VANCOUVER, British Columbia, June 03, 2019 (GLOBE NEWSWIRE) -- Neptune Dash Technologies Corp. (“Neptune Dash” or the “Company”) (TSX.V:DASH) (OTC:NPPTF) (FWB:1NW) is pleased to provide an update to last week’s announcement regarding its intent to launch a Cosmos Validator and add Cosmos ATOM to its portfolio of crypto assets.
Neptune Dash has launched a Cosmos Network Validator and secured enough delegations to put it in the 47th spot on the exclusive list of 100 network validators. The Company’s validator currently has 315,271 ATOM delegated to it (approximately $2.5 million CAD). Neptune Dash will earn a reward of roughly 1.5% per year from any ATOM delegated to it. The Company’s goal is to attract additional delegators from the $1.55 billion CAD Cosmos Network and rapidly increase this revenue stream.
Delegators play a vital role in the Cosmos Network. The main task of delegators is to distribute voting power among validators, which helps decentralize Cosmos. Anyone who owns ATOM can choose a validator to delegate their stake and will earn a 10-15% annual return in ATOM for doing so. Validators charge a fee to delegators for their services.
In addition, Neptune Dash has purchased 33,159 ATOM at an average purchase price of $4.88 USD. These ATOM are delegated to the Company’s validator and earn approximately 15% in network rewards per year. The Company intends to increase its ownership of ATOM over time through both Validator rewards and occasional strategic purchases.
The Company’s validator can be viewed in detail on the cosmos network at the following link:
https://www.mintscan.io/validators/cosmosvaloper1k447djp2qrfk8pl44vd02qdlld2asjeepjxsep
“We are very excited regarding Cosmos and how quickly it is moving up the ranking of crypto market capitalization. Certainly, the most strategic position for Neptune is to run one of the top ranked, most reliable and well known Validators in the ecosystem and the fact that we are already 47th out of 100 shows that we are quickly moving down that path, stated Cale Moodie, Neptune Dash CEO. We are committed to adding crypto assets to our balance sheet through Masternodes and now through our Validator, while keeping our operating costs as low as possible.”
The Cosmos network was announced in 2017 and it launched in 2019. It is a third-generation blockchain network with significant improvements over both first-generation (e.g., Bitcoin) and second-generation (e.g., Ethereum) networks. Cosmos is a proof of stake network that solves fundamental challenges in both scaling and transaction volume which have been holding back current networks.
Governance of the Cosmos network is maintained through 100 exclusive validators. These validators require a high level of expertise and security to operate and they form the backbone of the network. All block rewards and transaction fees on the Cosmos network, from the approximately $75,000,000 USD in daily transaction volume, are distributed among these 100 validators.
About Neptune Dash Technologies Corp.
Neptune Dash primarily builds and operates Dash Masternodes and invests in blockchain related technologies. Dash is a digital currency created to address Bitcoin's scaling challenges. Neptune Stake is a wholly owned subsidiary of Neptune Dash and adds diversification to the Company’s cryptocurrency portfolio by investing in Proof of Stake tokens and their associated blockchain technologies.
For further information please contact:
Neptune Dash Technologies Corp.
Cale Moodie, President and CEO
Phone: (604) 319-6955
Email: info@neptunedash.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements and information include, but are not limited to, the continued success of the Company’s pooling service and anticipated revenues from such services; the value of the Company’s digital currency inventory; the business goals and objectives of the Company, and information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out here in, including but not limited to: the inherent risks involved in the cryptocurrency and general securities markets; the Company’s ability to successfully mine digital currency; revenue of the Company may not increase as currently anticipated, or at all; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties. The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
