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The Abacas™ Exchange – Any Asset Anywhere Anytime!

The Internet of Financial Things IoFT: Abacas is not exactly an unknown quantity as we have been featured in Profit and Loss, FX Weekly, Youtube channels, and Reuters, amongst others. The media is as excited as we are about blockchain applications with real-world implications — giving ordinary people, investors, advisors and asset managers access to any listed asset regardless of its asset class. Our tech is complex but Abacas, the vision, is exciting and refreshingly simple — allow any client to divide any asset including art, securities, real estate into affordable fragments and to let people trade them directly, compliantly and securely for any other asset.


After consulting for some asset-backed initiatives, I approached Vince Small to join Abacas. Vince had successfully sold his software development firm FSS and was eager to take on a new challenge. With our bitcoin knowledge in tow, we went to work constructing a model that was both universal and secure — not an easy task. We approached the problem as if we were the “client” — ANY investor, ANY trader, and ANY asset purveyor. We used the four basic problems listed above to guide our approach.

The timing was good. Along came advancements in distributed ledger technology which helped us in conveying assets from one account to another, ceding control of the digital asset to the owner and ceding control of the physical asset to “protective custody” … not in the police sense of the phrase although in concept not much different. We constructed the “Approved by Abacas” exchange model, the design of which would expressly protect the client using “assets backed by custody”. We deployed an open-source DLT that allowed us to create the consensus rules and the audit framework. The proof of concept was in a word, “fruitful”. This phase was completed in mid 2016.

Two regulatory bodies, two central banks and one self-regulatory agency tacitly approved the operational model but, it was then that we “hit a wall” … the target distributor had a vested interest in protecting their domain not realizing that the cryptocurrency world would force them to adapt regardless. So we needed to pivot our approach. The target demographic was simply not mature enough to adapt. As such, we revisited the scope of the project and examined the other key client demographics — the client that wishes to outsource his custody to his own supplier(s) and the client that wishes to manage his own custody.

Again, the timing could not have been better. Along came Ethereum, ERC20 tokens, ETH contracts & Solidity — decentralized databases, decentralized messaging, decentralized processing and decentralized value transfer. It was then that the ABCS token was conceived and its fractional component the “abbit” was born.

Abacas has continued development. We are presently constructing the cryptocurrency exchange components which we will connect to the “Fulfilled by Abacas” exchange model. This will allow any cryptocurrency or a digital asset to be traded for a “Fulfilled by Abacas” token and vice versa. We have also opened the exchange to any asset purveyor. Using the proceeds from our Token Event, we are planning an open-source initiative to create the asset listing framework that best serves our community. This will allow any asset purveyor to list their asset on our exchange, subject to meeting the legal, compliance and ethical standards.

What problems does Abacas solve ?

Fees, Fees and More Fees: Currently, it takes a minimum of 3 transactions and fees to exchange gold for UK stocks.

Lack of Transparency: Both traditional and cryptocurrency exchanges have been “gaming” their clients forever.

Lack of Liquidity: Insufficient number of buyers or sellers for your asset.

Loss of “Keys” is Fatal: If you lose your private key, there’s no way to recover your funds.


How does Abacas solve them ?

One Transaction – Minimum Fees: With Abacas you can, for example, buy stocks using gold in one transaction. It’s that simple.

Fully Transparent: All transactions are posted on a public ledger and can be viewed by anyone. The Abacas order management process is transparent to the community.

Liquidity Enhancement Direct & Indirect Trading: Selling GOOG is no longer one dimensional. If you want to sell 1000 GOOG, you can decide to receive some GLD or MSFT or BT or EUR or USD or ABCS or BTC. This creates an infinite coincidence of supply.

Asset Security: The AbacasXchange audits the community ongoing to ensure that tokens and assets are in equilibrium. The AbacasXchange “safety deposit box” provides a decentralized secure backup for your private keys.

visit the project website for details

Read the whitepaper here

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