As the cryptocurrency craze rages on, more and more regions are taking up their own versions of the bitcoin. In the United Arab Emirates, a digital currency known as the DubaiCoin DBIX is taking over business deals. But what is the DubaiCoin? How does it work? Does it have any properties that make it unique? These are some of the questions we will be covering later in this article.
A Brief Recap of the DubaiCoin DBIX
Early last year, the need for Dubai to join the rest of the world in using cryptocurrency pushed Waleed Mesardi to create the precursor to the current DubaiCoin, the DubaiCoin DBIC. Like the bitcoin, the DBIC could act as a currency to conduct diamond and gold sale on a global scale. However, DBIC, though almost as fast as the bitcoin and just as secure, could not be considered an investment as a bitcoin can. The altcoin was as secure as the bitcoin with its SHA256 algorithm, but nowhere as valuable. The need to grow the functionality of the DubaiCoin DBIC led to the creation of the DubaiCoin DBIX in March 2017. The DBIX is simply an improvement on the DBIC.
When the swap from DBIC to DBIX occurred, each unit of DBIC was worth only a tenth of the DBIX, a fair enough comparison because the DBIX was capable of a lot more than the DBIC.
DubaiCoin DBIC was an Ethereum-based peer-to-peer digital currency; the DBIX, on the other hand, is a smart contract system. What this means is that anyone who owns a DubaiCoin DBIX token can now make smart or blockchain-enabled contract in a simple drag-and-drop procedure, and the contract remains binding and secure. The contract is enabled by Thuraya, the first Arabic programming language to be used on a cryptocurrency.
DBIX tokens (units of currency) also fuel the cloud platform for the ArabChain blockchain, the online system that facilitated the switch from DBIC to DBIX for the DubaiCoin owners who made the swap. Owning a DBIX token means that you own shares and have voting rights in ArabChain, and can, therefore, leverage the token as an asset. It also means that you can make decentralized applications using it.
DubaiCoin DBIX vs. Bitcoin
Like many altcoins, DBIX is vastly different from bitcoins. In fact, the only feature the two share is that they use the same type of algorithm in their cryptography.
You cannot program bitcoins to make decentralized apps, but you can do that for the DubaiCoin DBIX. Bitcoins also have less functionality than the DBIX as they are only cryptocurrency whereas the DubaiCoin can be used to transact and secure lines of credit. Finally, the Bitcoin is a global digital currency while the DubaiCoin is only used by those in the UAE.
As an altcoin, the DubaiCoin is a strong contender. It is worth roughly $9 at present, with a growth rate of about 9.91% just this week according to exchanges. However, it might be a worthy investment for anyone who does not plan on doing business in the Middle East.