Cryptocurrency has received immense boosts in recent times, but it still remains difficult to use due to the fact that there are combinations of algorithms and structures of encoding hash inside the computer system that can’t easily be understood by a non-technology savvy user. AlibabaCoin Foundation, a non-profit foundation, is working on ways to share the de-centralized blockchain technology in the world in a hassle-free and user-friendly way.
In a recent interview, ABBC Foundation’s CEO, Jason Daniel Paul Philip, shared a number of insights regarding the aims and projects of the foundation. Talking about the foundation’s core area of focus –
We are currently developing facial recognition technology and a new type of payment solution combined into the blockchain structure.- Jason Daniel Paul Philip, ABBC Foundation’s CEO
In the new method of transacting in cryptocurrencies, users will no longer need passwords or private keys to send, receive, or even store money. Instead, the new technology will use face recognition to identify and verify data through a blockchain format without saving any data on the server. This will secure user assets by disabling server admins from leaking user information altogether.
“We are planning to run online-shopping platforms as well as a crypto exchange platform as well. We have many developers and designers working on our project since last year in many parts of the world. Our office is in Dubai, but we are most likely to be a global organization based on many countries and cultures,” Philip added.
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As of now, the foundation is recruiting funds to attract new developers, and new personnel and build a bigger platform. The Alibaba Coin ICO shall remain open until the year’s first quarter. Alibaba’s decentralized Blockchain-based coins in X13 format can be mined using POW and POS mining structures. They have already published 1.5 billion coins and intend to distribute 500 million coins each via pre-sales and ICO.