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Next-generation Proof-of-Stake validation is more energy-efficient and environmentally friendly than traditional resource-intensive crypto mining
Silver Spring, MD, June 15, 2021 (GLOBE NEWSWIRE) — BTCS Inc. (OTCQB: BTCS) (“BTCS” or the “Company”), a blockchain technology focused company, today announced the expansion of its blockchain infrastructure segment with the launch of a new staking operation on Cardano, a decentralized third-generation proof-of-stake (PoS) blockchain launched by ethereum co-founder Charles Hoskinson.
“Recent price volatility in the digital asset space, which we consider immaterial to long-term use cases, has provided tremendous opportunity to grow our revenue-generating staking operations,” stated Charles Allen, CEO of BTCS. “Based on a detailed evaluation of key characteristics and metrics, we selected Cardano as the next addition to our staking program. We believe that Cardano’s blockchain quality, revenue potential, and technical difficulty provide a tremendous opportunity, and with existing as well as planned capabilities, we believe its token (ADA) is undervalued relative to its peer group.”
BTCS has deployed its own Cardano pool and pledged approximately 258,000 Cardano tokens (ADA). Staking is the environmentally-friendly technology used to process and validate digital asset transactions on Cardano, Kusama, Tezos, Ethereum 2.0, and other next-generation blockchains.
While it shares characteristics and applications with other blockchain platforms, Cardano distinguishes itself through a commitment to peer-reviewed scientific research as building blocks for updates to its platform. One of Cardano’s applications is identity management, used to streamline and simplify processes that require the collection of data from multiple sources, and traceability, used to track and audit a product’s manufacturing processes from provenance to finished goods, addressing the challenge of counterfeit goods. The Cardano platform also has a goal of providing banking services to the world’s unbanked population, an estimated market of 1.7 billion individuals according to The World Bank.
“Cardano has a leg up on many other altcoins because it lays out use cases across education, retail, agriculture, government, finance, and healthcare,” added Michal Handerhan, COO of BTCS. “Cardano’s undeniable strength rests in its focus on blockchain-based identity and traceability management solutions and creating a plausible decentralized financial system for the developing world instead of trying to target the entire smart-contract market.”
“Given that Cardano’s team has real firepower on board to make the goals a reality, and have several foundations filled with talented people doing the legwork, Cardano has a real shot at adoption in key markets,” continued BTCS CEO Charles Allen. “Cardano represents a significant opportunity for investment should its financial ecosystem begin to take hold within the markets it is seeking to impact.”
BTCS is an early mover in the blockchain and digital currency ecosystems and the first “Pure Play” U.S. publicly traded company focused on blockchain infrastructure and technology. The Company through its blockchain infrastructure operation secures ethereum’s and cardano’s proof-of-stake blockchains by actively processing and validating blockchain transactions and is rewarded with digital assets. The Company is developing a proprietary staking-as-a-service platform to allow users to stake and delegate supported cryptocurrencies through a non-custodial platform. The Company is also developing a proprietary digital asset data analytics platform that allows users to consolidate their crypto trades from multiple exchanges onto a single platform, enabling users to view and analyze their performance, risk metrics, and potential tax implications. The Company employs a digital asset treasury strategy with a primary focus on disruptive non-security protocol layer assets such as bitcoin and ethereum. For more information visit: www.btcs.com.
Certain statements in this press release, constitute “forward-looking statements” within the meaning of the federal securities laws including statements regarding our belief regarding the immaterial affect of recent volatility of prices in the digital asset space, the opportunities to grow our revenue staking operations, our beliefs regarding Cardano’s quality, revenue potential and technical difficulty, and our belief regarding the value of the Cardano ADA token compared to its peer group. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation the rewards and costs associated with validating transactions on proof-of-stake blockchains, lack of acceptance and adoption of the Cardano ADA token in the market, failure of the Cardano ADA token to have any impact, loss or theft of the private withdrawal keys, as well as risks set forth in the Company’s filings with the Securities and Exchange Commission including its Form 10-K for the year ended December 31, 2020. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
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