TIDMOBC
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 GBP3.864bn 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:
Online Blockchain PLC
Clement Chambers +44 (0) 207 070 0909
Beaumont Cornish Limited (Nominated Adviser)
www.beaumontcornish.com +44 (0) 207 628 3396
Roland Cornish/Michael Cornish
Smaller Company Capital Limited (Broker)
Jeremy Woodgate +44 (0) 203 651 2910
Cassiopeia Ltd (Investor Relations) stefania@cassiopeia-ltd.com
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://newzoo.com/insights/articles/newzoo-2017-report-insights-into-the-108-9-billion-global-games-market/
https://news.sky.com/story/gaming-sector-now-larger-than-video-and-music-combined-11597476
http://www.nintendolife.com/news/2019/01/80_percent_of_uk_gaming_revenue_came_from_digital_sales_in_2018_industry_made_almost_p4bn_in_total
https://www.gamesindustry.biz/articles/2018-12-18-global-games-market-value-rose-to-usd134-9bn-in-2018
ENDS
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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