It could have been such a nice coin. But alas, it already fails before the ICO ends.
At least, for me it does...
ATB coin promises a series of impressive features:
- Segwit, optimizing transactions so more fit into one block. This is clearly explained in the whitepaper and without looking at the code, I would believe they would have this implemented.
- Lightning network, causing instant transactions and lower fees. Again a concept known by the market and well explained in the whitepaper.
- Cloud mining, leasing mining power through intermediaries who take control of the mining process. This feature is not really relevant as it uses POS as a mining system.
- Smart contracts, computer protocols that are intended to facilitate, verify, and/or enforce the negotiation and/or performance of a contract based on events that are or could be known by everyone in the market. Although it is stated the coin has this feature, it is nowhere further detailed how it is implemented. The following section outlines the smart contracts of ATB coin in a rather generic way:
"Smart Contracts is a technology that adds specific logic to the transaction and serves as an evidence of possession of claim over something by someone (e.g. tangible/intangible funds and resources as well as intellectual or any other property). Smart Contracts turn a regular transaction into a powerful tool for accounting purposes."
We know what they are by now, but I would be more interested in the way it is implemented on ATB coin!
In any case, a coin featuring all these attributes would be pretty good, surely. You can see it has been invested in quite a lot as well. They seem to be well above 1/3 of their hard cap of 50 mln tokens (of 1.80 each!) and you can pay with multiple cryptos, which in my book is a positive.
But here it becomes a bit more tricky. Usually you would see a statement of what happens to tokens not sold during the ICO. But there is no information about this available anywhere. As of now, no reply has been given to my tweet or email asking what will happen to it. On the support chat, I was being helped by a certain "souzi" in broken English. And yes the name is without capital 's'... In any case his answers didn't make anything clearer to me, even after repeatedly rephrasing the questions.
Basically what I set out to investigate was this:
- If the token hard cap is 50 mln, what happens to all tokens not sold during the ICO. Will they be burned, just like they did at Bitquence for example, causing a good scarcity of the tokens? Or will the company be able to sell them at a later stage.
- What is the total amount of coins in circulation at the start of the ICO and after the last reward of POS?
- Where can i find more information on the smart contracts?
For #1 and #2, the answers were quite startling. The answer to the first question was that ATB would be able to sell the coins in the market... Really? Who would want to invest in an ICO like that if the company can sell all remaining coins (likely twice as many) on the exchange for whatever price they see fit?
The answer to the second question was: "Based on these data and based on a preliminary analysis, we compiled a forecast of 333,000,000 ATB". So that is more than 6 times the current market cap after the ICO. And possibly 18 times what is being sold now during the ICO. An overview of what the coin circulation was not provided to me nor could i find it anywhere in detail.
I don't believe I dealt with a very knowledgeable person on their support channel, so I tried relogging, hoping I would encounter someone else from the support team. But unfortunately it was souzi again. After he ignored all requests from me to talk to a team member or ultimately his supervisor, I gave up on asking for more details. Let alone asking for #3!
Hopefully one of my messages to the support chat will be replied to soon. However the above doesn't instill me with a lot of confidence. If interested at all, let me know in the comments and I will update you on any developments.
For now, be careful with this one. The site looks slick and the attributes of the coin would be good, but poking a little bit and it doesn't seem to hold up.
That's it for now. Stay tuned!
References:
https://atbcoin.com/docs/ATBCoin_WhitePapper_EN.pdf
https://lightning.network/
https://www.bitquence.com/
Images:
http://www.newsbtc.com/2017/06/14/atb-coin-cryptocurrency-ico-now-underway-across-globe/