AliBabaCoin Foundation is a global trading platform that allows users to make purchases online, paying Alibabacoin (trading ticker ABBC) and other cryptocurrencies.
To make a payment in addition to the password, the store identifies the payer “by person”. A similar technology is used in the Apple iPhone X smartphone: when the smartphone is brought to the face of the owner it is unlocked automatically. If another person looks at the smartphone, it remains blocked. AlibabaCoin adapted and gave scale to this technology to conduct online payments.
AliBabaCoin Foundation was established in Dubai in January 2018. The global goal is to unite the world trade industry on the basis of blockchain technology. The company plans to contribute to the creation of a global online market.
The platform is created on its own blockchain with open source code, on the one hand, to ensure full transparency of the technology, and on the other hand, to involve any interested professionals in the development.
AliBabaCoin platform is based on the blockchain Alibabacoin. This blockchain uses hash technology with the X13 algorithm. It is believed that this algorithm is impossible to hack, as it uses 13 hashing circles with 13 different functions. This makes the ABBS token one of the most secure cryptocurrencies in the world.
The X13 algorithm uses both the systems PoW (Proof-of-work — proof of execution of work) and PoS (Proof-of-Stake — proof of ownership). PoW requires significant computing power compared to PoS, in which blocks are signed by users; the number of signatures is proportional to the number of coins in possession. Each system has its advantages and disadvantages.
The ABBC token uses a hybrid scheme in which the blockchain consists of both types of systems, PoW and PoS. The advantage of sharing is to increase network reliability: you can't “rewrite history” in the chain with PoW. And thanks to PoS mining becomes less energy-consuming. This approach minimizes the disadvantages of both systems.
AliBabaCoin basically was not made on Ethereum, because the new platform requires more functionality than just Ethereum smart contracts. AliBabaCoin is a global platform with a wide range of trade and services of wallets based on the blockchain.
The creators have provided for the release of 1.5 billion tokens ABBS. As part of the pre-sale, 1 billion tokens have already been issued. New blocks and new coins in the system appear through mining, but this is a secondary goal. The main purpose of mining is to ensure transparency and reliability of the system even with a multiple increase in the number of transactions.
How it works
- Open platform multi-currency wallet Simple Token Wallet.
- Choose products on the AliBabaCoin trading platform or in online stores that are connected to the ABBS platform.
- Paying the price for the goods in Alibabacoins or any cryptocurrency wallet.
- Receive the goods in accordance with the terms of delivery of the store.
Identification of users on the platform is performed with the help of 3 keys:
- Public key.
- A private key that is stored in the local storage of the user's browser.
- The fingerprint of the user for complete identification.
The facial recognition system will be added in July 2018 and will replace the fingerprint identification.
Users can choose to be fully identified or remain anonymous. Anonymous users can also use all the features of the platform. Identification on the platform will increase the security of operations.
Pay by face technology
The principle of “Paying with Your Face”, laid down in the basis of ABBS, was a real breakthrough in the field of high technology.
The program scans the biometric parameters of the human face, analyzing more than 30,000 points using three-dimensional modeling. Face image (faceprint) is saved in the cloud. When users make a purchase, the image taken through the camera of the smartphone is compared with the image in the cloud. Once the identification is complete, the data is automatically deleted. The recognition algorithm eliminates the possibility of personal data leakage.