Announcement
Online Blockchain : Corporate update
RNS Number : 3888W
Online Blockchain PLC
17 April 2019
For immediate release
17 April 2019
Online Blockchain PLC
("Online" or the "Company")
Corporate update
New blockchain-based PC gaming product
As announced in the recent interim results, Online Blockchain plc (LSE: OBC), a UK blockchain company, has been developing new blockchain-based products and is now pleased to announce the first of these, FreeLoadr, a PC gaming product now in "invite-only" beta testing.
FreeLoadr (www.freeloadr.com), is an application for computer games which allows gamers access to PC games for no charge in exchange for running the FreeLoadr application on their personal computer (PC). The user donates "hash power" to earn points, which can then be redeemed for products on the store selection of 2,500 titles. FreeLoadr already has a large 'user waiting list' from its closed beta testing phase.
The FreeLoadr application currently supports computers with an NVIDIA graphics processing unit (GPU). On downloading and running the FreeLoadr application, the user exchanges unused graphic computing power to earn FreeLoadr points. The more powerful the user's PC, the quicker FreeLoadr points can be earned. The Company plans to develop FreeLoadr for crossover into Playstation & Xbox formats.
In an exchange of graphics power for points, FreeLoadr uses the donated GPU processing power to mine selected cryptocurrency (with receipts converted by FreeLoadr into fiat currency) and rewards each user with FreeLoadr points. When a FreeLoadr user has earned enough points, they can then be redeemed at no extra cost to the user in the FreeLoadr on-line store, which contains in excess of 2,500 Steam and Origin games (including Anthem and DragonBall FighterZ). The user selects a game title and is then sent an activation code which unlocks the chosen game.
OBC are now finalising the last stage of the Beta testing phase of FreeLoadr and plans to launch the product in the UK and North America.
Clem Chambers, CEO of Online said:
"Gaming is a valuable and exciting market. OBC had identified this opportunity in the market last year and now we are ready to showcase our products. With more than 2.2 billion active gamers in the world, the UK gaming sector generated revenue of £3.864bn in 2018, making it larger than music and video combined: Revenue from digital gaming in 2018 accounted for 80% of the UK Digital Games market. Globally the video games industry, in 2018, generated approximately US$135bn. (See "Sources" below)."
"We want to use the power of the blockchain to add value to PC gamers and make it possible for them to get the computer game they want using the latent but unused processing power of their PC. FreeLoadr makes this possible for the current generation of gaming computers without the user needing to be a blockchain or programming expert - they just need to download the FreeLoadr software and run it and they are on their way to getting their first game."
"Gaming is a fertile and welcoming sector for applications of new technology such as blockchain because gamers are tech-savvy. We believe that computer gaming is a compelling market application for blockchain, that FreeLoadr is an exciting product for both blockchain and computer gaming and we are delighted with its progress."
The number of FreeLoadr reward points needed to redeem a game is calculated by FreeLoadr to be equivalent to the game's retail price (based on the value of the cryptocurrency generated by the respective user's GPU). FreeLoadr pays the wholesale price to Steam and Origin for any game downloaded with points redeemed from the FreeLoadr store.
Shareholders should note that the development of FreeLoadr is in beta testing stage of development and launch, and further updates will be provided in due course. For further details go to: www.freeloadr.com.
A copy of this announcement is available on the Company's website at: www.onlineblockchain.io.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. The person who arranged for the release of this announcement on behalf of the Company was Clement Chambers, Director.
Enquiries:
For further information please contact:
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Online Blockchain PLC Clement Chambers
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+44 (0) 207 070 0909 |
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Beaumont Cornish Limited (Nominated Adviser) |
+44 (0) 207 628 3396 |
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Roland Cornish/Michael Cornish
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Smaller Company Capital Limited (Broker) Jeremy Woodgate
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+44 (0) 203 651 2910 |
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Cassiopeia Ltd (Investor Relations) Stefania Barbaglio |
About Online Blockchain plc (LSE: OBC)
Online Blockchain (www.onlineblockchain.io) is a UK-based incubator and developer of businesses in internet and information-based technologies, including developers, administrators and custodians of blockchains and cryptocurrencies. The Company created ADVFN www.advfn.com and today still has a holding of 17.98% in ADVFN plc.
Online Blockchain plc continues to consider new related opportunities and particularly crypto currencies and blockchain-based opportunities including incubating cryptocurrency start-ups and developing technical innovation in the blockchain space. Led by a team with over two decades of pioneering in tech, Online Blockchain focuses on innovation in cryptocurrency and decentralised ecosystems via various applications of blockchain: incubating cryptocurrency start-ups and developing technical innovation in the blockchain space.
Glossary
"blockchain" is a distributed public digital ledger in which transactions are recorded chronologically
"cryptocurrency" is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of any central bank
"Hash power" The speed at which a given mining machine operates.
"mining" is the process of using computer hardware to do mathematical calculations for a cryptocurrency network in order to confirm transactions. Miners collect transaction fees for the transactions they confirm and are awarded cryptocurrency for each block they verify
Sources:
The selected video games industry data contained in this announcement has been extracted from the following public sources:
https://news.sky.com/story/gaming-sector-now-larger-than-video-and-music-combined-11597476
ENDS
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