1. What is ACT?

Introduction to ACT Cryptocurrency (Achain)

• Overview: ACT is the token issued by Achain, first released on August 27, 2017, with a total supply of 1,000,000,000 ACT.
• Platform Features: Achain is a decentralised public blockchain platform, allowing developers to rapidly and securely deploy tokens, smart contracts, and blockchain systems. Achain aims to build a global network system for information sharing, value interconnection, and trust exchange.
• Technical Features: Achain’s unique RDPOS distributed consensus mechanism implements a Turing-complete smart contract virtual machine with independent intellectual property rights, achieving up to 1000 TPS on-chain transaction performance, making it a straightforward, fast, and secure blockchain platform.
• Application Scenarios: Users can quickly deploy enterprise-level decentralised applications like digital assets and smart contracts on Achain. Token holders can engage in community activities, such as creating and publishing smart contracts, accessing network services, voting, and earning profits.
• Ecological System: The ACT coin holds value within the Achain ecosystem, allowing users to participate in community activities and obtain corresponding rights and profits by holding ACT.

2. Who founded ACT?

According to the information provided, the US House of Representatives passed a bill to create a new legal framework for digital currencies, named the "Financial Innovation and Technology for the 21st Century Act." The primary content of this bill includes providing regulatory clarity for the digital asset ecosystem, clarifying the jurisdiction of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and setting forth clear federal-level requirements for the digital asset market.

However, the text does not explicitly state who founded this bill. Republican Congressman Patrick McHenry is mentioned as a crucial figure in advancing cryptocurrency legislation, supporting and pushing for the "Financial Innovation and Technology for the 21st Century Act" and the "Clarity for Payment Stablecoins Act of 2023." Therefore, it can be said that Patrick McHenry is one of the key individuals driving these bills.

3. Which venture capital firms invested in ACT?

According to the information provided, the following venture capital firm has invested in cryptocurrency:

1. Sequoia Capital: On February 17, 2022, Sequoia announced the establishment of a $500-600 million sub-fund focused on liquid digital assets, and the Sequoia Crypto Fund is part of its commitment to further the cryptocurrency industry.

Other venture capital firms, although not explicitly mentioned in the provided information as investing in cryptocurrencies, that are active in the cryptocurrency and blockchain space include:

• Andreessen Horowitz: Although not specifically mentioned in the provided data, Andreessen Horowitz is a well-known investor in cryptocurrency and blockchain.
• Other Institutions: Firms like Tiger Global and SoftBank may also invest in the cryptocurrency and blockchain sector, but are not specifically mentioned in the provided information.

4. How does ACT operate?

The operation of cryptocurrency is primarily based on blockchain technology, which is a decentralised distributed ledger. Here are its basic operating principles:

1. Blockchain Technology: Cryptocurrencies use blockchain technology to record transactions. A blockchain is a distributed ledger where all transaction information is stored across various nodes in the system, eliminating the need for a central server and preventing the entire system from collapsing due to hacking attacks.

2. Transaction Process: When users conduct cryptocurrency transactions, the transaction information is broadcast across the entire network. Miners (or validators) collect this transaction information, assemble it into a block, and validate and encrypt these transactions through complex calculations (or consensus mechanisms).

3. Encryption and Validation: Each block contains the hash value of the previous block, forming an immutable chain. Miners validate the block by solving complex mathematical problems, a process that requires substantial computational resources, ensuring the security of the blockchain.

4. Anonymity and Privacy: While blockchain technology provides transparent transaction records, cryptocurrencies also offer a degree of anonymity and privacy protection. For example, users can use mixers (or tumblers) to obfuscate the source of funds, increasing transaction privacy.

5. Tokenization: Cryptocurrencies are not limited to the form of currency; they can also represent ownership of other assets like securities and stocks. These tokens can be traded on the blockchain, enabling digitisation and programmability of assets.

In summary, cryptocurrencies facilitate a decentralised, secure, and transparent transaction process through blockchain technology, while also providing a degree of anonymity and privacy protection.