ABCC Exchange-Singapore crypto exchange Trade-to-Mine (ToM)
What is ABCC? ABCC — cryptocurrency exchange, which applies the model of the Trade-to-Mine (ToM), when the token “Mein” in the course of transactions on the platform and returned to the trader in the amount of the exchange fee. The project began work in April 2018, its headquarters are located in Singapore. ABCC was founded by businessman Calvin Cheng, a former member of the Parliament of Singapore.
Among the project's advisors are experts such as Zhang lei, Yee CEO and YeeCall, who are engaged in creating a cloud-based social platform on the blockchain, and investor Chen Weixin, who was included in the Forbes 30 Under 30 list. ABCC was financially supported by Funcity Capital, Dream Seeker Capital and BlockOrigin Capital investment funds.
Developing ABCC, Calvin Cheng and his team hope to attract more people's attention to the cryptocurrency industry. The exchange does not impose geographical restrictions on users and works with traders all over the world.
A distinctive feature of the ABCC
Typically, traders on crypto-exchanges have to pay a Commission on the site. For example, Coinbase users from the US give the platform 1.49% for each replenishment of the USD-wallet on the site. All transactions on The bittrex exchange are conducted with a Commission of 0.25%. On Binance it is 0.1%.
ABCC differs from other platforms in the absence of fees for transactions — paid exchange fees will be returned to users in the form of ABCC tokens (AT — ABCC Token). Depositing funds to the exchange also takes place without commissions. In fact, traders pay only for the withdrawal of the cryptocurrency, since this operation involves the relevant blockchain networks-a Commission for miners is charged for registering a transaction in the blockchain. The Commission sizes for all cryptocurrencies available on the platform can be found in the FAQ on the exchange website.
ABCC tokens are tokens of the ERC20 standard. In total, they will be released 210 million (the volume is the same as bitcoin). Half of the tokens will be distributed between the ABCC team members and the project investors. Ten percent of the tokens will be received by the first users of the site (who started work before the appearance of the ABCC coins). And the remaining forty percent of the tokens will be generated using the Trade-to-Mine (ToM) mechanism.
The ToM model does not require mining in the traditional sense, that is, users do not spend the computing power of their equipment, as in the case of proof-of-work bitcoin. Tokens are "mined" by conducting trading operations on the platform — the more transactions a trader makes, the more tokens he receives.
At the same time, the site awards token holders — 80% of the amount of collected commissions is distributed between them.
A similar business model is used by the FCoin exchange based in China. It also "transforms" the trade in cryptocurrency mining. One hundred percent Commission for the transaction platform returns in the form of its tokens — FT. The total amount of tokens FT will be 10 billion Of these 49% will be in the hands of investors and developers, and 51% will be distributed among traders on the platform.
However, the approach of FCoin, unlike ABCC, has serious drawbacks. In particular, the FCoin model "suffers" from negative feedback. High Commission for the exchange of cryptocurrency leads to the production of a larger number of tokens FT which reduces their cost. As a result, traders lose the incentive to trade on the site, and therefore the exchange has to reduce the size of the exchange fee. As a result, the process is closed in an infinite loop. With the volume of tokens issued at 10 billion, inflation will be significant.
The mechanism of Tom token generation is similar to that used by bitcoin. Initially, the bitcoin network generated 50 BTC every 10 minutes as a reward for miners. After 4 years, upon reaching 210 thousand "smiley" blocks, the amount of reward was reduced by half — to 25 BTC. To date, this figure is 12.5 BTC. Thus, the complexity of bitcoin mining gradually increased, increasing the value of the cryptocurrency in the market.
ABCC will act similarly, each time releasing a strictly fixed number of tokens. Their number will be halved every 120 days. In total there will be six such periods. A new block with tokens is generated every 6 hours. Coins from each block (at the start of their number will be 700 thousand per day) are distributed among traders according to the volume of their transactions.
This approach ensures stable growth for users (especially for the first ones) and ensures that they will benefit from mining. ABCC estimates that users can get $ 3 or even 10 AT for every dollar invested early on. Additional benefits users of ABCC will take away from the fact that the trade of tokens ABCC will be banned as long as the turnover is not included 5% of all coins (same FCoin allows trading on the day of release tokens). Plus, there will be a ban on the use of API to protect individual miners.
Over time, as mining difficulty increases (as noted, the number of tokens issued is halved every 120 days), users can earn even more revenue. It is assumed that the cost of AT will double every 4 months and will grow 8 times in the first year.
The release of tokens and the start of mining is scheduled for July 9, 2018.
Referral program
Exchange gives users earn extra tokens AT. To do this, the site has a referral program. For each invited referral, the trader receives a one-time payment of 10 AT. An additional 10 tokens are issued for the fifth invited user, and for each tenth — an additional 30. The participant, who will bring fifty referrals to the site, will receive 250 AT.
At the same time, the referral program provides bonuses for mining by invited users. Traders receive 20% of rewards earned by referrals with ToM and 10% of rewards earned by referrals. The invited users receive 10% more tokens during mining.
Trading pairs and cryptocurrencies
Now the exchange has 58 trading pairs (their number is increasing) with three base currencies — BTC, ETH and USDT. The work is carried out with a variety of cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), FunFair (FUN), Basic Attention Token (BAT), Golem (GNT), EOS (EOS) and many others. The total volume of trading operations is $ 30 million per day. The entire list of cryptocurrencies and currency pairs can be viewed on the official website.
How to get started on the platform
To register on the exchange you need to provide your email address and password. Project developers have prepared a guide that will help you create an account. Immediately after registration, you can start trading, the size of the maximum amount when withdrawing money from the account is 2 bitcoin (or equivalent amount in another currency) per day.
If you want to increase the maximum amount, you need to carry out KYC-verification by providing the necessary documents (for example, passport). How to do this, you can peep in a special guide. After verification, the withdrawal threshold will be 200 bitcoins in 24 hours.
If you need to withdraw the amount of more than 200 bitcoins, users can contact the company's mail:
contact@abcc.comHow to protect the funds of traders
ABCC developers have implemented security systems to protect transactions and cryptocurrency users on the site. The exchange uses a micro service framework consisting of more than 30 distributed (and isolated from each other) trading systems and asset storage systems. Regular security audits are conducted on the site, as well as risk control systems responsible for the safety of the cryptocurrency in the users ' wallets.
For additional protection of wallets, traders can activate two-factor authentication (2FA) — the code can be received by SMS or e-mail.
