FastForward Inn Ltd - Investee Company Update: Factom inc.
Investee Company Update:
Factom Inc. launch Minable Network of Stablecoins with US$200,000 of Pegged Asset Tokens issued pre-launch
NOTE: A Technical Glossary of terms used in this announcement is set out at the bottom of this announcement.
· Factom launches minable network of stablecoins
· PegNet designed to shorten the settlement process and reduce high transaction fees associated with third parties
· Asset backing for coins using 'fiat' currencies (USD, Euro's etc), precious metals or cryptocurrencies
· FastForward continues to support its investee company portfolio as it looks to provide exposure to disruptive technology and life sciences businesses
· PegNet expected to increase utility of the Factom blockchain, adding mining to the Factom ecosystem; increased trading volume and price of Factoids since PegNet launch*;
* Source: coinmarketcap.com
PegNet represents a new, asset backed cryptocurrency and payment solution. It enables cryptocurrency users to hold value and make payments in the form of any PegNet asset they would like, due to the value management features of Pegged Asset Tokens (i.e. users are able to choose their exposure to PegNet assets quickly and easily without involving brokers and/or other exchanges). PegNet tokens are digital copies of the fiat currency, cryptocurrency or precious metal they mirror.
At launch there are 29 stablecoins including Gold, Silver, USD, Euros, Ether, Factoids, and Bitcoin that can be held and stored as PegNet assets in a user's wallet. Users can choose their exposure to any of the pegged assets by simply converting between assets at current market prices, while never leaving their wallet. Conversions and transactions only cost 1/10th of a cent (US$), making the PegNet perfect for payments and even micro-transactions in any of the asset tokens within the PegNet.
PegNet is an open, decentralised protocol running on top of Ethereum + Factom, creating a network of stablecoins which are secured by Central Processing Unit (CPU) proof of work mining. The PegNet platform has issued more than
Miners, using computers, are rewarded 5,000 PEG tokens per block, every 10 minutes, to provide market data to PegNet and as part of the launch, the first conversion created c.
Because PegNet is a layer-two solution built on top of the Factom protocol, it will have cross-chain interoperability (mechanisms allow blockchains to verify information and transactions across multiple chains, enabling data and assets to move between them directly without the need for trusted third parties or centralised solutions). Furthermore, the PegNet will have gateways between Ethereum and similar platforms, allowing other blockchains to offload some transactions to PegNet to scale. Because PegNet is built on the Factom Protocol, all data is secured by Bitcoin and Ethereum as Factom anchors into both.
The official launch event for PegNet was on
Fastforward is a closed end investment fund, regulated by the
a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets
an open source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality
Factoids (FCT) are the native cryptocurrency token for the Factom blockchain platform. Factoids remain on Factom's blockchain and are traded like any other cryptocurrency in the market. Factoids enable users of the Factom blockchain to add and transfer data on the Factom platform. Factoid tokens are used to secure data by linking them to Bitcoin's blockchain
legal tender whose value is backed by the government that issued it
cryptocurrencies designed to minimize the volatility of the price of the stablecoin, relative to some "stable" asset or basket of assets. A stablecoin can be pegged to a cryptocurrency, fiat money, or to exchange-traded commodities (such as precious metals or industrial metals)
The AIM Market of
Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice.
For further information on the Company please visit www.fstfwd.co or contact:
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Tel: +44 (0) 207 628 3396
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Tel: +44 (0) 203 411 1881
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Tel: +44 (0)207 236 1177
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014
This information is provided by RNS, the news service of the
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Market Cap: £19.28 m
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