FORK Announces Crypto Asset Business Update and Planned Name Change
The crypto asset markets have improved significantly in the course of 2019, with a 42.8% YTD increase in market capitalization, and 307.7% YTD increase in 24 hour trading volume. More notably, crypto assets other than Bitcoin have gained considerable market share, signaling a strengthened demand for such assets. Based on this, FORK has selected several blockchain networks with specific purposes, for funds to be staked on through its Pooling Platform. Additionally, FORK announces that it has plans to change its business name to better represent its revised model.
Vancouver, British Columbia - April 10, 2019 (Newsfile Corp.) (Investorideas.com Newswire) GLOBAL BLOCKCHAIN MINING CORP. (CSE: FORK) (OTC: GBCHF) ("FORK" or the "Company") announces that the operations of its platform for pooled masternode funding and blockchain network staking (the "Pooling Platform") are now underway with capital contributed from customers, and the Company is currently operating nodes on the Dash and Loki networks, with plans for participation on several other networks as well. This diversified approach comes in light of greatly improved conditions of the crypto asset markets, especially with reduced dominance of Bitcoin (BTC).
As of yesterday, the crypto asset market had total capitalization of about USD $180 billion, with 24 hour trading volume of about USD $53 billion. At the beginning of 2019, total capitalization was about USD $126 billion, with 24 hour trading volume of about USD $13 billion. These figures represent a 42.8% YTD increase in market capitalization, and a 307.7% YTD increase in 24 hour trading volume. Additionally, in the past eight months, BTC has gone from a high point of representing 57.8% of the crypto asset market capitalization on September 12, 2018, to just over 51% as of yesterday. In this same timeframe, cryptocurrencies outside of the top ten on CoinMarketCap categorized as "Other" went from representing 18.43% of the crypto asset market on September 12, 2018, to about 21.9% yesterday. Most notably, this growth of "Other" crypto assets occurred even with an overall price decline of Bitcoin, ending September 2018 at about USD $6,600, and falling to as low as about USD $3,200 in the middle of December. Yesterday's price of Bitcoin fluctuated slightly above and below USD $5,200.
Crypto Asset Business Update
Giving regard to these market statistics which appear to favour crypto assets besides Bitcoin, the Company has established a business direction that places an initial focus on the Dash and Loki blockchain networks. As of this writing, the Pooling Platform consists of the following stakes:
2 Dash Masternodes (Required operating collateral: 1,000 DASH coins)
Masternodes fully owned by FORK: 1
Customer Masternodes: 1
8 Loki Service Nodes (Required operating collateral: ~27,000 LOKI coins)
Service Nodes fully owned by FORK: 2
Customer Service Nodes: 6
Apart from the Dash and Loki service nodes, the Company is also operating or plans to operate on the following networks:
Stellar - Payments network and decentralized exchange. FORK recently acquired the Singularity Exchange, which is a custodian on the decentralized Stellar blockchain network. FORK charges transaction fees, and deposit/withdrawal fees for transactions initiated from Singularity on the Stellar network, in Stellar's native Lumen (XLM) currency. FORK anticipates collecting a holding of Stellar Lumens from these operations.
KODAKOne - A blockchain-based image rights management platform developed by WENN Digital under license from photography pioneer Eastman Kodak Co ("Kodak"), using KODAKCoin as the platform's proprietary digital currency. In 2018, KODAKOne adjusted its roadmap to have KODAKCoin issued on the Stellar decentralized exchange, a decision that FORK's management believes is ideal given Stellar's reach and capabilities. The KODAKOne platform is set to be launched as a minimum viable product in June of 2019, according to the KODAKOne website (http://kodakone.com/roadmap.html). FORK owns 100% of the Stage I Pre-ICO offering of KODAKCoin. This stake will position FORK favourably on KODAKOne's blockchain network, with results that stand to materialize in a matter of months with the launch of KODAKOne. Moreover, through the Singularity Exchange, FORK will become one of the largest gateways and liquidity providers for KODAKCoin on the Stellar network.
Bitcoin (Lightning) - Although the Company will be sunsetting Bitcoin mining, as mining rigs are either sold or have reached the end of their useful life, it does see strong potential in running nodes on the Bitcoin Lightning network, a layer two network which expedites and scales Bitcoin transactions. FORK is currently operating on Lightning's testnet, and will operate on Lightning's mainnet when it becomes commercially viable to do so.
Ammbr - Wireless mesh network management platform, which the Company played a key role in developing with Singapore-based Ammbr Foundation Pte Ltd. ("Ammbr Foundation"). FORK also administered the crowdsale for Ammbr's proprietary network token AMR, which closed last month. With Ammbr Foundation's sister company AmmbrTech, Inc. ("AmmbrTech") FORK has formed a co-venture named Ammbr Telecom Inc. ("Ammbr Telecom") in which FORK owns 25% of the equity. Ammbr Telecom will conduct a rollout of the Ammbr network in northern Canada (as outlined in a press release dated April 4, 2019).
Elixxir - A decentralized and private communications network, led by David Chaum, who is regarded as the "Father" of cryptocurrencies, and one of the world's foremost cryptographers. FORK has applied to Elixxir's BetaNet service operator program and it sees considerable potential for large-scale growth of the network. The Elixxir network remains in development, and FORK is aiming to be one of the initial service node operators on the network when it launches.
Nuvo - Blockchain for social media networks, on which multiple niche-focused communities will operate, with the user benefiting from unbiased news feeds, and payment of NUVO token for many forms of engagement. FORK is playing a key role in the administration of the NUVO token crowdsale for UK-based Nuvo Cash Ltd. (as first announced in a December 13, 2018 press release). There is one community currently active on Nuvo called Jamaa (http://jamaa.com), which is made specifically for users in Africa. Jamaa presently has more than 13,500 users. Other networks are slated to be launched, including GameKarma (social media community for video gamers, set to launch May, 2019), Tambay (for users in the Philippines), and Seru (for users in Southeast Asia). FORK is already one of the major witnesses and stakeholders on the Nuvo blockchain network.
Stratus - Originally developed as a standalone blockchain network for automated buying and selling of computing resources, Stratus is being modified to act as a layer two marketplace that will operate on top of the Filecoin, Storj, and Sia blockchain networks. Due to the infancy of these networks, Stratus will not launch immediately in this capacity. However, with the unique value that Stratus will add to these networks through its proprietary technologies and its base of interested users from the initial development of Stratus, it will be a scalable layer two storage network with a focus on the needs of enterprise users.
FORK appreciates all interest received to date from parties who are interested in participating on the Pooling Platform. At this time, the Company does not have clarity on the legal status of the Pooling Platform as a security offering. It is therefore only available to accredited and institutional investors, or parties who are actively in the business of digital assets. Inquiries remain welcomed from interested parties regardless of their current eligibility, with updates to be given as developments occur.
Planned Name Change
As the Company has elected to shift its focus to staking and other blockchain network services, its management has elected to re-name the Company from "Global Blockchain Mining Corp." to "Metaverse Capital Corp.". The word "Metaverse" refers to what is effectively a digital universe, which is what the blockchain ecosystem is ultimately becoming. The name change is nearly complete as of this writing, and a separate release will be issued when this name change is finalized.
"The crypto asset markets have improved very favourably in 2019, and this foreshadows a good future for FORK and its shareholders" said Shidan Gouran, President and CEO of the Company. "In any area of business, especially in technology, staying current and relevant is what creates long-term value. While our focus was once on Bitcoin, we were able to use our market intel to determine what are the most productive blockchain networks to focus on, which led us to our revised model in which we are currently seeing results. Our efforts are on being ahead of the curve as the blockchain ecosystem matures, and we are excited to see what happens in the rest of 2019 and beyond."
FORK's recently acquired exchange initiatives remain active, with further information to be issued by way of a separate announcement in due course.
On behalf of the Company:
Shidan Gouran, President and CEO
For more information please contact:
Global Blockchain Mining Corp. Investor Relations
About Global Blockchain Mining Corp.
With blockchain technology rapidly re-shaping the models of many companies, industries, and their business processes, Global Blockchain Mining Corp. ("FORK") places a focus on the common needs of early-stage blockchain adopters. Originally founded with a focus on crypto-mining, FORK has recently diversified its offerings by placing an emphasis on professional services such as developing and administering launches of tokens and digital assets. Adapting to changes in blockchain technology, FORK is also now utilizing its computing power to provide consensus services, such as the operation of masternodes, servicenodes, and witnesses which are alternative methods to cryptocurrency mining for generating and acquiring digital assets. . Investors, through their investment in the Company, are provided with exposure to these tokens, cryptocurrencies and digital assets without the lengthy, and complicated process that interested investors must undergo in order to gain exposure to these cryptocurrencies and digital assets.
The Company is listed on the Canadian Securities Exchange ("CSE") and its common shares trade under the ticker symbol "FORK". Additional information relating to the Company is available on SEDAR at www.sedar.com, the CSE at www.theCSE.com as well as on the Company's website at: www.forkcse.com
Cautionary Note Regarding Forward-Looking Information
Forward-Looking Information: This news release includes certain statements that may be deemed "forward-looking statements". The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "would", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com
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.
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