Graph Blockchain Inc. is pleased to announce that through its wholly owned cryptocurrency subsidiary, Babbage Mining Corp., the Company has made its initial deployment of capital into the cryptocurrency Polkadot for the purpose of staking.
Graph Blockchain Inc. (CSE: GBLC) (OTC Pink: REGRF) (“Graph” or the “Company”) is pleased to announce that through its wholly owned cryptocurrency subsidiary, Babbage Mining Corp. (“Babbage”), the Company has made its initial deployment of capital into the cryptocurrency Polkadot (“DOT Token”) for the purpose of staking.
The Company allocated 20% of its total staking capital into the DOT Token on March 22nd, 2021. As the project develops, additional information will be provided on this allocation into the DOT Token and for other projects as per the Company’s staking strategy identified in a previous news release.
Paul Haber, CEO of Graph Blockchain Inc. commented, “We are extremely excited to be deploying funds into our initial token purchase and management and the board have taken great care in developing a process as we move forward to tokenize the Company’s cash position and grow the crypto business. The Company is greatly confident with the team and look forward to building on this first purchase of a cryptocurrency with the Polkadot token.”
When Graph Blockchain began developing blockchain solutions in November 2018, the decision to create private blockchain solutions was largely based on limitations in the functionality of the public blockchain technology. The go to public smart contract platform, Ethereum, could not handle the demand and when the network was busy it resulted in excessively high transaction fees, which made it impractical for Graph’s solutions. Although Ethereum remains the smart contract platform that the majority of cryptocurrencies depend on, scaling issues continue to influence the crypto marketplace.
In 2021, there are multiple smart contract platforms that are implementing solutions that will likely see a solution to these issues and the potential for mass adoption of decentralized blockchain solutions.
The DOT Token is arguably the project with the most community support and highest level of expectation to be the solution. Created by Dr. Gavin Wood, the ex-CTO, and a cofounder of Ethereum, the DOT Token enables blockchain networks to work together by stacking other protocols on its base layer. It provides a secure solution that is self-governing, easily upgradable and scales well. Giving other protocols a ground work to build specialized solutions with a variety of functions, perhaps most importantly interoperability between blockchains, including Bitcoin and Ethereum. Through this bridge to Ethereum, it is widely believed the DOT Token is likely to have a serious impact on Ethereum’s market share. Giving Ethereum based applications easy access to a decentralized, community supported solution that solves these well-known issues.
Unparalleled community support in the DOT Token has naturally resulted in impressive price appreciation for the token. The DOT Token initial issuance was in Q3 2019 at a price of $0.29 per DOT Token. Currently the DOT Token is valued at $37.43 and has a market cap of just over $32B. Although the 126x gain from launch is impressive, the DOT Token is a likely winner in the race to scale smart contract platforms, though the leader of which is Ethereum, has a current market cap of $206B. That is an increase of well over 5x at the current level without including the expected increase in Ethereum’s market cap or most importantly the potential added value that mass adoption will have on the first scalable smart contract solution.
About Graph Blockchain Inc.
The Company is a blockchain development company that provides high performance blockchain solutions that include graphic data analysis and consulting services, implementation of data mining analysis through the use of graph databases and speed enhancements of blockchain control systems for businesses and government. This includes the Babbage Mining Corp. which will focus on altcoins, alternative cryptocurrencies to Bitcoin. Graph will be the first publicly tradable altcoin Proof of Stake (“POS”) miner, which will generate revenue while providing exposure to several top digital assets by market capitalization.
By mining altcoins through Proof of Stake, Babbage can provide to its investor’s exposure to the vast emerging market of cryptocurrencies with the significant technological disruption and potential gains that altcoins represent.
For further information, please contact:
This news release contains “forward-looking statements” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. In some cases, forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions, and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking statements. Such statements may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events, or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.