Global Blockchain Mining Corp (CSE:FORK (OTCMKTS:GBCHF) has entered into an agreement with a partner to complete development of the company’s Nuvo 2.0 blockchain network.
In a new agreement with Cannadex Labs Inc announced Monday, Global Blockchain will transfer the intellectual property and assets associated with the Laser blockchain interoperability solution in exchange for 25% equity in Cannadex.
Cannadex has agreed to complete the remainder of the development of the second iteration of the Nuvo blockchain network, Nuvo 2.0, which will incorporate parts of the Laser technology stack.
The product generated by Monday’s agreement will be available to Nuvo’s user community under an open-source license. Cannadex will use Nuvo 2.0 to build a blockchain-based spot market exchange for tokenized commodities, with a focus on cannabis assets.
Global Blockchain will retain a perpetual, closed-source flexible license to use the full Laser technology stack.
"Cannadex is the perfect company to take Laser and incorporate parts of it into Nuvo 2.0, which will not only benefit them for purposes of their Spot Market, but it will also benefit the Nuvo blockchain ecosystem and holders of NUVO tokens by allowing for interoperability with other blockchains,” said Global Blockchain’s president and CEO Shidan Gouran in a statement.
“This deal positions FORK advantageously, as we will hold 25% of Cannadex's equity, as well as 5% of the genesis block of NUVO tokens, which will see a dramatically widened use case with the changes introduced as part of Nuvo 2.0,” he said.
Vancouver-based Global Blockchain will retain its rights to 5%, or 200 million Nuvo tokens that comprise the genesis block.
The Nuvo blockchain network’s first iteration was built as a collaboration between Global Blockchain, its client Nuvo Cash Ltd and a community of grassroots developers including Cannadex’s founder Steven Dryall.
The network now has 45,000 users between its social media communities Jamaa and GameKarma, an increase of 30,000 in the past week, according to Global Blockchain.
Originally founded with a focus on crypto-mining, the company has diversified its offerings by developing and administering launches of tokens and digital assets.
Shares of Global Blockchain rose 33% on Friday to close at C$0.02 on the Canadian Securities Exchange, and were up 7.2% to US$0.01 at close Friday on OTC markets in the US.
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