VANCOUVER, Feb. 28, 2018 /CNW/ - HashChain Technology Inc. ("HashChain" or the "Company") (TSXV: KASH; OTCQB: HSSHF) today announces they voted affirmatively on a series of Dash proposals engineered to establish and promote DASH cryptocurrency as the future of global payments. HashChain holds a masternode in Dash that allows the Company voting privileges on budget proposals paid for by Dash's treasury, or important decisions that affect the currency. DASH is a form of "Digital Cash" providing realistic, reliable, digital cash solution for the global economy.
The first approved DASH proposal will budget 18 Dash, an approximate $15,200 CDN value based on Dash's $846.25 CDN price on February 22, 2018, over a three month period to develop a payment system for retail markets in Europe, beginning in the UK, further expanding the potential for Dash to be a form of global payments. This includes integration with NOBLY Point of Sale (POS), the largest UK POS provider, and more than 50 merchant integrations are anticipated by the end of Q2 2018. Voting for the second proposal, which closes in under a week, determines whether to budget 41 Dash, an approximately $34,700 CDN value based on the above referenced Dash value, over a three month period to fund "Dash Academy", an online education platform with courses and information designed to educate on how the Dash ecosystem operates as a currency and viable payment option.
"Dash is a technologically advanced cryptocurrency that supports features like PrivateSend and InstantSend; initiatives such as these helps accelerate growth and market share," said Patrick Gray, CEO and Founder of HashChain. "We are excited to have the privilege as a masternode holder to help push forward initiatives that educate and continuously promote Dash's viability as a payment method for countries around the globe."
In October 2017, HashChain purchased 1,000 Dash for a total of $280,000 USD. To run a masternode, an investor must have at least 1,000 Dash in their wallet. By running a masternode, HashChain can participate in voting on Dash initiatives that have a direct influence on the direction of the network. Masternodes allow users of Dash to carry out anonymous transactions ("PrivateSend) and enable instantaneous transactions ("InstantSend") that eliminate bottlenecks in the blockchain and provide double-spend-proof capabilities. The Dash network currently rewards masternodes at a rate of 6.6 Dash per month. On February 22, 2017, Dash was valued at $27.66 CDN, and a year later on February 22, 2018, it was valued at $846.25 CDN, that is the equivalent to $5,585.25 CDN per month per masternode. 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.
About HashChain Technology Inc.
HashChain is a blockchain company, and the first publicly traded (TSXV:KASH: OTCQB: HSSHF) 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, have received 770 Bitcoin Rigs, and has purchased an additional 3,000 Rigs. Once all Rigs are operational HashChain will be consuming approximately 5.8 megawatts of power. HashChain also acquired a Dash Masternode for approximately USD $280,000 which requires a collateral investment of 1,000 Dash coins. Diversifying their business strategy beyond crypto mining, the company recently acquired NODE40, a blockchain technology company that developed NODE40 Balance, a new SaaS product making cryptocurrency tax reporting simpler and more accurate. The solution allows cryptocurrency users and traders to accurately report their capital gains and losses. NODE40 is also one of the leading masternode server-hosting providers for the Dash network and is seeking additional alternate coin masternode hosting.
HashChain Mining is a wholly owned subsidiary of HashChain Technology Inc. based out of Albany, New York, with offices in Vancouver, British Columbia and Geneva, Switzerland.
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HashChain Technology Inc.
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Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release, including statements regarding the performance of the Company's current and ordered Rigs, and expectations regarding future operations may constitute forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, the 3,000 Rigs will be successfully delivered, and the 3,000 Rigs will perform as expected by management. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors may include, among others, the risk that the 3,000 Rigs will not be successfully delivered to the Company when expected by management or at all, and the risk that the Company's current and ordered Rigs will not perform as expected by management. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
SOURCE HashChain Technology Inc.