Global Blockchain Technologies Corp (CNSX:BLOC) said it will launch a website for the crowd sale of AMR, which is the main crypto project of Ammbr Foundation and is the equivalent to an Internet Service Provider.
It is a network that creates a wireless mesh Internet access method, a method used extensively by the U.S. military and incorporated in some of Google's wireless home products, the firm said.
"Ammbr is a very exciting project, and we are most pleased to be able to release more information about it to our shareholders and prospective investors in the crowd sale, as the project progresses," said Shidan Gouran, president and CEO of Global Blockchain.
"AMR as a crypto asset stands out because once Ammbr's network is built out, AMR has a nearly infinitely scalable use case.
"When you consider that this network will bring the Internet to parts of the world where it is too cost prohibitive to provide such access through traditional channels, you're looking at hundreds of millions of potential users, and the AMR cryptocurrency will be the backbone of this network."
Global Blockchain added it had brought on Simon Ditner as its chief technologist.
Ditner has a background in system design and software engineering, and has worked with major players in the telecom space and pioneering start-ups.
"We are also thrilled to have brought Simon Ditner on as our chief technologist. He produced amazing results in the telecommunications industry, and a project like Ammbr is right up his alley," said Gouran.
The AMR crowd sale will see the supply of 400 million AMR tokens, or 20% of the total issue of two billion AMR tokens.
Each token will be priced at US$0.025 each and in exchange for its sale administration and development services, Global Blockchain will be paid a lump sum of 241.55 million AMR tokens, as well as 10% of all proceeds from the public crowd sale.
The anticipated launch date of the Ammbr network will be in the first quarter of 2019, aligning with the 2019 Mobile World Congress in Barcelona, at which Ammbr and Global Blockchain will have a presence.