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VANCOUVER, British Columbia, Oct. 29, 2020 (GLOBE NEWSWIRE) -- DMG Blockchain Solutions Inc. (TSX-V: DMGI) (DMGGF:OTC US) (FRANKFURT:6AX) (“DMG” or the “Company”), a diversified blockchain and technology company, is pleased to announce the launch of a new North America-based Bitcoin mining pool from its USA subsidiary company Blockseer.
Blockseer’s new Bitcoin mining pool will be North America’s first bitcoin mining pool that will not only meet, but exceed the US Government’s Office of Foreign Assets Control (OFAC) compliance for BTC addresses, as well as providing the utmost level of transparency, auditability and corporate governance.
Blockseer’s pool may further decentralize the bitcoin blockchain, readjusting the balance of hash rate to North America, where more Bitcoin nodes operate.
Blockseer’s pool integrates DMG’s existing proprietary crypto forensics data, including Walletscore, to ensure that transaction blocks are OFAC compliant, as well as other risk factors that Walletscore tracks and manages
Blockseer’s pool is integrated into DMG’s core technology platform, bringing all of DMG’s mine manager features into the pool, and providing an integrated User Experience for our customers.
Crypto-mining pools are the software protocols by which all miners connect to the various blockchains. Bitcoin mining pools generate revenue by charging fees to miners, usually between 1% to 3% of the total bitcoin mined. Miners contribute their hash rate to the pools and receive bitcoin rewards proportional to the total hash rate they contribute.
Over the past two years, DMG has worked with various accounting and legal firms as technical experts to investigate and test data from various mining pools, as there is currently no requirement for private pools to meet any data or reporting standards. Blockseer’s pool is focused on meeting such standards so that users can be assured that proper governance is in place for reliable data reported in a transparent way with third party independent verification.
All users of Blockseer’s pool are required to pass KYC (Know Your Customer) protocols, and blocks posted to the Bitcoin blockchain by Blockseer’s pool will only contain filtered transactions using Blockseer and Walletscore’s labeling data, along with verified sources such as the United States OFAC blacklist for crypto. Blockseer’s data analytics platform has been used by various law enforcement agencies over the past six years, providing Blockseer’s new pool with credible data relating to fraud, theft, money laundering and various other nefarious dealings which will be filtered out of any block that this pool will post to the Bitcoin blockchain.. Blockseer has a US patent pending novel approach to transaction filtering which examines transactions to and from bitcoin wallets which will exclude high risk wallets from being included in Blockseer’s posted blocks.
DMG’s CTO Adrian Glover commented “I am very proud of the work of our development team over the past year, to build and launch Blockseer’s pool platform. We built the pool on the technology platform that drives our mine management platform, thus creating a unified user experience for our customers, and enabling us to quickly add features to both products. In the near-term future, we will be providing audit ready reports and irrefutable proof of our customers’ mining revenue, directly from our user interface. For DMG, the launch of the pool is only the beginning, our team will continue to work hard on adding all of the revenue, cost tracking and projection information that miners look for. Following the same philosophy which we used in building our mine management platform, we built the pool we wished our vendors had provided for us.”
DMG’s COO Sheldon Bennett added, “I have personally led the forensic practice at DMG and have worked on multiple audits of publicly listed mining companies. We recognized early on the need for a mining pool that provided data that meets the needs of financial audits. However, it is not just public companies who need better transparency in pools, but any company or individual that sees the value in higher corporate governance through independent assurance of mining pool operations, fees and data. Blockseer’s pool brings a new compliance-focused standard to the industry, not only in the data the pool provides to its users, but also in the Bitcoin blocks it mines on the network. The pool is focused on being devoid of transaction from known nefarious wallets which use this medium in ways that continue to sully the reputation of crypto currencies, specifically Bitcoin, in the mainstream as well as to impede widespread adoption. Blockseer’s pool will be the first of its kind focused on governance, transparency and building Bitcoin blocks on the network, which are not primarily focused on transaction fees first but on sound transaction data and history.”
Blockseer’s pool platform is currently in private beta, with a public beta coming shortly. For those who are interested in signing up for the public beta, please go to https://dmgblockchain.com/contact to initiate the KYC process.
About DMG Blockchain Solutions Inc.
DMG is a diversified cryptocurrency and blockchain platform company which is focused on the two primary opportunities in the sector – mining public blockchains and applying permissioned blockchain technology. DMG focuses on mining bitcoin, providing hosting services for industrial mining clients, earning revenues from block rewards and transaction fees, developing data analytics and forensic software products, working with auditors, law firms, and law enforcement to provide technical expertise. DMG’s permissioned blockchain technology is focused on developing enterprise software for the supply chain management of controlled products. DMG’s strategy is to become the domain experts across the business verticals it focuses on. DMG’s management team includes seasoned crypto experts, forensic & financial professionals and blockchain developers with deep relationships throughout the industry, with previous experience working at Bitfury, PwC, EY, Cisco and UBS.
For more information on DMG Blockchain Solutions visit: www.dmgblockchain.com
On behalf of the Board of Directors,
Daniel Reitzik, CEO & Director
For further information, please contact:
DMG Blockchain Solutions Inc.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information based on current expectations. Statements about the Company’s plans to launch and commercialize the Blockseer Pool, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information. DMG’s American subsidiary Blockseer intends to get companies to join its Pool and the results of its efforts will not be know immediately. Statements about the Blockseer’s plans to increase pool users, pool hashrate, pool revenue, plans and intentions, other potential transactions, acquisition of customers, product development, events, courses of action, and the potential of Bloclseer’s technology and operations, among others, are all forward-looking information. (and that is a specific forward looking statement to add).Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoins; security threats, including a loss/theft of DMG’s bitcoins; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements.
The securities of DMG are considered highly speculative due to the nature of DMG’s business.
Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, secure equipment, and hire personnel, competition, security threats including stolen bitcoins from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain technology generally, failure to develop new and innovative products, litigation, increase in operating costs, increase in equipment and labor costs, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by third parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.