AladinCoin: Financial Institution & Hedge Fund Cryptocurrency?

AladinCoin is developing a cryptocurrency that it hopes will be adopted by hedge funds and other powerful financial institutions as an internal tool. Its currency is based on a blockchain, similar to Bitcoin, but it claims to offer the advantage of significantly faster transaction confirmations.

Despite its lofty ambition for its currency, Aladin Coin seems underdeveloped; its website offers little information about the product, and no information whatsoever about the company behind it.

About Aladincoin

Aladin Coin's website contains no information about its founders or development team. The website's footer notes that it was registered in 2017, but never introduces any individuals or parent companies involved.

However, clues in the site's limited “News” section – a passing mention in the sole post, titled “The Strategy of Aladin Coin” – point to Aladin Capital as the project's parent company. This Swiss company's website is also underdeveloped, considering its claim to be a significant player in international finance, but it at least identifies its senior management team and provides short biographies about them.

Aladin Capital's website provides basic introductions to various financial markets and does mention the Aladin Coin project, and claims to offer a several investment portfolios, but it fails to describe its actual services in great detail.

The site's “About” section contains only five posts; three answer basic questions about cryptocurrency, one describes the company's commitment to sustainability, and the fifth includes only an image of a bank statement documenting a $1 billion deposit to HSBC from Aladin Coins in November 2017. This strange post seems to indicate that the project is backed by a $1 billion investment, but without any explanation, it creates more questions than answers.

Searching the internet for further information about Aladin Coins yielded an interesting finding: while the currency has gained little traction in the English-speaking world, it has gained a decent following in Vietnam. A Vietnamese Facebook page with about 2,000 followers is devoted to Aladin Coins, and it indicates that there have been a few live events in that country devoted to it.

The Product

The Aladin Coin's sole product is its namesake, abbreviated AIC. This cryptocurrency is technologically similar to the Bitcoin: it is based on a blockchain, with miners earning the currency for their (computers') work verifying new blocks.

AladinCoin claims that its system can verify over 500 transactions each second, versus the dozen or so that Bitcoin achieves, but the company offers no whitepaper or technical information to explain how it accomplishes this. In the “Strategy” post mentioned above, the company notes that it released the “open sources of AIC algorithm” in October 2017, but the source code is not readily available on the internet as of February 2018.

Aladin Coin released wallet and mining software for the AIC in late 2017, and the coin has been listed on several exchange sites, including CitiExchange and CoinMarketCap. They mention that they hope to expand to other exchanges in the near future, attract over 8,000 miners by the end of 2018 and 20,000 by 2020, develop an “ecosystem” of online merchants accepting the currency, and eventually be accessible through ATMs.

The Opportunity

The Aladin Coin is one of perhaps several thousand cryptocurrencies emerging in late 2017, almost certainly inspired by Bitcoin's remarkable rise in value that year. The coin's technology is obviously derivative of Bitcoin; they even use the same hashing algorithm, SHA-256.

Aladin Coin claims that it can verify transactions considerably faster than Bitcoin, but it offers no technical writing to explain how. The real difference between Bitcoin and Aladin Coin is that the former had a genuinely innovative idea presented in an articulate (albeit recondite) whitepaper, and the latter is an imitator attempting to ride its coattails.

The Verdict For AladinCoin

Aladin Coin claims that its currency will become an invaluable internal tool for the financial industry, but it doesn't explain how or why companies should adopt it. This company makes a bold claim – that it has engineered a more efficient cryptocurrency than Bitcoin, which hedge funds will like more than regular money – with little published information to confirm it.

Aladin Coin ought to disclose much more information about itself and its product if it wants to attract any serious investors.

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