A myriad of ICOs is available today, since every other nano venture is ready to actively capture the cryptocurrency market. However, the competition has turned ugly since the valuation of Bitcoin dropped down to $9,561 and currently, any sign of improvements is slow.
But that is in no way discouraging the newcomers from entering the contest. Let’s look at Alibabacoin. It claims to be a system for “distribution, finance, shopping, security, using the blockchain technology”.
A mystery indeed, the company came into existence out of thin air and is already attracting a significant number of investors. Are they anyhow connected to the Chinese multinational Alibaba group? Rumor has it, the group has been secretly plotting for a blockchain platform called “P2P Nodes” which was shut down after the Chinese Govt. tightened the policies for ICOs and blockchain platforms. A few days later “Alibabacoin” was born.
The company’s website, however, tells a completely different story. They have referred to a hidden technology that is being used in an upcoming facial recognition based payment system to increase the fluidity of digital transactions. Although the facial recognition technology is a hot topic in today’s world, officially, no one has ever tried to fuse them. If successful, this can attract a lot of attention.
The company has sown its bud in Dubai soil. The latest ICO will be held in correlation with the new corporate registration laws concerning cryptocurrency trading and development in the UAE. Ironically, derived from the famous Arabian story “Alibaba and the 40 thieves,” the ICO has been accepted as an authentic cryptocurrency in accordance with the Arabic financial system. Now, all eyes are on the evolution of this newbie in the digital era.
Blockchain: The Answer to China’s woes?