Countries or regions looking to issue their own digital currency are quickly becoming the new norm. ArabianChain, a Middle Eastern blockchain technology company, has created a new version of DubaiCoin. This regional digital currency has been around since early 2016, yet the developers made some interesting additions in the features department.
DubaiCoin Gets A Big Update
It is quite interesting to take notice of these local digital currency projects. Dubai is one of the wealthiest regions on the planet, and DubaiCoin has made a big impact since early 2016. All of this is made possible thanks to ArabianChain Technology, who developed the Middle East’s first public blockchain. A few days ago, a swap occurred from DubaiCoin-DBIX to DubaiCoin-DBIX, this project can be taken to the next level.
The swap was facilitated by the Livecoin exchange, where users received a DubaiCOin-DBIX balance, based on their existing DBIC balance. Interestingly enough, this swap reduced the balance of DubaiCoin, as the conversion rate took place at 10 DBIC per one DBIX. This makes the new version of DubaiCoin more valuable. Additionally, DBIX offers more functionality compared to its predecessor. Exciting things are on the horizon for DubaiCoin moving forward, that much is certain.
To be more specific, DubaiCoin-DBIC was merely a currency. The updated version is still a currency, but it also represents company shares, voting rights, identities, or it can be considered to be an asset. Moreover, the DBIX “version” of DubaiCoin can be used to fuel ArabianChain’s cloud computing platform. Moreover, the token can be used to construct decentralized applications and smart contracts running on top of the ArabianChain blockchain.
All of this goes to show national and local digital currencies are slowly gaining more mainstream adoption. By actively increasing the number of use cases for DubaiCoin, the token becomes more useful and valuable. The ArabianChain Technology team wants to position DubaiCoin as the region’s predominant digital currency. Ensuring the currency can also be used for smart contracts and Dapps running on top of the ArabianChain blockchain is a smart decision.
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.