ABBC Coin - a cryptocurrency that wants to recognize faces

First, a loud dispute with the e-commerce giant - Alibaba, then the lost process, and finally the relocation of the headquarters to Minsk in Belarus. ABBC Coin cryptocurrency exists for two years, but its turbulent history could be divided into many cryptocurrency projects.

We are continuing the cycle of the Forex Club portal in which we describe the largest, most interesting and most controversial projects from the world of cryptocurrencies. Today it's time for ABBC Coin, undoubtedly one of the most controversial cryptocurrencies in the entire global market.

Coin, who wanted to be Alibaba

Controversy around this cryptocurrency appeared almost immediately after its creation. All because of the name. Initially, it was called Alibaba Coin. When it was announced in Dubai at the beginning of 2018 that the AlibabaCoin foundation would run such a project, it was not only in the world of cryptofinance. No one had any doubts that the name directly refers to the Alibaba Group, i.e. the largest e-commerce company in the world. The giant originating from China, listed on the American NASDAQ stock exchange, immediately launched the largest guns. The foundation was accused of misleading investors because they might think that Alibaba is proposing a new cryptocurrency. In fact, the company had nothing to do with it.

The writings and speeches of the well-paid lawyers were long, so the trial was very short. After several months of judicial struggles, the Alibaba Group won and the new cryptocurrency changed its name. This is how ABBC Coin was created, and in order to protect against further lawsuits, the headquarters of the foundation leading the project went to ... Minsk, Belarus.

How ABBC Coin works

Cryptocurrency does not use one consensus, but a hybrid that combines Proof of Stake and Proof of Work. It focuses on payments via a mobile application, which you will not need to confirm with a code, PIN or SMS. Face recognition technology will be helpful.

The problem is that when we delve into the details of how technology works, we find more questions than answers. It is known that the payment system is to cooperate with the largest e-commerce platforms, such as eBay or Amazon (Alibaba will hardly be persuaded to cooperate ...), as well as online stores, but there are no details yet. First of all, because the mobile application has not yet been created.

Technology Paying with Your Face it has - so far - a name and a general outline of its functioning. It is to scan over 30. biometric elements of the face, which will completely minimize the possibility of mistakes and theft. To use it, all you need is a camera in your smartphone, laptop or tablet. It will also provide protection against use for payment, e.g. a photo of a person we know, because the face scanning will take place in three dimensions. All facial model data will be stored in blockchainie Abbe. This is not a revolutionary solution, because it works, among others, in Apple Pay on the iPhone and in Chinese networks. However, we will see how it works in practice.

The maximum number of ABBC Coin units will be over 1 billion. There are currently 505 million units traded.

ABBC Coin quotes

Despite considerable controversy around ABBC Coin, the cryptocurrency enjoys quite a lot of interest. It can be traded on 34 cryptocurrency exchanges. It is characterized by above-average volatility and the record of daily growth is 65%.

As of 05.05.2020/0,13/1,71, you will pay USD 29 for each ABBC Coin unit. The cryptocurrency record level reached the price of 73 USD. The daily turnover currently amounts to USD XNUMX million, and the project capitalization exceeds USD XNUMX million.