Yesterday, WRIT Media Group, Inc. (OTCQB: WRIT) gave
prospective investors some insight into its strategy to develop and distribute
its Pelecoin digital currency technology, which was originally attained as part
of the Pandora Venture Capital Corp. acquisition earlier this month.
“We are pleased to introduce to market our unique Pelecoin
technology, and look forward to the potential it creates not only for WRIT
Media and company shareholders, but for the broader digital currency space as
well,” Eric Mitchell, president and chief executive officer of WRIT, stated in
Monday’s news release. “There are several advantageous ways Pelecoin differs
from other digital currencies on the market, and we’re excited to be part of
the many advances taking place in cryptocurrency.”
In the news release announcing its official launch earlier
this week, WRIT described some of the differences between Pelecoin and other
cryptocurrencies, such as Bitcoin. While existing digital currencies
incorporate ‘rules of emission’ that generate a set number of coins per minute
that must be ‘mined’ by users with expensive computer equipment and deep
knowledge of software programming, Pelecoin leverages a simple, proprietary
algorithm that puts the currency emission process into reach of all users.
Instead of distributing new currency based on a set schedule, the Pelecoin
system generates currency based upon the occurrence of events that increase its
worth, including new user registration, acceptance of Pelecoin for real goods
or services, and trades between Pelecoin and fiat currencies.
Like many existing digital currencies, Pelecoin will be
traded through an open and distributed record keeping system, which will offer
reliable evidence of ownership and verifiable reporting of transactions. WRIT
also intends to develop this technology into a number of marketable products
and applications designed to drive use of Pelecoin moving forward. One
application highlighted in yesterday’s news release is a comprehensive currency
and derivative trading platform that will enable trades of Pelecoin, Bitcoin
and other digital currencies from around the world.
Additionally, WRIT intends to incorporate a video game
loyalty rewards program that will offer synergy between Pelecoin and the
company’s Amiga Games brand, as well as an equity-based crowdfunding platform
that will dodge much of the red tape associated with investing while
maintaining efficient record keeping. WRIT will also explore partnerships with
leading content creators, owners and distributors regarding the secure delivery
of protected content to consumers.
“With this acquisition, we expect to drive meaningful value
for our shareholders, customers, and partners around the world,” added
Mitchell. “We look forward to… continued innovation to bring the digital
currency of the future, and other unique Blockchain solutions to our
customers.”
For more information about the company, visit
www.writmediagroup.com
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