Cannadex, with whom FORK announced a partnership with in May 2019, has made further developments on the Nuvo blockchain network by launching Highmiles; a social community built around the lifestyles of cannabis users. Highmiles will complement Cannadex's current initiatives to develop the Cannadex Exchange, a blockchain-based spot marketplace for commodities, which will be built on the Nuvo blockchain. The development of the Cannadex Exchange remains on schedule, and it is slated to be launched to the public in Q4 of 2019. From its partnership with Cannadex, FORK owns 25% of Cannadex's equity.
Vancouver, British Columbia--(Newsfile Corp. - June 12, 2019) - METAVERSE CAPITAL CORP. (CSE: FORK) (OTC: GBCHF) ("FORK" or the "Company") is pleased to announce the launch of Highmiles (http://highmiles.com) by its partner Cannadex Labs Inc. ("Cannadex"), which is a Nuvo-based social community with a focus on cannabis-related topics. Highmiles is the third social community on the Nuvo blockchain network, which FORK was commissioned to develop for UK-based Nuvo Cash Ltd. ("Nuvo Cash"), as previously announced on December 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, http://jamaa.com) and GameKarma (for video gamers, http://gamekarma.gg). The second round of the initial exchange offering ("IEO") for NUVO (Nuvo blockchain's proprietary cryptocurrency) concluded on Wednesday, May 22, 2019. The NUVO token will be listed on the Probit exchange (http://probit.com), 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 FORK would transfer all work product and assets of the Laser inter-blockchain protocol to Cannadex, in exchange for 25% 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 (the "Cannadex Exchange") will be built, with FORK leveraging its marketing resources to attract users to the spot market. Development for the Cannadex Exchange presently remains on schedule, with a launch date anticipated in Q4 of 2019.
Highmiles was developed by Cannadex founder Steven 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 sizeable 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.
FORK 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 FORK'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.
FORK President and CEO 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 Steven 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. Interested parties are encouraged to use any of the following channels to stay updated:
On behalf of the Company:
Shidan Gouran, President and CEO
For more information please contact:
Metaverse Capital Corp. Investor Relations
About Metaverse Capital Corp.
With blockchain technology rapidly re-shaping the models of many companies, industries, and their business processes, Metaverse Capital Corp. ("FORK") places a focus on the common needs of early-stage blockchain adopters. Originally founded with a focus on crypto-mining, FORK 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, FORK 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 in order to gain exposure to these cryptocurrencies and digital assets.
The Company is listed on the Canadian Securities Exchange ("CSE") and its common shares trade under the ticker symbol "FORK". Additional information relating to the Company is available on SEDAR at www.sedar.com, the CSE at www.theCSE.com as well as on the Company's website at: www.metaverse.capital
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