Alibabacoin (ABBC)

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Alibabacoin, or ABBC, is a crypto currency business approach by the global retailer and wholesaler Alibaba. It describes its new technology as optimized for finance, distribution, shopping, and security using the blockchain technology.

Joke Name

Alibabacoin = Blockchain Security

Basic Intro

Link to the main website

Link to price/market cap

Exchange Ticker (ABBC)

Coin or Token

Circulating Supply (395 Million)

Total Supply (1 Billion)

Market Cap Ranking

Review

Alibabacoin, or ABBC, is a cryptocurrency business approach by the global retailer and wholesaler Alibaba. It describes its new technology as optimized for finance, distribution, shopping, and security using the blockchain technology. The company has built the platform as a secure fund security system improved using secret innovations on the blockchain algorithm that makes it compatible with other cutting-edge technologies including hashing and facial recognition.

Key Features:

  • Blockchain Implementation
  • Facial Recognition
  • Combination-ready
  • Social Contribution

Blockchain Implementation

While the blockchain is a secure, transparent, and public technology to store and transmit data and user transactions, access to it is shared among users and the development team. Alibaba’s blockchain is unique in that it reduces user risk by enabling more dynamic chains that require lower inventory but with higher service levels.

Facial Recognition

The added facial recognition capabilities makes Alibaba’s blockchain more formidable, secure, and reliable compared to those without this extra layer of security. Through facial recognition, users can have more confidence in their own trading, access their stored digital assets with ease, and make payments with minimal hassle.

Combination-ready

Since blockchain technology is built on a decentralized network, each block added to the chain is verified by all the other blocks. Eventually, the world will have a single blockchain platform to handle everything from financial transactions to storing data. AlibabaCoin runs on a blockchain platform that is ready for combination with all other cryptocurrency and blockchain platforms in the world to facilitate payment and transactions on one platform.

Social Contribution

Since AlibabaCoin is fundamentally managed and operated by a foundation on a social contribution and donation mission, the currency is best place for use in fighting persistent ills in the society including war, hunger, medical care, and food.

Problems:

One would be surprised to learn that the ABBC foundation has absolutely nothing to do with the ecommerce giant Alibaba. In the beginning of April, Alibaba sued the ABBC Foundation for copyright infringement, alleging that Alibabacoin engaged in “prominent, repeated, and intentionally misleading” behavior using the company’s name. The initial lawsuit was accompanied by a temporary restraining order against Alibabacoin that was negated by Judge J. Paul Oetken’s ruling, but Alibaba can keep pursuing its lawsuit in spite of the judge’s injunction denial, according to Forbes Middle East. The Alibaba coin is no more than a typical virtual currency with an algorithm called X13. The purpose is a virtual transaction using real money, which is simply a change of payment unit to a common currency for payment.
There is nothing to do with Marwin, CEO of China Alibaba, and it has nothing to do with Alibaba’s subsidiaries.

Conclusion

All in all, it seems that the ABBC project is trying to intentionally mislead investors by trying to associate itself with a multi-million dollar company. The team members seem shady and there’s an overall aura that reeks of scam around the project. Approach with caution.

Pros

  • Lots of exchanges

Cons

  • No direct backing (asset, profits, commodity)
  • Possible continued lawsuits
  • Not involved with Alibaba