08:08:53 EDT Fri 29 Mar 2024
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Global Blockchain Technologies Corp
Symbol BLOC
Shares Issued 370,656,926
Close 2018-12-13 U$ 0.05
Market Cap U$ 18,532,846
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Global Blockchain talks up Singularity Exchange, Laser

2018-12-14 13:31 ET - News Release

Mr. Shidan Gouran reports

BLOC PROVIDES UPDATE ABOUT SINGULARITY EXCHANGE AND LASER PROJECTS

Global Blockchain Technologies Corp. has finalized some important milestones with respect to its projects: Singularity Exchange, a decentralized crypto asset trading platform, and Laser, a second-layer interoperability network for blockchain. These projects have undergone some changes, as a result of both the shift in the crypto markets and developments related to the projects themselves. Despite the market shift, both projects are currently on track to perform as anticipated, due to the impact that they will have on the blockchain ecosystem as well as the broader financial markets.

Global Blockchain Technologies has developed a crowdsale platform to be part of the Singularity Exchange, which will be for the sale of utility tokens, which includes asset types such as network access tokens and corporate loyalty tokens. The first crowdsale that will be held on Singularity is for the AMR token, the underlying crypto asset of Ammbr, a blockchain-based decentralized wireless mesh network project that Global Blockchain Technologies' sister company, Global Blockchain Mining Corp., recently announced its involvement with. This crowdsale will begin on Tuesday, Jan. 8, 2019, which will also be the official launch date of the Singularity Exchange. Further information will be provided in a later press release.

Moreover, Global Blockchain Technologies is tailoring Singularity's approach to the needs of crypto asset traders by making it a "meta exchange" for other DEX (decentralized exchange) platforms, in addition to providing custodianship, making Singularity a unified trading solution. At its launch date, Singularity will support Stellar's decentralized exchange, with support for Ethereum's 0x DEX network to be integrated by the end of Q1 2019, and several more to be added by the end of 2019.

With respect to custodianship, Singularity's custodianship platform will be a decentralized network by itself, using Global Blockchain Technologies' Laser protocol. For simplicity, custodianship on Singularity will be centralized at the outset, though it will become decentralized in steps. Originally, Laser was built to be a second-layer protocol for underlying blockchain networks to interoperate with one another, having its own native token as a way of adding more value to the network. In the interest of focusing on projects that will generate immediate revenue, such as the Singularity Exchange and the Dubai-based trade finance project (announced on Aug. 16, 2018), Global Blockchain Technologies has elected to not proceed with creating a native token for the Laser protocol.

Nevertheless, Laser will be able to function exactly as originally planned, operating as a second-layer network that enables interoperability between the blockchain networks of Bitcoin, Ethereum, Steem, EOS, Bitshares and Stellar, further providing the option of near-instant and anonymous transaction abilities. Laser will also have initial support for Nuvocash, a blockchain network for decentralized social communities that Global Blockchain Mining has recently been commissioned to improve on for a United Kingdom-based social network operator. It is still intended for Laser Technologies Corp., a Cayman-based entity, to act as a governing body for service node operators on Laser's network.

"Despite the recent drop in market cap, 2018 has been a great year for blockchain and crypto," commented Shidan Gouran, president and chief executive officer of Global Blockchain Technologies. "There may have been ups and downs in the crypto market, but it remains clear that there is a persisting interest in cryptocurrencies as a more advanced way of transacting value, as well as in blockchain networks as a decentralized form of governance. Our decisions relating to the Singularity Exchange and the Laser protocol reflect this, in that we are not focusing so much on crypto assets themselves, but rather on ways in which their utility can be maximized. Right now, there are more than 2,070 different cryptocurrencies and, collectively, their growth potential is very much limited by unsophisticated exchange solutions that do not foster long-term growth. That long-term growth is our objective with both Singularity and Laser, and with Singularity's launch just over three weeks away, there are some exciting developments to be seen in Q1 2019."

About Global Blockchain Technologies Corp.

The company provides investors access to a basket of direct and indirect holdings within the blockchain space.

The company is focused on streamlining the currently arduous, lengthy and complicated process that interested investors must undergo to gain exposure to the blockchain space, with a view to becoming the first vertically integrated originator and manager of top-tier blockchains.

We seek Safe Harbor.

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