Global Blockchain Mining Corp (CNSX: BLOC.U) said Thursday that it has signed a memorandum of understanding to develop a decentralized social network and communications platform for UK-based Jamaa Online Ltd.
The Vancouver-based crytocurrency investment firm said in a press release that the Jamaa network, known as Nuvocash, will be programmed in a way that users can earn tokens in exchange for posting original content, curating content from other places or voting and commenting on content.
In exchange for its development services, Global Blockchain Mining will be paid 5% of premined Nuvo tokens, which will serve as Jamaa's native cryptocurrency. In addition, Global Blockchain said it will provide services for Nuvo's crowdsale.
Through a proof-of-brain algorithm, tokens are issued to users in exchange for making contributions to the network, according to Global Blockchain.
"The blockchain technology that we are developing for Jamaa's blockchain, the Nuvocash network, will be a groundbreaking advancement in distributed ledger technology, which will be capable of scaling to the size of Facebook or YouTube, all while remaining decentralized,” Global Blockchain CEO Shidan Gouran said in a statement.
He added that the network’s proprietary crypto asset will be an ethereum ERC-20 token.
Shares of Global Blockchain traded at C$0.05 in Wednesday’s Canadian trading.
Earlier this month, Global Blockchain signed a definitive agreement to buy Atari co-founder Nolan Bushnell’s blockchain-focused gaming company X2 Games Corp for C$49.6 million.
Contact Dennis Fitzgerald at [email protected]