Yesterday, WRIT Media Group, Inc. (OTCQB: WRIT) gave prospective investors some insight into its strategy to develop and distribute its Pelecoin digital currency technology, which was originally attained as part of the Pandora Venture Capital Corp. acquisition earlier this month.
“We are pleased to introduce to market our unique Pelecoin technology, and look forward to the potential it creates not only for WRIT Media and company shareholders, but for the broader digital currency space as well,” Eric Mitchell, president and chief executive officer of WRIT, stated in Monday’s news release. “There are several advantageous ways Pelecoin differs from other digital currencies on the market, and we’re excited to be part of the many advances taking place in cryptocurrency.”
In the news release announcing its official launch earlier this week, WRIT described some of the differences between Pelecoin and other cryptocurrencies, such as Bitcoin. While existing digital currencies incorporate ‘rules of emission’ that generate a set number of coins per minute that must be ‘mined’ by users with expensive computer equipment and deep knowledge of software programming, Pelecoin leverages a simple, proprietary algorithm that puts the currency emission process into reach of all users. Instead of distributing new currency based on a set schedule, the Pelecoin system generates currency based upon the occurrence of events that increase its worth, including new user registration, acceptance of Pelecoin for real goods or services, and trades between Pelecoin and fiat currencies.
Like many existing digital currencies, Pelecoin will be traded through an open and distributed record keeping system, which will offer reliable evidence of ownership and verifiable reporting of transactions. WRIT also intends to develop this technology into a number of marketable products and applications designed to drive use of Pelecoin moving forward. One application highlighted in yesterday’s news release is a comprehensive currency and derivative trading platform that will enable trades of Pelecoin, Bitcoin and other digital currencies from around the world.
Additionally, WRIT intends to incorporate a video game loyalty rewards program that will offer synergy between Pelecoin and the company’s Amiga Games brand, as well as an equity-based crowdfunding platform that will dodge much of the red tape associated with investing while maintaining efficient record keeping. WRIT will also explore partnerships with leading content creators, owners and distributors regarding the secure delivery of protected content to consumers.
“With this acquisition, we expect to drive meaningful value for our shareholders, customers, and partners around the world,” added Mitchell. “We look forward to… continued innovation to bring the digital currency of the future, and other unique Blockchain solutions to our customers.”
For more information about the company, visit www.writmediagroup.com
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