; an Innovative Path To Financial Freedom
Algorand Inc. which remains the world’s first open-source, permissionless, pure proof-of-stake blockchain protocol has partnered with IBMR.io; the international blockchain monetary reserve, and launched the southeast Asia Microfinance platform and ARCC.one token.
WHY PARTNER?
Algorand and ARCC share a vision for economic inclusivity and frictionless transactions as the model for decentralized finance. Algorand has a strong interdisciplinary approach to monetary economics and technology, and a focus on its ecosystem which is inclined with ARCC’s social impact mission for empowerment through the creation of the world’s first-ever micro asset.
SOV
SOV is a term that refers to the “sovereign legal tender cryptocurrency” created by the Republic of the Marshall islands through SFB technologies using Algorand technology. SOV is money just like the euro, pound, and dollar but has an advantage over fiat as it is leveraging blockchain, therefore, making it fairly distributed.
Why SOV
The Republic of Marshall Islands is a country of 1100 islands with 50000 people scattered across 750,000 square miles of the Pacific Ocean. Cross-border finance is not available therefore putting the people of the Republic of Marshall Islands at a disadvantage. This is why a borderless finance system is needed which is why SOV is created.
SOV DISTRIBUTION
A total of 24 million SOV will be created with 40% to be sold to people around the world. 4% of the total supply of SOV is released each year to SOV holders and miners without any going to the government. Unlike the traditional money system which is easily manipulated, SOV cannot be manipulated as its distribution is algorithmically fixed in the SOV blockchain
Advantages of SOV
• Fairly distributed
• Safe and secure
• Borderless
• Sustainable
• Easy to use
Why Algorand Technology
According to Jim Wagner, co-founder and CTO of SFB Technologies.
“Algorand was selected after extensive market research among the leading protocol options, The company has already powered several mainstream use cases and thanks to its unique features the platform has the functionality required to issue, manage and distribute the SOV on a global level. This partnership ensures that the SOV will be built on a scalable and secure platform.”
Confirming this statement Silvio Micali, founder of Algorand said
“The Marshall Island’s vision for global participation and inclusion in an open financial system by harnessing the benefits of blockchain technology is aligned with a truly global and decentralized society that we believe is made possible with our technology, We are proud to support the country on its groundbreaking journey towards mainstream digital currency adoption.”
Following the same line Kenneth Kedi, Speaker of the Marshallese Parliament, expressed, “I am excited about the technological partnership with Algorand. With it, a strong alliance is forming to develop the SOV project. This is another milestone towards developing the Marshall Islands financial services industry.”
Algorand is an open-source decentralized scalable stable secure pure proof-of-stake blockchain for borderless finance. This is in line with the reason for which SOV is required. Therefore, using Algorand technology to build SOV will help to achieve the aim for which it will be created. Algorand technology also enables efficient management(compliance and reporting) which is seriously required for SOV as it is a legal tender.
Algorand is really taking good strides and is rated as the top premier blockchain technology in the world. These Intellectually driven partnerships will solve some of the most difficult international monetary problems facing the world today and will bring about frictionless transactions as the model of decentralized finance.
Looking forward to a world of borderless finance with a fairly distributed monetary system.
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