ICO listing: ACT

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ICO Act

Act

Ended ICO : 18/11/17 – 18/01/18

ACT is a Decentralized Autonomous Organisation that supports social accountability globally by aggregating micro payments from citizens to fund grass roots proposals that drive change.

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ACT is a decentralised autonomous organisation (DAO) addressing social accountability by aggregating micro payments from citizens to fund grass roots proposals that drive change.

It is comprised of two parts:

1. ACT, where citizens purchase votes, and apply them to proposals;

2. The ACT curation engine (ACE) where ACT Token govern curator rewards. ACE is the main focus of this technical white paper, because it contains the functionality that rewards those that hold ACT’s tokens, which are called ACT and ACTION.

Background

The original ACT Concept Note should be consulted for a more in-depth analysis about the ACT impact model, its main social principles, as well as the theory of change that underpins it.

How does ACT work?

To use ACT, citizens first download the mobile App to their mobile device, which initially invites them to choose cause types they wish to address through social accountability interventions, and then purchase votes which are used to support proposals. The pooled funds raised through vote purchases are used to fund successful proposals. Browsers such as Toshi or Status could also be used with an ACT bot. The vision for ACT is that vote holders – citizens all over the world – receive push notifications via the ACT mobile App alerting them about important proposals, and allowing them to vote “yes”, “no”, or “abstain”. Their actions drive change because if a quorum is reached a smart contract is triggered and the proposal is funded instantly. At this point, some readers might surmise; “Is this crowd funding?” But, please maintain an open mind in order to capture the new innovation that ACT aims to be. By way of illustration, mobile phone users with “top-up” or “pay as you go” accounts do not top-up each time that they wish to send an SMS. Rather, they keep their accounts topped up so that they can send an SMS or respond to an SMS from a friend when they need to. So it is with ACT – people will keep their votes topped up so that they can react to proposals continuously.

ACT is designed to become the de facto global platform that drives social accountability through funding proposals. As such, citizens would use it in a way that is consistent with this purpose – they should desire to maintain a balance of votes relating to the areas that they care about so that they can respond to proposals in real time. This is not to say that ACT’s community might not grow when, as a direct result of any given cause receiving significant media coverage, citizens set up accounts in response, but ACT is different than crowdfunding, fundamentally.