ATB Coin is a cryptocurrency that launched in September 2017. Find out if it’s a scam or a legitimate investment opportunity today in our review.
What Is ATB Coin?
ATB Coin, found online at ATBCoin.com, is a digital currency that claims to incorporate “all the best features available in modern blockchain-based currencies.”
The currency is catered to beginners. The developers promise to offer a user-friendly wallet and mobile app, for example, along with zero transaction fees.
ATB Coin was initially announced in June 2017. In an original Bitcointalk forum thread, the company described it as “the world’s fastest and most secure cryptocurrency” built on a “one-of-a-kind blockchain-based network.”
It also has a unique lottery system.
Today, about 45 days after launch, one ATB Coin (ATB) is priced at $1.24 USD. It has a market cap of $47.7 million and a 24 hour trading volume of about 1 million. There’s a total supply of 50,371,911 ATB, of which 38,395,111 ATB are in circulation (although the max supply is listed as 300,000,000 ATB).
That market cap currently puts ATB Coin in the top 100 biggest cryptocurrencies (#89 as of October 17, to be specific).
Despite the fact that ATB Coin appears to be relatively legitimate, many online call it a scam – due to shady activities by the creator of the project and an overall lack of transparency.
With that in mind, let’s take a closer look at how ATB Coin works.
How Does ATB Coin Work?
ATB Coin has created its own blockchain. That blockchain offers unlimited throughput of off-blockchain transactions, including what they claim is an implementation of the Lightning Network. Segregated Witness is also used to combine multiple transactions into one block to increase efficiency.
That means ATB Coin’s blockchain is 4 times more efficient at processing blocks, and reduces the transaction time down to 2.5 minutes per block (compared to 10 minutes for bitcoin).
The currency, unlike bitcoin and other major currencies, is based on a proof-of-stake algorithm. Block creation is carried out through provision of a proof that the active network node possesses a certain number of coins, and can therefore participate in block generation.
The company also made headlines in early July for launching a crypto-lottery with a $20,000 grand prize. That grand prize was shared between 5 randomly chosen ATB Coin token holders. The lottery opened in July for any registered user who invested a minimum of 200 ATB. For each 200 ATB invested, the investor received one lottery ticket. The more tokens you invested, the greater your chance to win.
The ATB Coin website claims to eliminate transaction fees completely. In reality, however, transaction fees are only “estimated to be at least 10 times lower than POW-powered cryptocurrencies.” That’s because there’s no physical coin mining taking place.
Meanwhile, the Lightning Network implementation does allow users to send immediate and free transactions across the ATB Coin network.
ATB Coin Features
SegWit: Segregated Witness, or SegWit, is implemented in ATB Coin. This optimizes the size of transactions, allowing multiple transactions inside each block.
Lightning Network: The Lightning Network is a new protocol that optimizes the block network. This dramatically increases the speed of transactions and the size of commissions.
Smart Contracts: ATB Coin supports the use of smart contracts.
Cloud Mining: ATB Coin has a cloud mining system that promises to give users the opportunity to earn profit 24 hours a day, 7 days a week. Since ATB Coin is a proof of stake-based blockchain, it’s unclear how their cloud mining services work.
Who’s Behind ATB Coin?
ATB Coin was launched by an American entrepreneur named Herbert William Hoover, a graduate of Georgetown University.
Hoover has a LinkedIn profile, although there’s limited information available on that profile (the only listed position is as co-founder of ATB Coin).
The only real “proof” of Hoover available online is an awkward interview posted on YouTube. Calling the interview video “awkward” doesn’t do it justice. It looks like a sketch from SNL, and all parties involved in the video are blatantly reading off a script – despite pretending to be engaged in a real interview. If you start to believe ATB Coin is a real cryptocurrency, I encourage you to watch that video and decide for yourself. It’s bizarre.
ATB Coin is headquartered in Houston, Texas. Although the company is listed as a “self-employed” business on LinkedIn, it also claims to have 11 to 50 employees. Meanwhile, the official ATBCoin.com website lists “40 Wall Street, 28th Floor, New York City” as the company’s official address
Since launching in September 2017, the ATB Coin cryptocurrency has been gradually added to a growing number of exchanges.
The ATB Coin Crowdsale
The ATB Coin crowdsale took place throughout September 2017. In that crowdsale, the smart contract associated with ATB Coin processed a total of 3243 transactions, raising $3.9 million.
Other sources online show that the crowdsale opened on June 28 and closes on October 31.
ATB Coin Conclusion
ATB Coin claims to have created a blockchain technology that integrates every blockchain feature ever proposed or developed. It has SegWit. It has Lightning Network. It has no transaction fees. It has shorter transaction times. It has all of these things despite having no public development team, publicly listed funding, or other information available online.
Ultimately, based on the official ATBCoin.com website, this token is a blatant scam. The interview with the supposed creator of the coin, Herbert William Hoover, is one of the most bizarre and awkward introductory videos we’ve ever seen in the blockchain community.
That being said, ATBCoin is listed on Coinmarketcap, where its market cap puts it in the top 100 cryptocurrencies available online today.
Ultimately, the ICO for ATBCoin started in June and is scheduled to last until the end of October. You can learn more about ATBCoin.com and decide for yourself today whether it’s a scam or a legitimate investment opportunity. However, most reports online – including the overall lack of transparency about the company – suggest to us that it’s a scam.
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