The Ace Foundation, a U.S. based public charity that offers pioneering technology and consulting to humanitarian causes, has announced it will be adding Bitcoin blockchain technology to its operational platform by partnering with Tether, the world’s first fiat-currency platform engineered on the blockchain. Ace will integrate with Tether’s technology to enable micro-transactions among the unbanked in order to build an entrepreneurial economy around the distribution of clean drinking water.
Tether’s token-based technology will enable The Ace Foundation’s projects to transact with value instead of currency. This new concept of moving from a cash-based system to a digital one, means all projects will become fully auditable, adding a level of accountability that has never been seen before. Another advantage of creating value exchange between wallets is it eliminates traditional transaction fees and the need for a banking infrastructure, which is often limited in the developing world.
“Our clean water efforts are designed to strengthen economies in struggling nations around the world,” said Andrew Goldstein, executive director of The Ace Foundation. “The ability to enable those populations to become sustainable on their own is our goal, and water is often a key factor in helping the impoverished better themselves. By establishing a tradable and exchangeable digital currency platform around water with Tether, The Ace Foundation is supporting the effort to deliver what’s needed most for the world’s most challenged inhabitants.”
Combined with an incentive model, this new value-based technology will initially facilitate the creation, distribution and maintenance of clean drinking water from the point of purification to consumption. Tether’s asset backed-token platform will allow the unbanked to transact with value via feature phones using SMS messaging.
“Tether’s platform was built to have the capability to digitize anything of value, including fiat currency and commodities, and transact in more secure, fast, and low-cost way than any existing system,” said Reeve Collins, CEO of Tether. “After seeing much success with digitizing fiat currency, we are excited to have the opportunity to build a micro-transaction platform for commodities such as water, which can be easily transacted in an auditable peer-to-peer manner.”