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by Stockwatch Business Reporter
The TSX Venture Exchange fell 2.73 points to 702.96 Tuesday. Damian Lopez's first capital pool shell, Wolf Acquisition Corp. (WOLF: halted), plans to acquire Abaxx Technologies Inc. for the shell's qualifying transaction. The terms are not yet available, except the shell will roll back 1 for 2.71605, leaving it with 2,025,000 shares issued.
Abaxx is a tech investment company in Toronto. Specifically, it focuses on start-ups that are working on so-called smart contracts. The term "smart contract" was invented in the early 1990s by Nick Szabo, an American cryptographer. His idea involved self-executing contracts that do not require intermediaries such as lawyers or sales agents. He imagined a software program that would keep a record of every relevant interaction between the parties involved in a contract, for instance, in connection with a real estate sales contract: details of the property (including asking price), every offer to purchase it, every response from the property seller, details on the down payment, details on the receipt of the sale proceeds and details on the title transfer. Essentially, the software program would govern the execution of the contract, allowing the parties to move on to succeeding steps only after meeting set conditions.
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