From 18th May to 25th May 2020, the CPO of ABIT Exchange Ms. Wendy Ren was invited by multiple communities to conduct AMA webinars and shared the ideas of ABIT Exchange and AB token, as well as some unique insights about the hot topics regarding the current cryptocurrency market.
Each AMA lasted for more than 1 hour, yet some of the interaction were very intense due to time limitation and the enthusiastic audience response. In the AMA with Crypto Daku Robinhooders Community, 80+ questions slipped in within than 10 seconds; 200+ questions were asked in 1 minute during the AMA in Shin Chan ICO/IEO Community etc. The audiences showed great interests toward ABIT Exchange, and gave positive comments when each session ended.
Here we picked some of the most frequently asked questions during the AMA and share the answers with you:
User question: Could you please introduce ABIT Exchange to me in layman’s term?
ABIT is a cryptocurrency exchange from Australia with its headquarter in Sydney and operation centres in major regions of Southeast Asia. ABIT is a completely legal and compliant exchange licensed by Australian Transaction Reports and Analysis Centre (AUSTRAC).
The ABIT team, was originally from the traditional finance industry. Once serving in the first-tier brokers and trading exchanges, the team is equipped with rich experience in traditional finance. After stepping into encrypted digital currencies industry, ABIT is committed to the design of derivatives, providing full-stack technical support for many exchanges, including liquidity and depth, and also market making. Up to now, ABIT team has provided technical support for 30+ exchanges.
The Beta trial version for ABIT was launched in October 2019, including functions of our spot trading and OTC trading sections. Soon after the release, we received unprecedented response from the market. Up to today, we have accumulated more than 100,000 users from 114 different countries and regions around the world, with a KYC ratio of more than 50%. In addition, more than 30 promising projects chose to launched IEO on ABIT. On 15th May, we have just launched our upgraded version, and new functions such as perpetual swap and on-chain data analytics have been added.
User question: Is there insurance in place of ABIT for users funds from hacker attacks? How do you guarantee the fund safety?
First of all, it is very understandable that users are concerned about their asset safety. Therefore, we would like you to know that, the ABIT team have years of front-line experience in the field with more than 16000 safe running hours of the system, and have multiple strategies in place to prevent hack attacks situation from happening.
For instance, for potential DDoS attack (Distributed Denial of Service), ABIT system has two effective defending methods, which are flow cleaning and CDN acceleration. For potential penetration attack defense, ABIT adopts the method of penetration testing, which involves conducting security audit of the code based on the PHP source files on the official website, and regularly filters and validates the parameter values to prevent the attack from happening. In addition, ABIT adopts Hot and Cold wallet isolation method. We use Hierarchical Deterministic Wallet and offline signature technology, and the machine storing the private key is never connected to the Internet, which eliminates hacker attacks from the source and guarantees the security of user property. All the prevention methods are in place to keep clients’ asset safe and secure.
In addition, a portion of AB are used for insurance fund, to address unpredicted risks and emergencies. Therefore, yes, we do have insurance fund to protect user interest.
User question: Is there any plan to make partnership with local cryptocurency developers from each country to makes ABIT usage more worldwide?
Yes of course. We regard ourselves as an international enterprise and crypto world has no boundaries. Closed cooperation with professional and talented local developers and communities are highly crucial to our international expansion. We just announced our partnership with Somish recently, who is a reputed blockchain development company and third-party smart contract auditing organization founded in India. We cooperated with them to explore more high-quality blockchain projects from the local market and collaboratively bring them to the global stage. There are quite a number of such kinds of strategic partnerships of ABIT with other parties, which can be found in our official announcements.
User question: There are lot of exchanges in the market, why ABIT different from them?
On one hand, ABIT with its elite team are devoted to expanding and delving into its product design. From our recently launched version, users are able to tell that the unique operating experience can stand out from our competitors. And more unique and competent products will face markets soon:
In addition, as mentioned earlier, ABIT has superior market making ability with BD manager deep into local area in various parts of the world. Unlike the current top exchanges, with their attention mainly concentrated in Europe, Northeast Asia and North America. We aim to develop our markets globally including South Asia, North Africa and South America. Providing entrance for their fiat currency and small languages. Therefore, the growing potential of ABIT, objectively speaking, is huge with the solid foundations.
User question: Being a crypto inventor, I have invested in many projects early stage. Some of my investments are performing really good and gave amazing ROI. Tell me some reasons why should I choose AB tokens over others?
When we evaluate the rising potential of a platform coin in a short time, the buy back and destruction amount is very important. ABIT is very confident with our ability regarding this. Because AB is the important link for the entire ABIT ecosystem, and we spare no effort to pursue token deflation. Basically all our 2B activities must rely heavily on AB. For instance:
1st, for our global recruitment of ABIT Super Node, to become a Super Node and enjoy the benefits, each Node will need to lock 1 million AB and selecting a total of 21 Nodes along will hold 20 million.
2nd, the pre-signed 2B customers entered into contracted with us will all use AB to make payments.
3rd, the OTC Cloud will be launched soon. By using this function, any exchange platform can connect to our products (through APP etc.) and embed the payment portal,. Because of our multi-fiat currencies advantage, our OTC Cloud is very popular in the market. All of our OTC cloud users also need to pledge AB.
Apart from these examples, other users may also need to pay AB when they are provided with operation or maintenance services. Therefore, we are connecting the entire business sectors of ABIT with the ecology of deflation of AB. The combination of all these purchasing powers is very powerful. Not only because of the appreciable quantity of merchants that we signed and will sign in the future, but also because, for our market, the current price is relatively cheap. When these two are combined, we are very confident that when we launch our AB, and demand will exceed supply.
User question: How to buy AB?
Users need to participate in ABC lucky draw to earn AB. It is the only official channel for users to earn AB before AB’s official listing. ABC, also known as ABCash, is the official lucky draw ticket. It is only used for the ABC lucky draw and only circulated within ABIT platform. Each ABC stands for a chance to participate in the lucky draw. It can be used to apply for one ticket number in the ABC lucky draw.
There will be 4 phases of ABC lucky draw. By now, 2 phases have completed successfully and phase III is ongoing at the moment. Each phase has 4 rounds of lottery draw to determine the winning tickets. For owners of winning tickets, they will get generous AB rewards or even USDT rewards. Even if your tickets did not win, it will still be automatically exchanged to AB based on a fixed exchange rate at 1ABC=1000AB.
For phase III the ABC price is $210, and the initial price of AB will be $0.3. Therefore, even anyone didn’t win during the 4 rounds of lucky draw, he will still get $300 worth of tokens (1000AB*$0.3/AB). This means there is no losers in this lucky draw.
The prize pool for phase 3 and 4 is pretty tempting and winning rate is high. So it’s a great opportunity to join.
To join ABC lucky draw, users need to have ABC first. We’ve opened the ABC Instant Purchase window on our website now. Users can get ABC with USDT in seconds. The price of ABC will increase phase by phase, so the earlier you join, the cheaper price you’ll enjoy.
The ongoing Phase III ABC lucky draw is from 5/15 to 5/30. Please don’t miss the chance if you’re interested.
For further details, please visit the official website @ https://abit.com/