ABBC Foundation revealed massive upgrades to its blockchain and wallet service last month. These improvements are vital in bringing the key components of the ABBC ecosystem together. The ABBC Generation 2.0 blockchain aims to cater to small and medium enterprises, as well as to advertising platforms. This is a way of fulfilling their promise in providing the Future of Payment Security and revolutionizing the e-commerce sector.
A few weeks after the big announcement, the ABBC Team, in collaboration with DeepDive.Tech has released the official whitepaper for the project’s upgraded technology. This document explains all the concepts, technical terms, and other intricacies behind the new ABBC blockchain and wallet.
Key Concepts
By and large, the whitepaper unveils what makes the ABBC Generation 2.0 a world-class and transactional network. It includes the rationale behind the project’s blockchain migration — from hybrid PoW and PoS into a private DPoS and what this entails to the existing ABBC Coin holders and other participants in the network. DPoS requires the system to function with less computational resources compared to PoW and is more community-driven in comparison to PoS. The ABBC team will take advantage of more community participation that can result in additional revenue streams for technology-savvy community members.
In addition to that, the ABBC Wallet is now BIP44-powered, making it non-custodial, multi-currency and multi-account. The concept of a hybrid account-model is implemented in this wallet to generate added value for both customers with a basic understanding of blockchain transactions and for expert customers. Level 0 or Novice accounts can only receive transactions, while Level 1 or Owner accounts can start sending funds by paying a fixed fee of 0.01 for each transaction. Ultimately, Level 2 account holders or Stakers can buy RAM and stake CPU and NET resources to enable seamless transactions at no cost.
Another new principle introduced in the whitepaper is the ABBC Decentralized Autonomous Organization (DAO) which highlights the importance of community governance and its decision-making ability for the progress of ABBC. There are two main actors involved within the ABBC DAO: the ABBC Coin holders with their corresponding voting power and the block producers (BP) who act as a decentralized government.
Greater and Improved ABBC
ABBC Foundation has evolved its business model and presented a vision for long-term development. As the e-commerce industry becomes more open to blockchain and cryptocurrency innovation, ABBC allows its platform to be more scalable and efficient than before. With a mainnet that can handle 5,000 transactions per second and a digital wallet that supports BTC, LTC, DASH, ZEN, ABBC, and all ERC-20 token transactions, ABBC is turning its potential into reality.
From being a tech startup in 2017, the ABBC team continuously shows commitment to delivering the best services to its community members. With the notion of progressing and moving forward for the integration of its blockchain and digital currency, it intends to be an integral part of promising use cases like in-store promotion, online marketplace, and payment adoption.