Ali Baba is set to become a magic word in cryptocurrency, much to the annoyance of a Chinese internet giant.
The Alibaba Foundation is about to launch the Alibabacoin on 10 cryptocurrency exchanges at the same time, much to the annoyance of China’s Ali Baba Group, Asia’s online rival to Amazon.
The foundation and the shopping conglomerate are unconnected, but the foundation is on a heading to stir up more conflict by expanding into 30 of the world’s best known shopping malls while setting up an online store where shoppers can spend their Alibabacoin.
Alibabacoin Foundation founder and CEO Jason Daniel Paul Philip promises Alibabacoin will sit on a fully functioning blockchain rather than just operate as a token.
“We strive to make ABBC Blockchain Technology the world’s leading software platform for digital assets,” he said.
“We are building a fund security system that is improved by using the latest technology with a secret technique for implementing the blockchain algorithm into the facial recognition hashing process. Alibabacoin will serve as the primary mode to avail all the services on the platform. Now that it will be listed on around ten major exchanges, anyone can easily purchase the Alibabacoin.”
Exchange delists four cryptos
Cryptocurrency investors saw their holdings drop in value when major exchange Binance dropped them.
Binance said Bytecoin, ChatCoin, Iconomi, and Trigger would be excluded from listing ‘to protect the safety of other users.”
The Binance statement explained that cryptocurrencies are regularly reviewed and dropped if they fail quality control tests.
Chatcoin and Trigger have dropped in value by more than 15% since the delisting.
“In order to protect our users, the Binance team conducts comprehensive and periodic reviews of each digital asset listed on our platform to ensure projects maintain a high standard of quality. In the event a coin or token falls below this quality standard, it will be subject to further review and potentially delisted,” said the online statement.
Slap in the face for SpankChain
Hackers have slapped down adult industry cryptocurrency SpankChain by stealing $38,000 of ethereum due to a smart contract bug.
SpankChain sits atop the Ethereum blockchain and allows users to tip live web cam performers with a Booty token.
The theft came after the developers delayed a security audit due to the estimated cost -thought to be around $40,000.
SpankChain will keep the live web cam service offline until the bug is fixed.