ace-e-wallet

acewallet is short for ACE e-wallet which is the end-user e-wallet tool for digital P2P transactions and other transactions through the ACE Platform (short for ACC Exchange Platform).

Background

Cash - or physical banknotes - is still with many superior features yet to be paralleled by present-day mainstream digital payment technologies. For example, when we make a payment to another party with cash, we just give the banknote to the other person, and that's it. The exchange is completely between just you and the other party, no one else need to be involved; it's no other people's business, nobody else need to know anything about this matter between just the two of you. The banknote does not need to go through a third party and get a permission before the transaction is validated, therefore the beneficiary gets paid through the third party.

Every digital transaction today needs to have at least one third party to intermediate the transaction. It's much often a digital transaction goes through many more intermediating or processing parties behind the scenes. Users do not even know the whole complicated schemes behind the scene, how many parties have chime-in with their money - & data, what myriad of financial order have taken proper cuts before the money is eventually "paid".

Other P2P payment platforms already fielded to the market and currently on the scene are cryptocurrency platforms based in the Bitcoin class blockchain design. And these are still with many shortcomings and have proven to be unpractical to function as currency or for large volume use as medium of exchange. It's also debatable whether the online stored cryptocurrency - imbedded in blockchain - and online stored e-wallets, is truly with third-party transparency? Whether or not they are truly pseudonymous?

Entering ACE Platform

The ACE Platform is NOT another cryptocurrency imbedded in a blockchain. There is no cryptocurrency online in a blockchain. It's definitely unnecessary to have e-wallets online. There is no Miners, no mining, no proof-of-work or proof-of-whatever. It's not consensus based DLT like the Bitcoin class designs. Hence, it can be efficient and practical for real world transaction scenarios and volume.

In fact, the ACE system is the most similar to today's physical cash in the usage scenarios. Users carry their money offline, in their own digital or electronic e-wallets (in mobile phones for example). Their money is stored in the digital value bearer medium, which is secure & anti-counterfeit, and which is issued by an authority (e.g. the central bank). Users can commit transactions P2P directly between two parties - just like how we use cash today. And transactions are registered in the ZKPITR (Zero-Knowledge-Proof Immutable Transaction Record) - a design partly derived from the blockchain concept - which can be pseudonymous or anonymous (depending on the policies or politics involved) - and which shall effectively avert double-spending.

Further, the system also fully support banking actions in addition to the P2P purpose. Users shall be able to also conduct banking actions directly with their e-wallet and their money, if they wish to do so.

Vision Beyond Money

It should be apparent that the ACE Platform is much more useful beyond the usage as just digital cash. It's not strictly necessary to use the value bearer medium only as 'money'. The instrument could be used to represent any form of value basically. For example, the following use case scenario applies the system for a "hard-value" based exchange:

Money is just a number, which is used to represent value of everything these days; and the economy is almost purely based in money today. So as we know, value of goods has been "inflating" steadily; inflation is actually built-in in the economy system. Every economy activities are tied to one value system: money. Therefore, like water in a pond, one thing could have affected any number of other things; sometimes a few things together could have rippled through the entire economy. So money based value of goods can depend on many inter-related factors, and the numbers are almost never steady. Money based value are soft-value, or virtual-values, virtually representing value of real things.

But because everything is interrelated to one system (money), it's vulnerable to any and every volatility created within the system - just to different degrees. Some activities are much more volatile than other activities. Activities like stock tradings, Tulip Mania style bubble events, financial swindling and gambling; these activities often create little real value or no real value at all, yet large amount of wealth are regularly changed hands by such means. But when the bubbles burst, the effects are always taken by the entire system; and it's always more often the people putting in honest works and creating real values (farming with sweat & blood for example), are the ones to take the harder hit in the downturn. And the people creating the real values are often ones knowing little about the game, and certainly have no control of the game.

If we can enable trading with the hard-value - or real-value - of goods, we shall be able to cut out a lot of the intermediations and the volatile activities that had exploited the system.

The ACE Platform can make this possible.