Global Blockchain Mining Corp (CSE:FORK) announced Tuesday it has partnered with Ammbr Foundation Pte. Ltd. to launch its AMR crypto asset, and conduct its public crowdsale on Singularity.
Ammbr has developed a network protocol which provides wireless mesh Internet access using a distributed network of routers, creating a democratized and trustless Internet service provider equivalent. It has also developed three different router products, including a portable router, an in-home router and a solar-powered outdoor router.
The AMR crypto asset will be the Ammbr network's official currency, as a means of providing access to the network, as well as facilitating transactions on it.
"The versatility of wireless mesh networks like Ammbr's network is incredible," said Shidan Gouran, president and chief executive officer.
"It is widely used by the U.S. military, and even Google is incorporating it into its wireless home products. In the first world, we take for granted how readily available the Internet is. Wireless mesh networks will improve Internet accessibility in regions where this is not the case, which will translate to social, environmental and economic impact in developing regions. By using a blockchain network to manage Ammbr's network with its own cryptocurrency, this version of a mesh network will be scalable and sustainable, with easy set-up using Ammbr's plug-and-play network hardware."
The company said the public crowdsale for AMR, which is set to begin in December, follows its private sale, which has been completed.
Participants in the public crowdsale can purchase AMR using any asset that is traded on the Singularity Exchange, owned and operated by Global Blockchain Technologies Corp., Global Blockchain Mining's sister company.
The company said 400 million AMR tokens will be available in the public crowdsale, which will be priced at US$0.2.5 each. The total issuance of AMR tokens is two billion units.
In exchange for its advisory and crowdsale administration services, Global Blockchain Mining will receive 241.55 million AMR tokens, as well as 10% of all proceeds from the public crowdsale.
The company will also operate nodes on the Ammbr network, which are positioned to generate consistent revenue. The expected launch date of the Ammbr network will align with the 2019 Mobile World Congress (Feb. 25 to Feb. 28 in Barcelona).
"According to the World Bank, more than 76% of the U.S. population uses the Internet. However, if you compare that to regions such as sub-Saharan Africa at 19.84%, it is easy to see that much of the world is yet to benefit from the abilities of the Internet as a widely available resource. Since wireless mesh networks can spread Internet connectivity more evenly within a given region, Ammbr's network will be positioned to bring significant changes to many parts of the world," said Global Blockchain Mining chairman Steve Nerayoff.
"With blockchain technology at the network's foundation, it can be rapidly built, scaled and incentivized. Combining the abilities of our team and Ammbr's hardware development expertise, this partnership will make a large-scale wireless mesh network a near-term reality."
Shares of Global Blockchain Mining were at C$0.02 on Tuesday.