What Is ABBC Coin (ABBC)?
ABBC is a
platform that enables secure payment transactions, helping to facilitate retail adoption of cryptocurrencies and make shopping online with digital assets a safer, more enjoyable experience for end-users.
The platform offers three main products: a multi-platform wallet capable of supporting
, in addition to a variety of other native cryptocurrencies and
tokens; an online shopping application that can be used to shop at over 50 online retailers with cryptocurrencies; and a cryptocurrency exchange platform that offers secure trading and low transaction fees.
The ABBC Coin was created to give holders the ability to govern the development of the ABBC platform by delegating voting power to chosen block producers (BPs) — who are then able to vote on governance proposals. These governance proposals can be on a range of topics but might include launching strategic partnerships, implementing new features or expanding ABBC's services to new regions. Beyond this, ABBC Coins were created as a reward system for online shoppers and can be
for regular rewards.
ABBC is currently based on the EOSIO
, which enables it to achieve up to 5,000 transactions per second (TPS) while remaining environmentally friendly due to its energy-efficient delegated
ABBC Coin was initially known as Alibabacoin but changed its name in March 2019 following a dispute with Chinese multinational e-commerce giant Alibaba.
Who Are the Founders of ABBC Coin (ABBC)?
ABBC coin was co-founded by Jason Daniel Paul Philip, the platform’s current CEO, in combination with Hasan Abbas, its current CTO.
Arben Kane is ABBC’s global chief strategy officer and also both founder and CEO of Kontur, a global provider of SaaS-based critical event management solutions. G.W Lee is the CSO of ABBC Coin and Zeeshan Javeed leads the ABBC foundation technological development and solutions.
The entire team of ABBC has 23 members in its blockchain developer team, 15 individuals in its marketing team, four in its blockchain security team and three in its finance team.
What Makes ABBC Coin (ABBC) Unique?
The main mission of ABBC is to facilitate fast, efficient and secure online retail through the utilization of blockchain technology. Small to medium-size marketplaces can greatly benefit from the reduction in the payment processing fees and access to additional global markets offered by ABBC Coin, according to their team.
Although ABBC started out as a fork of
, it transitioned to the
blockchain in August 2019. The central benefit of the EOSIO software is that the amount of bandwidth available is independent of the token price, making it suitable for scaling platforms like ABBC Coin.
Moreover, ABBC is focused on achieving full decentralization through community governance. In addition to the current team, holders of the ABBC Coin token have voting power which can be delegated so others can vote on their behalf. Block producers (BP) can vote on ABBC’s governance proposals, helping to shape the development and future of ABBC Coin.
, a popular crypto payment solution for merchants.
Take a look at
, the native asset to the EOSIO blockchain.
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How Many ABBC Coins (ABBC) Are There in Circulation?
ABBC Coin has its total supply set at a maximum of 1,423,973,934 ABBC. As of writing, just under half of this is currently in circulation.
Unlike many blockchain projects, ABBC Coin has a relatively simple token distribution schedule, with 80% of tokens created during the token generation event (TGE) allocated to investors and 20% to the project authors and team. The exact information about how these tokens will be distributed, or under which conditions they will be used by the ABBC Foundation and team has not been made publicly available as of November 2020.
The project conducted an initial coin offering (
) in 2018, raising ~$3.5 million by selling ABBC Coins at a price of 0.00025 BTC per token—equivalent to roughly $1.60 each at the time of the sale.
How is the ABBC Coin (ABBC) Network Secured?
ABBC Coin was initially forked from Bitcoin, but later transitioned to the EOSIO blockchain. As a result, it now utilizes the EOSIO DPoS consensus algorithm to secure its network. This algorithm can validate transactions faster and more efficiently than its original proof-of-work (
) consensus algorithm and also benefits from stake-weighted voting capabilities, enabling community-driven development and growth for ABBC Coin.
With ABBC Coin, any token holder can vote for block producers (BPs) who are tasked with achieving consensus with other BPs, helping to ensure the network remains secure and that only valid transactions are confirmed. By allowing the community to vote to add, change or remove block producers, ABBC gives token holders the opportunity to empower entities they believe will work in the best interests of the network.
Where Can You Buy ABBC Coin (ABBC)?
ABBC has been publicly trading since 2018 and is now listed on a wide variety of exchange platforms, including BitMax, Bithumb and Hotbit. As it stands, ABBC is only available to trade against Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) — there are currently no fiat trading pairs available for ABBC Coin.
To purchase other cryptocurrencies with your debit or credit card, check out our simple guide —