VANCOUVER, March 19, 2018 /CNW/ - HashChain Technology Inc. ("HashChain" or the "Company") (TSXV: KASH; OTCQB: HSSHF) today announced their vote to approve Dash proposals designed to help establish the cryptocurrency's presence and build awareness in Brazil, Venezuela and Africa. HashChain holds a Dash masternode that grants the Company voting privileges on budget proposals funded by the Dash treasury and important decisions that affect the currency. HashChain also recently voted on two other Dash proposals to build a Dash Academy, and develop a retail payment system in the UK.
"Dash is an ingenious cryptocurrency that has the potential to change societies in many ways, and HashChain believes it will be particularly influential in Brazil, Venezuela and the African continent where certain fiat currencies are inhibiting wealth and growth," said Patrick Gray, CEO and Founder of HashChain. "The initiatives provide more presence in these areas and will establish Dash as a currency they are comfortable adopting."
The first approved proposal will budget 16 DASH, an approximate $8,500 CDN value based on Dash's $531.24 CDN price on March 15, 2018, over a six-month period to bring a Dash YouTube Channel and social media management efforts to Brazil. The content, which will be promoted on Facebook, Instagram Twitter, SoundCloud, Twitch and others, will include:
A Dash daily analysis segment, "Dash Weekly News" on Sundays
Tutorial videos about the currency, and cryptocurrency podcasts featuring industry heavyweights
The second approved proposal allocated a total of 108 DASH, an approximate $57,374 CDN value based on Dash's $531.24 CDN price on March 15, 2018, in a little over a month to invest in two major initiatives in Venezuela. The first event, "Help! There is a cryptocurrency in my soup!", took place on March 8th, 2018, with an audience of 250 stakeholders of important Venezuelan companies. The discussion focused on how to receive and buy goods with DASH. The second event is the 6th Dash conference in the country's capital, Caracas, and will take place on March 31st, 2018.
The third and final approved proposal is for Dash Africa, an already established project, and the largest and foremost outlet for Dash-related media in Africa. It has also served as the platform to launch and develop successful projects in several African countries. This three-month proposal is partly retrospective in action, paying for work already completed, and to serve as a template for future proposals.
Dash Africa is an active platform from which Dash is penetrating the African continent's high-potential market for cryptocurrency, as many African countries suffer from fiat currency shortages. The principal component of the platform is the Dash Africa website, a sophisticated and effective means of educating, informing, and communicating with a growing Dash community on the continent. The proposal will help the development and maintenance of the site, and other projects:
Dash Waterfront Office - Located in the popular tourist destination, Cape Town harbor of Hout Bay, the office will provide Dash information, promotional material, free Wi-Fi, and more
Road Trip and Vehicle Branding - Visiting universities and events across South Africa in a Dash-branded vehicle
Continuous funding of Dash Leopards Soccer – Dash Africa will continue to fund the local soccer team
Ambassadors Program - Ambassadors will continue to be provided with training, funding, and materials to perform their own meetups
Journalism – Will pay a stipend to journalists who provide content for the website
Promotion of Dash in Traditional Communities - To penetrate the traditional communities saving industry, worth over $2 billion dollars
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 private transactions ("PrivateSend). They also enable the Dash network to process transactions instantly ("InstantSend") eliminating bottlenecks in the blockchain and providing double-spend-proof capabilities. The Dash network currently rewards masternodes for their services to the network at a rate of 6.6 DASH per month.
The Company further announced today that it has granted an aggregate of 5,260,000 stock options to certain directors, officers, consultants and employees. The options are exercisable at a price of $0.50 per share for a five-year term and vest immediately. The grant of such stock options is subject to TSVX approval.
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, 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, and an office in Vancouver, British Columbia.
On Behalf of the Board, Patrick Gray CEO & Director
For Further information please contact: HashChain Technology Inc. Larry Heinzlmeir Vice President, Marketing & Communications [email protected] 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.
Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release, including statements regarding the acquisition by the Company of the NODE40 Business and GCPA (the "Transactions"), including the anticipated benefits to the Company of the Transactions, the performance of 3,000 Rigs ordered by the Company, the expected timing of delivery and installation of 770 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, including that all conditions to the closing of the Transactions will be satisfied, including receipt of all required approvals, and the Transactions will complete on the terms set out in the APA and the SPA, the acquisition of the NODE40 Business will have the benefits to the Company anticipated by management, the 3,000 Rigs will be successfully ordered and delivered, the 3,000 Rigs will perform as expected by management and the timing, installation and performance of the 770 Rigs will be consistent with management's expectations. 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 conditions to the closing of the Transactions will not be satisfied, including the risk that required approvals are not obtained, and that the Transactions will not complete on the terms set out in the APA and the SPA or at all, the risk that the Transactions, if closed, will not result in the anticipated benefits to the Company; the risk that the 3,000 Rigs will not be successfully ordered from the manufacturer or, if so ordered, that the Rigs will not be delivered to the Company when expected by management or at all, the risk that the 3,000 Rigs will not perform as expected by management and the risk that the 770 Rigs will not be delivered to the Company or that the timing of the delivery and installation or the performance of the 770 Rigs will not be 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.