Genesis Blockchain Technologies Committed to Paying Royalty of 2% of Gross Revenue and $5 Million Payment upon Commencement of Initial Coin Offering
Santa Monica, CA, Sept. 20, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Gopher Protocol Inc. (OTCQB: GOPH) ("Gopher”), a company specializing in the creation of Internet of Things (IoT) and Artificial Intelligence enabled mobile technologies, including a global platform with both mobile and fixed solutions, announced today that it has entered into a definitive agreement to exclusively license Gopher’s GRC Blockchain-Based Radio Generated Digital Currency proprietary technology to Genesis Blockchain to integrate into Genesis’s Blockchain based lines of business.
Genesis is a Costa Rican based operation incorporated as GBT Technologies, S.A. (“GBT”). GBT is a fully compliant and regulated exchange platform that currently operates as a decentralized digital platform, which is explained by GBT in the following link - https://youtu.be/V6_WOu016f0. GBT intends to incorporate the Digital Currency Technology into its products.
Pablo Gonzalez, GBT’s CEO and founder, stated, “Our goal is to overhaul Blockchain technology as we know it, from a transaction confirmation speed standpoint to a more robust communication infrastructure that is truly decentralized. We believe this will allow Blockchain technology to reach further into the mainstream financial services arena as well as accountable data storage, audit and transfer. With this goal of reshaping the Blockchain as we know it, we are looking forward to starting the process of incorporating the Gopher technology into our products and systems to be offered. We believe the secured algorithms and radio technology of Gopher’s Digital Currency Technology will enable us to create a new type of secured network that is fast and scalable. Unlike other digital assets, we believe our product offerings utilizing the Digital Currency Technology will facilitate a less expensive, faster and more efficient method to store or send data and digital assets on the Blockchain anywhere in the world allowing us to give users full proprietorship of their data as well as digital assets.”
In consideration for providing the license to the Digital Currency Technology, GBT paid Gopher $300,000 and agreed to pay Gopher $5 million upon commencing an Initial Coin Offering (ICO). Prior to signing the license agreement, GBT provided an advance of $200,000 to the Company which the parties have agreed will be applied toward the $5 million payment when due. Further, Gopher shall receive 2% of gross revenue of licensed products sold by GBT under the license agreement for a period of five years after commencement of sales. Upon GBT commencing its ICO, Gopher will have the option of acquiring 30% of the ICO at a discount of 30% to the offering price.
About Gopher Protocol Inc.
Gopher Protocol Inc. (OTCQB: GOPH) (“Gopher”) (http://gopherprotocol.com/) is a development-stage company which consider itself Native IoT creator, developing Internet of Things (IoT) and Artificial Intelligence enabled mobile technology. Gopher has a portfolio of Intellectual Property that when commercialized will include smart microchips, mobile application software and supporting cloud software. The system contemplates the creation of a global network. The core of the system will be its advanced microchip technology that can be installed in any mobile device worldwide. Gopher envisions this system as an internal, private network between all enabled mobile devices providing shared processing, advanced mobile database management/sharing and enhanced mobile features.
Corporate Site: http://gopherprotocol.com
Press page/ press kit - http://gopherprotocol.com/?page_id=228
Consumer and product website for Guardian Patch: http://www.guardianpatch.com/.
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