Water Street Profile Services Inc. unveils new Decentralized Coworking model enabling Peer-to-Peer Coworking on the Ethereum blockchain, putting Coworking in the hands of its Members.
VANCOUVER, Feb. 21, 2018 /CNW/ - Water Street Profile Services Inc. dba The Profile Coworking Business Club (established 2009) announces development of a Decentralized Coworking model "Profile.club", built on the Ethereum blockchain. This new coworking model will help to eliminate intermediaries and put office real estate ownership within reach of the common business office renter. Profile.club, will be in part implemented as Ethereum smart contracts, powering utility tokens that serve as network fuel and currency for services, workspace, and amenities within its membership.
Private funding, currently underway, will allow the company to complete development of Profile.club and launch services to its current membership. In addition, the company is also exploring the viability of a Securities Token Offering (STO), to expand its network and purchase the company's first commercial office building, which would be inserted into the Profile.club decentralized network. In concept, the proposed securities tokens will be associated with The Profile's corporate equity pool which will hold the property deed. As an example, members will pay rent, attend events, purchase meeting rooms, and earn tokens from fulfilling roles in the network, all contributing to the ecosystem of the Profile.club. They will then have the option to convert or trade utility tokens for securities tokens, essentially owning a share in the commercial property and the company.
"This is a profound offering for the common office renter, who are virtually excluded from this opportunity," says Kevin Penstock, CEO. "The global value of commercial real estate is over $56 trillion and is held by very few. We see that as a problem. This new model will unlock value, distributing control and ownership of commercial real estate through a peer-to-peer decentralized platform not viable prior to the advent of Blockchain and the Profile.club".
In addition, the company formally announced an advisory board with the Erik Lagerway as Strategic Advisor. Erik is a serial entrepreneur with 20 years of subject matter expertise in building real-time communications and peer-to-peer software products and companies. He serves as an advisor to Blockchain technology startups, helping with business models, fundraising (pre ICO) and GTM strategies. Erik is also founder and served as Chair of the W3C ORTC Community Group & Co-Chair on the W3C WebRTC.
About The Profile
Established 2009 in Vancouver Canada, The Profile Coworking Business Club is The Future of Work and Innovation Workspace. We are revolutionizing how and where people work and fostering a social impact. Profitable with 1500 members and growing. Hosted 100's of events with notable members such as Uber, Shopify, Techstars, Intuit, Rally team and 100's more. Expansion underway to open 250,000 square feet by 2020, includes a west coast brand and unique location strategy! The Profile is now the creator of the Profile.club decentralized platform and set of protocols, enabling affordable commercial real estate ownership for every willing participant. As a primary node in the new Profile.club network, The Profile will continue to rely on its foundation of elevating members experiences in ultimate workspaces, meeting, and networking lounges. Where the creative minds in business, art, tech and innovation come to meet. We create, we work, we entertain, and we share.
SOURCE The Profile Coworking Club
For further information: Contact Information and Investor Relations: Kevin Penstock, Founder/CEO, Tel: (604-637-9726), [email protected], Website: http://www.theprofile.ca