AFRICAN COIN ANALYSIS –
There is no information available as to who the founder(s) of the Abjcoin project are.
The project may have commenced in 2017. However, Abjcoin went live on 11th of June 2018 with a supply of 250,000 Abjcoin commerce coins/tokens. It started trading on the 25th of June 2018
Structure of community/ecosystem: AbjCoin Commerce utilises the Proof of stake algorithm as a system of securing the network. Users who keep their wallet open to secure the network via staking are rewarded with a 15% interest annually (it varies according to network weight)
Total circulating supply of Abjcoin: There is a finite maximum supply of 30 million tokens, of which about 9.2 million has been supplied so far, the coin can be mined and uses both the PoW and PoS algorithms. Abjcoin has a marketplace – coineasybuy
coin value – Worldcoinindex
CryptonomicsAfrica’s Analysis on the value of Abjcoin
Abjcoin is intended as a means of payment for goods and services both online (ecommerce) and offline transactions (there is no clear explanation as to how this will be achieved). The value of this coin is, to be utilised for banking services through what the project initiators describe as ‘correspondent banking services’, they believe that this would be possible if banks agree to integrate Abjcoin into the payment systems. When compared to what Ripple coin (XRP) offers in terms of a much more robust and efficient alternative that has the potential to disrupt the incumbent Swift network, it becomes apparent that Abjcoin does not really offer any unique value proposition to its target customer segment within the financial services sector.
Another value of Abjcoin is, to be used for what is described by the project owners as ‘distributed asset trading’, which may be assumed is meant for commodities and stock exchange trading. While this may be a unique coin value use case that differentiates Abjcoin from other cryptocurrency projects in Africa, there are important questions that need to be answered especially as regards how this would be achieved, and what would be the advantages or benefits over the currently available means of achieving same?
Abjcoin does fulfil a need in the payments and financial transactions marketplace by offering an additional option to users and merchants. However, it does not yet state in a convincing manner how this additional option would be a much more viable alternative to what currently exists.
In terms of its proposed use case for commodities and stock exchange trading, it seems to offer a unique value proposition when compared with what is currently obtainable. However, this must be followed by a convincing case as to why it is a better alternative.
Structure of supply of coin/token (finite or infinite): The current structure and supply of the Abjcoin token is finite, can be mined and limited to a maximum supply of 30 million coins/tokens.
The legal issues that may be faced by Abjcoin and other cryptocurrencies in Africa have to be contextualised and are largely dependent on the sovereign jurisdiction under consideration. Considering that there are 55 countries in Africa, the legal issues surrounding the financial services industry, cryptocurrencies and blockchain (if it exists) must be considered.
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