Recently I’ve run into Accolade and it is pretty interesting. It’s brand new, the project started on the 14th of November this year. From what I understand is that the project focuses on the entire shopping industry and if it can succeed in what it wants to become it will be pretty amazing. The main focus though is the digital shopping reward industry and this is where it get’s special. Will Accolade take over the digital shopping reward industry? That’s the million dollar question… What we can say is that Accolade is here to do just that. Let’s take a quick look at what Accolade is.
What is Accolade?
Accolade is a digital reward and application platform with it’s own currency (ACCO) which can be used to drive advertising and other industries (basically the shopping industry as a whole) that give rewards when you buy things. Think about Airmiles and all those other points that you get when you buy stuff, it seems as if every brand and every store has it’s own reward system. What if all these get replaced by one single global crypto? What if Accolade can take that spot?
Being a platform and having the currency the project aims to become the single go-to global reward system, enabling developers and merchants to use the API and give the Accolade to their customers. In turn those accumulated ACCO that customers receive can be used everywhere they accept it.
In this aspect Accolade, as far as I know, is pretty innovative.
Let’s take a look at some specifications
As of right now every cryptocurrency must at least be fast, secure, private and Proof Of Stake. It seems that this project has all those bases covered and I say “it seems” because I’m not a tech head… I know some things are important so I look for them but as a potential investor or customer like the majority of the world I keep it on that level. If you really want to find out which protocol is better than the other, it almost becomes a study on it’s own. Here are some of the most interesting specifications that I could find.
- Maximum Supply: 50,000,000 coins
- Algorithm: Scrypt
- Type: Proof Of Stake (POS)
- Block Time Average: 90 seconds
- Block Reward : 10, decreasing by 5% every year
- Block Reward Distribution: 50% to masternodes, 50% to stakers
- InstantSend Confirmation: ~5 seconds
I really like that it’s POS as opposed to POW which means that, if you have enough ACCO, you can set up a masternode and get rewards.
They also have DarkSend which is a function to anonymize coins which will then be available on DarkSend networks and can be exchanged anonymously between wallets. The anonymization of the currency involves a variable cost depending on the volume but if you want anonymity you can achieve it.
There is also the function of Instant X which you can use to send funds between accocoin wallets faster with the help of the masternodes in the network which will validate transactions faster. The transaction costs however will be higher than a typical transaction to reward the masternodes that validated the transaction. So if you want to get payments out faster this would be the function you would use.
Masternodes are really interesting
Masternodes are in fact full nodes, just like in the Bitcoin network, except these masternodes provide more services to the network. They require a certain amount of collateral (a specific number of coins) in order to get it up and running. These coins will be held in the wallet while the masternode operates and as soon as you take them out the masternode stops being one. A masternodes can be very lucrative because you get rewarded for running one. It allows investors to provide a service to the network, earn interest on the investment and in turn it reduces the volatility of the currency. In Accolade's case you would need to have 25000 ACCO.
Personally it seems that I’m already too late to get in at a price point which is acceptable to me as ACCO is already traded higher than what I would have liked it to be. But for everyone that wants to do more research, they got listed on masternodes.online yesterday I believe. Here are the current statistics, perhaps it is still achievable to own one in your case.
Where can you buy ACCO?
Being so brand new, currently you can only get ACCO on Coinsmarkets.com. The team has announced that they’re working on getting them listed at Stocks.exchange and Cryptopia so hopefully that will happen soon
What about their roadmap?
The roadmap is still being drafted as it cannot be found on their website yet but the team has announced some short term plans and some long term plans.
The short term plans they have already achieved were:
- Creating the website
- Developing desktop for Windows, Mac OS and Linux.
- Creating masternode guides
Other short term plans that they’re still working on are:
- Developing mobile wallets (estimated in March/April 2018)
- Creating bounty campaigns
- Getting ACCO listed on more exchanges
They also have some long term plans. The team wants to an open marketplace of it’s own where we can use, buy and sell ACCO. They also want to open an exchange of their own so we can exchange with other coins or fiat currencies. In order for the platform to grow they also want to integrate ACCO with the Woocommerce plugin which is a huge deal for online shopping.
All in all to me this project seems pretty exciting, I'll be keeping an eye on this one. As always make sure to do your own research!
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