DIGITAL FOUNDATION ESTABLISHED TO PROVIDE LONG TERM MINING REWARDS
Toronto, Ontario, August 27, 2015 – GreenBank Capital Inc (CSE:GBC) (“GreenBank” or “the Company”) announces that its 80% owned subsidiary GreenCoinX Inc, the developer of the world’s first identifiable crypto currency and which has XGC as its digital currency identifier, has addressed the problem of long term crypto currency mining rewards.
All crypto currency block chains function because miners are incentivized to process transactions in order to receive a reward of newly generated crypto currency. Existing block chains have not adequately addressed the problem of what happens when all the currency has been mined. Without a mining reward to incentivize them, miners will likely cease mining, and relying on transactional fees to provide sufficient rewards to miners is unlikely to be effective. As the process of mining crypto currency is essential for the smooth functioning of block chains, there has to be certainty in long term miner rewards.
In order to provide a long term incentive for XGC miners to continue to mine XGC until 2160, the Digital Foundation has been established. The Foundation is a non-profit which owns 20% of all the XGC that can ever be created, or some 42 million XGC. Even when all the XGC have been completely mined, the Digital Foundation will continue to provide XGC Miners with rewards for mining. The Foundation miner reward system will distribute XGC over the next 145 years automatically by way of a software program that adjusts the level and timing of rewards to reflect mining activity on the GreenCoinX block chain. The Foundation board cannot amend the software or change the sole purpose of the Foundation, which is to provide XGC rewards to XGC miners.
The Chairman of the Digital Foundation is David J Robino a corporate and non-profit governance expert, who teaches Business Ethics at Southern Oregon University. He was previously a non-executive director of Insight Enterprises, Inc., (NASDAQ: NSIT) a Fortune 500 global provider of information technology, and a non-executive director of Memec, Inc. then the world’s largest distributor of specialty electronics and semiconductors which was sold to Avnet, Inc., (NYSE: AVT). Before those board roles, Mr. Robino served as the Vice Chairman of Gateway, Inc. His earlier career was spent at The Maytag Corporation, Pepsi-Cola, AC Nielsen, and AT&T. He has a B.A. from Graceland University and an M.S. from Iowa State University.
Other Digital Foundation board members are Danny Wettreich, Nilam Doctor, and David Lonsdale all directors of GreenCoinX Inc.
David Robino commented “I am honored to be the Chairman of the Digital Foundation, which is a unique non-profit institution that will ensure that GreenCoinX miners will receive XGC rewards for many generations to come.”
GreenBank is a corporate finance investment business investing in Canadian small cap companies. Its 100% subsidiary GreenBank Financial Inc. is an investment bank focusing on small cap companies. Its 80% subsidiary GreenCoinX Inc. is a software company that has developed a unique identifiable crypto currency. GreenBank owns significant equity stakes in Leo Resources Inc (CSE:LEO), Hadley Mining Inc (CSE:HM) and Zara Resources Inc (CSE:ZRI).
For more information please see www.GreenBankCapitalinc.com or contact Danny Wettreich at (647) 931 9768 or dw@GreenBankCapitalinc.com.
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of GreenBank Capital Inc., raising additional capital and the future development of of GreenCoinX. The forward-looking information is based on certain key expectations and assumptions made by the company’s management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the company can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and the company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The CSE has not reviewed, approved or disapproved the content of this press release