eXeBlock (CSE: XBLK) Announces Development of #Bitcoin Payment Sidechain
Vancouver, British Columbia - May 1, 2018 (Newsfile Corp.) (Investorideas.com Newswire) eXeBlock Technology Corporation (CSE: XBLK) ('eXeBlock' or the 'Company') is pleased to announce the development of a blockchain sidechain that will allow all Bitcoin owners direct access to the Company's decentralized applications (DApps) and DApps being developed by third party developers. eXeBlock has invested nearly 1,000 hours in programmer and development time on the sidechain, which is nearing completion. Once operational, eXeBlock will earn revenue on fee per transaction basis.
Sidechaining is a term used to describe any mechanism that allows digital assets to be directly transferred between separate blockchains. As the number of independent blockchains grows, so does the need for interoperability solutions. To date, the only option available has been to convert cryptocurrencies and tokens via third-party payment gateways or centralized exchanges. eXeBlock's sidechain reduces the time, cost and risk associated with these transfers.
Commenting on the key development, Ian Klassen, President and CEO of eXeBlock, stated: "It is a powerful technology that helps establish the necessary communication and trust between two different blockchains. eXeBlock's sidechain is a key part of our strategic plan to enable mass adoption of DApps and will exponentially increase our potential customer base."
DApps running on Bitcoin and Ethereum face severe challenges in regard to scalability due to the high transaction cost and limited speed currently available. eXeBlock's DApp's are designed to be capable of tens of thousands of transactions per second (TPS).
The source code used to develop the sidechain will be made available to the Peerplays Blockchain Standards Association (PBSA) as part of eXeBlock's commitment to develop four DApps in exchange for receiving approximately 940,000 Peerplays ('PPY') tokens. This will provide Bitcoin payment support to the DApps currently in development by PBSA and other third party DApps, as well as eXeBlock's upcoming 50/50 Labs DApp, which will be available for launch on PeerPlays at the end of Q2 - 2018.
Once implementation of the sidechain is completed by node operators of the blockchain, users will be able to generate Bitcoin wallets and upon depositing Bitcoin will be able to transact using Bitcoins. eXeBlock anticipates node operators completing the protocol update sometime in Q3. Bitcoin can be used to access DApps and can also be traded with other users as payments. Users on the PeerPlays network, as example, will be able to transact within a few seconds, compared to substantially longer per transaction times on other networks. This is a major step forward in eXeBlock's mission to bring blockchain technology to a point where mass scaling of DApps is technically feasible. Deposits to Bitcoin wallets will be free, and eXeBlock will earn transaction fees when users transfer tokens within blockchain networks, and upon withdrawal back out of a blockchain network.
eXeBlock would also like to announce that its founder Jonathan Baha'I has been appointed to the Global Blockchains Technologies Corp.'s (C:BLOC) Laser Network Advisory Board and will be a key note speaker at the 2018 China Graphene Developer Conference being held in Shanghai May 5th-6th, 2018.
Jonathan Baha'i is an entrepreneur with over 20 years of experience in the high-performance server hosting and telecommunications industry, and the founder of several technology companies. He is the founder of eXeBlock Technology Corp. and eXeBlock Technology, Inc., and President of the Peerplays Blockchain Standards Association. He is a frequent speaker, radio and television commentator on blockchain, blockchain applications and peer to peer networks.
About eXeBlock Technology Corporation
eXeBlock is a designer of custom, state-of-the-art blockchain based software applications that provide profitable, secure and efficient operating solutions to businesses and markets globally. eXeBlock is one of the first Canadian public companies focused on the development of disruptive decentralized applications using blockchain technology.
For More Information about the Company, please contact:
President & Chief Executive Officer
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company's current expectations. When used in this press release, the words 'estimate', 'project', 'belief', 'will', 'anticipate', 'intend', 'expect', 'plan', 'predict', 'may' or 'should' and the negative of these words or such variations or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release includes information relating to the commercialization of the 50/50 Labs application, the ability to generate revenues from the 50/50 Labs application, the value of the PPY tokens (if any) and the implementation of eXeBlock's operating plans. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements. There are a number of important risk factors that could cause the Company's actual results to differ materially from those indicated or implied by forward-looking statements and information. Such risk factors include, among others, the Company's limited operating history and expected continued operating losses; failure of the Company's business strategy; inherent risks of the cryptocurrency and blockchain industry; system failures and security risks; government regulation; need for additional financing requirements and access to capital; reliance on key and qualified personnel; dependence on third party relationships; insurance; competition; and intellectual property. Other factors include risks associated with the marketing and sale of securities; dilution; the potential for conflicts of interest among certain officers or directors; and the volatility of the Company's common share price and volume.
For a more detailed discussion of risk factors, refer to the Company's prospectus dated November 9, 2017 filed under the Company's profile on SEDAR www.sedar.com and on the CSE's website.
The Company cautions that the foregoing list of material risk factors is not exhaustive. When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing risk factors and other uncertainties and potential events. The Company has assumed a certain progression of its business objectives, which may not be realized. It has also assumed that the material factors referred to
in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these risk factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
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