eXeBlock Technology Corporation (CSE: XBLK) is pleased to provide an update on the status of the Company and inform shareholders and the investment community of ongoing developments.
At its core, the Company remains focused on continuing to build the critical mass required to develop decentralized applications (DApps) and to generate revenues based on pay per use transaction fees. DApps being developed or under consideration for development by eXeBlock have global reach and, in many cases the advantage of being first to market.
A key financial objective of eXeBlock is to earn revenues from transactional fees. eXeBlock is continuing to develop its own proprietary DApps and will develop DApps on blockchains for third parties. The Company expects to earn transaction fees from multiple DApps over time. To this end, eXeBlock has announced the development of its initial two proprietary DApps; 50/50 Labs, which will be released publicly on the Peerplays blockchain, and Freedom Ledger. The company is also in discussions with several third-party organizations interested in launching decentralized applications on a blockchain platform. eXeBlock’s 50/50 Labs has been successfully tested on TestNet and is currently being fitted for a user friendly graphical interface to ensure a superb user experience. The DApp will enable charitable organizations worldwide to create 50/50 Labs draws free of charge. With each ticket sold a portion of the transaction value will go back to the Peerplays network and in turn, back to holders of Peerplays tokens. The company currently holds 940,000 of the outstanding tokens in the decentralized blockchain platform PeerPlays.
Freedom Ledger falls into a similar transactional fee revenue model. Freedom Ledger is a blockchain technology that will facilitate transactions for users that do not hold a cryptocurrency account. The technology will enable consumers with traditional currency accounts to utilize various DApps. Freedom Ledger will significantly expand the consumer base for blockchain based DApps and will be marketed to DApps developers worldwide. Freedom Ledger does not act as a cryptocurrency custodian but rather will enable the automatic swap from one blockchain to another keeping all blockchain tokens and cryptocurrencies secure. eXeBlock anticipates releasing a White Paper on Freedom Ledger in the coming weeks.
The Company also wishes to confirm that it is pursuing an aggressive personnel plan targeted at building a critical mass of blockchain talent. The development team located in Debert, Nova Scotia continues to expand and the company has signed a contract with an international firm that has fifteen additional developers working on eXeBlock’s blockchain DApps. The Company’s administrative, sales and marketing teams are being expanded and will be located in Halifax, Nova Scotia. The Halifax office will be responsible for maintaining client relations as well as liaising with shareholders, the financial sector, community groups and governments.
In addition, eXeBlock has recently launched an updated website that provides greater detail on the Company’s activities and blockchain applications. Management believes that blockchain structures could serve to replace traditional ways of conducting business more efficiently and at lower costs over time.
Lastly, the Company is pleased to announce that subject to regulatory approval, it has granted incentive stock options to various directors, officers, employees and consultants to purchase up to 1,400,000 common shares exercisable on or before February 28, 2023 at a price of $0.45 per share.
About eXeBlock Technology Corporation
eXeBlock is a designer of custom, state-of-the-art blockchain based software applications that provide profitable, secure and efficient operating solutions to businesses and markets globally. eXeBlock is one of the first Canadian public companies focused on the development of disruptive decentralized applications using blockchain technology.
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