AirCoin DAO Labs is a decentralized autonomous organization (DAO), which has built three major products: AirCoin, AIRNFT, and AirCash.
AirCoin DAO Labs was established on May 13, 2021, with the purpose of serving and empowering AirCoin (AIR), their native BEP-20 token. It starts with the release of AIR, a meme token, then evolved into a DApp ecosystem with OTC business, investing, and an NFT platform.
According to the whitepaper, AirCoin DAO Labs consists at least of 7 different sectors as their applications and ecosystem: AirCoin (the token), AirCash, AirCash Business, AIRNFT, ACG Venture, AirChain, and Air University.
AirCash
AirCash is the decentralized OTC platform built by AirCoin DAO Labs. It is operating using BNB Chain. It allows users to buy and sell crypto with fiat money in a decentralized way.
AirCash’ Merchant Mechanism
AirCash uses a merchant/witness/congressman mechanism to maintain a sustainable OTC market operating in a decentralized way. It has three basic roles in the system.
- Merchant: Stake at least 10 billion AirCoin and you automatically become a Merchant. Only Merchants have the right to advertise buying and selling in the system. Merchants can make a huge profit on each transaction. There is no limit to the number of Merchants allowed.
- Witness: To stake 100 billion AirCoin and you will automatically become a Witness. Witness is the judge of the AirCash system. The witness will handle complaints when they arise. Witness protects honest traders and punishes fraudsters.
The Witness mechanism is the credit system of the AirCash trading system. Handling complaints will pay off if Witness exercises his responsibilities with integrity. Witness will receive 1 million AirCoin for processing each complaint. There is no limit to the number of Witnesses allowed. - Congressman: To stake 1 trillion AirCoin and you will become a Congressman. Only
5 Congressmen are allowed. Congressman is the final judge in the AirCash system. If anyone is not satisfied with the ruling by Witness, Congressman will step in for a final judgment. Congressman will preserve the benefit of the traders with integrity, as well as the rational Witness; and punish fraudsters. The Congressman mechanism is the last credit safeguard in AirCash system. Trusting Congressman means trusting AirCash application. More and more people will use AirCash simply because Congressmen are rational, fair, and impartial. A Congressman with integrity is paid 10 million AirCoin for every complaint he handles. In case Congressman’s ruling is not in agreement with that of Witness, it is considered Witness made the wrong judgment and 2 million AirCoin will be deducted from Witness (1 million incentive will be retrieved + 1 million penalties). - Congressman Election: Phase One, the volunteer congress; 5 congressmen will be elected by AirCoin DAO Labs volunteers. Phase Two is the DAO congress; when the DAO decentralized community governance system is fully completed, we shall commence the Congressman election. The election will be held every 6 months and 5 new Congressmen will replace the previous ones by election.
AIR is the governance token of AirCoin. The max supply amount of AIR is 10 quadrillion. It actually had two versions in the past year. The old AirCoin was issued on Binance Smart Chain on May 13, 2021, by a programmer from California, USA. The current AirCoin was issued on Binance Smart Chain on Sept. 6, 2021, and gave up the ownership of AIR tokens right afterward.
