Mr. Shidan Gouran reports
HIGHMILES CANNABIS COMMUNITY LAUNCHED ON NUVO BLOCKCHAIN BY FORK PARTNER CANNADEX
Metaverse Capital Corp.'s partner Cannadex Labs Inc., which is a Nuvo-based social community with a focus on cannabis-related topics, has launched Highmiles. Highmiles is the third social community on the Nuvo blockchain network, which Metaverse was commissioned to develop for United Kingdom-based Nuvo Cash Ltd., as previously announced on Dec. 13, 2018. As with all social communities on the Nuvo blockchain network, Highmiles users will be paid in Nuvo tokens for their participation. At this time, the Nuvo blockchain network has more than 45,000 active accounts, including users from its first social communities, Jamaa (for users in Africa) and GameKarma (for video gamers). The second round of the initial exchange offering (IEO) for Nuvo (Nuvo blockchain's proprietary cryptocurrency) concluded on May 22, 2019. The Nuvo token will be listed on the Probit Exchange, and the listing date will be promptly announced after it has been confirmed with Probit.
The company's partnership with Cannadex was first announced on May 6, 2019, as an arrangement in which Metaverse would transfer all work product and assets of the Laser interblockchain protocol to Cannadex, in exchange for 25 per cent of Cannadex's equity. Cannadex founder Steven Dryall played a key role in developing the Nuvo blockchain network. Cannadex plans to incorporate part of Laser's technology stack into a second iteration of the Nuvo blockchain (Nuvo 2.0), on which a commodities spot market will be built, with Metaverse leveraging its marketing resources to attract users to the spot market. Development for the Cannadex Exchange currently remains on schedule, with a launch date anticipated in fourth quarter of 2019.
Highmiles was developed by Cannadex founder Mr. Dryall to offer a social media experience tailored to the lifestyles of cannabis product users. On Highmiles, users will be able to rate cannabis products, review cannabis businesses and discuss topics related to cannabis, among other activities. The community standards of traditional social media platforms tend to take a conservative stance on content relating to cannabis, which remains an illicit substance in many jurisdictions. For instance, Facebook continues to ban advertisements in Canada for cannabis-related products several months after cannabis became legalized nationwide. With a significant population of active cannabis product users, there stands to be a sizable demand for a social community built around this shared interest, particularly with the protections of a technology, such as the Nuvo blockchain, which enables its decentralized social media networks to be immune to censorship.
Metaverse has also entered into an agreement with Cannadex, in which it will delegate its holdings of Nuvo tokens to Cannadex for a period of five years as an incentive for Cannadex to develop and promote Highmiles and the Cannadex Exchange. This agreement takes advantage of a feature of delegated proof-of-stake (DPoS) blockchain networks, such as the Nuvo blockchain. With Metaverse's Nuvo token holdings to be delegated to Cannadex, Cannadex will be afforded a significant vote in the operation of the Nuvo blockchain network. Cannadex will also be able to generate revenue in Nuvo tokens both from operating the Cannadex Exchange and from running witness nodes on the Nuvo blockchain network.
Metaverse president and chief executive officer Shidan Gouran commented: "We are thrilled to see the Nuvo blockchain network continue to grow. Both in terms of its user base and having a third community launched on it. Between these communities and the Cannadex Exchange operating on the Nuvo blockchain network, these developments reflect very well on the Nuvo blockchain as a technology. With FORK having played a key role in developing the Nuvo blockchain for our client Nuvo Cash, we have a long-term vision for the Nuvo blockchain and the Nuvo token, which is why we are comfortable delegating our Nuvo token holdings to Cannadex for the next five years. The Nuvo blockchain network will likely see additional applications and communities on it later in 2019, and we are excited to work with Nuvo Cash, as well as any third parties to make that happen."
Cannadex founder Mr. Dryall commented: "After the federal legalization of cannabis in Canada in 2018, we have seen an incredible growth of interest on the subject across the country, but a lack of corresponding support from the major media channels -- including social media networks. Highmiles will provide a cannabis-centric social media experience to users of cannabis products, bringing knowledge, insights and relevant content, together from all corners of the world, in a way that is resistant to censorship. Highmiles will nicely complement the Cannadex Exchange, which we are still on track to launch before the end of 2019."
Updates to Nuvo token's listing date on the Probit Exchange will be made available promptly after the listing date is confirmed with Probit.
About Metaverse Capital Corp.
With blockchain technology rapidly reshaping the models of many companies, industries and their business processes, Metaverse Capital places a focus on the common needs of early-stage blockchain adopters. Originally founded with a focus on crypto-mining, Metaverse has recently diversified its offerings by placing an emphasis on professional services, such as developing and administering launches of tokens and digital assets. Adapting to changes in blockchain technology, Metaverse is also now utilizing its computing power to provide consensus services, such as the operation of masternodes, servicenodes and witnesses, which are alternative methods to cryptocurrency mining for generating and acquiring digital assets. Investors, through their investment in the company, are provided with exposure to these tokens, cryptocurrencies and digital assets without the lengthy, and complicated, process that interested investors must ordinarily undergo to gain exposure to these cryptocurrencies and digital assets.
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