DUBAI, UAE — ArabianChain Technology, developer of the Middle East’s first public blockchain, said it will conduct an exchange of DubaiCoin, its peer-to-peer digital currency, to position the coin as the region’s predominant digital currency.
The swap will occur on Livecoin.net on March 18, 2017 with pre-swap bonuses available. Users will need to create a Livecoin account because holders of DubaiCoin-DBlC will receive DubaiCoin-DBIX based on their DBIC balance in their Livecoin account. The swap will take one-to-two business days to clear. Conversion will be 10 DBIC for one DBIX.
“The new DBIX is much more valuable than the old DBIC,” said ArabianChain Chief Executive Officer Mohammed Alsehli. “The swap rate reflects the difference in value and utility.”
The original function of DubaiCoin was as a currency, he said. The new DBIX coin can also represent a currency as well as shares in a company, a vote in an election, an identity of a person or an asset. DBIX also fuels ArabianChain’s cloud computing platform and can be used to construct decentralised applications and smart contracts that operate on the ArabianChain blockchain.
“This is an exciting time for us as we strive to make ArabianChain an ambassador of blockchain technology to the region,” said Alsehli. “We hope DubaiCoin and our new blockchain platform will pave the way for cryptocurrency and alternative investment opportunities.”
All deposits received between March 13 and the deadline of March 16, 11:59 p.m., Gulf Standard Time (UTC/GMT+4) will be awarded a one percent bonus of DBIX coins.
Bonuses will be handled by ArabianChain.
The last day DBIC deposits will be accepted at Livecoin is March 18. Livecoin will close deposits, withdrawals and all open orders for DBIC on the day of the swap.
Any remaining DBIC coins following completion of the swap will be burnt (i.e. made unspendable). Livecoin will be sending all DBIC to a public wallet to be burnt, Alsehli said.
Livecoin will also be testing the DBIX network, the ArabianChain blockchain and nodes.
Founded by Mohammed Alsehli, Messaoudi Walid and partners, ArabianChain seeks to connect the Middle East to blockchain technology and digital currencies, including ArabianChain’s Dubai Coin, DBIX. ArabianChain inspires business innovation through the use of secure, decentralized and universally accessible applications and services.
For more information visit arabianchain.org.
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