What is DubaiCoin?
DubaiCoin has since rebranded to ArabianChain Technology.
This is a community-based blockchain project. It was designed as a peer-to-peer, consensus-driven platform for distributed applications.
The concept behind DubaiCoin is to come up with a full-featured application supported by blockchain technology.
This is a UAE based venture whose aim is to unlock the true potential of the economy of tomorrow, by empowering users and businesses to use the blockchain today. It is a decentralized, public and consensus-backed blockchain platform, a pioneer in the MENA region.
This is one of many projects that are aimed at revolutionizing the interactions between individuals, businesses, and governments, by taking advantage of the benefits of blockchain technology.
This project has received a lot of support, especially given that the UAE has plans in place to become a leader in blockchain technology by the year 2020.
As a result of this initiative, there are systems in place to support and enrich the blockchain ecosystem in the UAE by encouraging the development of innovative projects.
Through partnerships with Consensys and IBM, DubaiCoin is part of a city-wide campaign to turn Dubai into the smartest and happiest city in the world. This is also in a bid to make UAE government the first in the world that will be fully powered by blockchain technology. The aim is to transform at least 50% of government transactions into blockchain transactions.
What is the problem that DubaiCoin Solves?
One of the challenges that are evident in the blockchain realm, especially with Bitcoin, is that users are offered a platform with predefined instructions on what they can or cannot do. This limits the innovative spirit. Instead of following suit, DubaiCoin does things differently.
Users on DubaiCoin are free to create any instructions as they wish, which they can use on the DubaiCoin platform. These instructions can have whichever level of complexity that the users wish.
This, therefore, opens up the development space for different decentralized applications including cryptocurrency and anything else that the users would wish to create. DubaiCoin does not just limit users to working with cryptocurrency alone.
DubaiCoin allows for the creation and implementation of self-executing smart contracts. These are accessible globally, thereby not limiting the creative space for users.
Users can also create decentralized apps on DubaiCoin. Cryptocurrency that is built on DubaiCoin can be tracked, transacted and protected over thousands of distributed computers all over the world.
One of the biggest challenges that people usually experience when investing in the UAE is the high cost of operation. The Islamic capital market is not as easy to understand as the normal ones.
There are a lot of complexities involved, which also come with high costs of operation and third-party charges. In line with this, it becomes difficult for most investors to raise funds, especially in the capital markets when it is needed on an urgent basis.
How does DubaiCoin Solve the problem?
What DubaiCoin has done is to involve all the parties who are integral to the Islamic capital markets in the project.
These are the people or entities who feel the pinch in terms of the complexities involved in trading. From investment banks, fundraisers, lawyers, accredited investors, and rating agencies, all these are parties whose interests are represented in DubaiCoin.
Given that there has not been much investment in innovation in the Islamic capital market for so many years, the entry of DubaiCoin and other blockchain projects in a bid to revolutionize this market should make an interesting spectacle.
What makes DubaiCoin better than the competitors?
DubaiCoin is a pioneer in the blockchain sector in the UAE. As such, there are not many competitors worth challenging.
However, given that the blockchain realm is about opening up access to the world as a whole, there are several benefits that DubaiCoin enjoys that some of the projects that might be performing the same tasks do not.
Talented Team
DubaiCoin boasts a diverse team of experts in different fields. For a blockchain project that is at the forefront in bringing the UAE government services on the blockchain, this diversity is of utmost importance.
The professionals who work behind DubaiCoin have been at the helm of some of the top industries in the world.
DubaiCoin is about a revolution in the way individuals, businesses and governments conduct business and interact with the economy. Digital transformation, e-services, and entrepreneurial thought are mandatory for this dream to be realized.
The team that keeps DubaiCoin alive is composed of skilled individuals who have served in notable positions at firms like Oracle, Dell, and Microsoft.
Other than that, the combined talent pool at DubaiCoin draws from different fields that are key to innovation in the future, like healthcare, telecommunications, public sector, and banking.
This makes it easier for them to work together and bring the change needed in the MENA region economy.
Banking
DubaiCoin has put plans in motion to work with a number of banks in the GCC that will enable users to exchange their tokens for fiat currency.
There are compliance and regulatory concerns that are being addressed, to make sure that by the time this is rolled out, users do not have to worry about accounts being suspended for breach of contract or any other reason, as the transactions will be fully within the law, and acceptable by the banking standards.
Diversification
One thing that sets DubaiCoin apart from most of the other projects around is the way they have diversified into different aspects of the internet of things. While DubaiCoin can be easily associated with Islamic capital markets, they have also ventured into gaming, especially by partnering with FlamingoSkies.
FlamingoSkies is a design studio that develops creative and compelling experiences for gamers. They also create digital and physical collectibles. FlamingoSkies is also venturing in 3D printing, an emerging industry, and blockchain gaming through the use of non-fungible tokens (NFTs).
Ethereum fork
When DubaiCoin started out, it was no more than an Ethereum fork. However, there are differences especially in the current supply, emission rate, yearly cap, and difficulty calculations. In light of this, DubaiCoin has a different roadmap for the future. One of the reasons why DubaiCoin has been a success is the lack of awareness that people have about other blockchain environments.
Most people are only aware of Bitcoin and Ethereum and do not consider anything else outside of these two. Therefore, by venturing in and getting the kind of traction that DubaiCoin has managed down the line, this has made it easier to create awareness and endear themselves to the masses.
DubaiCoin has identified and filled a gap, making sure that everyone is as close as possible to the reality of blockchain technology and to usher in a new future.
DubaiCoin has also created a platform where people are free to experiment and exploit different things that they can do with blockchain technology, other than the obvious financial aspects.
Local partnerships and support
DubaiCoin is ahead of the pack given the local support and partnerships that they have brought on board. They are the key advisors for many businesses in the UAE and the Kingdom of Saudi Arabia, encouraging them to build their tokens and contracts on the blockchain. This is to help position themselves for the shift to a blockchain way of doing business.
The team at DubaiCoin has also invested in several educational sessions and workshops where they improve and enhance the skills of the teams they interact with, build capabilities and increase the level of competency in blockchain technology in different organizations.
How can DubaiCoin be categorized?
DubaiCoin is an open source community project built with the aim of decentralizing interactions between businesses, individuals and governments.
What’s DubaiCoin’s vision on Security?
DubaiCoin runs on a Proof of Work algorithm. As such, it is vulnerable to 51% attack, which is a theoretical risk for all projects that run on Proof of Work. This type of attack happens when a hacker gains access and controls the majority of the hash rate, with the sole aim of forking the network or double spending.
Unfortunately, DubaiCoin has been a victim of this kind of attack before. The hack lasted 46 blocks. This happened when an attacker managed to gain access to 51% of the hash rate and made illegal transactions in one of the exchanges where DubaiCoin is traded.
Following the attacks, however, the team at DubaiCoin have since offered assurances to users that their funds are safe, and cannot be accessed by attackers. This is because they do not have access to the user’s private keys, nor can they access the tokens if they are safely stored in the local wallets.
In order to prevent this from happening in the future, the development team has since forked the network. Other than that, DubaiCoin upgraded their network to project Lykos, an upgrade that offers enhanced protection against this type of attack.
Examples of DubaiCoin use cases/applications
There are several projects that are currently supported by or under development by DubaiCoin. This is in line with the mission to make the UAE government run its services on the blockchain. Most of these are services that are integral to the business community, in areas like banking. The following are some of the use cases where DubaiCoin has come in handy:
Wethaq
Wethaq is a pioneer in its field, an Islamic capital blockchain platform. The Wethaq platform is built on the blockchain to improve Islamic capital markets and help take advantage of the benefits of blockchain technology into the financial markets.
Wethaq uses smart contracts and legal automation. One of the products that can be traded on this platform is Sukuk. Sukuk is an Islamic financial certificate. It has the same features of a fiscal bond but in line with Sharia law.
Wethaq is supposed to bring together fundraisers, investors, and all other stakeholders in the financial sector. It opens up space for buying and selling of Sukuk products, and management where necessary.
PALMEX
This is a digital asset exchange that was designed to be the foundation of tomorrow’s economy. It is a platform that is user-friendly, easy to understand even for basic users. There are several tools that are built into it to make it easier for users to use this service.
PALMEX is home to different trading pairs, including Bitcoin and DubaiCoin, the first decentralized cryptocurrency in the UAE region. It supports businesses and individuals by meeting their flexible needs, while at the same time offering protection through enhanced security protocols.
Curiositas
This is one of the active partners that DubaiCoin has brought on board. Curiositas is an innovative firm that creates new technology to revolutionize the world of finance. Together with DubaiCoin, Curiositas fuses their legal automation and financing skill with the distributed ledger technology protocol and smart contracts to provide the much-needed revolution in the financial markets.
The goal of their partnership with DubaiCoin is to standardize and automate the Islamic capital markets. This should also help in separating structuring services which are made available by different financial institutions, from some of the supporting services that are offered by third parties, like payments and custodianship.
DBIX
This is the first ever digital currency in the region that is minable and also acts as the token fuel in the DubaiCoin ecosystem.
Galaxy DBIX Wallet
This is the safest and easiest way to run transactions and manage tokens on the DubaiCoin ecosystem.
DBIX Scan
DBIX Scan is an explorer that offers users the benefit of accessing all transactions. Any transaction that has been performed on the DubaiCoin platform can be viewed and verified on DBIX Scan.
Studio
Smart contracts are key in the DubaiCoin environment. These are enforceable lines of code that are written to perform specific actions upon the completion of pre-defined rules. Studio is an environment within DubaiCoin where users can create smart contracts for whichever transaction they need to perform.
FlamingoSkies
This is a partnership that allows the use of DubaiCoin as a mode of payment on the FlamingoSkies platform. DubaiCoin users and the entire community gets to benefit from exclusive early access to the products available, and innovative support therein.
Project Lykos
This is an upgrade for DBIX. Project Lykos is aimed at becoming a network that is ready for enterprise services, built with the capacity to handle lots of data sets.