ACT is an autonomous organization, incorporated to offer citizens a decentralized platform in order to contribute micropayments to fund a social cause. It is a revolutionary step taken by the organization to help society by making powerhouses (government) accountable.
ACT will empower citizens to own, plan and execute resources to address common global challenges. Unlike NGOs, who are dominated by influential people for decision making, ACT will bring a change using smart contracts to raise a voice against partial or biased system. In a centralized process, whenever communities need resources for a certain cause, hurdles such as transaction costs, currency risk, bank prerequisites and many other formalities come across. ACT will elevate all those hurdles by paying for the scrutinized proposals instantly and transparently through blockchain.
For example, people want to donate money for a noble cause. They pay different amounts of denominations to various fundraising campaigns and NGOs. However, doubts engulf their minds that if their donations are going to reach needy people or not. Integrating blockchain will not only help in gaining people’s confidence but will also speed up the process from collecting to releasing funds to fulfill immediate cause.
Tokens can be reserved by accessing pre-release access forms or by answering 4 questions correctly concerning the overall concept and objective of the ACT. People can win up to 1000 tokens by filling up the questionaries’ form with correct answers available at https://daoact.org/gain-access
The blockchain technology makes everything transparent. Funds collected by ACT will be kept in blockchain wallets. People will know where the funds are collected from and where they have been spent. Distribution of funds will also take place through blockchain technology.
The ICO Distribution
The initial coin offering will take place on 18th of November 2017. The offering will last for about 2 months from the date of its inauguration i-e 18th of January 2018. ACT and Action token are based on ethereum, however, the starting price is yet to be announced.
The ICO plans to offer 80% of the total amount to investors which is $10 billion. The capping is not defined yet. Other breakdown includes 8.0% reserved for ACT contributors, 5.0% for ACT Team, 3% for DaoACT and the rest 4% will equally be divided between ACT Bounties and Wings.
As per limited information available on the company’s website, there may be a bonus offer available for the investors purchasing token in the initial days of the launch of the ICO. The bonus of 1.1% may be offered. Those interested in receiving bonus need to wait until the announcement concerning bonus is made by the concerns.
How Does ACT Work? Where to purchase Tokens?
People wishing to use ACT need to download the company’s official app to their phones or tablets. They are then prompted to select the type of cause they wish to support SAI- social accountability interventions. Once the cause is selected, they are then required to purchase votes to fund and support their cause. The users of the mobile app will receive push notifications, alerting them some important proposals. Users will need to cast their votes by “yes”, “no” or “abstain”. Once a cause has received the benchmark of the required votes, a smart contract will be triggered and the cause will get funded. Please be aware that ACT will disburse 20% of the total amount from the pool of funds to address that specific cause.
People can keep their accounts topped up always to contribute and cast their vote for a cause immediately. One vote is of 10cents worth. To maintain the integrity of the platform, a person can cast maximum votes of $100 worth that means (1000 votes) in total.
Team Members of ACT ICO
FRASER BROWN – Founder & CEO of ACT
BENJAMIN BOMMHARDT – Sales director and co-founder of Draglet. He is supporting marketing campaign between Draglet and ACT.
GANESH JUNG – Managing director and Co-founder of Draglet leading on the concept structure concerning ethereum based technology.
BILAL ARIF – Lead at Draglet. He is also a lead developer of the ACT decentralized system.
ACT ICO is bringing a whole new dimension to think and contribute positively to the society. Empowering a common man to decide their future by means of votes against unaccepted global issues that can have drastic impacts if not addressed in time.