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ABBC Coin powers a blockchain platform for secure retail payments. Co-founded by Jason Daniel Paul Philip and Hasan Abbas, it operates on the EOSIO blockchain using delegated proof-of-stake consensus. The ecosystem includes a wallet, shopping app, and exchange. Holders can stake tokens for rewards and delegate voting power to block producers for governance.
ABBC Coin (ABBC) powers a blockchain platform designed to secure payment transactions, aiming to boost retail cryptocurrency adoption and provide end-users with a safer, more pleasant online shopping experience using digital assets.
The ecosystem provides three primary products:
Holders of ABBC Coin can influence the platform's development by delegating voting power to selected block producers (BPs), who then vote on governance proposals. These proposals may cover topics such as forming strategic partnerships, introducing new features, or expanding services into new regions. Additionally, ABBC Coins serve as a reward system for online shoppers and can be staked to earn regular rewards.
Built on the EOSIO blockchain, ABBC currently achieves up to 5,000 transactions per second (TPS). It remains environmentally friendly through its energy-efficient delegated proof-of-stake (DPoS) consensus mechanism.
Originally launched as Alibabacoin, the project changed its name in March 2019 after a dispute with the Chinese multinational e-commerce giant Alibaba.
Jason Daniel Paul Philip, who currently serves as CEO, and Hasan Abbas, the current CTO, co-founded ABBC Coin. Philip is a seasoned full-stack developer with expertise in Javascript and C#, as well as an accomplished blockchain developer. He also works as an M&A manager at TNC Group, a provider of blockchain service solutions. In contrast, Hasan Abbas has little online presence, and his background remains unknown.
Other key figures include Arben Kane, ABBC’s global chief strategy officer, who is also the founder and CEO of Kontur, a global SaaS-based critical event management solutions provider. G.W Lee holds the position of CSO for ABBC Coin, while Zeeshan Javeed leads technological development and solutions for the ABBC foundation.
The ABBC team consists of 23 members in its blockchain developer group, 15 individuals in marketing, four in blockchain security, and three in finance.
ABBC aims to use blockchain technology to make online retail faster, more efficient, and secure. The team states that small and medium-sized marketplaces gain significant advantages from ABBC Coin, specifically through lower payment processing fees and entry into new global markets.
While ABBC originally launched as a Bitcoin (BTC) fork, it moved to the EOSIO blockchain in August 2019. A key advantage of EOSIO software is that bandwidth availability does not depend on token price, which supports scaling for platforms like ABBC Coin.
Furthermore, ABBC seeks full decentralization via community governance. Beyond the existing team, ABBC Coin holders possess voting rights that can be delegated to others. Block producers (BP) also vote on governance proposals, influencing the future development of ABBC Coin.
The maximum supply for ABBC Coin is capped at 1,423,973,934 ABBC. At the time of writing, slightly less than half of this total is in circulation.
ABBC Coin features a straightforward distribution model compared to many other blockchain initiatives. During the token generation event (TGE), 80% of the tokens were assigned to investors, while the remaining 20% went to the project’s authors and team. As of November 2020, the ABBC Foundation and team have not publicly disclosed the specific details regarding how these tokens will be distributed or the conditions governing their use.
In 2018, the project held an initial coin offering (ICO) that generated approximately $3.5 million. Tokens were sold at a rate of 0.00025 BTC each, which was valued at around $1.60 per token during the sale.
Although ABBC Coin began as a Bitcoin fork, it subsequently moved to the EOSIO blockchain. Consequently, the network currently relies on the EOSIO DPoS consensus mechanism for security. This approach validates transactions with greater speed and efficiency compared to its initial proof-of-work (POW) system and incorporates stake-weighted voting, which supports community-led development and expansion of ABBC Coin.
On the ABBC Coin platform, every token holder possesses the right to vote for block producers (BPs). These BPs are responsible for reaching consensus with their peers, a process that helps maintain network security and ensures only legitimate transactions are confirmed. By permitting the community to vote on the addition, modification, or removal of block producers, ABBC provides token holders with the chance to support entities they trust to act in the network's best interest.
ABBC Coin has been available for public trading since 2018 and is currently listed on numerous exchanges, such as BitMax, Bithumb, and Hotbit. At present, you can only trade ABBC against Bitcoin (BTC), Ethereum (ETH), and Tether (USDT); there are no fiat currency trading pairs offered for this asset.