Online Blockchain PLC Corporate update (8514L)
April 24 2018 - 2:00AM
UK Regulatory
TIDMOBC
RNS Number : 8514L
Online Blockchain PLC
24 April 2018
For immediate release
24 April 2018
Online Blockchain PLC
("Online" or the "Company")
Corporate Update
The Board of Online is pleased to provide the following general
update on ongoing project development in response to recent
investor questions. There is a glossary in Appendix 1 of the
announcement and which explains the technical terms or
abbreviations used below.
Our first blockchain project that we announced in December last
year was the first phase of our PlusOne Coin cryptocurrency project
and which we had developed in conjunction with ADVFN PLC ("ADVFN").
PlusOne Coin was our initial project announcement and is a social
validation blockchain, where content platforms, content providers,
users and other stakeholders can use the blockchain as a means of
interacting with each other. Online's development of Plus 1 Coin
has continued following this initial launch, with functionality
added (and further developments are planned later this year). As of
today, PlusOne Coin has been implemented on ADVFN's UK, US and
Brazil internet platforms and approximately 85,000 PlusOne Coin
receipt transactions (see Glossary below) have been validated
through mining on the PlusOne Coin blockchain. As previously
announced, Online and ADVFN are each bearing their own costs in
respect of the PlusOne Coin cryptocurrency cooperation project at
this stage, and while there are currently no financial arrangements
between the two companies in respect of this project, we anticipate
that Online will in due course charge publishers like ADVFN a
license fee for its software which supports the wallet, on terms to
be agreed.
We have also begun to work with teams of independent blockchain
developers on new project initiatives, and which opens new and
potentially interesting possibilities for Online, particularly in
"mining" activities. Mining is a key activity that underpins
blockchain transaction validation by third parties, and Online has
started to develop its own capabilities in this area in
cryptocurrencies (but is not focusing on bitcoin at this time). As
well as augmenting our general technical knowhow, mining activities
have the potential to create revenue streams and become the basis
for additional products.
Our first new activity in this area is our recent development of
Happypool.co., a mining pool that enables miners to pool their
computing power together to mine blockchains. For individual miners
acting alone, it can be extremely difficult to mine
cryptocurrencies successfully as an individual typically has
limited available (and therefore insufficient) computing processing
capacity to use. A mining pool enables online communities of
individual miners to collaborate and combine their computing
processing resources to earn collectively crypto-currency and to
then each share fairly in the rewards. Happypool's platform can now
be accessed at www.happypool.co and provides a cloud-based software
environment that enables a pooled mining service for individual
miners, for which Happypool charges a small commission which is
paid in the respective cryptocurrency generated from successful
mining by the mining pool.
Happypool is currently at an initial stage enabling mining in a
small number of cryptocurrencies, including PlusOne Coin, and has
begun to generate some commissions paid in successfully mined
cryptocurrency. These sums are not yet material but we foresee
growth potential. We believe that blockchain mining activity is
more than the simple generation of cryptocurrency for profit, and
while we are now generating some revenue from mining, we are
looking beyond this to other potential opportunities and we intend
that Happypool will be an initial foundation on which we can
develop additional blockchain support services to miners and
blockchain creators alike. For example, a blockchain creator can
need 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. Additionally, there are other potential
opportunities enabled by creating pools of computing power.
We are also planning to mine more generally as part of both our
research and development activities and to generate revenues. Our
initial focus is on crypto-currencies other than bitcoin. We have
purchased ASIC, GPU and hybrid mining processors, and are in the
process of expanding our facilities to support this planned
activity with additional office premises. We anticipate that we
will commence this activity during this second quarter of the
year.
We are enthusiastic about the potential opportunities for
blockchain technology. Shareholders should note that the Company's
own development of blockchain products are still at an early stage
and we look forward to reporting further progress this year.
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.
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 blockchain's 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.
---------------------------------------------------------------
Mining The process of using computer processing hardware to
solve a cryptographic mathematical problem to verify
and add newly processed blocks to a public blockchain.
Miners collect transaction fees for the transactions
they confirm and are awarded respective tokens 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.
---------------------------------------------------------------
Transaction A transaction is when data is received by a PlusOne
Coin 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 company news service from the London Stock Exchange
END
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