ABBC is a blockchain platform that enables secure payment transactions, helping to facilitate retail adoption of cryptocurrencies and make shopping online with digital assets a safer, more enjoyable experience for end-users.
The platform offers three main products: a multi-platform wallet capable of supporting BTC and ETH, in addition to a variety of other native cryptocurrencies and ERC-20 tokens; an online shopping application that can be used to shop at over 50 online retailers with cryptocurrencies; and a cryptocurrency exchange platform that offers secure trading and low transaction fees.
The ABBC Coin was created to give holders the ability to govern the development of the ABBC platform by delegating voting power to chosen block producers (BPs) — who are then able to vote on governance proposals. These governance proposals can be on a range of topics but might include launching strategic partnerships, implementing new features or expanding ABBC's services to new regions. Beyond this, ABBC Coins were created as a reward system for online shoppers and can be staked for regular rewards.
ABBC is currently based on the EOSIO blockhcain, which enables it to achieve up to 5,000 transactions per second (TPS) while remaining environmentally friendly due to its energy-efficient delegated proof-of-stake (DPoS) consensus mechanism.
ABBC Coin was initially known as Alibabacoin but changed its name in March 2019 following a dispute with Chinese multinational e-commerce giant Alibaba.