Goldmoney Inc. (TSX:XAU) (US:XAUMF) (Goldmoney or the Company), a precious metallic economic service and technologies organization, is releasing additional information about its 55% owned subsidiary Totenpass Inc. which has been beneath private enhancement since 2017.
Totenpass Inc. is a Canadian corporation which has been developing a everlasting digital storage travel created from stable gold that involves no electrical power and has no movable sections. Digital data is written onto the drive by way of a proprietary mild-diffraction course of action which imprints photographs, paperwork, and other files that can be saved as either human readable without the aid of computers or equipment-readable with the use of a smartphone.
This technological know-how makes it possible for for the lasting storage of important digital info, thereby eradicating any long term dependence on the world-wide-web and the huge quantities of electrical power expected presently to keep information. By consequence, this know-how will empower both equally people today and businesses to decentralize, protect and completely handle their cherished electronic facts as soon as and eternally.
The enterprise was founded by Goldmoney CEO Roy Sebag, Bruce Ha, formerly director of optical media at Kodak, and Goldmoney CTO Alessandro Premoli. Goldmoney has manufactured a collection of investments in the business given that 2017 and now owns a majority of the exceptional shares. The rest of the shares are held by Bruce Ha and other workers. Mr. Sebag does not very own any shares directly but only by way of his possession of Goldmoney.
Totenpass White paper
A 22 webpage white paper has been published delivering further facts about the engineering: https://www.totenpass.com/pdf/Totenpass-Whitepaper-January-2021.pdf
Statement from Roy Sebag, Chairman and Chief Executive Officer:
Modern geopolitical functions have inspired Goldmoney to offer a formal update to our shareholders about Totenpass Inc., a technology business we have been making due to the fact 2017. Goldmoney founded Totenpass to deal with a challenge that we at Goldmoney have identified as of excellent concern, most likely even much more so than the threats we have traditionally concentrated on relating to the monetary program and fiat forex: The chance that the web and as a result our cherished digital facts is turning out to be more and more centralized.
I regarded no matter if this craze represented not only a major inversion of the common course in the decentralization of know-how because the Gutenberg printing press and experience that the particular person guiding the equipment is remaining severed from the handle and ownership of their cherished data. This centralization reminds me of the sorts of systemic challenges I identified in just the world financial process major up to the world-wide financial crisis of 2008. Therefore, we sought to invent a technology that would empower world-wide citizens to regain handle above their electronic info thus preserving the valuable facts which they come across significant after and forever in a long term bodily kind variable.
We hope to be in a posture to start Totenpass in beta ahead of the end of 2021 but it is vital to tension that this timeline may alter. While the enterprise design is comparatively simple “ market physical storage drives by means of an on the net e-commerce product “the engineering is novel and relatively complex with some problems even now remaining forward of us. Even though we have efficiently created a doing work prototype and created out a producing and distribution facility in Rochester, NY by buying the previous house and tools occupied by Kodak R&D, there are however some complex milestones which need to be satisfied just before we are capable to launch a comprehensive performing product. In element, this was why we have resisted speaking about this enterprise but as I talked about over, the latest events impressed us to accelerate our get the job done and we assume shareholders ought to be built mindful of the answer we are performing on to what we consider to be a profound trouble. It is also vital to point out that Totenpass is completely funded as a result of launch and that all funds expenditures thus far have been supported from ongoing funds flows and expensed. Finally, I do not intend to get on the CEO role for this business.
Assertion from Bruce Ha Co-Founder of Totenpass Inc.:
Many yrs in the past, I was requested to make one particular of the most bold lasting archives in record, a library for the moon. It would consist of 30 million web pages of details documenting Earth and humanity. In it ended up volumes of data like the English Wikipedia and innumerable tales and photos of humanity’s accomplishments and awareness.
The media was designed from nickel which is impervious to solar radiation as well as being in a position to endure the harsh weather of place and the moon. I worked with the house staff to build the payload integration deal housing the library and subsequently was on the staff doing work with NASA and Stephen Wolfram on the forensics of the subsequent crash landing.
Though nickel has tremendous preservation attributes, there is a different component that is even superior and far more long-lasting, gold. When Roy Sebag approached me with the thought of preserving cherished facts on this important steel, I thought it was a ideal match thanks to its all-natural properties but as an engineer and scientist I could not very see how this could be done economically. This was a look at I realized most engineers shared and was why as a common rule, gold and other important metals are eschewed in content science study and growth. It was Roy and his companions special being familiar with of the valuable metal which authorized us to surmount these issues which I believe have precluded gold from being the pre-eminent knowledge storage substance.
Our partnership developed into the development of a firm and a doing the job prototype of a permanent electronic storage push. With this invention, no data can ever be dropped to the ravages of time. We share the exact passion and problem for data that is acquiring exponentially ephemeral. Collectively, we will develop a new paradigm that reintroduces permanence and actual physical management of own info.
Nowadays most of the worlds information and thus our societal legacy is saved on electronic units that, around a limited period of time of time, will vanish if they are not regenerated or backed up. Digital encryption has gotten so sophisticated that if a chunk of the bitstream is damaged, details is lost endlessly (assuming a reader is offered to retrieve the info in a couple of many years). Even the cloud is controlled by somebody else and is relegated to just bits on spinning discs that will sooner or later cease operating and will need to be changed.
Every person has a tale and collectively those people tales make history and comprise a legacy for humanity. We find convenience in the tales of our religion, our place, our heroes, our information of math and science, our arts and tunes, our loved ones, and our passion. The Totenpass technological know-how we have been producing will maintain these most important times, these recollections, and this understanding when and forever in a actual physical type element.
About Goldmoney Inc.
Goldmoney Inc. (TSX: XAU) is a cherished metallic centered world business. Via its ownership of different working subsidiaries, the business is engaged in precious steel income to its clientele, including arranging supply and storage of cherished metals for its customers, coin retailing, and lending. Goldmoney clients situated in around 150 international locations maintain approximately $3 billion in precious metal assets. The companys working subsidiaries contain: Goldmoney.com, SchiffGold.com and Goldmoney Lend & Borrow. In addition to the Companys principal company segments, the Company holds significant equity passions in MenÄ“ Inc., which crafts pure 24-karat gold and platinum financial investment jewellery that is offered by gram excess weight and Totenpass Inc. which is building a everlasting digital storage drive created of stable gold. As a result of these firms and other investment decision things to do, Goldmoney gains extended-time period exposure to cherished metals. For extra info about Goldmoney, go to goldmoney.com.
This news release consists of or refers to sure forward-wanting info. Ahead-seeking details can typically be determined by ahead-seeking terms these as anticipate, consider, expect, system, intend, estimate, could, likely and will or equivalent words and phrases suggesting long term results, or other anticipations, beliefs, strategies, targets, assumptions, intentions or statements about potential situations or efficiency. All details other than details about historic fact, which addresses functions, gatherings or developments that the Goldmoney Inc. thinks, expects or anticipates will or may occur in the upcoming, is forward-seeking facts. Forward-looking data does not constitute historical truth but demonstrates the recent expectations the Corporation pertaining to long term benefits or occasions primarily based on details that is presently readily available. By their mother nature, forward-searching statements require many assumptions, identified and mysterious dangers and uncertainties, each basic and certain, that add to the likelihood that the predictions, forecasts, projections and other forward-looking information and facts will not occur. Such ahead-hunting data in this release communicate only as of the date hereof.
Ahead-wanting information in this launch contains, but is not constrained to, statements with regard to: the opportunity for the enhancement and commercialization of Totenpass Inc. assistance occasions for transactions on the Goldmoney network development of the Companys small business, anticipated outcomes of operations, and the sector for the Companys items and services and aggressive circumstances. This ahead-hunting info is centered on reasonable assumptions and estimates of management of the Company at the time it was created, and involves recognised and unidentified risks, uncertainties and other variables which may well bring about the actual results, general performance or achievements of the Firm to be materially unique from any long run benefits, effectiveness or achievements expressed or implied by this sort of ahead-on the lookout info. These kinds of components incorporate, between others: the incapability to develop and commercialize the products and solutions of Totenpass Inc. on the basis as contemplated or at all the Companys running historical past upcoming funds needs and uncertainty of more financing fluctuations in the current market price tag of the Companys popular shares the result of federal government regulation and compliance on the Firm and the industry authorized and regulatory change and uncertainty jurisdictional variables connected with global functions international limitations on the Companys functions product enhancement and rapid technological transform dependence on complex infrastructure safety of intellectual residence use and storage of private details and compliance with privateness guidelines community safety hazards threat of system failure or inadequacy the Companys capability to take care of swift development competitiveness the capability to establish opportunities for growth internally and as a result of acquisitions and strategic relationships on conditions which are financial or at all usefulness of the Companys threat administration and inner controls use of the Companys products and services for improper or illegal functions uninsured and underinsured losses theft & possibility of bodily hurt to personnel precious metallic investing hazards volatility of precious metals charges & general public fascination in precious metals financial commitment an incapacity to predict and counteract the outcomes of COVID-19 on the company of the Organization, which include but not limited to the results of COVID-19 and other infectious ailments presenting as big well being issues on the price of important metals, capital market place situations, restriction on labour and global journey and offer chains and all those threats established out in the Companys most not too long ago submitted annual data form, available on SEDAR. Whilst the Corporation has tried to discover vital components that could result in real results to differ materially, there may possibly be other aspects that bring about final results not to be as expected, approximated or supposed. There can be no assurance that these types of statements will verify to be precise as true final results and upcoming gatherings could differ materially from individuals anticipated in these types of statements. Accordingly, readers need to not area undue reliance on forward-hunting info. The Organization undertakes no obligation to update or revise any ahead-wanting facts, other than as demanded by regulation.
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