The Crypto-Currency Market has surged immensely due to regulations from China and South Korea concerning the illegalization of ICOs and exchange platforms. Bitcoin dropped down to $9,561 at one point, and the world has not been able to see much sunshine after this crash. Meanwhile, a new immerging name came up to this market, and it is called ‘AlibabaCoin’. They are planning to hold an ICO soon.
There are new ICO’s everywhere. Its even so hard which to choose and to make it a successful investment. So many firms and groups are looking into creating their own crypto and enter the market with their unique techniques. A South Korean company, Hyundai, successfully held an ICO in the name of HDAC, and the worldwide famous messenger ‘Telegram’ is soon to release their ICO dates tuned to be held on March. Is this new AlibabaCoin made by the great Chinese Alibaba? Or their partner Tencent? We were all aware of the recent news that claimed that Alibaba has been developing a blockchain platform called “P2P Nodes”, and as soon as the Chinese government announced the new regulations for mining and blockchain profits, Alibaba officially told the world that they will not be creating any sort of blockchain any further. A few days later, AlibabaCoin was registered in Dubai. What could this mean?
AlibabaCoin Foundation Webpage: www.abbcfoundation.com
This is their website. They briefly show their technology details on a very simple but not technically complete whitepaper which shows their plans to develop facial recognition technology implemented with blockchain which will be used as a revolutionary payment system for online shopping platforms. The idea is very fresh. Facial recognition has been an issue for quite some time, but there haven’t been any claims that blockchain was implemented together with this one. If they succeed in bringing this new technology to the world, it may cause some good issues in the market and pull some big interest.
Looking closely at the whitepaper, it may seem like a simple report written by a middle-schooler. You can’t find any algorithm or technological descriptions, nor any developers’ names at all. It is just a detailed roadmap. However, it still appeals some hope that it will be updated soon, because the title is written as V1.5 and maybe the next version might come out sooner or later. (White Paper: http://abbcfoundation.com/downloads/Alibabacoin.pdf)
The Alibabacoin Foundation address is located at a business center near the UAQ Free Trade Zone in Dubai. This shows to be that they will be holding an ICO legally on the grounds of Dubai. Currently, Dubai and some nearby countries have renovated their laws on accepting corporate registration concerning crypto-currency trading and development since 2017. One funny point of this situation is that the name “Alibaba” comes from the story ‘Alibaba and the 40 theives’, and that it is based on Arabian stories. The name “Alibaba” has been accepted as a legitimate crypto-currency in the Arabic grounds of finance.
The website posted a notice that they will be holding the ICO in mid-February. The roadmap is shown until 2019. AlibabaCoin was published into 1.5 billion coins, and 0.5billion will be released to the public during this ICO. It will trigger some big issues in the market as there should be many who are expecting to see how successful the great name of AlibabaCoin will finish this ICO.
Note : The writer of this article owns bitcoin and other altcoins and is a daily trader in the cryptocurrency market.
Company Name: Alibabacoin Foundation
Country: United Arab Emirates