Dubai-based software venture ArabianChain have developed the Arab world’s first public blockchain, and its powering digital currency called DubaiCoin-DBIX (previously, DubaiCoin-DBIC). With this move, the company is positioning itself as a regional leader as more Middle East entities begin to comprehend the scope of the opportunity that exists in blockchain technology.
In addition to the blockchain, ArabianChain is developing a suite of blockchain-based features and products, including the currency, an exchange, and a regionally-focused marketplace.
In conjunction with the digital currency, the Arabian chain team are actively promoting a specialized easy to use platform called Thuraya to allow developers to write so-called smart contracts that execute themselves on the blockchain. The name Thuraya comes from the Arabic word for the constellation of the Pleiades which is a cluster of connected stars with a lot of stories to tell.
Thuraya is fun to experiment with for seasoned developers and novice ones alike. It is accessible to programmers in Arabic, English and French.
ArabianChain Technology is an open source, community-based project with the goal of building a decentralized, consensus-driven, peer to peer, open source, blockchain-based platform for distributed applications. ArabianChain tech will leverage and improve blockchain technology and build a full-featured application platform on top of it.
The blockchain is modeled on Ethereum, the world’s second-largest public blockchain after Bitcoin. The company decided to build on Ethereum’s architecture to speed development of the company’s suite of blockchain-related features rather than starting from scratch. By using Ethereum it still has the flexibility to develop customized applications for the region in areas such as education and Islamic banking.
Rather than giving users a set of predefined instructions (like bitcoin), ArabianChain allows users to create with ease their own instructions of any complexity they wish. In this way, it allows for globally accessible smart contracts and decentralized Apps to be developed, and for digital tokens to be built, transacted, tracked and safeguarded over a network of thousands of connected yet decentralized devices.
Islamic financing/Islamic banking.
(Linked to the Islamic Digital Economy initiative in Dubai).
The global Islamic banking assets was valued at more than US$1 trillion as of 2016. Aiming to bring this promising industry to the Blockchain isn’t just an act of technology innovation but it’s an effort to revolutionize one of the growing areas in today’s new emerging economy. ArabianChain will be the first startup to attempt to completely shift some concepts in Islamic financing to be easily attainable, transparent and self-executing smart contracts on our ArabianChain platform.
(Linked to Dubai’s 2020 vision for government documents on the blockchain).
The demand for high quality and speedy services calls for a change in the way we approach those services and the medium of which we chose to provide them through. ArabianChain may have the edge to transform these services and bring them a step closer to the future.
Arabian Chain raised 3 million AED in the last round of funding through Eng. Ahmed Bugshan from the Bugshan group, in a partnership expected to bring plenty of opportunities and connections to the company. Further, the developers have been meeting with high officials in both Saudi Arabia and UAE, and are currently the only local company advising the Kingdom of Saudi Arabia on their National blockchain strategy.
Arabia Chain have also signed multiple partnerships with local companies and businesses to explore blockchain based innovation in their current running environments. These partnerships are in the areas of banking, insurance, retail and healthcare.
Current coin Value: $6.17 (-25.23%).
Market Cap: $6,402,856.
24hr volume: $75,360.
Circulating Supply: 1,037,034 DBIX.
Max Supply: Unlimited, mineable (DBIX produce ~2.6 million coins per year)
Algorithm: PoW Dagger Hashimoto.
Block Reward: 6 DBIX per block.
Block Time: 90 seconds between blocks.
Difficulty Retarget: every block.
(As of 28/8/2017)
In addition to the blockchain, ArabianChain has created what could be the Middle East’s first digital currency, DBIX, which has the potential to become a foundation of digital commerce in the Arab World.
DBIX is a secure and economical means to conduct payments and asset transfers. The coin, which also provides so-called fuel for ArabianChain’s blockchain, can be programmed to represent shares in a company, a vote in an election, or the identity of a person or asset, he said.
DBIX also fuels ArabianChain’s cloud computing platform and can be used to construct decentralized applications and smart contracts that operate on the ArabianChain network.
DBIX Vs. DBIC.
The original function of DubaiCoin DBIC was as a currency. It was swapped to DBIX on Livecoin.net on March 18, 2017. DBIX is an advanced version of DubaiCoin with improved security and greater efficiency to support money transfers and global payments, along with fueling the Arabian Chain platform. During the swap, holders of DubaiCoin-DBlC received DubaiCoin-DBIX based on their DBIC balance in their Livecoin account with conversion rate of 10 DBIC for one DBIX.
At some point, mining Dubaicoin was more/less profitable when compared to mining ethereum or ethereum classic. So if you are interested in mining the coin, here are the simple steps:
- First you have to create an account in livecoin.net
- After that click on the tab which says balance.
- Then search for DubaiCoin(dbix) in the list and click on deposit.
- You will be presented with a address, which is your DubaiCoin wallet address to recieve funds. Copy it. Now you have created your wallet successfully.
- It’s time to choose a pool now. The pool page is: http://dbix.pool.sexy/#/
- At last download Claymore dual miner 9.3 or newer and unzip the folder.
Inside the folder you will find a START.bat file, right click it and select edit.
- A notepad window will open where you have to change it to DubaiCoin pool address and your DubaiCoin wallet address.
- Now save it and close and you are ready to mine DubaiCoin. Double click the start.bat file you just edited and start mining…….
- If you want to check your mining statistics, go to http://dbix.pool.sexy/#/ and paste your wallet address in the “your stats and payment history” to see.
Founded by Mohamed Alsehli, Messaoudi Walid and partners, ArabianChain seeks to connect the Arab world to blockchain technology and digital currencies, including ArabianChain’s Dubai Coin, DBIX. ArabianChain Blockchain technology enables Governments, businesses and individuals to use the ArabianChain tools and languages and build their transactions and contracts on the ArabianChain platform, for whatever transaction they may be recording.
The ArabianChain team brings experience from Microsoft, Dell-EMC, Ericsson, and Oracle in addition to vertical business domain knowledge in banking, telecommunications, healthcare and the public sector.
While blockchain is spreading steadily in Europe, North America and in parts of Asia, the technology’s presence in the Arab world has been uneven. Of the more than $50bn invested globally in financial technology since 2010, the Middle East and North Africa accounted for about one percent, said the Dubai International Financial Centre.
In October last year, Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai’s crown prince, unveiled an ambitious plan to make the emirate a world leader in blockchain by encouraging government departments to exploit the technology. Dubai is aiming to be the world’s first city by 2020 to put all its government documentation on blockchain.
Dubai’s proactive approach to blockchain technology was a factor in determining where Alsehli and his partners established their company.
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