ARCC Token Economic Structure -UPDATE
Updated June 23, 2021
The previous token structure is found here https://medium.com/arcc-official-page/arcc-token-economic-structure-96821d16040d, and left up for transparency. This is an update to reflect changes in distribution and sales. https://arcc.one/ now in open public beta.
ARCC:Asia Reserve Currency Coin
ARCC is an Algorand Standard Asset (ASA) token and was the first official ASA launched on the Algorand protocol. This makes ARCC a second layer token created by a smart contract on the Algorand pure-proof-of-stake network (algorand.com). The International Blockchain Monetary Reserve, IBMR.io is the issuer. IBMR.io is a microfinance economic development agency focused on technological solutions for direct individual aid.
ARCC is the microfinance ecosystem coin of ARCC.one, a microfinance and decentralized information platform for emerging markets.
ARCC.one is currently in open beta and is mobile web optimized application which runs through the mobile browser. The open beta period runs from June 1st, to Aug 1st, 2021. https://arcc.one/
Token Full Name: Asia Reserve Currency Coin
Protocol: ASA (Algorand Standard Asset) Token
Remarks: ARCC was the first officially recognized ASA token on the Algorand platform
Total Mint: 88,616,203,378.51 ARCC (68 year supply at 7% circulating supply per year after year 2)
Note: The Algorand Standard Asset Token structure does not allow for the creation of a new supply, so the total supply had to be minted at the time of creation. This 88B in tokens represents an 68-year minting schedule after the establishment of the ARCC.one platform.
Circulating Supply: 888,888,888.00 ARCC
Note: This is the current total circulating supply of ARCC and serves as its total active supply and will be the total supply until the Social Proof of Work pool of 222,222,222.00 (25% current circulating supply of 888,888,888) is exhausted. We estimate this to be 24 months from the launch of ARCC.one (expected date for launch August 1st 2021).
ARCC has never participated in any ICO, IEO, or IDO and did a direct listing on Biki.com in April 8, 2020. The ARCC project was self funded.
1. Allocation of 888,888,888 Circulating Supply:
1. All legal agreements on vesting schedules & terms have the following terms:
a. 1st rights of refusal back to IBMR.io
b. No more than 10% per day release after locking/vesting period ends
2. Founders and Operational Investment Fund legal agreement terms:
a. Locked for 3 years from date of first listing, or,
b. 2 years from date of ARCC.one launch, or,
c. Listing on 5 major exchanges in the top 10, 10M USD of actual trading volume
3. ARCC Reserve ALGO Funders, Strategic Operational Partners:
a. Locked from 1 year of listing
b. Mutually agreed to coordinate with the criteria of listing on 5 major exchanges in the top 10, 10M USD of actual trading volume for release into the market
4. Developer, Staff and Advisor Pools:
a. Listing on 5 major exchanges in the top 10, 10M USD of actual trading volume, or,
b. 2 years from date of ARCC.one launch; whichever is first.
5. ARCC Reserve Holdings will be deployed through an open Dutch auction on ARCC.io after ARCC.one has launched — estimated time for launching end Sept 1st, 2021. Details to be announced on ARCC.io after August 1st, 2021.
2. ACTIVE CIRCULATION
- Total allocation refers to what has already been allotted to certain parties, excluding the reserve.
- The ARCC Reserve is not in active circulation, but can change to active circulation via the ARCC.one distribution channel and later ARCC.io auction channel.
- The active circulation represents those ARCC in the market that are not held by any of the allocated parties and was distributed through airdrops or bought through the exchange in our direct listing on biki.com.
3. ARCC Inflation New Supply Release Schedule:
The ARCC Inflation Schedule will be 7% of the current total circulation supply and will run for 68 years.
888,888,888 ARCC with 7% Annual Rate
7% was decided upon as a constant that represented growth but not an unmanageable increase of supply.
For reference, Bitcoin’s annual supply inflation was 3.65% pre-May 2020 halving and now stands at 1.8%.
Most central banks’ currency supply was about 2% pre-2008 financial crisis. As an extreme example due to quantitative easing, the 2020 US money supply has exceeded 23% historical supply.
4. Use of Funds for Inflation New ARCC Supply
For Example: YEAR 1
7% increase of 888,888,888 = 62,222,222.16 ARCC
50% of the 7% new supply is allocated to the Social Proof of Work Pool, with another 10% going towards staking pools as a form of interest for existing ARCC holders — totaling 60% for community/ecosystem growth initiatives.
Thus, only 2.8% of the new supply will directly end up in the secondary markets through operational and software development spend and the actions by the ARCC Reserve.
The disbursement of the new supply would be manually approved and executed by our custody providers, Custody Digital Group, https://custodydigital.com/.
After year 5, the disbursement will be on a set schedule and dictated by a smart contract holding all of the remaining supply.
5. Governance Schedule:
ARCC Reserve will move to an open distributed governance model over a period of 3 years from Year 5–8.
This will be done through three levels of governance, on the executive, council and general ARCC holder level.
Please note: This document is subject to change before the final distribution of all current circulating supply of 888,888,888 ARCC.