Say Hello to IBMR: An AACC Startup Aiming to Expose Corruption in the Crypto World
For those of our readers who may not be aware, a couple of days back Sinjin David Jung of True Money took to Medium to announce the launch of ‘International Blockchain Monetary Reserve’ (IBMR) a startup that is actively looking to develop a novel consensus protocol called the ‘Social Proof of Work’ (SPOW).
Launching ARCC in the Crypto Winter of 2019 by @IBMR_io https://t.co/vpIh4kX7c2
— ARCC (@ARCC_IBMR) February 4, 2019
In its core essence, SPOW is designed to help crypto users
“log allegations of corruption onto a shared ledger to generate new crypto tokens”.
Not only that, users even have the ability to lodge complaints against IBMR— if the firm is found to be indulging in shady activities.
On the matter, Jung went on record to state the following:
“Our approach empowers the urban working class to report on the inefficiencies that no one else is tracking with real-time data—like reporting prolonged roadwork, traffic travel time and inexplicable random price increases in monthly utility bills,”
Lastly, it is also worth noting that in addition to his work with TrueMoney, Sinjin Jung has also previously worked for famous gaming website ‘PokerStars’ — where he was responsible for the creation of novel gambling regulations that helped many online casinos take off in a big way.
A Detailed Look At the Project…
According to the official IBMR white paper that was released earlier last year, the project is primarily aimed at the S.E Asian urban working class. The core idea behind the project is to procure collective user input that can be accessed via a mobile app. As a result of this, a “comprehensive map” can be developed that can help in exposing systemic corruption that has seeped into the crypto sector over the years.
To further elaborate on the matter, we can see that there are primarily three types of data that participants can provide:
- Data that can be easily verified from sources such as ‘online utility bills’.
- Dynamic data related to infrastructure and corporate responsibility,
- Verification reports associated with data submitted by other users.
In return of the aforementioned info, contributors are provided with Asia Reserve Currency Coins (ARCC). These tokens will be minted by IBMR and have been designed with the long-term goal of becoming the “regional crypto-reserve currency of Southeast Asia”.
To fulfill this vision, the IBMR’s executive brass wishes to sell these $0.016-valued ARCC tokens through a private event that is scheduled to go live today. Via this initiative, the firm plans to raise anywhere between $5 million and $80 million.
Other Key Data Points Worth Noting
- Following the sale event, customer tokens will be locked up and kept in a reserve account for a period of three years.
- Within a period of 8 years, IBMR hopes that the value of ARCC tokens will grow to a point where they can be used as a transactional currency.
- By the year 2049, Jung believes that the system will become fully operational— thereby providing S.E. Asian’s with a Euro-like currency of their own.
More About IBMR
Upon taking a closer look at IBMR’s core biz. model, we can see that around 2% of the coins raised by the firm will be used for the company’s
“operations and management processes”.
If that wasn’t enough, IBMR has also released a statement recently stating that neither Jung nor any of the company’s core dev team will take a salary while working on this project.
Lastly, some revenue will also be procured via a number of social-good-style investments— such as the submarine cable framework that is currently being laid across the Pacific.
Other Data Worth Remembering:
- IBMR’s financial orders will be carried out as per the directives of a special “Monetary Council” that will take decisions in accordance with the existing laws of the Singapore government.
- The council also possesses the power to “ban users who spam or fraudulently report misleading information to the network.”
In regards to the matter, Jung was quoted as saying:
“In terms of the management on the network. it will be as centralized as the current crypto exchanges.”
As mentioned earlier, IBMR’s native UI has been devised to help participants report wrongdoing by other users as well as IBMR itself. If that wasn't enough, all of the startup’s native records will be made available to everyone via the vote-based Monetary Policy Council.
Last but not least, the Monetary Policy Council will be run in accordance with the wishes of 300 representatives— who have the power to vote out unscrupulous elements if they are found to be indulging in unethical activities.
On the subject, Jung stated:
“Suppose that I am a stand up guy, but my successor isn’t, and some narcissistic megalomaniac takes it over (I hope not), the [Monetary Policy Council’s] governance structure would disallow that person from suddenly minting 10x coins or draining the reserves.”