Global Blockchain Mining Corp (CSE:FORK) (OTCMKTS:GBCHF) said Wednesday that it had completed development of a proof-of-stake resource aggregation platform for the operation of masternodes, servicenodes and witnesses as part of providing consensus services on five blockchain networks.
This will enable the company to use pooled funds from customers, giving them access to an asset class that has a relatively high barrier to entry through any other means.
Providing consensus services profitably has a capital requirement that is prohibitive to most individuals, necessitating the commitment of large sums as collateral.
The Vancouver-based group said it will be able to “syndicate capital from a multitude of parties” to meet these capital requirements, and distribute the earnings proportionately to one's capital contributions.
"As most financially-savvy people and entrepreneurs know, your opportunities widen when you pool resources with others," said Global Blockchain CEO Shidan Gouran in a statement.
"Whether you're buying real estate, or you're running a pool of masternodes and servicenodes, you're going to get a better return on your money by teaming up with others to buy something Grade-A, as opposed to whatever you can afford on your own.
"Since consensus services require significant capital outlays, we believe our platform will benefit customers by giving them exposure to this profitable method of earning. As the platform will be able to support virtually any other new blockchain network that comes out as well, this has excellent long-term earning prospects for all types of customers," added Gouran.
At the outset, the platform will support consensus services on the blockchain networks of Dash, ZenCash, Loki, Steem, and Nuvocash. It has been developed to be able to easily provide support for consensus services on other blockchain networks, which can be onboarded based on market conditions at a given time.
Global Blockchain will oversee all aspects of the platform's operation, including selecting and maintaining hardware, allocating resources to a given category of consensus services, and performing market analytics to optimize returns.
FORK will retain 15% of all gross earnings derived from consensus services, and return the balance to customers who will have the option to allow their earnings to remain on the Platform, or cash out. The platform will be offered from February 15, 2019.
Private demonstrations of the platform were given this week to several attendees of the Consumer Electronics Show in Las Vegas, Nevada.
"With consensus services being the backbone of any blockchain network, there will always be a demand for them. In proof-of-stake models, which are becoming a lot more common, the average person cannot benefit from this demand, since it requires tens or hundreds of thousands of dollars to be committed as collateral,” said FORK Chairman Steven Nerayoff, while adding that FORK's platform would go a long way in “efficiently, fairly, and sustainably” helping the public access “the lucrative nature” of consensus services.
Contact Uttara Choudhury at [email protected]