What is Abacas? AbacasXchange is the first universal asset exchange that allows you to the trade, exchange or transfer of any asset. Typically, it takes a minimum of 3 and as many as 5 fees to trade one asset for another. In contrast, Abacas allows you to exchange AAPL stock for BTC in 1 transaction.
This reduces your trading costs by 50% or more. AbacasXchange stands for fair financial markets and is ethical towards its investors.
We envision a world where you can pay for any purchase using any asset in your wallet. Imagine making your next purchase with Gold, GOOG stock or EUR — whatever your vendor accepts and whatever you wish to use. The first step towards this objective is to build the Xchange. Without it, the vision is not achievable.
What are the problems with existing Exchanges and Markets? • Multiple transactions and fees - it would take you 3 transactions and fees to exchange AAPL stock for BTC
• Both traditional and cryptocurrency exchanges are fraught with conflict and scandals.
Examples would be LIBOR Scandal, WM FIXING Scandal, MTGOX, Neo & Bee, Bitfinex, etc.
• Accidental loss of your cryptocurrency/ asset - If you lose your private key, there’s no way to recover your funds.
• More in this article -
https://medium.com/@AbacasXchange/the-role-of-exchanges-why-the-abacasxchange-70df810ca2ccHow does AbacasXchange solve the existing problems?• Only 1 transaction (minimum fee) - With Abacas you can buy BTC using AAPL stock in 1 transaction. It’s that simple.
• Transparent - All transactions are posted on a public ledger and can be viewed by anyone.
• Liquidity - If I want to sell 1000 GOOG, I can decide to receive some GLD or MSFT or BT or EUR or USD or ABCS or BTC. (Infinite supply)
• Asset Safety - The AbacasXchange “safety deposit box” provides a decentralized secure backup for your private keys.
Why can't another currency or cryptocurrency be used as a native payment token? For example, USD or ETH. Imagine a typical transaction in which a client wishes to trade from a mosaic on XEM to an ERC20 token via the exchange. That single transaction may require 8 or 10 “partner chain” validations eg PoA (Proof of Asset), AML/KYC, Value Transfers, custodial validations, regulatory validations subject to asset class – each of these chains and suppliers may have a different pricing models based on their service or asset which means that a client would need to hold many 100s of currencies at any time. This is highly inefficient and impractical. The ABCS readily conveys between all of the chains mitigating the cost and nuisance of the micropayments as it relates to the activity in the AbacasXchange.
Team - AbacasXchange?More than 100 years of collective experience and intellectual property in technology and financial markets.
1. A team that understands the markets — asset classes, regulations and delivery
2. A team that understands Exchanges — Price Discovery, Order Management, Execution & Settlement
3. A team that understands Blockchain — decentralization and distributed services
4. A team that understands how assets will evolve from dematerialized to blockchain-based
Find all team members on the website - Team Section -
Abacas WebsiteFollow team members on LinkedIn
Abacas Foundation Mark VanRoon (Founder, Principal, Head of Product Development)
Vincent Small (Co-Founder, Principal, Head of Technology)
Official Resources
Abacas Website
Abacas Blog
Abacas Twitter
Abacas Facebook
Abacas Telegram
Abacas LinkedIn
Abacas Reddit
Resources for developers
GitHub
Technical Documents
How to get involved?
Become an active community member and help promote Abacas. Message the moderators or join us on Telegram to get in touch with questions, feedback or ideas.
Getting started
Bounty Campaign at https://bounty0x.io/ - search for AbacasXchange
Abacas FAQ
