Online Blockchain PLC Corporate Update (2427Q)
June 05 2018 - 2:00AM
UK Regulatory
TIDMOBC
RNS Number : 2427Q
Online Blockchain PLC
05 June 2018
For immediate release
5 June 2018
Online Blockchain PLC
("Online" or the "Company")
Corporate Update
The Board of Online provides the following update on ongoing
product development. There is a glossary in Appendix 1 of the
announcement and which explains the technical terms or
abbreviations used below.
As set out in the Company's recent general corporate update,
dated 24 April 2018, Online has begun to work with teams of
independent blockchain developers on new project initiatives and
intended that Happypool.co (a mining pool developed by Online that
enables miners to pool their computing power together to mine
blockchains) would enable the development of additional blockchain
support services, including providing mining support for a new coin
or a new fork of an existing coin as in initial development stages,
community support may be sporadic or non-existent. Online has,
based on its experience in the development of PlusOneCoin,
developed the software and a basic wallet for a further
crypto-token, Brazio. Shareholders should note that the development
of Brazio is still at the very early initial stage of development
and launch, and further updates will be provided in due course.
Brazio has been developed by Online as a proof-of-work
cryptocurrency (meaning that transactions are validated by mining),
is based on a hard-fork from bitcoin source code and is targeted on
the Brazilian market to be used as a transactional and payments
token. Online is cooperating with ADVFN PLC ("ADVFN") on developing
community support in Brazil and the initial marketing to create
awareness will commence in June through ADVFN's Brazil platform.
Online and ADVFN are each bearing their own costs in respect of
their cooperation on the development of the Brazio at this stage,
and while there are currently no financial arrangements between the
two companies in respect of this project, it is anticipated that
ADVFN may in time receive a marketing fee to be settled in Brazios
on terms to be agreed.
Online is also planning to develop similar token products for
other markets.
A copy of this announcement is available on the Company's
website, at www.onlineblockchain.io.
Enquiries:
For further information please contact:
Online Blockchain PLC
Clement Chambers +44 (0) 207 070 0909
Beaumont Cornish Limited (Nominated
Adviser)
www.beaumontcornish.com
Roland Cornish/Michael Cornish +44 (0) 207 628 3396
Smaller Company Capital Limited
(Broker) +44 (0) 203 651 2910
Jeremy Woodgate
Cassiopeia Ltd (Investor Relations) stefania@cassiopeia-ltd.com
Stefania Barbaglio
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. The person who arranged for the
release of this announcement on behalf of the Company was Clement
Chambers, Director.
Further details on Brazio
Brazios will be created as rewards to miners whenever the next
set of transactions (a block) is verified by a miner or team of
miners through a mining pool. The algorithm used for Brazio mining
is expected to be resistant to dedicated mining hardware, such as
ASIC, and therefore is targeted at mining by individuals using
personal desk-top computers. The maximum supply is set at 207
million Brazios and 20% of the total supply has initially been
pre-mined and retained by Online to use as payment for development,
bounties and marketing. Thereafter, 10% of any Brazios awarded for
mining each block will be awarded to Online to support the project,
and the balance of the block reward will be awarded to the miner of
the coin or split between the participants of a pool who mine the
coin collectively. There is no intention to undertake any initial
offering of the Brazio.
Forward looking statements
Certain statements in this announcement are or may be deemed to
be forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe"
"could" "should" "envisage" "estimate" "intend" "may" "plan" "will"
or the negative of those variations or comparable expressions
including references to assumptions. These forward-looking
statements are not based on historical facts but rather on the
Directors' current expectations and assumptions regarding the
Company's future growth results of operations performance future
capital and other expenditures (including the amount. nature and
sources of funding thereof) competitive advantages business
prospects and opportunities. Such forward looking statements re ect
the Directors' current beliefs and assumptions and are based on
information currently available to the Directors. Many factors
could cause actual results to differ materially from the results
discussed in the forward-looking statements including risks
associated with vulnerability to general economic and business
conditions competition environmental and other regulatory changes
actions by governmental authorities the availability of capital
markets reliance on key personnel uninsured and underinsured losses
and other factors many of which are beyond the control of the
Company. Although any forward-looking statements contained in this
announcement are based upon what the Directors believe to be
reasonable assumptions. The Company cannot assure investors that
actual results will be consistent with such forward looking
statements.
Appendix 1
Glossary of terms
ASIC ASIC is short for "application specific integrated
circuit". An ASIC miner is a specialised blockchain
mining device using chips specifically designed and
made to mine specific cryptocurrencies. They have no
general purpose computing application.
Blockchain A distributed digital ledger in which data (and therefore
transactions) is recorded sequentially and permanently
in blocks. Each new block is linked to the immediately
previous block with a cryptographic signature, forming
a chain so that peer-to-peer transactions can be facilitated,
validated and recorded without the need for a central
third party. The distributed digital ledger is not
hosted in one location, nor managed by a central party,
but is shared and accessed by anyone with the appropriate
permissions.
---------------------------------------------------------------
Crypto-currency A cryptocurrency is a unit of accounting kept on a
or token cryptocurrency blockchain which is a core part of the
operating structure of that blockchain. A token is
a unit of account kept via a blockchain but not necessarily
intrinsic to the blockchains operation such as the
Etherium blockchain which has a cryptocurrency called
'etherium' but can keep track of tokens which can be
recorded on the Ethereum blockchain that anyone can
create, name and record a ledger of.
---------------------------------------------------------------
GPU A graphics processor unit is a specialised general
purpose computing device used to process fast graphics
for graphic intensive computing, such as games or animation.
A GPU is a plug-in device used mainly with Windows
PCs and can be used to mine blockchains as the devices
contain general purpose mathematics engines which apply
well to blockchain mining tasks.
---------------------------------------------------------------
Hard-fork A hard fork is a permanent change to a blockchain's
software system that materially affects the logic and
mode of operation of that blockchain. A hard fork of
a blockchain in effect creates a new system based on
previous software and can be an update to an established
blockchain or create a separate novel one.
---------------------------------------------------------------
Mining The process of using computer processing hardware to
solve a cryptographic mathematical problem to verify
and add newly hashed blocks to a public blockchain.
Miners collect transaction fees for the transactions
they confirm and are awarded bitcoins for each block
they verify.
---------------------------------------------------------------
Mining Pools Mining "pools" are a network of miners that work together
to mine a block, then split the block reward among
the pool miners. Mining pools enable miners to combine
their resources to increase the probability of mining
a block.
---------------------------------------------------------------
Pre-mined An amount of tokens mined from a blockchain before
the blockchain is released on the internet.
---------------------------------------------------------------
Proof of work Proof of work is a mathematical puzzle that acts as
a qualifying contest between blockchain miners to mine
the next block in a blockchain. In a proof of work
based blockchain, the first miner to complete the puzzle
is allowed to create the next block in the blockchain
and receives the block reward as a prize. Proof of
work secures the blockchain by enforcing a cost barrier
on the mining participants who maintain the blockchain
looking for compensation from the block reward.
---------------------------------------------------------------
Transaction A transaction is when data is received by a token address
and validated on the blockchain. A blockchain transaction
can have multiple receivers and transactions logged
are for all receipt transactions.
---------------------------------------------------------------
ENDS
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDZZLFBVQFEBBE
(END) Dow Jones Newswires
June 05, 2018 02:00 ET (06:00 GMT)
Online Blockchain (LSE:OBC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Online Blockchain (LSE:OBC)
Historical Stock Chart
From Apr 2023 to Apr 2024
