Leveraging ​WRIT Media's Pelecoin for Entering the Cryptocurrency Arena

Spotlight Companies |


When we look back at 2017, the rise of cryptocurrency will certainly be an important story to understand this point in history. Bitcoin has wrecked other asset classes this year, rocketing upward by almost 750% since January, creating thousands of “Bitcoin millionaires” in the process. What followed was a plethora of new Initial Coin Offerings (ICOs), driving billions in funding to hundreds of fresh crypto projects. While Bitcoin still retains a majority of the value, it hasn't stopped about $5 billion in daily trading volume to occur across 1,100 currencies and tokens.

Now that the cat is out of the bag, investors looking to find an entry point into cryptocurrencies like Bitcoin, Ethereum and Dash may be easily paralyzed by the abundance of options and seemingly overwhelming complexities just to get started. That’s why WRIT Media Group Inc. (WRIT) developed its one-of-a-kind Pelecoin platform, which is designed to simplify cryptocurrency investing for the layman. Pelecoin enables users to mine a basket of 12 of the most popular cryptocurrencies on the market, each selected based on a predetermined set of criteria. The platform also has an algorithm that factors in market activity, value and price activity to optimize profit generation.

“Our strategy with Pelecoin is to build a platform that allows users to leverage our proprietary algorithm,” Eric Mitchell, CEO of WRIT Media Group, told Equities.com in August. “This algorithm allows for the mining of a bucket of cryptocurrencies simultaneously. It also automatically rebalances the weighting so that if one currency starts to drop or experiences a dramatic increase in volatility, the system shifts mining to the more stable currencies. The goal is to hedge the risks over several currencies thereby increasing the overall productivity of the mining rig. The software can be downloaded for free, but we take a share of the revenue that is built into the algorithm."

A Mobile App for Beginners and Experienced Cryptocurrency Traders

Notably, Mitchell and his team have also recently completed their Pelecoin World mobile app for iOS and Android platform that doubles as an education tool in cryptocurrency as well as a real-time exchange resource. Developed on the Skylab Apps platform, the app comes with key features that allow users to not only engage with the published content, but also interact with each other in a manner that enhances brand recognition. Essentially, the app is a lifeline into all things cryptocurrency allowing a user to monitor prices, keep track of ICOs and browse industry news.

"Pelecoin World provides this platform for users to engage with their community through direct messaging, chat, training, and recognition, all in a setting that isn't bombarded with traditional social media noise," CEO Mitchell added about the app on its launch.

Furthermore, available for download in November, WRIT's app will be a benefit for beginners in the cryptocurrency world and also a knowledge bank for experienced traders looking to stay abreast on industry trends.

Best of all, after completing the app, Mitchell and company celebrated with shareholders by announcing a special stock dividend. The distribution occurred by way of a pro rata dividend, or that each shareholder received an equal portion for each share, of Skylab USA's (Owner of Skylab Apps) common stock for every share of WRIT Media Group's common stock that the shareholder holds.



Bigger Things in the Works

Since arriving on the scene, Writ Media has been quickly adding to the Pelecoin platform starting with well known names like Ethereum (ETH), Ethereum Classic (ETC), Monero (XMR) and ZCash (ZEC), but the company has quickly expanded the mining bucket to eleven cyruptocurrencies that now includes Bitcoin (BTC), Dash (DASH), NeoCoin (NEO), Waves (WAVES), OmiseGo (OMG), Civic (CVC) and Qtum (QTUM). This aggressive growth and platform expansion clearly resonated with customers and, most importantly, paid dividends to WRIT's bottom line. For the second quarter of its fiscal year ended September 30, 2017, Mitchell and his team reported $92,263 directly from the Pelecoin platform. The company's revenues are proof of Pelecoin's value as a stabilizing force in the nubile cryptocurrency market, but also a testament to the ingenious algorithm Mitchell and his team have written.

"The algorithm is programmed so that people are going to make more money using our platform than other platforms even accounting for the aforementioned share of revenue. The algorithm adapts based on market conditions and hash rates.”," Mitchell said when explaining the benefits to the Pelecoin platform in the same interview with Equities. "By using our system, you're able to hedge across multiple currencies and smooth out your returns across all those currencies and provide miners with a premium mining solution."

"There is also the ease of switching what you’re mining," he adds. "If you're mining Ethereum and you want to mine Monero or something else, you have to basically uninstall the software, reinstall the new software and set up a new bed of machines to specifically mine that new currency. That process can take anywhere from a few hours to a few days, depending on who is doing it and their expertise. This ability to mine all these different currencies simultaneously allows you to profit from those that are rising the quickest and reduce your exposure to those that are taking huge losses."

While these milestones are important for the company - not to mention bringing profits to shareholders - they serve as evidence of a company with great potential and long-term vision. Pelecoin has already established itself as an easy-to-use stabilizing cryptocurrency asset combined with a doorway into digital mining, but Mitchell along with the Writ Media team have bigger goals.

In August, the company released its longer-term roadmap and what types of innovations investors could expect from the company going forward. Besides the aforementioned mobile app and improvements to the Pelecoin system, here are a few of the highlights:

Trading platform: Allowing users to spread their portfolio across real and crypto currencies via trading, means users will be spreading their risk. Cryptocurrency trading allows for larger blocks of transactions and lower transaction fees, enabling thousands of additional Pelecoin transactions - making the digital currency ideal for consumer applications.

Smart Contracts: Many lessons have been learned from Ethereum's rise to prominence through use of smart contracts. Pelecoin's smart contracts - essential for any credible blockchain platform - will be developed to run for the price of a normal transaction and will allow for system token offerings.

Security and Anonymity: Multi-signature transactions will be developed and implemented, as will anonymous transactions. These are, again, critical for real-world business applications.

Additionally, Writ Media is also creating a wallet that will function with the same user-friendly experience that has made Pelecoin so popular. Obviously, the wallet will be designed for everyday transactions scaffolded by customer service, which is honestly a problem with current versions. Mitchell and his team are looking to change this.

"A lot of the problems with some of these exiting wallets and trading platforms, are they went from 50,000 users in one month to 2 million in the next month, and there’s absolutely no customer service on the other side of that, at least the type that consumers are used to if they have a bank or brokerage account," Mitchell said in the same interview with Equities. "We’re trying to do something that is a little more automated and easier for users to move money around, including trading platforms."

Truly, this is a company with its fingers on the pulse of the digital age guided by the desire to simplify technology for everyone.


In the interest of full disclosure, we call the reader's attention to the fact that Equities.com, Inc. is compensated by the companies profiled in the Spotlight Companies section. The purpose of these profiles is to provide awareness of these companies to investors in the micro, small-cap and growth equity community and should not in any way be considered as a recommendation to buy, sell or hold these securities. Equities.com is not a registered broker dealer, investment advisor, financial analyst, investment banker or other investment professional. We are a publisher of original and third party news and information. All profiles are based on information that is available to the public. The information contained herein should not be considered to be complete and is not guaranteed by Equities.com to be free from misstatement or errors. The views expressed are our own and not intended to be the basis for any investment decision. Readers are reminded to do their own due diligence when researching any companies mentioned on this website. Always bear in mind that investing in early-stage companies is risky and you are encouraged to only invest an amount that you can afford to lose completely without any change in your lifestyle. Equities has been compensated with cash, common shares and/or warrants for market awareness services provided.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
WRIT WRIT Media Group Inc 0.11 0.01 11.36 72,875

Comments

Emerging Growth

Viking Energy Group Inc

Viking Investments Group Inc provides professional advisory and consulting services to companies undergoing or anticipating periods of rapid growth, change or ownership transition.

Private Markets

iPRO Network, LLC

We provide the platform, tools, and resources to empower individuals and professionals to market desirable goods and services to the public, taking the place of traditional methods of commerce.

Voleo

Voleo is a free download that allows you to form investment clubs with your friends, family, colleagues, classmates, teammates…basically anyone you know and trust. Invest and manage a stock portfolio…