VANCOUVER, Jan. 2, 2018 /CNW/ - HashChain Technology
Inc. ("HashChain" or the "Company") currently holds a
masternode in the Dash network allowing the Company to vote for
proposals and verify transactions. Masternodes primary function is
to relay transactions across the DASH network. Additionally they
carry out the anonymization of funds ("PrivateSend") and
enable double-spend-proof transactions through instant lockdowns
("InstantSend"). Dash operates a proof of work
("POW") and proof of stake ("POS") consensus
algorithm. Many other digital currencies only use proof of work to
verify transactions, however Dash is unique in its hybrid POW and
POS approach. About 12 months ago Dash was only worth $10 a coin and has now broke the $1,000 barrier. To become a masternode,
collateral of 1,000 Dash has to be placed and in October 2017 HashChain purchased 1,000 Dash for a
total of $280,000 USD. Dash is a form
of "Digital Cash" providing realistic, reliable, digital cash
solution for the global economy. The Dash network currently rewards
masternodes at a rate of 6.67 Dash per month. With Dash around
$1,000 that is the equivalent to
$6,670 USD per month per masternode.
HashChain is currently realizing a return on its masternode
investment of approximately 28.5% per annum. The Company will not
be receiving USD (or any other fiat currency) as a result
of the Company's plans not to convert the Dash from the masternodes
into Fiat and until the Company's plans change at which time there
can be no assurances that the price of Dash will not significantly
decrease due to its price volatility or that the Dash could be
converted into USD (or any other fiat currency) at that
time.
In December 2017, HashChain, in
its capacity as a Dash masternode, voted to support the
successful proposal of a Blockchain solutions company ("BlockChain
Co."), driving DASH awareness and integrate DASH payments for
services. One of the more exciting road map elements for DASH
is DASH Drive. This will enable large data stores to be placed on a
blockchain so BlockChain Co. can scale and evolve their
business model.
HashChain in its capacity as a Dash masternode is also
pleased to have voted to support the successful proposal,
The Dash Leopards soccer teams in Africa initiative, which will be the first in
the world to be funded by Dash blockchain technology. The teams
have already generated huge community interest. The initiative
develops positive educational outcomes to their youth members by
supervising them doing homework and assignments before they play
soccer.
Pat Gray, CEO and director of
HashChain, commented, "While Bitcoin needs miners to take care of
creating new blocks and validating transactions, Dash needs miners
just to create new blocks; Masternodes own an entire copy of the
blockchain and perform services for the network such as voting,
PrivateSend, and InstantSend. This is one of the reasons HashChain
has acquired a Dash masternode. The hybrid POS and POW concept is
gaining more traction in the blockchain and we expect more POS to
be utilized in the near term". Gray further stated, "A major
feature of a masternode is Decentralized Governance by Blockchain,
enabling Dash to fund budget proposals and finance its own
development for which we take very seriously and are proud of the
positive impact Dash has on society."
About HashChain Technology Inc.
HashChain is a Blockchain Technology company, and the first
publicly traded (TSXV) Canadian cryptocurrency mining company to
file a final prospectus supporting highly scalable and flexible
mining operations across all major cryptocurrencies. HashChain taps
low-cost North American power, cool climate and high-speed
Internet: the trifecta most critical to mining success, to create a
competitive position for maximizing the number of mining
'wins.' HashChain currently operates 100 Dash mining rigs and
has purchased 770 Bitcoin rigs, which are expected to be received
and installed to commence mining in January
2018 with energy consumption dedicated to digital currency
mining of approximately 1.2 megawatts. HashChain also acquired
a Dash Masternode for approximately USD $280,000 which requires a collateral investment
of 1,000 Dash coins. HashChain is based in Vancouver, British Columbia. HashChain Mining
is a wholly owned subsidiary of HashChain Technology Inc. based out
of Albany, New York.
For further details of the Company's business, please refer to
the Company's final prospectus dated December 12, 2017, which is available on the
Company's SEDAR profile at www.sedar.com or visit
http://www.hashchain.ca.
On Behalf of the Board,
Patrick Gray
CEO & Director
For Further information please contact:
HashChain
Technology Inc.
Larry Heinzlmeir
Vice President, Marketing & Communications
Larry@HashChain.ca
604-537-8676
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE HashChain Technology Inc.