Reflective Venture’s Rchain & ACX Network’s Atlas Money Announce Blockchain Partnership
Reflective Venture Partners has announced that it has entered a strategic partnership with Access Network (ACX Network).
Reflective Venture Partners is a privately held and operated investment fund seeded by the RChain Cooperative.
The partnership between Reflective Ventures and ACX Networks is characterized by an alignment of business needs and direction of ACX and the key differentiating technologies offered by the RChain platform.
The leadership of both companies also share a common vision about the world in which they operate. According to ACX Network’s CEO and co-founder, Mickey Costa, Behind all of the noise of cryptocurrency, the company sees a culture of sincere passion in the RChain community of developers. There is an underlying motivation to make real and significant social and economic impacts with the power of blockchain.
ACX Network is the creator of Atlas Money, a peer-to-peer community banking platform offering financial services to the unbanked that currently employs over 500 agents who provide door-to-door assistance to over 30,000 users in Ghana and Senegal.
According to Jose V. Fernandez, President and Chief Economist at ACX Network, these underserved populations have never known formal banking. ACX Network ultimately wants to bring financial access to an entire continent, but are faced with the obvious question: How to scale it? On top of the scaling issue, is the challenge of finding a way to allow a community new to banking to create the demand for the tools and services that fit their unique needs. In the end, it is this unbanked community that must have a voice to express their needs.
The Partnership Solution
ACX Network will need to address scalability and governance, and that’s where Reflective Venture Partners and the RChain platform come into play. The RChain platform was birthed out of the realization that the predominate blockchain development platform – Ethereum – cannot deliver the kind of enterprise-grade utility that dApps of the future will require.
This platform can become the way that millions and possibly billions of people gain access to a banking system. The ability to scale exponentially will be a key element of the platform, according to Steve Careaga, Partner at Reflective Ventures.
In order to achieve this kind of scale, a platform will need to allow for concurrent transactions.
The RChain platform is built on a machine language called RhoLANG that makes this concurrency possible. Based on Rho Calculus, the resultant code becomes mathematically correct-by-construction so that processes can be written to be performed concurrently instead of sequentially.