ArabianChain a gem in the desert

It has been an interesting journey since we have started operations in April 2017. A lot has happened, and more is still to come. In the past couple of months, we have started with team Mobilization for those who were out of Dubai, we have spread awareness of blockchain technology in several community driven meet ups and we have sponsored some of those as well. We want to focus on developers and we plan to shift the region’s mindset towards blockchain innovation in the coming months.

Company Updates:

We have raised 3 million AED in our last round of funding through Eng. Ahmed Bugshan from the Bugshan group, and we are excited about this partnership as it brings us plenty of opportunities and connections.

We have been meeting with high officials in both Saudi Arabia and UAE, currently we are the only local company advising the Kingdom of Saudi Arabia on their National blockchain strategy and we are absolutely committed to both sides of our development, community based and commercial.

We signed multiple partnerships with local companies and businesses to explore blockchain based innovation in their current running environments. These partnerships are in the areas of banking, insurance, retail and healthcare. We are working under NDAs for the moment, but more will be shared along the way.

We are done with the development of our digital asset trading platform Palmex. We are testing both functionality and process flow. AML and KYC are both in the heart of the engine and we have several team members who are trained and certified in compliance processes to insure a clean and healthy trading environment. Palmex will play an instrumental role in bringing more people from the region to the digital assets and cryptocurrency era .

Community projects update:

DBIX 1.5 release
as we are the main dev team backing Dubaicoin DBIX project we announce that the DBIX 1.5 release is ready (moving from phase Dune to phase Oasis) and it’s by far the most stable release of the chain following the steps of geth 1.5. We have also capitalized on the fluxy algorithm from UBIQ to bring better difficulty calculations and more rational block-time to DubaiCoin. We have set the forking block to be on 67000 but we will adjust it down as it’s taking a long time and the community is asking for it to be faster. DubaiCoin DBIX is a public blockchain and a community driven project and we look forward to more community driven development to bring more value to the system.

We have started with approaching the big exchanges directly and it’s taking us some time to get in. Our alternative plan is to go for smaller ones in the coming couple of weeks, build up the community and then naturally grow into bigger exchanges. This is a long-term project, and we are not in hurry 😊

The first stable release of our APIs are ready now (moving from version 0.1 to version 1), we will maintain and grow them over time, you can find them here

Thank you everyone,
 Mohammed Alsehli
 CEO @ ArabianChain

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