July 13, 2017
New Delhi, IN—July 13, 2017
After the first day of forecasting, the WINGS Decentralized Autonomous Organization (DAO) community is predicting that ACT – a decentralized platform for social action, (https://daoact.org) will raise 19600 ETH (around $4million) during its token pre-sale, which starts 17:00 CEST on July 18th and runs for two weeks.
Happening now, WINGS.ai is hosting ACT a DAO for Social Action, and its community have given the project the digital thumbs up.
According to ACT’s founder, Fraser Brown from Northern Ireland, “The reason that this prediction is interesting is because WINGS’ forecasters are rewarded based on accuracy. Therefore, they comb through all project materials on a technical level, assess the team fully, and decide about the technical capacity of the developers too”.
Blockchain has enabled many improvements to how business, banking and government operates, but few applications actually realise its full potential – the complete automation of organisational governance and decision-making. DAOs are created as a vehicle to achieve and maintain a shared purpose, and ACT combines decentralized decision-making for filtering out low quality proposals with an innovative new form of crowdfunding where a global community votes on proposals and promotes them to their social networks.
According to Brown who is an Irish Olympian, and currently works as a consultant advising conservation organisations about innovative finance, “Only by amplifying citizen voice and empowering citizen action are we going see the change that we need to happen, happen fast enough. When I describe the potential of ACT to people, I can almost see their relief at the thought that there could be an answer to some of the world’s big problems that feel so insurmountable”.
Fundamentally, ACT seeks to address the imbalance of power that always exists between the State and Citizens. It does this by supporting civic mobilization, and citizen action. Examples of potential applications range from access for disabled people, to citizens opposing open cast coal mining. The platform’s revenues come from citizens buying votes that they apply to proposals (within limits of course) and 20% of this Ether revenue is hard coded as rewards for curators and platform maintenance. The balance funds proposals. In theory ACT could fund citizen-led change at any pace and any scale.
The ACT crowdsale will raise the funds needed to build the platform, and it has unique differences from other initial coin offerings (ICOs). It will reward early contributors ten times, which means that if you contribute $100 in the “platinum” tranche it is the same as $1000 during the ICO. A pre-ICO soft cap will also be announced based on the WINGS forecast result – once this cap is reached, fundraising will last a further 24 hours.
ACT’s thesis is that driving resources into proposals for community-led change is imperative. The crypto community is well placed to back a project like ACT, and constitute the first movers on it. The early forecast results on WINGS.ai indicate that the crypto community believes that blockchain can drive social change as well as transform the major industries that most ICO dollars to date have targeted.