01 Communique Announces its Second Quarter Fiscal 2018 Results

01 Communique Laboratory (TSXV:ONE) announced results for its second quarter fiscal 2018 which ended April 30, 2018. The company’s loss for the quarter was $35,044 compared to a profit in 2017 of $17,608.

The adjusted loss for the second quarter which excludes non cash expenses for stock based compensation and depreciation was $29,601 compared to an adjusted profit in 2017 of $39,197.

As quoted in the press release:

“We received a decision from the United States Court of Appeals for the Federal Circuit (“Federal Circuit”) in respect of our appeal of our patent lawsuit against Citrix Online, LLC (“Citrix”) affirming the district court’s finding that Citrix does not infringe our patent (Patent Nos. 6,928,479),” said Andrew Cheung, President and CEO for 01 Communique. “We strongly disagree with the ruling.  However, after careful consideration, we decided that it is not in our favor to proceed any further on this matter. This brings this lawsuit to a conclusion and now we turn our attention to refocusing our company with the development of a Post-Quantum Blockchain. Additional information on our plan is outlined below.”

Today, we are announcing a plan to transition our focus and strategy to the development of a Post-Quantum Blockchain. In summary, our vision is to develop a Post-Quantum Blockchain, which can be implemented on classical computer systems as we know them today while at the same time powerful enough to safeguard against potential Quantum Computer attacks.

Blockchain is a decentralized, digitized, public ledger of all transactions, using what is known as Distributed Ledger Technology. In recent years Blockchain technology has garnered significant attention because it has successfully raised the bar for cyber security. This is due to the fact that corrupting or altering any piece of information on the Blockchain is virtually impossible as it would require vast amounts of computing power. The reason for this is that the blocks in the Blockchain are digitally signed with private keys and the signatures can only be validated using their corresponding public keys. Using the existing computer systems of today it is virtually impossible (would take longer than the life span of the average human) to get a private key from its corresponding public key.

However, there is a new breed of computer in development called Quantum Computers that threatens the security of Blockchain technology. A Quantum Computer can process information exponentially faster than “classical computers” rendering existing public key encryption unsecure. Since public key encryption is a corner stone of cyber security today, Quantum Computers have the ability to render virtually everything insecure including Blockchain. While not a household name as yet, Quantum Computers are not fiction. They are real. As a result, over the last year the Company has devoted a significant amount of time researching this new disruptive cyber security technology and based on this research we are proceeding with the development of a Post-Quantum Blockchain that we believe will be capable of protecting the network against Quantum Computer attacks.

Click here for the full press release.