What Is ABBC?
ABBC Coin is the native token of the ABBC network, which is a blockchain-based platform constructed to boost retail adoption of cryptocurrencies. It seeks to make the process of using crypto assets as a payment method while shopping online much more convenient and secure. If you're interested in the main trends of the ABBC Coin price, take a look at the ABBC price chart (you can find one above).
Initially, the ABBC network was a fork of Bitcoin. However, since 2019, the ABBC network runs on the EOSIO blockchain. The blockchain employs a Delegated Proof-of-Stake (DPoS) consensus algorithm. How does it work? In essence, users of the network have to elect representatives who will be responsible for transaction validation. These representatives are referred to as delegates.
Such a consensus mechanism provides the ABBC network with a transaction system that is environmentally friendly but still manages to complete thousands of transactions per second.
Overall, the ABBC network offers its users a complete ecosystem for online shopping since it consists of:
- A multi-platform crypto wallet called Aladdin;
- An online shopping app called Buyaladdin;
- A crypto exchange called ABBC Swap.
One of the differentiating features of the ABBC network is that it uses a biometric security system. This means that users can confirm their transactions using facial or fingerprint recognition.
The Founder of ABBC Coin
The ABBC crypto project was founded by Jason Daniel Paul Philip. Though it’s important to note that, initially, the ABBC network was called the Alibabacoin foundation. However, following legal actions taken by the Chinese retail company called Alibaba Group, it underwent a rebranding in 2019.
Jason Daniel Paul Philip is the CEO of ABBC. He has a degree in information technology and business management. He is also an advisor of such projects as PodMiners, M-Coin, and PlayFuel. Besides that, he is an M&A Manager at the TNC Group.
The Purpose of ABBC Coins
The ABBC token has three main use cases: governance, rewarding, and staking.
Its primary function is governance, which means that ABBC holders are able to participate in the decision-making processes considering the further development of the ABBC network.
Furthermore, the ABBC network offers a reward system for its users. They are able to get rewards in ABBC tokens for shopping online using crypto.
Lastly, ABBC tokens can be staked in order to receive staking rewards.
Tokenomics of ABBC
The max supply of ABBC tokens is 1,5 billion. In 2018, an initial ABBC coin offering (ICO) took place, during which around $3,5 million was raised. The ABBC Coin price at that time was 0.00025 BTC per token.
In terms of token distribution, the major part (80%) of the initial ABBC supply was dedicated to investors, while the remaining portion was given to the founders and the ABBC development team.
If you plan to buy ABBC Coins, note that the ABBC price is liable to change. This happens because, similarly to the pricing of other digital assets, the volatility of the overall crypto market has an effect on the ABBC Coin price.