eXeBlock Technology Corporation (CSE: XBLK) is pleased to announce that it has entered into an agreement with the Peerplays Blockchain Standards Association to develop four decentralized applications (‘DApps’) over the course of the next twenty-four months. The DApps will be compatible with the Peerplays blockchain platform. eXeBlock will use its team’s expertise in developing the DApps and will have full discretion in determining which DApps to develop. The Peerplays platform arguably incorporates the fastest, most advanced consensus mechanism in decentralized blockchain technology available today. Each DApp will be released in Beta form on TestNet in advance of any production release, in order to gather feedback from the blockchain user community. The Testnet phase of development provides application developers with an inexpensive way to experiment or “test” DApps and provide functional and operational feedback on new DApps in order to have them gain approval by node operators for a protocol update to include the new DApp into the blockchain.
With the commitment to develop the DApps, eXeBlock will receive approximately 940,000 Peerplays (‘PPY’) tokens. PPY tokens are digital assets that will allow holders to vote on operational modifications within the network and share in revenue generated by DApps operating on the Peerplays blockchain platform. The eXeBlock Risk and Disclosure Committee has reviewed the terms of the transaction, issues surrounding the transaction along with the policies and procedures necessary to accept PPY tokens as consideration. The Company will acquire these tokens with an appropriate exemption under National Instrument 45-106 and has no intention of trading these tokens at this time.
“The development of DApps compatible with the Peerplays network will allow eXeBlock to quickly penetrate a high value untapped market in blockchain through an established network with the unique capacity to support a significant user base,” said Ian Klassen, Chief Executive Officer of eXeBlock. “This transaction accelerates our timeline to meaningful revenue generation.”
About eXeBlock Technology Corporation
eXeBlock is a designer of proprietary and third-party custom, state-of-the-art blockchain based software applications that provide secure and efficient solutions to businesses and markets globally. eXeBlock is one of the first Canadian public companies focused on the development of disruptive DApps using blockchain technology. eXeBlock will earn revenue from each transaction within the DApps which is expected to commence in the second quarter of 2018.
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