eXeBlock to Disrupt Fundraising Sector with Scalable Blockchain Application
Vancouver, British Columbia--(Newsfile Corp. - April 24, 2018) - eXeBlock Technology Corporation (CSE: XBLK) ('eXeBlock' or the 'Company') will deliver its new decentralized application (DApp) capable of scaling to tens of thousands of transactions per second (TPS), providing a powerful new tool to the fundraising sector. eXeBlock will earn revenues on a per transaction fee basis.
Following a successful trial, 5050Labs (www.5050Labs.com) is set for a Q2 launch, the innovative product will be used to place the popular 50/50 fundraising concept onto a platform that runs on a public blockchain. It will enable eligible non-profit organizations to execute global fundraising campaigns in a provably fair, transparent and auditable manner.
A desktop version of the DApp will go live on the Peerplays blockchain next month, (May 2018) with support for other platforms to follow. A mobile version is scheduled for release before the end of Q2.
This will be followed by eXeBlock's Freedom Ledger, set to launch and integrate with 5050Labs by Q3 2018, which allows users to automatically convert debit and credit card payments to cryptocurrencies including Bitcoin.
Ian Klassen, President and CEO of eXeBlock Technology Corporation, commented:
"5050Labs is an innovative product that has the capability to scale internationally, and will empower non-profits to fundraise in ways never before possible. We also expect the technology eXeBlock has developed to have compelling use cases across several sectors, and we are exploring these possibilities."
DApps combine back-end code run on a blockchain with a front-end graphical user interface (GUI). Unlike traditional mobile applications, DApps have no central operator collecting users' data, and no central server that can be targeted by hackers. These features make DApps appealing for both users and service providers at a time when the public is increasingly concerned about online privacy issues.
eXeBlock's DApps will be further differentiated from other blockchain competitors by their scalability, allowing tens of thousands of TPS, compared to 5 — 15 TPS commonly seen on the Bitcoin and Ethereum blockchains.
The back-end code for 5050Labs was first released on TestNet in January 2018 with the intent of receiving user feedback from the developer community. The product represents over 6,600 hours of research and development time to date.
The launch of 5050Labs will be accompanied by an international marketing campaign targeting non-profits which is already underway and has seen eXeBlock publish a promotional whitepaper entitled Eight Ways Charities are Cashing in on Cryptocurrencies in Non-Profit Quarterly Online on April 12. Participants in 50/50Labs will launch, operate and be guided by their own regulatory jurisdictions.
The proprietary technology developed by eXeBlock for 5050Labs can also be modified to support other e-gaming applications. Until now, a lack of scalability has prevented the adoption of blockchain technology in the e-gaming and lottery markets. eXeBlock is open to working with public lottery operators and private developers in the future.
There are over 1.8 million registered non-profits and charities across Canada, the United States of America and the United Kingdom. The Blackbaud Index of Online Giving tracks US-based annual online donations of $3.1 billion as of February 2018.
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.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.