The Abacas protocol refers to the procedures surrounding the trading of digital assets and cryptocurrencies via the AbacasXchange.
Cryptocurrencies which can also be referred to as digital currencies are virtual currencies designed to work as a medium of exchange. Cryptocurrencies use cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. The first ever cryptocurrency to be created is the Bitcoin and this was in 2009. Following the Bitcoin, a number of other digital currencies have been created.
The inception of "digital trading (asset and cryptocurrency)" can be traced back to the period of the creation of digital currencies. Various online exchange/trading platforms have been created where cryptocurrencies can be converted to Fiat currencies or traded for other cryptocurrencies and the same for digital assets.
Asset exchange has been in existence long before the integration of blockchain technology into virtually every system and industry. Despite this integration, there are still some barriers to the global adoption and acceptance of the blockchain technology and the reasons for these barriers go really deep and long before the idea of blockchain technology was even birthed. A bright side to this barrier though is the creation of opportunities to incorporate new blockchain technologies while advancing the global adoption of blockchain technology.
What exactly is the AbacasXchange?
The AbacasXchange is a new blockchain platform that allows for the exchange (peer-to-peer) of cryptocurrencies and digital assets for major cryptocurrencies like Bitcoin, Ethereum which are referred to as "Gateway Assets". The AbacasXchange has found a way to link two or more digital assets or cryptocurrencies using the Gateway Assets to determine the possible price of a cryptocurrency or digital asset that has not been stipulated yet. Asset exchange is the main basis for the AbacasXchange platform; the AbacasXchange utilizes traditional methods of asset exchange to facilitate its basis for asset exchange.
Digital tokens is a means of promoting liquidity and monetization of any asset at any time therefore, digital tokens play major roles in facilitating the exchange of digital assets for Gateway assets.
AbacasXchange provides APIs in which the transactions of high liquidity assets could be automatically replaced with those of cryptocurrencies or digital assets with a much lower liquidity.
Features of the Abacas Protocol.
-Asset Identity: New assets that are being added to the AbacasXchange are added and registered under a unique identity code.
-User Identity: Every user if the AbacasXchange platform is required to go through the KYC (Know-Your-Client) verification.
-The asset pair exchange rates.
-Orderbook managemet.
-Asset specific workflows.
-Web sockets and HTTP APIs.
-A distributed exchange ledger for the purpose of securing digital asset token ownerships.
The Abacas Protocol effectively solves the problem of outrageous transaction fees during asset and cryptocurrency trading and transfers; lack of transparency and liquidity of digital assets.
Abacas Tokensale.
The symbol of the Abacas token is ABCS with a total supply of 100,000,000 ABCS tokens from which 30,000,000 ABCS tokens would be allocated to the tokensale.
Abacas Roadmap.
06/2017
-Prototype complete: Abacas trades tokenized assets.
10/2017
-UI redeveloped to angular 4/typescript 2.
Q2 2018
-Token event.
06/2018
-Alpha release.
08/2018
-Beta release.
10/2018
-release candidate.
1/2019
-AbacasXchange Launch.
The Team
Advisors.
Useful links:
Website: https://token.abacasexchange.com/
Whitepaper: https://abacasexchange.com/wp-content/uploads/The-Abacas-Protocol-Dec-2017-WP-VLSMV-v1.3.pdf
Facebook: https://www.facebook.com/AbacasXchange-174858729748558/
Twitter: https://twitter.com/AbacasXchange
LinkedIn: https://www.linkedin.com/company/abacasxchange/
Reddit: https://www.reddit.com/r/AbacasXchange/
Github: http://github.com/abacasXchange
Writer's Bountyox username: kitan