- Enters into service settlement that allows third celebration miner to entry Cloud 9’s unused laptop processing energy of its userbase for cryptocurrency mining
- Firm continues to develop userbase by means of no-charge Limitless VPN (digital non-public community) obtainable at www.limitlessvpn.com
- Administration anticipates commencing mining as soon as userbase reaches 50,000 registered energetic customers
VANCOUVER, British Columbia, Jan. 24, 2022 (GLOBE NEWSWIRE) — Cloud 9 Web3 Applied sciences Inc. (CSE: CNI) (OTC: CLGUF) (FRANKFURT: 1JI0) (“Cloud 9” or the “Firm”), a number one decentralized community and information storage know-how firm, publicizes it has entered into a 3rd celebration companies settlement with Argent Crypto, Inc., a British Columbia cryptocurrency primarily based Cash Companies Enterprise (the “Crypto MSB”), whereby the Crypto MSB has agreed to entry and make the most of Cloud 9’s unused laptop processing energy of its userbase to mine digital belongings, accumulate digital belongings from such exercise and convert such belongings into fiat forex on behalf of the Firm.
Sefton Fincham, President of Cloud 9 states, “We’re excited to associate with a trusted group like Argent Crypto to undertake our future mining operations. This settlement represents a key step in our monetization technique as we proceed to develop our userbase.”
The Firm intends to make the most of this relationship to carry out a monetization technique for the foreseeable future till the Firm has the personnel and money assets essential to help such operations independently and till the Firm believes it will possibly safely mitigate the regulatory and enterprise dangers related to cryptocurrency mining.
Pursuant to the phrases of the companies settlement, the Crypto MSB has agreed to make the most of the Firm’s proprietary know-how to entry the unused processing energy of the gadgets of the Firm’s userbase to mine digital belongings. The Crypto MSB is required to gather all digital belongings generated from cryptocurrency mining and convert such digital belongings into fiat forex and distribute the proceeds again to the Firm. In the course of the time period of the settlement, the Firm has the appropriate to require the Crypto MSB to provoke, halt and re-commence such companies on the Firm’s sole discretion. For his or her companies, the Crypto MSB is entitled to a service payment equal to an agreed upon proportion from the transformed fiat quantity, with the steadiness being paid out to the Firm. The settlement could also be terminated at any time by any celebration with not less than 90 days written discover.
The Limitless VPN (digital non-public community) is a proprietary product owned by the Firm and supplied to customers which pertains to the utilization of community infrastructure to carry out distributed computational processing and to supply the person with a safe and encrypted connection to the web. The preliminary model of the Limitless VPN (www.limitlessvpn.com) was launched and obtainable to the general public on September 23, 2021.
As at January 21, 2022, there have been 19,227 registered energetic customers of the Firm’s Limitless VPN. Administration believes that it might want to improve its userbase to roughly 50,000 energetic registered customers earlier than it reaches a adequate quantity to economically justify activating its operations and using its userbase for both cryptocurrency mining by means of the Crypto MSB or independently for decentralized information storage on a money payment foundation.
The Firm at present affords its merchandise and content material with out cost or, in some circumstances, for a diminished or nominal money payment. As an alternative, customers who want to use such merchandise and entry such content material are required to conform to the Firm’s privateness coverage and phrases of use which authorize the Firm and its contractors to entry and make the most of their unused laptop processing energy. Right now, the Firm intends to pursue its progress technique of specializing in rising its userbase by advertising and marketing its present merchandise and providing further content material. As soon as the Firm’s userbase will increase to roughly 50,000 registered energetic customers, the Firm intends to provoke its monetization methods as famous above.
On Behalf of the Board,
CLOUD NINE WEB3 TECHNOLOGIES INC.
Sefton Fincham
President
(604) 669-9788
About Cloud 9 Web3 Applied sciences Inc.
Cloud 9 is a diversified know-how firm centered on leveraging its proprietary Internet 3.0 know-how merchandise to allow the decentralized motion amongst shoppers and enterprise alike. Internet 3.0 allows a sustainable world the place decentralized customers and machines are in a position to work together with information, worth and different counterparties by way of a substrate of peer-to-peer networks with out the necessity for third events creating many advantages resembling giving every person full management and possession of all private and company information.
About Argent Crypto Inc.
Argent Crypto, Inc. a blockchain and cryptocurrency primarily based Cash Companies Enterprise (MSB), goals to advertise the mass adoption of blockchain know-how. Based in 2018, Argent Crypto, Inc. is devoted to enabling the decentralized future by means of customized blockchain consulting and funding companies.
For additional data, please contact:
Paul Searle
Company Communications
Citygate Capital Corp
Telephone: (778) 240-7724
psearle@citygatecap.com
Ahead-Trying Statements
Sure statements on this press launch are forward-looking statements and are potential in nature. Ahead-looking statements will not be primarily based on historic details, however quite on present expectations and projections about future occasions, and are subsequently topic to dangers and uncertainties which might trigger precise outcomes to vary materially from the longer term outcomes expressed or implied by the forward-looking statements. These statements usually may be recognized by way of forward-looking phrases resembling “might”, “ought to”, “will”, “might”, “intend”, “estimate”, “plan”, “anticipate”, “count on”, “imagine” or “proceed”, or the destructive thereof or comparable variations. Ahead-looking statements on this information launch embrace statements concerning: utilization of the Firm’s userbase for cryptocurrency mining by the Crypto MSB; the Crypto MSB’s means to mine, convert and generate fiat forex; the flexibility of the Firm to carry out mining operations sooner or later after addressing regulatory and enterprise dangers; the expansion of the Firm’s userbase; administration’s expectation {that a} userbase of fifty,000 registered energetic customers will justify graduation of mining operations by means of the Crypto MSB; and progress methods of the Firm. Elements that would trigger precise outcomes to vary materially from these in forward-looking statements embrace: the continued availability of capital and financing; failure to acquire any approvals, permits, approvals and licenses required to function the enterprise; know-how integration between the Crypto MSB and the Firm to entry its userbase; the affect of know-how adjustments on the trade; lack of demand for the Firm’s services and products; fluctuations in entry from the Firm’s userbase; userbase using inefficient or legacy {hardware} and software program; competitors; improve in working prices; litigation; lack of key workers, consultants and administrators; safety threats; privateness and cybersecurity dangers and failures; failure to develop new and modern services and products; failure of counterparties to carry out their obligations; the affect of the Covid-19 pandemic on the Firm’s means to function and rent personnel; and hostile basic financial, market or enterprise situations. Such statements and knowledge are primarily based on quite a few assumptions concerning current and future enterprise methods and the surroundings by which the Firm will function sooner or later, together with the demand for its services and products, the flexibility to efficiently develop software program, that there shall be no regulation or regulation that can forestall the Firm from working its enterprise, anticipated prices, and the flexibility to safe adequate capital to finish its enterprise plans. Given these dangers, uncertainties and assumptions, you shouldn’t place undue reliance on these forward-looking statements. Such forward-looking statements ought to subsequently be construed in gentle of such components, and, besides as required by relevant regulation, the Firm isn’t beneath any obligation, and expressly disclaims any intention or obligation, to replace or revise any forward-looking statements, whether or not on account of new data, future occasions or in any other case.
