Reflective Ventures has partnered with ACX Network to provide strategic and technological support in ACX Network’s attempts to make significant social and economic impacts to unbanked people through the power of blockchain.
Reflective Venture Partners is excited to announce a strategic partnership with Access Network (“ACX Network”). ACX Network’s team are the creators of Atlas Money, a peer-to-peer community banking platform offering financial services to the unbanked that currently employs over 500 agents who provide door-to-door assistance to over 30,000 users in Ghana and Senegal.
Jose V. Fernandez, President and Chief Economist at ACX Network said, “These underserved populations have never known formal banking. We ultimately want to bring financial access to an entire continent, but we are faced with the obvious question: How do you scale it? On top of the scaling issue, is the challenge of finding a way to allow a community new to banking to create the demand for the tools and services that fit their unique needs. In the end, it is this unbanked community that must have a voice to express their needs.”
ACX Network will need to address scalability and governance, and that’s where Reflective Venture Partners and the RChain platform come into play. The RChain platform was birthed out of the realization that the predominate blockchain development platform – Ethereum – cannot deliver the kind of enterprise-grade utility that dApps of the future will require.
“This platform can become the way that millions and possibly billions of people gain access to a banking system. The ability to scale exponentially will be a key element of the platform,” asserts Steve Careaga, Partner at Reflective Ventures. In order to achieve this kind of scale, a platform will need to allow for concurrent transactions.
The RChain platform is built on a machine language called RhoLANG that makes this concurrency possible. Based on Rho Calculus, the resultant code becomes mathematically correct-by-construction so that processes can be written to be performed concurrently instead of sequentially. “The concurrent nature of Rholang, and, by extension, the scalability of RChain go hand in hand to address the massive scalability needs of ACX Network.”
The partnership between Reflective Ventures and ACX Networks is characterized by an alignment of business needs and direction of ACX and the key differentiating technologies offered by the RChain platform. The leadership of both companies also share a common vision about the world in which they operate. According to ACX Network’s CEO and co-founder, Mickey Costa, “We recently attended an RChain developer event, and quite frankly, we were moved. Behind all of the noise of cryptocurrency, we see a culture of sincere passion in the RChain community of developers. There is an underlying motivation to make real and significant social and economic impacts on the power of blockchain. That’s what blockchain should be all about.”
About Access Network (“ACX Network”)
ACX Network is a decentralized governance structure that incentivizes local growth and the future development of further financial tools. With a democratic governance protocol allowing upgradability over time, a P2P banking platform reaching underserved markets, and a contributor process requiring community support, ACX Network will bring banking to the unbanked. https://acxnetwork.com
About the RChain Cooperative
RChain is a fundamentally new blockchain platform rooted in a formal model of concurrent and decentralized computation. The RChain Cooperative is leveraging that model through correct-by-construction software development to produce a concurrent, compositional, and infinitely scalable blockchain. Please visit developer.rchain.coop for more information. https://rchain.coop
About Reflective Venture Partners
Reflective Venture Partners is a privately held and operated investment fund seeded by the RChain Cooperative. It is committed to strategic partnerships and helps fund, incubate, coach, and ultimately build the next generation of blockchain and dApps innovation through RChain and its network. http://counterpointeventures.com