What is Arcblock Token (ABT)?

What is ABT (Arcblock Token)?

ABT is a platform facilitating the development and usage of Decentralized Applications (dApps) on blockchain networks that aid data processing and storage through cloud computing and a decentralized network of nodes on the ArcBlock platform.



Users on the ArcBlock network can use logical or virtual machines in replacement of physical hardware computers to process data. Additionally, ArcBlock also allows mining with incentives in the form of smart contract-issued ABT token rewards.





Developers



ABT is a British cryptocurrency founded in 2017 by the ArcBlock Block Foundation (ABT) founder and CEO, Robert Mao, who previously worked for Microsoft Research and has launched three start-ups in China and another one in Seattle. He also has a team of 18 co-founders who are members of the Washington Technology Industry Association (WTIA) supervisory board.





ABT’s Interesting Technology



The Abstract Layer, an open chain access protocol, is a strength of the ArcBlock network that enables layers for access on different blockchain networks. Adding to that, users can also gain access to Blocklets, microservice applications allowing systematic adjustments without the need to rely on central servers, enabling more efficient usage, better access to data and on-chain or off-chain transactions, as well as event-triggered complex logics and smart contracts.



Furthermore, connections between user applications and the blockchain network relies on components, such as the Pub/Sub API Gateway and Chain Adapters on the receiving end, wherein ArcBlock’s design allows approximately 100,000 transactions per second.



ABT is an ERC-20 standard token developed on the Ethereum network with community-involved developmental progress that does not require transaction fees when conducting financial operations. However, it is mandatory for application service providers to pay fees.



Software developers can enjoy creating new tokens or currencies with qualities similar to the ABT token to further initiate a new economic system on the chain. Additionally, a marketplace is also situated on the ArcBlock platform with blockchain-driven components, including the above mentioned Chain Adapters, Blocklets, and many additional supporting applications.







In reference to statistics from Coinmarketcap on October 8, 2021, ABT is ranked as the 836th highest in terms of market capitalization, with around 16.5 million U.S. dollars or around 560 Thai baht. ABT’s maximum supply is fixed at 186,000,000 UNI with a current 98,500,000 ABT in circulation. Additionally, ABT once made an all-time high at 56.27 baht and is hovering around the price of 5.66 baht at the time of writing.





Conclusion



ABT, or ArcBlock Token, is a platform built on the Ethereum blockchain and is a very interesting project indeed. It is suitable for building and customizing decentralized applications, also known as dApps. ABT is an ERC-20 token that allows verification without intermediaries. Therefore, making it less complicated to use and easier to understand. For anyone who is interested in the ABT Token, the BITKUB platform is one of the leading digital coin trading platforms in Thailand that is open to trading in ABT coins.





Reference:



Coinmarketcap, Cryptoslate, Arcblock, Geekwire, River, Bitkub