LOS ANGELES, June 1, 2015 /PRNewswire/ -- 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."
About The Ace Foundation
The Ace Foundation changes the dynamics of the nonprofit world,
empowering organizations to deliver results at a fraction of the
cost and time of traditional software development consultancies.
The Ace Foundation provides the essential consulting and technical
foundation to address the most pressing challenges facing
economically distressed populations and developing nations with
solutions that span education, agriculture, energy and
security. For additional information about The Ace Foundation,
please visit its website: http://www.acefoundation.us/
About Tether
Tether is disrupting the legacy financial system by offering a
more modern approach to money. By introducing asset backed-tokens
to Bitcoin blockchain technology, Tether facilitates value
exchange, such as fiat currency and commodities, without
traditional transaction fees or banking infrastructure. With a
commitment to full transparency and compliance, Tether is the most
secure, fast and lowest cost way to transact with value. For more
information, please visit http://www.tether.io/
Logo - http://photos.prnewswire.com/prnh/20150523/218229LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ace-foundation-to-integrate-tether-into-their-developing-world-clean-drinking-water-platform-300091194.html
SOURCE The Ace Foundation