Ace Coin (XAC)¶
Ace Coin (XAC) is a utility, algorithmic stablecoin which value is defined by the amount of traffic consumed in relation to that part of person's lifespan which was spent for watching content
There is no initial issuance of XAC.
Ace Coins are issued automatically in the amount corresponding to real need for this digital currency, according to the algorithm embedded in the system. Ace Coin are being generated when the Network user consumes traffic, content and services. When user pays for them, Ace Tokens received as payment are burned and then replaced with an equal amount of automatically generated Ace Coins. XAT/XAC are exchanged at the rate obtained from the DEX (decentralized exchange which is the part of the system).
There is no other way Ace Coins created. Thus, all Ace Coins will represent the very real users' needs in traffic. content, services, etc. in relation to time, spent for its consumption.
Ace Coin is issued automatically as the part of payment process (when paid for services related to content generation).
Such services can be paid for by any of three system tokens: XAT, XAC, XAS. First of all, XAC tokens are used, but if XAC amount are not enough, then smart contract will charge XAT or XAS accounts as described below in this section). Issuance of XAC is the part of this algorithm.
- payment for traffic
- payments for accessing content (e.g., in the premium pool)
- rewards paid to members by the Network:
- for watching ads
- for re-distribution of DAO Ace Stream applications (for device manufacturers, OEMs)
- for moderation of content in the Network
- if the account has enough XAC to pay, only XAC is used
- if there is not enough XAC on the account, then the difference is being paid by XAT:
- the required amount of XAT is calculated with using token exchange module
- this amount of XAT debits from the payer and transfers to the non-refundable account (burnt)
- the same amount of XAT withdraws from
lockedPool(if that pool is not empty)
- the recipient of the payment receives XAC tokens, recently exchanged
- if there is not enough XAT on the account, the difference is being paid by XAS
Suppose that a user buys one-time access to content in the system's premium pool. Let's take these inputs as an example:
- cost of access: 3 XAC
- user has 1 XAC and 7 XAT
- exchange rate on the system's DEX is 1 XAC for 2 XAT
The user does not have enough Ace Coins (XAC) to pay, so part of the cost will be paid in Ace Tokens (XAT). The user is short 2 XAC. Accordingly to the current exchange rate, the equivalent of this amount is 4 XAT. At the time of the payment, the following operations will be performed:
- 1 XAC and 4 XAT are being charged from user's wallet
- 4 XATs received from the user are being burned
- 4 XAT are getting back into circulation by transferring from
- 2 XAC are issued
- 0.9 XAC credits to the system pool
premiumFeePool(this is the system commission)
- the receiver of this payment (brodcaster) gets 2.1 XAC (3 XAC minus the system commission)
Apart of automatic emission, Ace Coins priced automatically basing on current traffic costs. Details here
As a result, we get a stable coin that has collateral for the most valuable resource of the online world - traffic/content, and the most valuable resource of the offline world - a person's life time spent watching video content.