This is a false Alibaba. This is a liar in the Arab countries. Their company is also called Alibaba but it is false. They faked the name and should be severely punished by international law, but I did not see it. So I think the world is not fair now, and wars may break out at any time.
More than a year has passed since ABBC entered the crypto industry. Since our launching, we were able to get listed on many notable exchanges, with CoinAll recently joining the list of those that believe in the potential of our cryptocurrency. We have achieved numerable breakthroughs through our diligence and unique crypto features.
We also acknowledge that our ABBC journey was not all roses. Just like any newcomer, our team has faced a lot of challenges that have tested our endurance and commitment to our cause. Nevertheless, we stuck together through the bad times as we did through the happy times. A quick recall of our past brings tears of joy to our eyes. It also renews our vigor to revolutionize eCommerce.
We began our company in November 2017, wherein we formed our team and began planning for what would become known as the ABBC Foundation. We are crypto enthusiasts, and we believe that eCommerce is one of the industries that will benefit greatly from blockchain technology. Unfortunately, it isn’t being revolutionized in the pace that it deserves.
That is why we created our foundation as well as our coin. As to the inspiration behind our coin’s name, we turn to two sources: our CEO Jason Daniel Paul Philip’s favorite childhood story, and his furry companion.
What Made Us Choose Our NameAlibaba is a common name in the Middle Eastern culture. It became popular because of one particular story in the One Thousand and One Nights named Ali Baba and the Forty Thieves. In the story, Ali Baba found a way to open a secret cave that contained numerous treasures. Later he found out that this cave was where a notorious gang of thieves, numbering 40, were hiding their loot. A lot of events happened afterward, but in the end, Ali Baba emerged victorious.
When our CEO Jason Daniel suggested the first coin name, our team expressed their qualms, especially because there exists another powerful institution with the name Alibaba. Yet he was adamant in his suggestion, arguing that there are already hundreds of enterprises in the Middle East that use the said name.
Jason Daniel explained to our team that he draws inspiration on the Ali Baba story because somehow, the protagonist exemplifies what cryptocurrency does against our centralized financial systems. Just like discovering the password Open sesame! To infiltrate a treasure trove, cryptocurrency advocates are educating the world regarding the flaws of the current financial setup. Through Satoshi Nakamoto’s vision, we who have become crypto-vangelized are convinced that there is a better way to conduct our financial transactions; that there is a better solution to our growing economic problems, and that is found in cryptocurrency.
Another reason is that Jason Daniel calls one of his favorite companions with the said name. He admitted that his canine companion had been one of the primary inspirations for him to come up with the coin name. Even though Jason Daniel doesn’t disclose this specific information to the public very often, Lunar Digital Assets, one of our esteemed partners, was quick to find this out and even published an announcement citing this observation.
Our Trademark Lawsuit with Alibaba.comWe held our ICO in April 2018 — 5 long months after we made our identity known to the public. When Alibaba Group Holding Ltd. caught wind of our successful ICO, they filed a trademark lawsuit on the same month in New York. The e-Commerce giant Alibaba.com said that we were damaging its reputation in the US. We flatly denied the allegations, and this resulted in a back-and-forth legal showdown in a US court.
While this was happening, various media outlets broadcasted wild speculations, with some claiming that the retail juggernaut "is excited" to acquire ABBC. We never said anything about this, and we never even suggested the possibility of this happening. Yet the rumors spread like a contagion, with some news organizations being peddlers of unfounded information. Even though we tried our best to clear the issue, our voice was drowned in an ocean of gossips and speculations.
While we were able to reach a favorable settlement for both of our parties, we feel like the dust has not yet settled completely. Even now, we still see some digital media startups calling our project with our previous designation when we have already published press releases saying that we will not be using the disputed name any longer to avoid any more confusion. Many news organizations have already written articles about this. But with the current media predicament, it would seem that not all news entities conduct their proper research, and not all reports are in line with the truth.
Our team was gravely disappointed by how the media portrayed us to the public. We have been called names and have been treated unjustly by the media. Regardless, we hope that the explanation we provided above will help everyone understand our take on the matter. We hope that this will silence any present and future controversies and that we can move on with a clean slate.
Moving to a Brighter Future of Secure PaymentsWe believe Alibaba.com is as happy as we are with how the legal dispute turned out. Now, we can move forward and improve our respective industries in our own unique ways. Despite dropping the controversial name, our renewed identity as ABBC Coin remains impactful to the crypto community.
Our foundation has also collaborated with the Dubai Police Department for various charity initiatives to prove that we are not only blockchain nerds who care about nothing but codes. Instead, we are humans who are merely offering humane ways to improve our daily affairs.
We also launched a more secure multi-crypto wallet, named
Aladdin Wallet, for our users, wherein we integrated all of the special features of the ABBC MC wallet. What is more, we added better features to our Aladdin Wallet. One example is the sending of cryptocurrencies through chat messages on our platform. Aladdin Wallet users may personalize their peers’ wallet address and make transactions at their convenience.
Our CEO Jason Daniel is more of a tech developer than a marketing guru, and he devotes most of his time to look for more practical implementations of ABBC Coin. Thankfully, many experts are helping him on the marketing side. One stellar example is Arben Kane, who will be the Keynote Speaker at the upcoming
Wall Street Conference in Singapore. We also have Stanley Park, who is our new CTO. Stanley plays a pivotal role in the technical development of ABBC’s crypto shopping mall.
We are excited to roll out our upgrades and other projects to contribute to a brighter future of payment security. And we are grateful for every member of the ABBC community who has stuck through with us despite our trying times. We aim to serve you better, and we will continue to improve our systems to turn our hopes into fruition.
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