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Elite Mining – The Future of Mining is Green

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Elite Mining - The Future of Mining is Green

Who is Elite Mining?

Operating out of Lacey, Washington, Elite Mining is a young company which was established in 2017. Elite Mining provides services with the end goal of becoming the world’s largest ‘green miner’.   This means utilizing renewable energy to power professionally designed cryptocurrency mining farms.

What is the Problem?

Due to the ever-increasing popularity of cryptocurrencies, the difficulty of mining these assets has increased as well. Competition is high, and profit margins can be slim. To be profitable in the mining sector, companies must be efficient in every regard. This includes staffing, energy usage, and more.

Warranted or not, mining cryptocurrencies has come under fire in recent years, as the public at large views the process as horribly inefficient, and a waste of energy. This has fueled some networks to abandon proof-of-work protocols, and move towards proof-of-stake.

There remain, however, several high profile, high potential project that are still underpinned by mining – namely, Bitcoin. As long as this remains the case, there will remain a market for cryptocurrency mining.

How will Elite Mining Solve it?

As others struggle and fold under the pressure of the developing world of cryptocurrencies, Elite Mining looks to adapt and benefit. They intend to achieve this through the implementation of a key concept to all their endeavours – Efficiency.

This goal of efficiency can be seen throughout their operations as they have structured their operations to be able to flourish in both bull and bear markets. The following are only a few examples of this:

No Permanent Staff

  • Only shareholders working for dividends

Solar, Wind, Hydro

  • 94% green energy through Hydro, and growing. Future expansion in to Solar and Wind.

In order to continue the expansion of their services, Elite Mining is currently hosting an STO. This capital raising event will see the company sell EMI tokens to accredited investors. In return for their capital, holders of these security tokens receive equity rights within the company, in addition to pre-scheduled distribution of dividends garnered from Elite Mining operations. Elite Mining describes their digital security as an ‘equity bearing EMI dividend token’.

The Team

The following individuals are those responsible for Elite Mining. From entrepreneurialism to software development, logistics, and more, each team member brings valuable and unique experience to the table.

Justin Podhola – Chief Executive Officer

Dan Podhola – Chief Technical Officer

Justin English – Chief Financial Officer

Sean Westberg – Chief Electrical Engineer

Triscia Mayfield – Chief Procurement Officer

Emil Sarnogoev – Chief Knowledge Officer

Partnership

Elite Mining has recently established a strategic partnership with Entoro Capital. In this partnership, Entoro Capital will assume the role of broker-dealer, facilitating Elite Mining’s on-going STO.

By establishing this partnership, Elite Mining stands to benefit from increased exposure of their STO to a much larger investor-pool. Payment gateways supporting FIAT currencies will also be made available through Entoro.

What is Next?

With Elite Mining currently completing their capital raise, many are interested about plans for future growth. The following are a few noteworthy points from the company’s projected roadmap.

  • The remainder of 2019 will see the finished construction of mining facilities, in addition to the deployment of allocated capital.
  • The first half of 2020 will see Elite Mining branch into solar power, in addition to the continued expansion of facilities

In Other News

Entoro Capital is a company which has graced our headlines various times over the past year. The following articles elaborate announcement surrounding Entoro Capital, providing insight into their operations.

Entoro to Act as Placement Agent in Upcoming Leonovus ‘Galaxa’ STO

Vertalo and Entoro to Fuse Services to Advance Digital Securities

Entoro Eyes Secondary Markets Through Partnership with Unicorn

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Joshua Stoner is a multi-faceted working professional. He has a great interest in the revolutionary 'blockchain' technology. In addition to this, he is a licenced Paramedic in Nova Scotia, Canada. As such, he can provide emergency care/medicine to any situation necessitating it.

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Square Awarded Patent for Payment Network Supporting Securities

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Square Awarded Patent for Payment Network Supporting Securities

After nearly 1 ½ years, payment processer, Square, has successfully been awarded a patent centered on establishing a ‘cryptocurrency payment network’.

Details of the Patent

The patent, which was initially filed on September 14, 2018, was done so by Square, Inc.  While the patent obviously goes into great depth, describing how exactly the proposed payment network will function, the following is a short excerpt summarizing the overall goal.

“Specifically, the present technology permits a first party to pay in any currency, while permitting the second party to be paid in any currency. In this way, the technology provides benefits that remove barriers to transactions that might inhibit international commerce, or commerce with certain types of currency.”

The invention of the technology, described throughout, is attributed to three individuals.

The Intriguing Part

What makes this particular patent notable for those following the digital securities sector, is the direct reference to securities.  It is stated,

“The disclosed technology addresses the need in the art for a payment service capable of accepting a greater diversity of currencies including fiat currencies (US dollars, Euro, Rupee, etc.), and non-fiat currencies including virtual currencies including cryptocurrencies (bitcoin, ether, etc.), commercial paper (loans, contracts, forms, etc.), and securities (stocks, bonds, derivatives, etc.), than a traditional payment system in a transaction between a customer and a merchant, and specifically for a payment service to solve or ameliorate problems germane to transactions with such currencies.”

While details are scarce on how exactly securities will play into the mix, the potential for them to be seamlessly transferred between parties is surely intriguing.

Jack Dorsey

There are a select few people that have become synonymous with Bitcoin and blockchain in general; Jack Dorsey is one of these.

Throughout the past few years, he has, not only been a vocal proponent of Bitcoin and blockchain technologies, but actually acted on his words.  Through payment processing company, Square, in which Dorsey is both the Founder and CEO, the world has seen glimpses of the potential for Bitcoin as it is integrated into their services

Dorsey recently caught the attention of many as he noted that which many have – Africa holds massive potential for the adoption of, and benefitting from, blockchain.  This realization has prompted a, soon to be undertaken, 6-month journey to the continent by Dorsey, as he works towards establishing blockchain based solutions to benefit the populace.

Square

Founded in 2009, Square maintains headquarters in San Francisco, California.  Above all, Square acts as a tech provider for payment processing solutions.  Their rapid rise in popularity over the past decade has seen the company expand beyond U.S. borders into various countries including, but not limited to, Canada and Japan.

CEO, Jack Dorsey, currently oversees company operations.

In Other News

With a rapidly developing sector, many industry players are looking to protect their intellectual property.  As such, we have found ourselves, on a variety of occasions, covering these events.  The following articles touch on a few patents filed over 2019, in addition to an interesting concept involving a ‘Patent Finance Market’.

Walmart Files a Crypto Patent for New Stable Coin

‘TOME’ Patent Awarded to tZERO by U.S. Patent and Trademark Office

Templum Markets and IPWe to Develop ‘Patent Finance Market’

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3 More Executives Leave SDX Due to Discrepencies

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SDX Exchange lost 3 executives in January 2020

The blockchain-based digital asset trading venue SDX continues to have a rough start to the new year. This week, another high-level executive announced their departure from the firm. The news brings the number of executives who left the company in January 2020 up to three. The news demonstrates a realignment and shuffling of SDX’s business plan. Also, it showcases the growing pains associated with these changes

According to company documentation, all of these executives departed from their full-time positions in January. The three individuals to leave are Alex Zinder, an architecture lead at SDX, Ivo Sauter, SDX’s head of clients and products, and Sven Roth, the firm’s chief digital officer. The later of the trio agreed to stay on as an external advisor to SDX.

In a recent interview, Sauter explained the motivation behind his decision to leave. He touched on a number of critical changes made throughout the firm. These changes included a shift from the platform’s original vision. He explained that at first, the platform was to utilize the banking sector as a bridge into the rest of the market.

However, this strategy quickly changed as SDX began to tailor its platform specifically, and solely for use by banks. Sauter described how these changes effected moral and fueled the growing dis-alignment between executives and owners. He explained that originally, the platform was to be much more inclusive. For example, SDX was to enable startups to provide services around its features.

Corporate Culture

Sauter also took a moment to touch on the negative effects this corporate culture had on the project. He explained that, in his opinion, a bit more separation needed to occur between SDX and its mother company, the Swiss stock exchange operator SIX Group. Apparently, these feelings of discourse only grew as the mother company took more and more influence on SDX’s day to day operations.

SDX Office via SIX

SDX Office via SIX

Additionally, Sauter explained how the big-company approach also inhibited the company’s ability to save. Large corporations require much more reporting. In turn, this reporting raises operating costs. Additionally, smaller firms have more liberty in terms of flexibility and risk management. In the end, the corporate approach made many of the executives feel as if they had been stifled.

Despite the discrepancies, Sauter stated that he had left on good terms. He went as far as to claim that he was at a point in his career that he had no desire to have his contract renewed. Consequently, SDX chose to not offer a renewal.

Challenges in the Market

As with any major corporate reshuffle, there are going to be individuals that no longer fall in line with the platform’s overall goals. Discussing these challenges, a SIX spokesman touched on the changes and what they mean to the project. They explained that whenever you have a concept built from scratch, there are going to be many ups-and-downs associated with the development. In the end, the firm acknowledged that these changes have begun to add up with the spokesperson stating that the firm has “spent quite a few Swiss francs” on the ordeal.

SDX Moving Forward

From the tone of SDX’s past employees, the company is undergoing some heavy internal changes. As such, there is no way to determine exactly how these personnel changes will affect the overall strategy the company has chosen to follow. One thing is for sure, SDX appears to have made a priority shift towards servicing the banking sector exclusively with its new platform.

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Tokeny Upgrades investorID with ONCHAINID

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onchainid

ONCHAINID

There is no such thing as the launch of a completed product.  Times change, technology is upgraded, and needs vary.  A successful product will often see various iterations and updates throughout its lifespan, in an effort to serve its intended market.

With that in mind, tokenization platform, Tokeny, has announced the launch of ONCHAINID.

An Evolution

ONCHAINID is essentially version 2.0 of their previously released investorID – a solution geared towards whitelisting investors.  ONCHAINID looks to oust traditional ‘central-systems’, in favour of a more decentralized approach.  Along with this approach, ONCHAINID looks to build upon what investorID was able to offer, with various new functionalities.

Tokeny notes that this product is built on providing clients with 3 main features:

  • Data enrichment
  • Direct ownership of securities
  • Customer accounts management

For those interested in learning about the initial launch of investorID, and to see how Tokeny arrived at ONCHAINID, make sure to peruse the following article.

Tokeny Announces European Launch of investorID

Commentary

Upon announcing ONCHAINID, Luc Falempin, CEO of Tokeny, took the time to comment, elaborating on the move and why it was needed.

Luc Falempin stated,

“For financial institutions to move away from analogue processes and step in to the digital era, they need reliable and compliant standards.  Most of the protocols created for digital securities failed to recognise that identity across the value chain is essential to apply compliance for the issuance and transfer of tokenized securities.  ONCHAINID, and its open ecosystem, is the most credible solution to securely and accurately identify market players and their assets on the blockchain.”

He continued,

“To achieve our vision of a digital capital markets there needs to be a secure and institutional-grade system that enables the creation of digital identities for issuers, agents, investors and securities.  This is why we have created ONCHAINID, to bring forth a shared and controlled data-rich ecosystem that transforms traditional finance into a truly digital and connected industry.”

Speaking with Luc

In our ongoing interview series, we have had the pleasure of hosting an exclusive discussion with Luc Falempin, CEO of Tokeny.  Here, we learn more about what exactly Tokeny has to offer (including the predecessor of ONCHAINID).

Interview Series – Luc Falempin, CEO of Tokeny

Tokeny

Founded in 2017, Tokeny maintains headquarters in Luxembourg.  Since launch, the team at Tokeny has been hard at work, developing a variety of solutions, targeted towards the digital securities sector.  One such solution is, aforementioned, ONCHAINID discussed here today.

CEO, Luc Falempin, currently oversees company operations.

In Other News

Tokeny has had a successful few months.  It was only recently that we were reporting on the company being included in 2019’s ‘FinTech 50’ – A comprehensive list of the top European companies within the industry.

Tokeny Makes the FinTech 50

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