Global Blockchain Mining Provides Update on 2 Tier Mining Spinoff

Global Blockchain Mining (CSE:FORK) provided an update on Wednesday (November 14) on the masternodes for its two-tier blockchain networks.

The company said that the strategy in which the masternodes operate will use servicenodes for features like speedy transactions.

According to the release, Global Blockchain Mining expects to have the servicenodes operational on the Laser, Ammbr and other networks by Q1 2019. The servicenodes have already been launched on the Dash, Horizen, Zcoin, PIVX and Loki blockchain networks.

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Masternodes are explained by the company as being different than standard nodes on a blockchain network by operating as a “subset of other nodes that are capable of performing unique functions,” which include near real-time transactions and private transactions, to name a few.  The company said that in order to own a masternode, operators are required to commit collateral that can be confiscated in the event of dishonesty.

“The use of collateral has the dual effect of ensuring honesty through incentive economics and placing a high barrier to entry for node operators,” the release says.

The company said in its quest to run a data center for reasons other than mining bitcoin, it is aiming to provide computation power for artificial intelligence (AI) applications in addition to operating servicenodes.

Shidan Gouran, president and CEO of Global Blockchain Mining, said in the release that the company is working to deliver value by mining bitcoin and expanding its operations to include running masternodes on “promising networks.”

“A defining value of [Global Blockchain Mining], as a business, is investing in infrastructure, as opposed to speculating on assets,” he said. “We have both the capital and the computing resources to position ourselves as an authority in servicenode operations.”

While Global Blockchain Mining expands into the servicenode industry, in terms of its bitcoin mining the company has a opened up a new division that provides blockchain development and operating and consulting services to outside parties. Existing clients include AMMBR with additional ones to be announced sometime in Q4 of this year.

Shares of Global Blockchain Mining remain unchanged from its previous close on Wednesday at C$ 0.02 as of market close on Thursday (November 15).

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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article. 

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