ARCC - Eliminating Corruption in Emerging Markets

Problem

As an Indonesian, I strongly agree with IBMR which states that corruption is the root of problems that hinder the development of a country. Simply put, corrupt government means that everything related to government is based on money. You need to pay money to win and run an infrastructure project, you need to pay money to get a position in government, and so on. As a result, rich people are getting richer, rulers are increasingly in power, and competent people do not have a stage to show off.

All that actually happened in Indonesia. Although Indonesia has been established for 74 years and has abundant human and natural resources, because of unhealthy governance, Indonesia's development is very slow compared to other countries so that many of its residents experience social and economic problems.

Corruption in Indonesia has become rampant, structured, and has even become a culture at every level of government. Although there are some individuals who are not corrupt, unfortunately, they are very few compared to corrupt groups. As a result, these honest individuals cannot change the current system or even be eliminated by corrupt groups. Therefore, innovative solutions are needed to solve this corruption problem and thanks to blockchain technology, there is now a disruptive solution, which is a decentralized economic system.

Solution

The International Blockchain Monetary Reserve (IBMR) issued a project called the Asia Reserve Currency Coin (ARCC). ARCC is a project of a decentralized economic system for corrupt and failed emerging markets, not only Indonesia but all Southeast Asian countries. The ARCC will improve the economies of Southeast Asian countries by reducing corruption through the Social Proof of Work mechanism. Low levels of corruption are expected to create an inclusive economy and radical social transparency so as to increase long-term urban productivity and create an efficient entrepreneurial market.

Proof of Social Work

Social Proof of Work is a mechanism for mining ARCC tokens. This mechanism allows users to obtain ARCC tokens by filling out surveys, uploading utility data, identifying location points of corruption, and validating or providing data updates. The number of tokens obtained by a user depends on the quality of the data uploaded. Variations in data and the amount of data uploaded can be used by anyone from public policy specialists to activist groups so that they can produce reliable data. This data will then attract the attention of the public media and invite the government to have the opportunity to directly deal with these types of corruption by creating supporting infrastructure and fair pricing.

This mechanism not only reduces the level of corruption significantly but can also provide additional income for users. ARCC tokens obtained by users can be exchanged on the secondary market or can also be used for investment in asset network services.

Asset Network Services

In addition to reducing the level of corruption, Social Proof of Work also provides micro asset management services for users. ARCC tokens that can be used for this service are only for tokens that are mined or obtained from the Social Proof of Work network, not tokens obtained from the secondary market. ARCC tokens obtained through Proof of Social Work will be held on a vesting schedule for 3 years before they can be withdrawn to the secondary exchange market or their personal wallet. In the micro asset management network, ARCC tokens will be used for health and property insurance as well as private equity investments with limited risk in regional projects that have been invested by the ARCC.

ARCC Token

Token symbol: ARCC

Softcap: 5 million USD

Hardcap: 80 million USD

Total supply: the total amount earned during personal sales and then multiplying

The ARCC Token will use a sustainable token printing model for a period of 40 years. There are five use cases that require a new annual mint ARCC supply, including:

1. ARCC annual rationing: ARCC mining per year will be limited to the amount determined and taken from the annual collection. The mining level will be scaled every week based on the frequency and ARCC coins left for collection.

2. Airdrop for new users: airdrop for users who are 16 years old.

3. Currency reserves

4. Regional investment: ARCC will be used to sow new investments, grants, scholarships and regional competitions. And if there is no appropriate investment, the excess ARCC will be burned.

5. Management and operations: ARCC will be used to cover management salary costs, operations and development, and performance bonuses.