The ABBC Whitepaper is out. This official document brings together all the information our community members should know about the ABBC Generation 2.0 — the ABBC blockchain, ABBC Wallet, and Decentralized Autonomous Organisation (DAO).
As we aim to revolutionize the e-commerce industry, our primary target audience is owners of small and medium marketplaces. We aim to provide a platform that could offer a great opportunity for them to deliver seamless payment processes and explore additional markets. Moreover, cryptocurrency users and traders can take advantage of a scalable and more efficient blockchain that has extensive support of various crypto and caters to faster transactions.
To help you grasp the document in its entirety, here are some of the key takeaways you should know and understand.
ABBC Blockchain: Then and Now
ABBC started out as a startup in late 2017 which is around the time of BTC’s rise to popularity. Taking this into consideration, our previous blockchain functions with a hybrid Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus algorithm. This enabled the ABBC Coin to be mineable to crypto users.
During the spring of 2018, our team has conducted extensive research on how to rebuild our blockchain into a better one.
To address issues concerning transaction fees, community governance, and block confirmation process, we have switched to a private Delegated-Proof-of-Stake (DPoS) blockchain.
The ABBC Generation 2.0 blockchain now has active block producers (BP) that produce blocks every 0.5 seconds. Staking of ABBC can also be equated to a voting power needed to elect BPs in the network. Alongside this, a multi-layer approach has been integrated to handle different levels of customer accounts: Novice, Account Owner, and Staker. These accounts vary on its transaction activity and amount of ABBC in custody.
For the existing ABBC holders, a migration server has been working on the migration of funds from the previous wallets to the current one. In this way, we can assure that the transition from our old blockchain to Generation 2.0 is done promptly and securely with the best interests of our users in mind.
ABBC Wallet: A Multi-Account Model
Our digital wallet service has also been enhanced for more convenient and swifter transactions. The ABBC Generation 2.0 wallet is now non-custodial and multi-account, with more unique features that include ERC-20 token transaction support and resource allocation management.
By being BIP44-compatible, the ABBC Wallet now allows users to create multiple accounts in their devices. To remove the complexity that cryptocurrency seems to entail, the ABBC Wallet fully supports a hybrid account model which allows a user to simply start creating an account (Novice) with the necessary details. Subsequently, this model also gives a user the preference to either send funds by paying a small fee and avoiding resource allocation (Owner) or use staked resources in making transactions without cost (Staker).
Users can have several accounts in their ABBC Wallet application. To easily access these accounts, the non-custodial nature of the wallet becomes handy as you will have full control of your wallet through your mnemonic phrase and/or private keys.
Additionally, this multi-currency wallet’s core currency is ABBC, with additional support for more than 1,600 ERC-20 tokens, and other cryptos in the future.
ABBC DAO: Principles of Community Governance
We want our network to embody the full capacity of a decentralized ecosystem. For us to do that, Generation 2.0 now incorporates a decentralized autonomous organization (DAO) which values our community members, specifically BPs, in all decisions necessary to run the operation of the ABBC infrastructure smoothly.
Among its benefits are complete transparency, total shareholder control, flexibility, and community-driven approach. DAO can be accessible at any time via smart contracts within our technology. As it is a collective approach, it is one of the most vital part of our ecosystem. For instance, each BP will vote on proposals that can directly impact the ABBC blockchain such as expanding ABBC’s service to a certain region, launching a strategic partnership with a certain payment broker or partner, and creating custom hardware for accelerated transaction processing.
DAO users are not simply investors and ABBC holders, they use their voices to help ABBC deliver the best services for users and merchants, alike.
We strongly believe that payment transactions based on blockchain will drive the future of e-commerce within the next decades, and we have developed our network to be “ahead of the waves.”
For more details regarding our cutting-edge technology, read the full version
of the whitepaper here: https://abbccoin.com/whitepaper.pdf