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HashChain Technology Inc. (“HashChain” or the “Company”) (TSXV: KASH; OTCQB: HSSHF) today launched a second Dash Masternode with 1,000 Dash cryptocurrency collateral equivalent to $584,797 CDN on May 10, 2018 (source: coinmarketcap.com). DASH is a form of “Digital Cash” providing a realistic, reliable, digital cash solution for the global economy.
HashChain Technology Inc. (TSXV:KASH, OTCQB:HSSHF) i today launched a second Dash Masternode with 1,000 Dash cryptocurrency collateral equivalent to $584,797 CDN on May 10, 2018 (source: coinmarketcap.com). DASH is a form of “Digital Cash” providing a realistic, reliable, digital cash solution for the global economy.
Dash Masternodes are full blockchain nodes that provide a faster and more secure transaction verification on the Dash network with “InstantSend” and “PrivateSend”, as well as voting rights on budget allocation for the cryptocurrency. Running a Masternode requires 1,000 Dash as collateral, and the ability to operate 24 hours a day without exceeding a one-hour connection loss. The Dash network currently provides 45% of the monthly block reward for each Masternode, or 6.67 DASH per month. With the addition of the second Masternode, HashChain will receive approximately 160 DASH per year, equating to $88,572 CDN according to the current DASH-to-CDN conversion rate of $553.30 on May 10, 2018 (source: coinmarketcap.com).
“Using the Dash from our cryptocurrency mining operations as collateral for an additional Masternode is an obvious step to grow revenue for the Company by leveraging existing assets,” says Patrick Gray, CEO of HashChain. “Not only are we able to reap additional block rewards from being a Masternode, we also gain voting rights on how Dash finances its own growth. We continue to be an avid supporter of the currency and its potential for the global economy.”
The Company’s first Masternode was purchased in October 2017. Additionally, as part of the acquisition of the NODE40 business on February 15, 2018, HashChain also receives a portion of the block rewards from their 11 Masternodes for duration of 36 months following the closing. During this time, the Company will receive approximately 880 coins per year for three years, equating to a total revenue of $486,904 CDN per year at the aforementioned current DASH-to-CDN conversion rate.
The Company will not be receiving CDN (or any other fiat currency) as a result of the Company’s plans not to convert the Dash from the Masternodes into fiat currency and until the Company’s plans change at which time there can be no assurances that the price of Dash will not significantly decrease due to its price volatility or that the Dash could be converted into CDN (or any other fiat currency) at that time.
About HashChain Technology Inc.
HashChain is a blockchain company, and the first publicly traded (TSXV: KASH; OTCQB: HSSHF) Canadian cryptocurrency mining company to file a final prospectus supporting highly scalable and flexible mining operations across all major cryptocurrencies. HashChain taps low-cost North American power, cool climate and high-speed Internet: the trifecta most critical to mining success, to create a competitive position for maximizing the number of mining ‘wins.’ Diversifying its business strategy beyond crypto mining, the Company acquired NODE40, a blockchain technology company that developed NODE40 Balance, a new SaaS product making cryptocurrency accounting and tax reporting simpler and more accurate. The solution allows cryptocurrency users and traders to accurately report their capital gains and losses. NODE40 is also one of the leading masternode server-hosting providers for the Dash network.
HashChain Mining is a wholly owned subsidiary of HashChain Technology Inc. based out of Albany, New York, and an office in Vancouver, British Columbia.
On Behalf of the Board,
Patrick Gray
CEO & Director
For Further information please contact:
HashChain Technology Inc.
Larry Heinzlmeir
Vice President, Marketing & Communications
Larry@HashChain.ca
604-537-8676
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: www.thenewswire.com
