Abacas: World-first in digital asset exchange
The AbacasXchange is audited, regulated, transparent & economical allowing any client to list, trade, invest or make markets.
Founder, Principal and Head of Technology
Vince Small is the CTO of Abacas. He is a technology entrepreneur and co-founded Financial Software Systems (FSS) in 1992, which was sold to ION Trading in 2012. With a proven track record to take an idea from conception to a multi-million dollar business, it is Vince’s business acumen, experience and technical expertise that sets Abacas’ technical leadership apart. Vince developed the financial services application Spectrum, which is a front to back platform used by wholesale banks, brokers and Wealth Management banks. Spectrum supports cross asset, end-to-end transaction processing, including FX, Interest Rates, Fixed Income and Commodities.
Founder, Principal and Head of Product Development
Mark is a serial inventor and product developer with over 20 years experience in banking and digital banking. He founded Midpoint www.midpoint.com [formerly BuyFX Ltd], an FX service delivery firm; holds a USPTO for a multiparty matching algorithm; & was global head of product development for RBC Dexia IS, an international custodian bank. Since 2013, he has focused his attention on digital value and data transfer.
Our Community Manager
Stoyan Vlahovski specialises in Social Media marketing, with a focus on Facebook Ads. He is experienced in Blogging, Wordpress, Email and Affiliate Marketing, understanding not only the tools but the strategies to drive community growth. As a Campaign Manager at INTEGR8 he participated in numerous successful marketing campaigns. Stoyan is the organizer of Young Entrepreneurs Berlin MeetUp group which is a community of young, motivated and ambitious entrepreneurs. He has high interest in business-related topics and listens to no less than 4 Audiobooks a week (or the equivalent in podcasts).
CEO, Entersoft Security
Mohan Gandhi Ponnaganti is leading White hat hacker and Cyber security expert in Crypto currency space. He currently heads a team of 20 white hat hackers and helps many ICOs to launch tokens securely. Mohan helps over 100+ Fintechs across the globe to improve their app security quotient. He is a Certified Ethical Hacker (CEH) and a Computer Science Engineer with a decade of experience in offensive security. Mohan authored numerous research papers on Cyber security and one of his research projects awarded as the Best Out coming Research Work by Pentagram Research. Mohan had breached into a total of 450 websites in a single day, as part of the elite Orchid-7 team as a teenager. "CG Mittal Entrepreneur of the year" awardee and also a "Top 50 smart CEO in India". He is a crypto investor and a smart contract expert.
Number theorist, PhD in Mathematics
Dr. Dylan Attwell-Duval is a number theorist with a PhD in Mathematics from McGill University.With his expertise in discrete mathematics (the language of cryptography), Dylan translates abstract theory from academia into algorithms that can be used by the Abacas team in the following areas - multiparty matching, consensus algorithms, automated market making and ZKP [zero knowledge proofs]. Dylan is Abacas’ fact-checker, analyst and mathematical validator.
CTO of Seekers Capital Group
Jean-Baptiste Cebe is the Chief Technical Officer CTO of Seekers Capital Group, an asset management company. He has spent most of his career on a trading floor as head of trading technology, as a quantitative strategy developer and previously as a software engineer for IMC Trading, a leading high-frequency market maker. He is an ethical hacker with a passion for automation and an early follower of the blockchain space. Jean-Baptiste holds an M.Sc. in Electronics Engineering from U.T.B.M. Grande École in France and started his career joining research laboratories at the Korean Advanced Institute for Science and Technology and developing telecommunications software at a Texas Instruments research laboratory in South Korea.
CFO of Tristar Group
Raghunathan Muralidharan (Murali) is the Chief Financial Officer (CFO) of Tri-Star Group. Tri-Star is an international corporation, engaged in minerals, coal seam gas, petroleum and coal exploration in Australia and the US with production entities in the US and coal seam gas joint ventures in Australia. Prior to this, Murali was Partner-in-Charge – Audit & Advisory Services, Partner – Audit Risk Management , and Partner – Ethics & Independence at KPMG, the global audit, tax and advisory services firm in Papua New Guinea. Murali is an accredited Chartered Accountant with over 20 years of experience. He is a qualified Cost Accountant and holds a Bachelor of Commerce from the University of Madras. He is also certified in Risk and Information Systems Control.
Chairman & CEO, Director Midpoint.com
David Wong is a London-based entrepreneur and investor in disruptive technologies and previously Managing Director of Expadis Capital. Prior to becoming an investor, he co-founded a publicly traded technology and media company. David has extensive experience in building, advising technology companies and helping businesses scale internationally. David started out as a client of Midpoint. He subsequently invested in the Company and joined the Board of Directors. David holds a BSc (Hons) in Engineering from the University of Liverpool and MA (Distinction) in Management from the University of Brighton.
- Crowdsale (54.5%)
- Foundation Budget (18.2%)
- Community initiatives (18.2%)
- Foundars & Advisors (9.1%)
- Software build (35%)
- Business Development (20%)
- Liquidity Reserve (15%)
- Legal & General (10%)
- Community Development (10%)
- External Investment Vehicles (10%)
Cost of the token1 token for 1.4 $
Price without discounts
Bonus Level 1 - 40%
Bonus Level 2 - 30%
Bonus Level 1 - 20%
Bonus Level 2 - 10%
Bonus Level 3 - 0%
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Estimate the project on a five-point scale or switch to the simple scale
Estimate the project on a simple scale or switch to the five-point scale
Relevance of the problem and Market size
Founders, Team & Advisors
Budget allocation and roadmap
Token economy, Tokenization & Business model
Distribution & Lock up of tokens, Discounts for early buyers
Summary rate the project
Rate the project by other users4
This project is a hybrid decentralized exchange that allows you to trade, exchange or transfer any assets of any type at any time using tools in three asset channels: physical, dematerialized and crypto. This reduces the risk, improves liquidity and lowers the cost. For example, with Abacas you can exchange your gold for United Kingdom shares just in one transaction. Creation of tokens on ERC20 basis provides an opportunity that allows any owner to register and sign their assets and also, record the balance and transmit any part of this asset through a distributed public book on the blockchain.
Risks and disadvantages
The idea that the project uses isn't new, but the team went much further than other startups and they come close to the global asset market, trying to remove the line between traditional assets such as stocks and currencies and еру cryptocurrencies, creating an instant transmit between them. However, the question arose immediately about the legitimacy of such operations, obtaining licenses and permits, but the project doesn't pay attention to this kind of things at all.
Despite a large number of shortcomings, I still think that this project will be successful in the long term because such kind of services will be demanded and similar solutions will be popular both for traders and ordinary users. And after the adoption of the relevant law by Securities and Exchange Commission SEC the demand for such services will grow at a great speed.
Using the AbacasXchange any approved client will be able to list, trade, invest, speculate or make markets, so I think potential market size is very big. The Whitepaper has examples, which is convenient for a better and quicker understanding. ABCS token can be fractionalized to an Abbit, which is useful when it comes to micro-transaction charges in the exchange.
Risks and disadvantages
Only three team members are introduced to investors. I think more detailed explanation of token economy and business model would be useful.
This idea is quite popular, there are many competitors, the team will have to do their best to succeed.
The budget distribution seems to be proper and realistic. The tokenization economy is good. Transactions will be carried out with less commissions and in real time.
Risks and disadvantages
No provision has been made for the reserve tokens and this does not qualify the project for proper and profitable investment. There isn't a press team, the scheme to create a public image and also communicate with the public will not be efficient. The road map is not well elaborate.
Relying on a decentralized system for carrying out transactions is important because it offers transparency and safety of individual detail on the blockchain. In general the business module is highly welcome to the existing maret.
Giving out bonuses is a good thing because it brings in more early token buyers who contribute to the achievement of the set goals of hard cap and soft cap. The platforms provides for transparency auditing and efficiency these are critical factors that will pol lots of users.
Risks and disadvantages
Only one digital currency is used on this platform which is a hindering factor for the future gaining of the tokens value. 9.1% is a small portion to be held by the team members this will bring investors to doubt the authenticity of the project.
With the presence of the existing large numbers of people following in the social media pages the project will get awareness and bring those that have interest in benefiting from the services being offered, together on one platform.
What is Abacas™?
Abacas™ is an unopinionated hybrid decentralized exchange (DEX) to allow the trade, exchange or transfer of “Any Asset Anywhere Anytime” [4A].
It is a platform and a community fueled by Asset-Backed CoinS (“ABCS”) , built on top of the ERC20 token framework using the Abacas™ protocol that manages price discovery, order management and trade matching.
The Abacas Xchange is a compliant “bid-offer system” much like any other exchange, with the benefit of direct access for all clients.
Whether you wish to buy, sell, list or exchange an asset, the Abacas™ Xchange is perfect for you.
What problems is Abacas™ solving?
-Any Asset Anywhere Anytime: subject to fundamental legal, compliance & ethical standards, a client or agent can list, control and manage any asset or group of assets.
-Fractionalization: allows any quantity of one asset to be traded for another without the need for an intermediary currency. Clients simply uses our native token, ABC’S to pay for the trade.
-“Approved by Abacas™ “: establishes credentials mitigating the risk of counterfeiting, spoofing, or identity fraud.
-Asset Security & Custody choices. Subject to the type of asset, a client has several options to manage the listed asset:
-self-custody – the purveyor manages asset custody
-third party custody with selected suppliers – the purveyor outsources to his
-third party custody with Abacas™ partners – the purveyor outsources to “Approved by Abacas™” custodians
-Monetization: pre-Abacas™, a client was not able to own, for example, a fractional piece of art or fractional securities, much less trade the asset securely in a liquid marketplace. This is possible with Abacas™.
-Liquidity and access to assets and products previously unavailable.
Why does Abacas need Blockchain?
Blockchain creates an immutable record of transactions clearly defining ownership. It is also used as a tool for audit to provide transparency to the users and for reconciliation of the assets in custody. Exchange settlement times [change of ownership] greatly improve when assets are committed to a ledger.
What are Asset Backed CoinS (ABCS)?
ABC’S are the native payment token for use on the Abacas Xchange. It is made up of “abbits” (0.000000001 of an ABCS).
Why can't another currency or cryptocurrency be used as a native payment token? For example, USD or ETH.
Imagine a typical transaction in which a client wishes to trade from a mosaic on XEM to an ERC20 token via the exchange. That single transaction may require 8 or 10 partner validations eg 2 PoA (Proof of Asset), 2 KYC, 2 Value Transfers, 2 custodial validations, 2 or more regulatory validations subject to asset class – each of these chains and suppliers may have a different pricing models based on their service or asset which means that a client would need to hold many 100s of currencies at any time. This is highly inefficient and impractical. The ABCS readily conveys between all of the chains mitigating the cost and nuisance of the micropayments as it pertains to the activity in the AbacasXchange.
How does the transaction process work?
The transaction itself happens as it would on any exchange – order management, price discovery, trade matching and confirmation.
For the investor – the client examines the metadata of the asset in which he is considering investment and, based upon the risk profile, decides if this is the asset for him/her. Abacas™ provides no investment opinion or advice.
The asset to be purchased is exchanged simultaneously for an asset in the buyer’s wallet or account. This means that clearing and settling an internal trade takes seconds not days.
With ABCS, two or more clients can exchange assets of any type in direct transactions; for example, a client can purchase “equity” directly using “gold” in a single transaction. Pre-Abacas™, this process would take up to three transactions and up to two fund transfers, each incurring a fee.
Where applicable, Abacas™ uses its partners to ensure that a relevant client transaction meets the regulatory and compliance requirements for the transaction to be consummated eg. AML/KYC, MiFID.
How is Abacas™ an improvement to the current environment?
The Abacas™ Exchange & Community offers too many improvements to list everything.
The Community Platform
Anticipated to be open-source, the Community assists in communicating and policing behaviour of its members through feedback and member forums.
The community platform allows assets to be easily packaged and repackaged into portfolios for distribution to your clients.
The first direct asset-for-asset exchange, eliminates or reduces unnecessary and extraneous fees.
The exchange is unopinionated, permitting any valid asset to be listed by any asset purveyor, subject to meeting regulatory, compliance and ethical standards.
Abacas™ uses “gateway assets” and a USPTO-approved multiparty trade matching algorithm to enhance liquidity; the databases are distributed securely on a DLT, and trade settlement is seconds rather than days.
All internally settled transactions occur at the midpoint of the prevailing foreign exchange price, saving clients a lot of money.
What solutions does Abacas™ offer asset purveyors?
Abacas™ provides solutions in risk mitigation, operational efficiency, cost reduction and new product development. Abacas supports direct asset listings, third-party agency listings and “Approved by Abacas™ ” listings for professionals such as asset managers, advisors and third party distributors. The platform allows assets to be easily packaged and repackaged into portfolios for distribution to your clients.
Is Abacas™ creating a fiat currency?
Abacas™ is creating the exchange layer where “abbits” are the “gas” to fuel the asset transfer between owners. If the underlying asset is fiat eg. ABCSUSD, the ABCS that backs it will naturally be fiat; if the asset is tangible such as physical gold eg. ABCSGOLD, the ABC will in turn be tangible. This may vary with the type of custody the asset purveyor selects.
Generally, the “Approved by Abacas™ ” model mitigates many of the operational risks by confirming credentials when the trade is consummated. The listed asset inherits all the characteristics of the asset that it backs, the purveyor that lists it and the custodian that holds it.
How is the value of Asset Backed CoinS (ABCS) determined?
The value of ABCS is determined by the community of users. The Abacas™ Exchange posts that value ongoing.
How does Abacas™ create a digital asset from a physical asset?
Abacas™ accomplishes this using client-driven selections that link the asset metadata to the asset it represents. Purveyors construct digital assets using metadata to represent the asset. The more comprehensive the metadata, the better to establish asset provenance and quality. Buyers purchase based upon the metadata presented and their risk profile. This metadata allows the buyer to establish the underlying risk of the asset in a uniform manner – caveat emptor. The community supports the buyer by supplementing the metadata with the trading history of the asset and the purveyor.
For example, listing “Approved by Abacas™ ” bullion held “in trust” vs listing a new fiat cryptocurrency represent two entirely different risk profiles to the consumer. In the Abacas™ community, these are identified by flagging the asset metadata for the buyer to examine and research. Key considerations when considering an asset purchase include asset provenance & proof of existence, asset control & management, asset location & security, and the rights of ownership – the right of economic benefit, the right of transfer, and the right of use. Client and community feedback has also proven to be a good tool for mitigating fraud.
How will I know that my ABCS is backed by an asset?
This is subject to the quality of the asset purveyor and his safe-keeping options for the buyer.
Abacas™ has an “Approved by Abacas™ “ model that operates a “squared book” in which each asset is backed one-to-one by the digital asset. Asset pools are audited, reconciled and publicly displayed in good time in the Abacas™ Exchange website.
Abacas™ uses blockchain technology to create a tamper-proof ledger that guarantees your exact holdings.
What is the difference between Abacas™ and others claiming to provide asset-backed products?
Others who claim asset-backing often expose the client to counterparty risk with the asset or coin purveyor, collateral risk with non-approved and substandard custodians or operational risk with inadequate procedural controls.
“Approved by Abacas™ ” means that Abacas never controls the underlying asset [trust and/or custody controlled] or the digital asset [client-controlled] and our approved custodians manages all assets in custody.
Abacas™ is creating a marketplace for universal fungibility – a bridge between the real world and the digital payments world.
What are the benefits and risks of trading digitally with Abacas™versus traditional methods?
Abacas™ enables access to a larger source of liquidity with lower transaction fees and improved delivery times.
Abacas™ is a powerful solutions for asset purveyors, advisors, asset managers, investors and consumers in four key areas – risk mitigation, ease of use, cost reduction and liquidity.
Who has control of the underlying asset with Abacas™?
Assets are controlled in the manner chosen by the asset purveyor. Abacas™ is unopinionated and supports a variety of safe-keeping and custody models, depending upon the needs of our client. For example, a firm may wish to provide safe-keeping for their client when they issue a digital asset. In other cases, a firm may wish to place their assets in third party custody for the purposes of asset administration.
“Approved by Abacas™ ” is a service in which the asset purveyor places the asset in the Abacas™ Exchange Trust with our approved custodians to enhance transparency and accountability. The trustee for Approved by Abacas™ assets can never act in contravention of the Trust Instrument, thereby protecting the client’s right of repatriation of the asset represented by the holding. This represents the strongest asset protection model in the financial services industry.
As an exchange, Abacas™ never controls the ownership of the assets committed to the exchange nor the digital assets held by the client.
How does Abacas™ value the digital assets? Does it track the underlying asset closely?
Abacas™ is solely an exchange. Abacas™ never independently values any asset. However, because a tokenized asset is hard-wired to the underlying asset, the value of the digital asset always tracks the value of the underlying asset. Price discovery is ongoing using real time data feeds (RTDFs).
If you can have an Asset-Backed Coin for a basket of assets how does Abacas™ value it?
Since a digital asset is hard-wired to the underlying asset, the value of the digital asset always tracks the value of the underlying asset. In the case of an Approved by Abacas ‘basket’ of assets, price discovery is ongoing using real time data feeds (RTDFs) and the asset composition of the “portfolio” to determine the real market price. In other cases the asset purveyor may list an asset that trades as a premium to the NAV. Please examine the asset metadata carefully to understand the type of asset or portfolio you are buying.
How many units of trade are included in a tokenized asset?
This is totally in the control of the client, however Abacas™ will make recommendations in the Abacas™ setup wizard to promote ease of use, fungibility and convertibility.
Does Abacas™ permit High Frequency Trading?
The Abacas™ direct asset-for-asset transaction model is such that a liquidity “maker” (provider) is simultaneously a liquidity “taker” (remover). As an unopinionated exchange, Abacas™ does not expressly forbid High Frequency Trading HFT, but the potential benefits to HFT firms may be muted. The Abacas™ Exchange rules remove the order flow manipulation. The Abacas™ Exchange is specifically designed for “real money” trades but can support a community of market makers.
How does Abacas™ fit with the current financial world?
The financial markets are riddled with fragmentation, manipulation, minimal liquidity and high frequency trading. Abacas™ is a timely addition to the financial markets since it represents an entirely new fulfillment model that reduces risk, improves liquidity, enhances availability, and mitigates cost.
Is Abacas™ a regulated entity?
Abacas™ is fully regulated within the jurisdictions of incorporation and operation. In tandem with this, the Abacas™ team faithfully administers its responsibilities in respect of good governance, self-regulation, best practices and regulatory compliance.
What has Abacas™ done to ensure it is compliant and with government approval process?
Abacas™ transparently approached key regulatory bodies well in advance of initiating our software build to share our business model and our development roadmap and to assess the compliance and regulatory requirements. Further to this, Abacas™ has formally engaged a compliance consultancy to legitimize our model. To date, Abacas™ has received two tacit approvals of the model from key regulators; two tacit approvals from self-regulatory bodies; and an endorsement from the Asset Management community. Abacas’™ operating entity will be governed by the local regulator and the company will continue to work with regulators throughout the build.
Why now for Abacas™?
Any Asset Anywhere Anytime – Abacas™ will level the playing field, improve liquidity and reduce transactional friction for the client; and, Abacas™ will provide a new style marketplace and community for asset purveyors, intermediaries, traders and investors.
Explain the technology behind Abacas™ and Asset-Backed Coins (ABCs)?
Using Microsoft’s Azure Cloud, the Abacas™ Exchange is a highly secure cloud service using the latest web technologies to provide real-time access to Trading, Positions and Account Activity via desktop browsers, PDAs and smart phones. Leveraging the application fabric of the Azure Cloud, Abacas™ scales dynamically by geographic region to high trading volume in times of market stress and volatility.
Asset provenance metadata, AML/KYC data and post-transaction settlement data are distributed across DLT clusters by Abacas or its partners to provide a distributed, decentralized and highly available data set to satisfy compliance, security and trade matching requirements to consummate transactions. Real time data feeds (RTDFs) are integrated into the exchange to enhance price discovery.
Who developed Abacas™?
The core exchange logic and Asset-Backed CoinS (ABCS) are being developed by the Abacas™ Xchange. The Abacas Xchange community will be funded by the Abacas foundation and will be constructed open source by our community partners. For further information about the team behind Abacas™ visit www.abacas.io
When will the Abacas™ exchange be operational?
The Abacas™ Exchange will launch in Q4 2018/Q1 2019. If you are an asset purveyor, a market maker, an advisor, or an investor and would like to be one of the first to have access to the product, please make contact us at www.abacas.io