Acchain - the digitization of our real world assets.
ACChain (ACC) - “A global open source community” looking to bring asset settlement/backing to cryptocurrency.
*This is a sponsored post. I have received compensation from ACChain for writing this article. All opinions expressed in this post are based on my personal view. I am not advising anyone to buy or sell anything. Not financial advice.
What is ACChain?
ACChain stands for: “Assets Collection Chain” (ACChain Whitepaper p. 4).
ACChain is looking to provide a solution to digitalize real world assets. For example, in the traditional system, if a person desired to invest in real estate, they would not be able to invest in a portion of a house or property.
Even investing in entire real estate assets in not the most simple process. ACChain looks to solve this problem with their token and system. This would allow real world assets to be valued in terms of tokens and essentially back those tokens.
ACChain also solves a cryptocurrency pain point as well:
The above mentioned real world problem can potentially be solved by ACChain. But there is also another problem that their system can potentially solve as well. Everyone has heard the argument against cryptocurrency as a whole: “What is backing cryptocurrency?”
People claim that the US dollar was formerly backed by gold and is now backed by the trust of the government. Whether or not one agrees with this argument, ACChain has proposed a solution to this with their system. ACChain is looking to back their tokens with real world assets and thus provide more stability to the cryptocurrency in general.
Role of the ACC token:
“ACC is the general ledger token in the ACChain, and it is the standardized token for all token exchange and circulation” (ACChain Whitepaper p. 4). Basically, it is the token used in the system that represents digitalized assets, and in turn, can be exchanged for Bitcoin (BTC) or Ethereum (ETH).
Top 3 Features of ACChain:
1) More freedom to invest in real world assets/less barrier to entry
2) A cryptocurrency that is backed by real world assets
3) Transparency with regards to ownership of assets (blockchain technology is transparent in its public ledger, yet also private)
ACC coins are currently being traded on two exchanges - Allcoin Exchange, and Trade Satoshi Exchange.
Coins often get added to more exchanges as they grow. But for now if you wish to purchase ACC coins, they can be found on Allcoin and Trade Satoshi.
Only being offered on less known exchanges can be positive, in that once coins or tokens are added to larger exchanges, they usually see a large rise in price, depending on the market conditions. Getting coins for solid projects, before they are listed on larger exchanges, can be an effective way to buy coins for projects when they are less expensive and have not yet achieved their worth in realized price valuation.
You may now be wondering how you would go about storing ACC coins, if you wanted to move them off the aforementioned exchange. There are several reasons to move coins off exchanges. Exchanges can be easily subjected to hacking attempts. It would make sense that hackers target exchanges because there are often hundreds of users, with funds on said exchange.
Holding coins on exchanges also requires a great amount of trust in the exchange. There have been multiple exchanges that have disappeared or turned out to be scams, resulting in many people losing money.
For these reasons, moving your coins to a separate wallet, off exchanges, can be a good option.
ACChain has its own wallet for users to store their coins in and is easy to set up.
Steps To Set Up The ACChain Wallet:
1) Go to the ACChain website:
2) Scroll down, and click on the link that is labeled “Public Chain Access (Online)”.
3) This directs you to mainnet.acchain.org/#/login.
4) Click “Register Now”.
5) Write down the words that are generated for you. This is called your private key.
Make sure to write these words down in exact order, and never share them with anyone. Whoever has access to this pass phrase has access to all your funds in your wallet. Security is very important in the cryptocurrency space.
*The wallet will not let you continue until you click “Save Private Key”. This generates a download document with your secret key words listed. Keep this safe. It may be in the users best interest to delete this file entirely, AFTER writing down the private key on paper… however, this is up to the user/wallet holder. If you choose to keep your pass phrase/private key on paper instead, you would of course want to ensure that you keep this in a safe place as well and refrain from sharing it with anyone.
6) Click “Next Step”.
7) Then input your private key and click "Confirm" to access your wallet.
Congratulations! Your wallet has been set up! You should now see your wallet interface as seen below.
Next time you wish to login in to your wallet, you would type your private key in the space provided and hit “Login” instead of “Register Now”.
What to do from here?
You will see a menu on the left side. This includes options such as “My Asset”, “My Account”, and “Transfer”. The “Home” option on the left should be the first one on the list. This is where you can see your balance as well as your wallet address.
This wallet address is where you will send your funds. If you wish to send funds from this wallet, to another address, you would go to the “Transfer” option on the left menu.
It may be wise to bookmark the initial wallet login page in order to easily and safely access your wallet in the future. This is important because hackers can attempt to steer victims to wrong website addresses that look the same but are, in fact, scams. Bookmarking the correct pages can many times ensure that you are going to the correct site.
If you desire to send coins to another wallet address or exchange, always double check to make sure the wallet address is correct.
Keep your private keys safe as well. This is crucially important. The cryptocurrency space comes with many freedoms but also many responsibilities. It is always important to be mindful of security and safety.