ARLINGTON, VA--(Marketwired - Mar 17, 2016) - BTCS Inc. (OTCQB: BTCS) ("BTCS" or the "Company"), a blockchain technology focused company which secures the blockchain through its transaction verification services business, is launching a pilot program to begin securing Ethereum's blockchain.
Ethereum is a digital currency and blockchain platform focused on smart contract applications. Like bitcoin-based blockchain technologies, the decentralized network of Ethereum enables transactions without downtime, censorship, fraud, or third-party interference. Since early February, the value of Ether, the digital token or fuel that powers the Ethereum network, in USD terms, has grown at a 500% annual growth rate with the total value of all Ether, or market cap of Ether, surpassing $1 billion.
"As the first U.S. publicly-traded blockchain-focused company we want to provide our investors diversified exposure to digital currencies and blockchain technologies," stated Charles Allen, CEO of BTCS. "Given the recent success of Ethereum and the growing interest from major players in tech and finance, we believe it's an ideal time to launch a pilot program. With the capacity expansion we completed at our North Carolina facility in 2015, we're well-positioned to scale operations when necessary, even as we continue to ramp our current bitcoin-focused transaction verification operations."
Ethereum has garnered growing support since its launch in 2014, including projects with Microsoft and IBM. The recent launch of the first production release, Homestead, is set to make Ethereum a blockchain technology that will be integral to future smart contract based products.
Commenting on the launch of Ehereum's first production release, Andrew Keys, co-founder of decentralized application development firm ConsenSys Enterprise, told CoinDesk, "Homestead's arrival will begin to demonstrate the next generation of blockchain technology, whereby anything we can dream of, can be accomplished in a decentralized manner using Ethereum."
"Like many others, we're excited for the prospects of Ethereum," continued Allen. "While Ethereum is focused on smart contracts, it's important to note that there are currently numerous companies working on solutions to build smart contracts on bitcoin's blockchain, leveraging the deep security provided by its more established and secure blockchain."
In addition to the pilot program, BTCS has secured a Ethereum-mining hosting contract. The contract uses approximately 50 kilowatts of the Company's 3 megawatt capacity.
To see the BTCS facility, take a virtual reality tour that includes drone footage of the operation: https://www.youtube.com/watch?v=hkjhyUAO73w
To see a recent interview with our CEO Charles Allen, please click below:
BTCS secures the blockchain through its rapidly growing transaction verification services business and plans to build a broader ecosystem to capitalize on opportunities in this fast growing industry. The blockchain is a decentralized public ledger and has the ability to fundamentally impact all industries on a global basis that rely on or utilize record keeping and require trust. BTCS continues to evaluate and build additional blockchain technology consumer solutions. BTCS also actively partners and integrates with strategic digital currency and blockchain technology companies who provide products or services that are complementary to its business strategy. For more information visit: www.btcs.com
Certain statements in this press release, including those related to an anticipated merger, constitute "forward-looking statements" within the meaning of the federal securities laws. 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 those set forth in the Company's filings with the Securities and Exchange Commission, not limited to Risk Factors relating to its digital currency business contained therein. 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.