Online Blockchain PLC Corporate Update

Date : 06/05/2018 @ 7:00AM
Source : UK Regulatory (RNS & others)
Stock : Online Blockchain Plc (OBC)
Quote : 19.5  0.0 (0.00%) @ 8:00AM
Online Blockchain share price Chart

Online Blockchain PLC Corporate Update

Online Blockchain (LSE:OBC)
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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

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