Access Network ..Decentralizing Financial Inclusion

Ever since Bitcoin appeared following the financial crisis of 2008, crypto and blockchain enthusiasts have been optimistic about the potential for blockchain technology to usher in an era of economic efficiency and inclusivity. Yet, while a vanguard of technologists focus on designing distributed cryptosystems to empower the people, 2 billion unbanked adults, that affect a total of nearly 6 billion lives are waiting on the sidelines. For these people engagement is forestalled by the following:

• Financially, a lack of local exchanges precludes individuals from ’buying in’ to crypto-networks
• Technologically, the lack of smartphones and internet access precludes individuals from practically   utilizing crypto-network development and ’working in’ to the crypto economy.

For developed areas of the world where bank accounts and smartphones are ubiquitous, the problem is reversed. Financial and technological barriers are low, but people are much less willing to test unfamiliar paradigms since the existing centralized systems are just good enough. Most engagement with these potentially revolutionary technologies occurs only at the surface-level, with exchanges being used as trading platforms to seek a profit.

In effect, we have a minority of people with access to cryptocurrencies but little incentive to seriously participate in their true utilities, and a majority who could benefit immensely but lack the necessary access points to do so.

 The average adult in the developing world subsists on $80 to $120 a month, which has to cover all the costs of 1 living for their whole family. Most people do not have a formal job but are rather necessity entrepreneurs by defaultbe they farmers, traders, craftspersons or street vendors. There is little to no public infrastructure, so marketplaces, while similar in the basic goods and services provided to those in developing economies, are largely informal. Despite a lack of access to the global economy, developing economies continue to grow at a rate of over 4% a year largely due to the high pace of commercial activity in these local marketplaces[2]. In Ghana for example, there is a population of nearly 30 million, with a GDP or roughly $40B, growing at just over 3.5% annually

 What Access Network ?

Access Network empowers the underserved to govern their own financial future by directing incentives towards the developments they want to use.

Governance
Access uses a unique and democratic governance protocol to allow upgradability over time.

Distribution
Atlas Money, a P2P banking platform in West Africa, will distribute Access to its existing and future users across Africa and other underserved markets. 

Development
Contributors are rewarded to develop projects that are voted on by the community. 

HOW IT WORK

The Access Ecosystem

Access aims to sustain a vibrant ecosystem of continually improving forms of financial access that is selfgoverned and internally incentivized.
The core components of the Access Ecosystem are the amendable Governance Protocol and fixed Incentive Pool. Upon reaching consensus at predefined intervals, network participants can use the Governance Protocol to modify and replace the smart contracts that define their coordination procedures. This allows for the creation of arbitrarily complex decision modules that regulate routine decision-making processes. The Governance Protocol can also self-amend, meaning a consensus of network participants can modify the rules for reaching consensus in the future. The Incentive Pool unlocks the network’s utility token, ACX, at a predetermined, unchangeable rate. Although the Governance Protocol and its descendent modules cannot alter the Incentive Pool itself (i.e. the unlocking rate), they can regulate the distribution of its unlocked funds. In this paper, we propose the first iteration of one such module called the Polling Module, a multi-round voting system that rewards individuals who contribute to the ACX Network in proportion to the popularity of their contributions. After the initial Incentive Pool is completely unlocked, an inflationary mechanism may replenish the supply at a rate of up to 1% per year, at the discretion of network participants.

 ACX: The Access Token

ACX is an ERC-20 token that will be used to participate in on-chain decision processes as well as the auxiliary services rendered in various off-chain contexts. The entire Access Ecosystem relies on the circulation of ACX, which is analogous to a key that grants its holder the ability to participate in the network. ACX will have several core functions that multiply as the ecosystem diversifies and expands.

• The Governance Protocol gives ACX holders the power to alter on-chain components of the ACX Network by drafting and ratifying new decision modules and governance amendments

• The Incentive Pool unlocks ACX tokens to reward participants who contribute to the ecosystem

• Once the Polling Module is deployed, ACX tokens will be used to participate in the process of delegating, voting, and submitting polls that will allocate and disburse Incentive Pool funds to Access contributors

• Lastly, ACX will be used as the medium of exchange and unit of account in the applications, markets, and communities that are built around the network

ACX Allocation

6.1 Distribution of ACX supply
6,000,000,000 ACX, to represent the 6 Billion people without adequate financial access, will be created, and distributed over time to various participants. Achieving the most widespread distribution is critical to the fulfillment of the very purpose of the Network as Access sees equitable communal composition as crucial to its success.

 ACX Distribution 

• 27% Token Generation Event

• 27% Access Underserved Exchange
• 27% Incentive Pool
• 12% Founders

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