DMG obtains machine learning-based crypto patent for
VANCOUVER, British Columbia, July 06. Feb. 2022 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB US: DMGGF) (FRANKFURT: 6AX) (“DMG” or the “Company”), a blockchain and crypto technology company -vertically integrated currency, announces the issuance of a patent by the United States Patent and Trademark Office (USPTO) for United States Patent No. S2020/0167791A1. This patent relates to a new method of detecting and tracking contaminated crypto wallets in order to eliminate harmful actors. Typically, this technology can be applied to blockchains to support law enforcement efforts in the fight against money laundering, terrorism, and fraud. This patent describes methods for the underlying technology of Blockseer’s Walletscore product, which is the basis for mining DMG’s own blocks and can be used in mining pools.
This technology enables Walletscore to automatically flag financially risky activity, allowing transaction requests to be monitored in real-time for further review – and possibly removal – before committing them to the Blockchain. Walletscore can be used to screen out transactions from high-risk wallets, even if they are multiple hops down from a known criminal event. DMG plans to use this technology for future versions of its clean block mining offering.
“The second patent granted by DMG further strengthens our intellectual property portfolio and validates the innovation of our technology, which includes machine learning capabilities. This technology is central to Walletscore’s ability to filter out risky transactions and perfectly complements our Petra technology, which filters out known good transactions (i.e. transactions from trusted sources). In the world of adding transactions to the Bitcoin blockchain, this combination (currently in development) is unique and should enable DMG to increase revenue from its Core+ software strategy,” said Sheldon Bennett, CEO of DMG.
“I am personally proud to have worked with the original team that developed this unique technology and now to help lead efforts that will bring enhanced versions of Walletscore to production in the future,” added Steven Eliscu, COO of DMG.
June preliminary mining results
In summary of its bitcoin mining results from last month, in June 2022, DMG mined 76 bitcoins and increased its total hash rate to a maximum of 680 PH/s. DMG is on track with its initial timeline for miner deliveries received to increase its hashrate to 1 EH/s by the end of 2022, subject to receipt, installation and exploitation of additional miners.
DMG also announces that its Annual and Extraordinary General Meeting (AGSM) will be held on September 14, 2022.
About DMG Blockchain Solutions Inc.
DMG is a vertically integrated, eco-friendly blockchain and cryptocurrency company that manages, operates and develops end-to-end digital solutions to monetize the blockchain ecosystem. DMG’s sustainable activities are segmented into two business areas under the Core and Core+ strategies and unified through the vertical integration of DMG.
Future changes in the bitcoin network-wide mining difficulty rate or bitcoin hashrate could materially affect the future performance of DMG’s bitcoin production, and future operating results could also be materially affected by the price. bitcoin and an increase in hashrate mining difficulty.
For more information about DMG Blockchain Solutions, visit: www.dmgblockchain.com
Follow @dmgblockchain on Twitter and subscribe to The DMG YouTube channel.
On behalf of the Board of Directors,
Sheldon Bennett, CEO and Director
For more information, please contact:
DMG Blockchain Solutions Inc.
Email: [email protected]
The Web: www.dmgblockchain.com
Contact with Investor Relations:
CORE IR (516) 222-2560
For media inquiries:
Jules Abraham, communications manager
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Caution Regarding Forward-Looking Information
This press release contains forward-looking information or statements based on current expectations. Forward-looking statements in this press release include statements regarding patent potential, Core+ strategies and plans, potential revenue growth from patents and software products, development and execution of the Company’s products and services. , the expected date of the AGSM, the expected arrival of new miners and the increase in hashrate, the collaboration with other platforms to diversify income, the launch of products and services, events, action plans and the potential of the company’s technology and operations, among others, are all in the fore-seeking information.
Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forward-looking terms such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe”, and “continue”. or the negative thereof or similar variations. Readers are cautioned that the assumptions used in preparing any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those anticipated due to numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, including, but without limitation, market and other economic conditions, volatility of the Company’s common stock price, business, economic and financial market conditions; the ability to manage operating expenses, which could adversely affect the Company’s financial condition; the ability to remain competitive as other, better-funded competitors develop and market competitive products; regulatory uncertainties; access to equipment; market conditions and demand for and prices of products and services; bitcoin demand and price; security threats, including loss/theft of DMG bitcoins; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and launch new products on a timely basis that meet customer needs; the ability to attract, retain and motivate qualified personnel; industry competition; the impact of technological changes on products and the industry; inability to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend claims of third parties for infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and reliance on key personnel. DMG may not achieve its plans, projections or expectations. These statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including demand for its products and services, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, the expected costs, the ability to obtain sufficient capital to carry out its business plans, the ability to achieve its objectives and the price of bitcoin. Given these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. DMG’s securities are considered highly speculative due to the nature of DMG’s business. For more information regarding these and other risks and uncertainties, please see the Company’s filings at www.SEDAR.com. In addition, DMG’s past financial performance may not be a reliable indicator of future performance.
Factors that could cause actual results to differ materially from those in the forward-looking statements include the inability to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply in equipment, electricity and infrastructure, adverse weather and climate events. , the inability to obtain permits required to operate the business, the impact of technological changes on the industry, the impact of COVID-19 or other viruses and diseases on the ability of the business to operate , securing equipment and hiring personnel, competition, security threats including bitcoins stolen from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain technology in general , inability to develop new and innovative products, litigation, increased operating costs, increased equipment and labor costs, declining Bitcoin price, counterparty failure to their contractual obligations, government regulations, loss of key employment and consultants, and general economic, market or business conditions. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Readers are cautioned not to place undue reliance on forward-looking information. The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company disclaims any intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Further, the Company assumes no obligation to comment on any expectations or representations made by third parties with respect to the matters discussed above.