Nuvo Blockchain's Second Iteration to Include Laser Technology Under Equity Deal with Cannadex
FORK has entered into an agreement in which it will transfer all work product and assets of Laser to Cannadex in exchange for 25% of Cannadex's equity. Cannadex, whose founder played a key role in building the Nuvo blockchain network, will incorporate parts of Laser's technology stack into the Nuvo blockchain's second iteration, Nuvo 2.0, which will introduce an unforeseen level of flexibility for the Nuvo blockchain's community of users. Cannadex will also be building a Spot Market for commodities on Nuvo 2.0, and FORK will be leveraging its marketing resources to attract users to the platform. After ownership of Laser is transferred to Cannadex, FORK will retain a perpetual license to use the Laser technology stack, enabling the Company to still benefit from Laser's capabilities on other projects.
Vancouver, British Columbia--(Newsfile Corp. - May 6, 2019) - GLOBAL BLOCKCHAIN MINING CORP. (CSE: FORK) (OTC Pink: GBCHF) ("FORK" or the "Company") announces that it has entered into an agreement with Cannadex Labs Inc. ("Cannadex") to transfer the intellectual property and assets associated to the Laser blockchain interoperability solution to Cannadex in exchange for 25% of Cannadex's equity. Cannadex has agreed to undertake the remainder of the development of the second iteration of the Nuvo blockchain network ("Nuvo 2.0") which will incorporate parts of the Laser technology stack. The work product of this development will be provided by Cannadex to Nuvo blockchain's user community under an open-source license. Cannadex will then use the Nuvo 2.0 blockchain network to build a blockchain-based spot market exchange for tokenized commodities (the "Spot Market"), with a primary initial focus on cannabis assets. Once fully formed, the Spot Market will be based on the Nuvo blockchain network. Under the agreement between FORK and Cannadex, FORK will retain a perpetual, closed-source, highly flexible license to use the full Laser technology stack.
The Nuvo blockchain network now has more than 45,000 users between its social media communities Jamaa (http://jamaa.com) and GameKarma (http://gamekarma.gg), an increase of more than 30,000 users over the past week. In 2018, its first iteration was built collaboratively through combined efforts of FORK, UK-based Nuvo Cash Ltd. ("Nuvo Cash")a client of FORK, and a community of grassroots developers that includes Cannadex founder Steven Dryall.
Cannadex is founded by Steven Dryall, a widely-regarded digital currency visionary and entrepreneur who has spoken at numerous fintech events, and lectured in several courses, including courses at Ryerson University in Toronto. Mr. Dryall has also been recognized by the Royal Canadian Mint as a contributor to the evolution of currency. His vision behind Cannadex is to leverage the decentralized nature of blockchain networks to form the Spot Market on which commodities can be traded in the form of tokenized assets. This approach is favourable in comparison to traditional commodities exchanges, which are subject to relatively slow transactions from administrative latency, costly transaction fees from high overhead expenses, and vulnerability to losses and downtime from centralized systems. At first, the Spot Market will focus on the trade of cannabis-related assets, though the scope of assets is set to expand in the course of the Spot Market's operations. With FORK's connections in the capital markets space, the Company will also play a strategic role in attracting client users for the Spot Market.
Laser is a blockchain-agnostic "service layer" network that enables interoperability between separate blockchain networks, in a manner similar to how the SWIFT banking network enables interoperability between separate banking systems globally. It was originally developed by Global Blockchain Technologies Corp. starting in April of 2018, and transitioned to ownership under FORK as a result of corporate restructuring. Laser's blockchain network has been completed to the point that it can be used by Cannadex straight away for its planned developments on the Ethereum Plasma-based Nuvo 2.0 blockchain network.
By transforming the Nuvo blockchain network into an Ethereum sidechain, the NUVO token would be able to interoperate with any tool, wallet, or smart contract that supports Ethereum's ERC-20 standard. Meanwhile, the Nuvo blockchain's DPoS (delegated proof-of-stake) consensus mechanism and scalability will be completely maintained.
FORK's stake in the genesis block of NUVO tokens remains unchanged; the Company will retain its rights to 5%, or 200,000,000 (two hundred million) out of the 4,000,000,000 (four billion) NUVO tokens that comprise the genesis block.
Cannadex founder Steven Dryall commented, "Blockchain-based exchange platforms are ideal for trading commodities, especially cannabis. Because legacy commodity exchanges have not been the most receptive to cannabis for political reasons, there is substantial opportunity to create a solution like our Spot Market to meet existing demand from traders and investors. By combining the capabilities of the Nuvo blockchain network with Laser, this will not only create the ideal platform on which we can build the Spot Market, but it will also vastly improve the use case for the rapidly growing community of users on the Nuvo blockchain."
FORK President and CEO Shidan Gouran added, "In creating the Nuvo blockchain network, our client Nuvo Cash had very similar visions to ours in creating blockchain interoperability. Cannadex is the perfect company to take Laser and incorporate parts of it into Nuvo 2.0, which will not only benefit them for purposes of their Spot Market, but it will also benefit the Nuvo blockchain ecosystem and holders of NUVO tokens by allowing for interoperability with other blockchains. This deal positions FORK advantageously, as we will hold 25% of Cannadex's equity, as well as 5% of the genesis block of NUVO tokens, which will see a dramatically widened use case with the changes introduced as part of Nuvo 2.0."
For more information about Cannadex, please visit http://cannadex.network.
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
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