Topic: [ANN][ACX] 🗺️🌍🌐 Access Network - Decentralizing Financial Inclusion 🌐🌍🗺️ - page 18. (Read 2192 times)

Quote from: Vindizzle on March 20, 2018, 05:03:23 AM

But if everyone can set thier own interest %,that means loan sharks could start using ACX.Or there will be some way to stop that from happening?

Quote from: PuryLock on March 20, 2018, 05:18:21 AM

But if loan sharks are offering loans, how can you actually prevent this? KYC will make sure you know that it's secure but other than that I don't think that the app can prevent such situations.

We believe in a free market where bad players will be taken out by benevolent players. In this case, we could potentially allow loan sharks but since users have access to a large selections of lenders who compete on interest rate and terms, loan sharks will not be an attractive option to customers who could find much lower rates and thus will flush them out of the market.

Whats the percentage of total supply that will be sold in private sale?

21% of all tokens

that is a good approach to have a good competition so customers will decide for themselves.

It's good to leave the power in hands of the community.

sexymadafaka

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Quote from: Tyrant76 on March 20, 2018, 11:15:26 AM

Quote from: james7854 on March 19, 2018, 04:18:48 PM

Quote from: SoonAmoon on March 19, 2018, 02:07:25 PM

Can someone explain what on-chain and off-chain means?

It means technology with or without use of blockchain.

thanks for the answer,I've been confused by that term Cheesy

We all get confused in crypto sometimes Cheesy

james7854

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Activity: 210

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Quote from: constructive_criticism on March 21, 2018, 12:42:10 PM

Quote from: oxhodler on March 20, 2018, 10:22:28 AM

Quote from: constructive_criticism on March 20, 2018, 10:19:32 AM

Quote from: aalmina82 on March 20, 2018, 04:30:28 AM

I'm interested, if you can elaborate a bit more, about this concept of vote proxies. Voting where?

can you explain users can delegate their voting power to local leaders/agents so they can steer the development of the network on their behalf.. for what vote?

Access is a governance network that allows users to vote on tools and solutions they need developed so that teams of developers can build them for the ecosystem. It aims to help the unbanked obtain the basic financial tools they need to bypass the current infrastructure. Though, a lot of them only have dumb phones so they can delegate their votes (a function based on reputation and amount of tokens held) to agents from their community who can then vote on their behalf. Agents never obtain the tokens, they can juste wield their voting power but users can retract those rights at any time if agents don't vote like they would have wanted to.

Doesn't that open up possibilities for vote manipulation if one of the methods to be allowed to vote is how many tokens you have? Or did I get that wrong?

Radical Trust is a new voting mechanism derived from Quadratic voting. It takes a radical function to calculate a vote as the weight of each token declines as more tokens are committed by an individual. This way, pooled together, small token holders can have a greater impact than large individual holders. Additionally, to prevent large token holders from using multiple accounts to increase their overall weight, we add a reputation and identity score using different solutions such as Keybase, Civic, Uport and full KYC to increase the weight of one’s vote.

This model gives a greater voice to smaller token holders and brings balance to the ecosystem while 1 vote per token greatly advantages the rich. This would not be viable in a network looking to democratize financial inclusion.

Thank you for the explanation. It's a complex idea so detailed explanations like this bring more clarity.

That is a very smart idea. To actually lower the token value if submitted in higher quantity by someone. Will this by regulated by blockchain?

constructive_criticism

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Quote from: oxhodler on March 20, 2018, 10:22:28 AM

Quote from: constructive_criticism on March 20, 2018, 10:19:32 AM

Quote from: aalmina82 on March 20, 2018, 04:30:28 AM

I'm interested, if you can elaborate a bit more, about this concept of vote proxies. Voting where?

can you explain users can delegate their voting power to local leaders/agents so they can steer the development of the network on their behalf.. for what vote?

Access is a governance network that allows users to vote on tools and solutions they need developed so that teams of developers can build them for the ecosystem. It aims to help the unbanked obtain the basic financial tools they need to bypass the current infrastructure. Though, a lot of them only have dumb phones so they can delegate their votes (a function based on reputation and amount of tokens held) to agents from their community who can then vote on their behalf. Agents never obtain the tokens, they can juste wield their voting power but users can retract those rights at any time if agents don't vote like they would have wanted to.

Doesn't that open up possibilities for vote manipulation if one of the methods to be allowed to vote is how many tokens you have? Or did I get that wrong?

Radical Trust is a new voting mechanism derived from Quadratic voting. It takes a radical function to calculate a vote as the weight of each token declines as more tokens are committed by an individual. This way, pooled together, small token holders can have a greater impact than large individual holders. Additionally, to prevent large token holders from using multiple accounts to increase their overall weight, we add a reputation and identity score using different solutions such as Keybase, Civic, Uport and full KYC to increase the weight of one’s vote.

This model gives a greater voice to smaller token holders and brings balance to the ecosystem while 1 vote per token greatly advantages the rich. This would not be viable in a network looking to democratize financial inclusion.

Thank you for the explanation. It's a complex idea so detailed explanations like this bring more clarity.

bibliobusz

newbie

Activity: 224

Merit: 0

Quote from: oxhodler on March 21, 2018, 07:02:44 AM

Quote from: chungaLunga on March 20, 2018, 04:37:29 PM

Quote from: aalmina82 on March 20, 2018, 04:30:28 AM

I'm interested, if you can elaborate a bit more, about this concept of vote proxies. Voting where?

can you explain users can delegate their voting power to local leaders/agents so they can steer the development of the network on their behalf.. for what vote?

Access is a governance network that allows users to vote on tools and solutions they need developed so that teams of developers can build them for the ecosystem. It aims to help the unbanked obtain the basic financial tools they need to bypass the current infrastructure. Though, a lot of them only have dumb phones so they can delegate their votes (a function based on reputation and amount of tokens held) to agents from their community who can then vote on their behalf. Agents never obtain the tokens, they can juste wield their voting power but users can retract those rights at any time if agents don't vote like they would have wanted to.

Thx for explanation. But how do agents wield voting power?

If voting power is delegated to agents (it's a concept called liquid democracy), then it's as if they had the full power on those votes so through the Access platform they will be able to vote on proposals and solutions on behalf of users.

I fully support this way of the community participating in the overall development.

snowcommander

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Activity: 280

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Quote from: Vindizzle on March 20, 2018, 05:03:23 AM

But if everyone can set thier own interest %,that means loan sharks could start using ACX.Or there will be some way to stop that from happening?

Quote from: PuryLock on March 20, 2018, 05:18:21 AM

But if loan sharks are offering loans, how can you actually prevent this? KYC will make sure you know that it's secure but other than that I don't think that the app can prevent such situations.

We believe in a free market where bad players will be taken out by benevolent players. In this case, we could potentially allow loan sharks but since users have access to a large selections of lenders who compete on interest rate and terms, loan sharks will not be an attractive option to customers who could find much lower rates and thus will flush them out of the market.

Whats the percentage of total supply that will be sold in private sale?

21% of all tokens

Thank you for the info, that is a good overall percentage so as not to devaluate the token.

cmdr1

newbie

Activity: 266

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Quote from: oxhodler on March 20, 2018, 10:22:28 AM

Quote from: constructive_criticism on March 20, 2018, 10:19:32 AM

Quote from: aalmina82 on March 20, 2018, 04:30:28 AM

I'm interested, if you can elaborate a bit more, about this concept of vote proxies. Voting where?

can you explain users can delegate their voting power to local leaders/agents so they can steer the development of the network on their behalf.. for what vote?

Access is a governance network that allows users to vote on tools and solutions they need developed so that teams of developers can build them for the ecosystem. It aims to help the unbanked obtain the basic financial tools they need to bypass the current infrastructure. Though, a lot of them only have dumb phones so they can delegate their votes (a function based on reputation and amount of tokens held) to agents from their community who can then vote on their behalf. Agents never obtain the tokens, they can juste wield their voting power but users can retract those rights at any time if agents don't vote like they would have wanted to.

Doesn't that open up possibilities for vote manipulation if one of the methods to be allowed to vote is how many tokens you have? Or did I get that wrong?

Radical Trust is a new voting mechanism derived from Quadratic voting. It takes a radical function to calculate a vote as the weight of each token declines as more tokens are committed by an individual. This way, pooled together, small token holders can have a greater impact than large individual holders. Additionally, to prevent large token holders from using multiple accounts to increase their overall weight, we add a reputation and identity score using different solutions such as Keybase, Civic, Uport and full KYC to increase the weight of one’s vote.

This model gives a greater voice to smaller token holders and brings balance to the ecosystem while 1 vote per token greatly advantages the rich. This would not be viable in a network looking to democratize financial inclusion.

I fully support any voting that doesn't revolve around riches.

Tyrant76

newbie

Activity: 294

Merit: 0

Quote from: SRBYN on March 21, 2018, 02:50:39 AM

Is it going to be possible to use ACX outside Africa,or it will be strictly for those oficially supported countries?

I think later they will expand to other countries outside Africa

descuri

newbie

Activity: 266

Merit: 0

Quote from: oxhodler on March 21, 2018, 07:02:44 AM

Quote from: chungaLunga on March 20, 2018, 04:37:29 PM

Quote from: aalmina82 on March 20, 2018, 04:30:28 AM

I'm interested, if you can elaborate a bit more, about this concept of vote proxies. Voting where?

can you explain users can delegate their voting power to local leaders/agents so they can steer the development of the network on their behalf.. for what vote?

Access is a governance network that allows users to vote on tools and solutions they need developed so that teams of developers can build them for the ecosystem. It aims to help the unbanked obtain the basic financial tools they need to bypass the current infrastructure. Though, a lot of them only have dumb phones so they can delegate their votes (a function based on reputation and amount of tokens held) to agents from their community who can then vote on their behalf. Agents never obtain the tokens, they can juste wield their voting power but users can retract those rights at any time if agents don't vote like they would have wanted to.

Thx for explanation. But how do agents wield voting power?

If voting power is delegated to agents (it's a concept called liquid democracy), then it's as if they had the full power on those votes so through the Access platform they will be able to vote on proposals and solutions on behalf of users.

Thank you for explaining, it makes much more sense now. So the users will be very much included in the development of the project.

oxhodler

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Activity: 56

Merit: 0

Quote from: chungaLunga on March 20, 2018, 04:37:29 PM

Quote from: aalmina82 on March 20, 2018, 04:30:28 AM

I'm interested, if you can elaborate a bit more, about this concept of vote proxies. Voting where?

can you explain users can delegate their voting power to local leaders/agents so they can steer the development of the network on their behalf.. for what vote?

Access is a governance network that allows users to vote on tools and solutions they need developed so that teams of developers can build them for the ecosystem. It aims to help the unbanked obtain the basic financial tools they need to bypass the current infrastructure. Though, a lot of them only have dumb phones so they can delegate their votes (a function based on reputation and amount of tokens held) to agents from their community who can then vote on their behalf. Agents never obtain the tokens, they can juste wield their voting power but users can retract those rights at any time if agents don't vote like they would have wanted to.

Thx for explanation. But how do agents wield voting power?

If voting power is delegated to agents (it's a concept called liquid democracy), then it's as if they had the full power on those votes so through the Access platform they will be able to vote on proposals and solutions on behalf of users.

Gurtna

newbie

Activity: 112

Merit: 0

Quote from: SRBYN on March 21, 2018, 02:50:39 AM

Is it going to be possible to use ACX outside Africa,or it will be strictly for those oficially supported countries?

I think team member said that for now they will focus on Africa,and later on there is chance to spread.

Desmozgenes

full member

Activity: 392

Merit: 107

Quote from: Vindizzle on March 20, 2018, 05:03:23 AM

But if everyone can set thier own interest %,that means loan sharks could start using ACX.Or there will be some way to stop that from happening?

Quote from: PuryLock on March 20, 2018, 05:18:21 AM

But if loan sharks are offering loans, how can you actually prevent this? KYC will make sure you know that it's secure but other than that I don't think that the app can prevent such situations.

We believe in a free market where bad players will be taken out by benevolent players. In this case, we could potentially allow loan sharks but since users have access to a large selections of lenders who compete on interest rate and terms, loan sharks will not be an attractive option to customers who could find much lower rates and thus will flush them out of the market.

Whats the percentage of total supply that will be sold in private sale?

21% of all tokens

Exactly this,free market should sort the potential loan sharks,as if there is enough agents offering ACX that means it will be easily available for everyone,removing the loan sharks out of equation.

SRBYN

newbie

Activity: 276

Merit: 0

Is it going to be possible to use ACX outside Africa,or it will be strictly for those oficially supported countries?

masterCookie

newbie

Activity: 131

Merit: 0

Its a nice project, tokens could become valuable fast!

masterCookie

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Activity: 131

Merit: 0

Quote from: Vindizzle on March 20, 2018, 05:03:23 AM

But if everyone can set thier own interest %,that means loan sharks could start using ACX.Or there will be some way to stop that from happening?

Quote from: PuryLock on March 20, 2018, 05:18:21 AM

But if loan sharks are offering loans, how can you actually prevent this? KYC will make sure you know that it's secure but other than that I don't think that the app can prevent such situations.

We believe in a free market where bad players will be taken out by benevolent players. In this case, we could potentially allow loan sharks but since users have access to a large selections of lenders who compete on interest rate and terms, loan sharks will not be an attractive option to customers who could find much lower rates and thus will flush them out of the market.

Whats the percentage of total supply that will be sold in private sale?

21% of all tokens

Thats quite a big percentage of tokens.

djimiHendrix

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Activity: 137

Merit: 0

Quote from: bibliobusz on March 20, 2018, 06:46:11 AM

Quote from: Vindizzle on March 20, 2018, 05:03:23 AM

But if everyone can set thier own interest %,that means loan sharks could start using ACX.Or there will be some way to stop that from happening?

Quote from: PuryLock on March 20, 2018, 05:18:21 AM

But if loan sharks are offering loans, how can you actually prevent this? KYC will make sure you know that it's secure but other than that I don't think that the app can prevent such situations.

We believe in a free market where bad players will be taken out by benevolent players. In this case, we could potentially allow loan sharks but since users have access to a large selections of lenders who compete on interest rate and terms, loan sharks will not be an attractive option to customers who could find much lower rates and thus will flush them out of the market.

Whats the percentage of total supply that will be sold in private sale?

21% of all tokens

that is a good approach to have a good competition so customers will decide for themselves.

Its good to leave the power in hands of the community but there also have to be moderators to keep everything under control.

babyBaba

newbie

Activity: 144

Merit: 0

Quote from: constructive_criticism on March 20, 2018, 10:19:32 AM

Quote from: aalmina82 on March 20, 2018, 04:30:28 AM

I'm interested, if you can elaborate a bit more, about this concept of vote proxies. Voting where?

can you explain users can delegate their voting power to local leaders/agents so they can steer the development of the network on their behalf.. for what vote?

Access is a governance network that allows users to vote on tools and solutions they need developed so that teams of developers can build them for the ecosystem. It aims to help the unbanked obtain the basic financial tools they need to bypass the current infrastructure. Though, a lot of them only have dumb phones so they can delegate their votes (a function based on reputation and amount of tokens held) to agents from their community who can then vote on their behalf. Agents never obtain the tokens, they can juste wield their voting power but users can retract those rights at any time if agents don't vote like they would have wanted to.

Doesn't that open up possibilities for vote manipulation if one of the methods to be allowed to vote is how many tokens you have? Or did I get that wrong?

Yeah that could turn up contra productive in some cases.

chungaLunga

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Activity: 148

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Quote from: aalmina82 on March 20, 2018, 04:30:28 AM

I'm interested, if you can elaborate a bit more, about this concept of vote proxies. Voting where?

can you explain users can delegate their voting power to local leaders/agents so they can steer the development of the network on their behalf.. for what vote?

Access is a governance network that allows users to vote on tools and solutions they need developed so that teams of developers can build them for the ecosystem. It aims to help the unbanked obtain the basic financial tools they need to bypass the current infrastructure. Though, a lot of them only have dumb phones so they can delegate their votes (a function based on reputation and amount of tokens held) to agents from their community who can then vote on their behalf. Agents never obtain the tokens, they can juste wield their voting power but users can retract those rights at any time if agents don't vote like they would have wanted to.

Thx for explanation. But how do agents wield voting power?

Tyrant76

newbie

Activity: 294

Merit: 0

Quote from: james7854 on March 19, 2018, 04:18:48 PM

Quote from: SoonAmoon on March 19, 2018, 02:07:25 PM

Can someone explain what on-chain and off-chain means?

It means technology with or without use of blockchain.

thanks for the answer,I've been confused by that term Cheesy

oxhodler

newbie

Activity: 56

Merit: 0

Quote from: constructive_criticism on March 20, 2018, 10:19:32 AM