OTTAWA, Dec. 21, 2017 /CNW/ - Leonovus Inc.
("Leonovus") (TSXV: LTV) today announced its plans for an initial
coin offering ("ICO") in the summer of 2018 to support the launch
of an advanced blockchain storage and compute solution with a
marketplace for cloud applications.
Leonovus has invested over twenty million
dollars in the development of distributed compute and
distributed storage technology. With several granted patents,
numerous patent claims and patents pending, the company's unique
software-defined storage ("SDS") solution has strong intellectual
property protection. The company is currently planning to hire
specialized blockchain software development teams in both
Ottawa and Toronto.
Unknown to many, Leonovus is not new to the blockchain
world. Indeed, Leonovus was one of the first companies to
marry Internet of Things ("IoT") technology and blockchain. In
August 2014, the company mined the
cryptocurrency Litecoin from low-end distributed smart devices -
digital light bulbs!
In that same year, Leonovus demonstrated a production deployment
of a managed, loosely-coupled, blockchain computation pool built
from available idle compute resources in hotels. Our patented, Web
Integrated Services Environment ("WISE") Network, managed a compute
pool that supported both public and private blockchain computation
on thousands of low/no-cost computing cores across both the
USA and Canada with only a few clicks of a mouse from
a browser-based dashboard.
"Our vision is simple. Imagine a world where any device with
connectivity, a processor, and some storage becomes part of a
globally distributed computing platform - a global blockchain-based
apps marketplace. Every consumer or business in the world could
become a Leonovus blockchain farmer", said Michael Gaffney, CEO, Leonovus Inc.
"Our research indicates that our core distributed storage and
distributed compute technology is significantly ahead of other
firms that have completed storage/compute ICO's – some of these
firms have raised hundreds of millions of dollars in their ICO.
Moreover, our patented WISE network technology is unique. It is a
patented foundation technology to build a global blockchain-based
marketplace for developers wanting to design and deploy blockchain
products and services - simply and rapidly. The potential for our
blockchain-based apps marketplace is massive. The Leonovus ICO will
provide the company with significant non-dilutive cash resources
and is a powerful economic mechanism to incent storage and compute
farmers as well as app developers", said Gaffney.
"Our core business continues to be blockchain hardened
ultra-secure distributed software-defined storage solutions for the
enterprise. This ICO will add resources and a global pool of
software verification, compute and storage farms that will make our
core business even more attractive to enterprise customers", said
Gaffney.
The Leonovus blockchain storage and compute solution for
enterprises, institutions and consumers will unlock a fantastic,
never-before-realized amount of storage and computing power. The
existing Leonovus product suite, with minimal augmentation,
provides the foundation for an enterprise-class
blockchain/distributed ledger technology ("DLT"). A Leonovus
hybrid blockchain/DLT offers de-centralized storage and compute
without the loss of centralized controls – no single point of
failure.
This press release may contain forward-looking statements and
information, which may involve risks and uncertainties. The
results or events predicted in these statements may differ
materially from actual results or events. Factors that might cause
a difference include, but are not limited to, competitive
developments, risks associated with Leonovus' growth, the state of
the financial markets, regulatory risks and other factors. There
can be no assurance or guarantees that any statements of
forward-looking information contained in this release will prove to
be accurate. Actual results and future events could differ
materially from those anticipated in such statements. These and all
subsequent written and oral statements containing forward-looking
information are based on the estimates and opinions of management
on the dates they are made and expressly qualified in their
entirety by this notice. Unless otherwise required by applicable
securities laws, Leonovus disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. Readers
should not place undue reliance on any statements of
forward-looking information that speak only as of the date of this
release. Further information on Leonovus' public filings,
including its most recent audited consolidated financial
statements, are available at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE LeoNovus Inc.