Benefits of Staking AC
Support the Platform –
Take an active part in the platform operations by helping fulfill AI Marketplace transactions.
Support Adoption –
Staked coins will allow ordinary everyday businesses to use the marketplace through a fiat gateway, greatly improving platform adoption.
Earn Rewards –
Earn more AC in reward for putting your coins to use
Staking is the process of holding AC for rewards to support the operations of AI marketplace. It is an elegant way of securing an additional pool of AC usable for mediating the exchanges of AC to fiat as needed.
The Fiat-AC-Crypto Gateway
The role of staking in the AC platform ecosystem is closely tied to the fiat-crypto gateway — a collection of software processes that together allow users the option to interact with SERVICE providers and other users on the social platform using entirely fiat currency to fund the app, then being able to buy assetcoin using the deposited fiat with the social media app without going to exchange, we will solve this problem when you stake
Even with a full fiat-crypto gateway in place, all value exchanged between service providers and their users on our app will take place using Ac on the back end. Designing the gateway in such a way allows the AC platform to provide the convenience of fiat currency to its users and additionally permits the gateway to co-exist with the unique economic logic of the AC, which is key to the philosophy and operation of the Assetcoin network
The first half of the fiat-crypto gateway — automated fiat-to-AGI conversion for platform usage —will be built to ensue that all users can deposit fiat and our system automatically converts the fiat to AC, the amount of AC will be based on the exchange price
The second half of the fiat-crypto gateway (yet to be built) will enable service providers to automatically convert the AC they earn on the platform into fiat. B
Why the AC Needs Staking
To make the fiat-crypto gateway work on the back end requires the operator of the gateway (i.e. Assetcoin Foundation or some entity it nominates) to engage in continual exchanges of fiat currency for AC tokens. When a user pays for an AI service in fiat, this fiat then needs to be turned into AC to pay the AI agent. Further, when a service provider requests payment in fiat for access to their AI agent, the AC that these agents have received as payment need to be turned into fiat.
Doing all these exchanges, in practice, requires a “liquidity pool” of AC tokens that can be provided in exchange for fiat as needed. The operator of the fiat-to-AC and AC-to-fiat exchanges need to have some AC tokens and some fiat currency on hand so that when someone needs to change AC for fiat, it has the fiat; and vice-versa when someone needs to change fiat for AC, it has the AC.
Staking is an elegant way of securing an additional pool of AC tokens usable for mediating the exchanges this gateway requires.
When an AC token holder stakes their tokens, this means they are agreeing to “lock-up” and not use their tokens for a period of time. They are temporarily handing over their tokens to the Foundation to manage the staking process — until the lock-up period expires, and they can request the tokens back. These staked tokens are then part of the pool that can be used to mediate the fiat-to-AC exchanges required on the back end of the fiat-crypto gateway.
In exchange for providing their tokens to be used in this way, the AC token holder who has staked their tokens is provided with a certain number of bonus ASSETCOINS similarly to fiat depositors earning interest.