Blockchain Startup Algorand, IBMR To Launch Southeast Asia Microfinance Platform And Token

Blockchain, News | December 12, 2019 By:

Social impact economic development reserve and advisory IBMR has teamed with blockchain platform Algorand to launch a new microfinance ecosystem platform on Algorand 2.0.

IBMR (International Blockchain Monetary Reserve) empowers the urban working class in emerging markets to be agents of change. Its mission is to to create new decentralized macroeconomic development structures using Social Proof-of-Work that promotes financial inclusion by incentivizing individuals to make positive contributions that expose corruption and improve the conditions of their local communities.

Founded by MIT professor and Turing Award winner Silvio Micali, Algorand is a scalable and decentralized cryptocurrency and transactions platform based on Byzantine Agreement (BA) protocol. It addresses blockchain’s scaling challenges through rapid and efficient user consensus, enabling even the smallest transactions, regardless of volume or number of users. Performance on the Algorand platform claims to exceed 1000 transactions per second (TPS) with a latency of less than 5 seconds, putting it on par with the throughput of major global payment networks without compromising security or decentralization.

The two firms are working together to launch, a microfinance ecosystem platform designed to support the Asia Reserve Currency Coin (ARCC) as the world’s first ‘micro asset’ that enables the financial inclusion of the urban working poor in Southeast Asia. IBMR will be among the first to issue ARCC on Algorand, leveraging the recently launched Algorand Standard Asset (ASA) functionality that allows for the tokenization and on-chain representation of the ARCC.

According to a press release, the microfinance ecosystem platform will allow users to complete socio-economic surveys to earn ARCC tokens via a mobile app.

“ARCC tokens will be able to contribute to ARCC’s ‘Public Mandate Network’, a decentralized information network that verifies and aggregates anonymous data onto the blockchain,” IBMR said. “Under this method, ARCC’s Public Mandate Network creates an indisputable data set that can be used as a public mandate for change by creating an environment of Radical Social Transparency. Once earned, ARCC tokens can be used in asset management services through ecosystem microfinance partners to build wealth. ARCC tokens can also be staked by users to fund community infrastructure projects and, unlike traditional banks, will have no holding fees or minimum balances.”

Sinjin David Jung, founder, and Managing Director at IBMR, said that they selected Algorand because its strong interdisciplinary approach to monetary economics, technology and ecosystem focus was beneficially aligned with IBMR’s own social impact mission for empowerment through the creation of the world’s first micro asset, ARCC.

“We’re excited to be leveraging what we see as the best blockchain tech and applying it to a new structural solution for the inclusive economic development of emerging markets,” Jung said.

IBMR also announced a strategic partnership with advisory firm Republic Crypto, which will act as an advisory on token economics and business development through and beyond the official launch of ARCC.

“ARCC’s commitment to financial inclusion and long term financial freedoms are a perfect match for the permissionless focused Algorand platform and Republic is proud to be a strategic partner with IBMR in supporting this project,” said Andrew Durgee, Managing Director of Republic Crypto. “I look forward to watching these two intellectually driven powerhouses solve some of the most difficult international digital monetary problems facing the industry today.”