On Thursday, June 20, 2019, Elixxir announced that it had selected 600 parties to operate nodes on the BetaNet of its blockchain network. FORK was selected in the Blue Group; the highest-ranking subset of node operators, consisting of just 150 nodes. Elixxir was founded by David Chaum, who is regarded as the founder of digital currency, having developed "eCash" in the 1980s. Elixxir will act as a payments and communication protocol which uses a novel blockchain model to ensure completely decentralized operations in the interest of users' privacy and confidentiality. The BetaNet will begin operation in fall of 2019.
Vancouver, British Columbia--(Newsfile Corp. - June 24, 2019) - METAVERSE CAPITAL CORP. (CSE: FORK) (OTC Pink: GBCHF) ("FORK" or the "Company") is pleased to announce that it has been selected as part of the "Blue Group" of BetaNet node operators on Elixxir; the highest of three node classes consisting of 150 node operators out of 600 operators in total. Elixxir was founded by David Chaum, who is the creator of eCash; the world's first "cryptographic electronic money" which initially entered the public eye in 1983 in a paper titled "Blind Signatures for Untraceable Payments1". Chaum's objective with Elixxir is to build on this vision with a scalable blockchain network model for payments and communications which ensures confidentiality through an elaborate approach to decentralization. In a press release dated April 10, 2019, FORK first announced its plan to be one of the first service node operators on the Elixxir network when it launches; an objective which has officially been met as of Thursday.
Elixxir facilitates high-speed payments and communications using an architecture which is "consumer-scale", with the capability of facilitating hundreds of thousands of transactions per second, and the ability to confirm payments and messages within a matter of seconds. The backbone of Elixxir's mission is to pivot blockchain technology from being used for store-of-value to being used for monetary transactions and secure messaging. The Elixxir technology was first revealed at CoinDesk Consensus in Singapore on September 19, 2018. More information about Elixxir, including its whitepaper and explainer video, can be found at http://elixxir.io.
In a blog post published on Thursday, June 20, 2019 by Elixxir2, it was announced that Elixxir had selected 600 applicants to partake in the Elixxir BetaNet, which is set to launch in fall of 2019. Node operators were required to meet a stringent set of specifications which were published by Elixxir in January of 20193. Elixxir cites three primary challenges that it seeks to address in its development, the second of which is the main focus of the BetaNet:
Launch and maintain a public-facing cMix platform4
Configure a scalable and dynamic network
Achieve a sustainable, decentralized consensus structure
The selected node operator applicants were divided into three subsets; Blue Group (150 nodes), White Group (160 nodes), and Teal Group (290 nodes). Blue Group nodes will work in the initial phases of the BetaNet, and will have the earliest timeline for participation. It was said in Thursday's blog posting that White Group node operators "should expect to be brought online as BetaNet development continues, and will also constitute a 'ready reserve' to draw from if Blue Group members are unable to continue in the program", and that Teal Group node operators "will work on the BetaNet as development continues, with a focus on adversarial testing, including 'red team' assignments".
FORK President and CEO Shidan Gouran commented, "For some time now, one of our core disciplines at FORK has been providing consensus services for leading blockchain networks through such methods as operating nodes and witnesses. We are very pleased to be adding a leading role in Elixxir's network to our portfolio of network stakes, as Elixxir is positioned to make important developments in the mainstream usage of blockchain technology. We are honoured to have been chosen to be at the forefront of Elixxir's BetaNet in its exclusive Blue Group, and we are excited to partake in this pivotal moment in the evolution of distributed ledger technology."
FORK Director Steven Nerayoff added, "Since the sophistication of government surveillance programs was revealed by Edward Snowden in 2013, a method of achieving true confidentiality has been desired by nearly everyone worldwide. The notion of non-trackable payments was first proposed by David Chaum back in 1983. Elixxir was developed at the intersection of the demand for such capabilities and the recent developments in blockchain technology. Elixxir can give the general public the privacy they deserve, without the scalability limitations that other blockchains have faced. Together with CasperLabs and Aglorand, Elixxir is at the forefront of the third generation of blockchain technologies which will provide global scalability of the Internet and inherent utility for applications which would not have been possible before."
With blockchain technology rapidly re-shaping the models of many companies, industries, and their business processes, Metaverse Capital Corp. ("FORK") places a focus on the common needs of early-stage blockchain adopters. Originally founded with a focus on crypto-mining, FORK has recently diversified its offerings by placing an emphasis on professional services such as developing and administering launches of tokens and digital assets. Adapting to changes in blockchain technology, FORK is also now utilizing its computing power to provide consensus services, such as the operation of masternodes, servicenodes, and witnesses which are alternative methods to cryptocurrency mining for generating and acquiring digital assets. Investors, through their investment in the Company, are provided with exposure to these tokens, cryptocurrencies and digital assets without the lengthy, and complicated process that interested investors must ordinarily undergo in order to gain exposure to these cryptocurrencies and digital assets.
The Company is listed on the Canadian Securities Exchange ("CSE") and its common shares trade under the ticker symbol "FORK". Additional information relating to the Company is available on SEDAR at www.sedar.com, the CSE at www.theCSE.com as well as on the Company's website at: www.metaverse.capital
Cautionary Note Regarding Forward-Looking Information
Forward-Looking Information: This news release includes certain statements that may be deemed "forward-looking statements". The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "would", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
