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.
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SOURCE HashChain Technology Inc.