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Social Proof-of-Work: Asia Reserve Currency Coin and Its Fight Against Corruption

P. H. Madore

A Southeast Asian stablecoin project aims to neuter corruption. It places an incentive on public reporting of problems. The International Blockchain Monetary Reserve calls the Asia Reserve Currency Coin (ARCC) a “macroeconomic stablecoin.” While it has a seemingly complicated structure, the premise is simple enough: as productivity and GDP increase as a result of its effects, the ARCC will increase in value.

The token’s economy will have two parts. One is a licensed hedge fund that will manage investments and holdings to increase and preserve the liquidity of ARCC. The other is the ARCC token economy itself, which will be potentially millions of people’s first introduction to cryptocurrency. People earn ARCC when they report and verify various statistics in general society. It will function as a regular application used to report things like corruption, traffic jams, barriers to commerce, power outages, and even utility bills.

Social Proof-of-Work

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).

Social Proof-of-Work is what it sounds like. People prove that they are working toward the common good by submitting and validating reports on the situation. The data can then be used by anyone from public policy specialists to activist groups. The goal is to create an environment where the free market has a chance to work, an environment that Jung says is far from existent at this time.

Read the full story on CCN.com.