GREENBANK SUBSIDIARY BLOCKCHAIN EVOLUTION ESTABLISHES XBOOK AS A USER PERMISSIONED AND REVENUE SHARING SOCIAL MEDIA PLATFORM
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Toronto, Ontario, May 14, 2018 – GreenBank Capital Inc. (CSE: GBC and OTCMKTS: GRNBF and FRA; 2TL) ("GreenBank or the Company") announces that its 52% subsidiary Blockchain Evolution Inc has formed a 100% subsidiary Xbook Network Inc (“Xbook”) to develop a unique social media platform. Upon launch, Xbook will be a user permissioned social media platform empowering users to control access to their personal data. Further, Xbook will share 50% of its revenue with Xbook users. Xbook utilizes eKYC-ID blockchain technology to provide the critical user identification infrastructure that is needed to accurately and securely record data for both users and advertisers.
Current “facebook type” social media platforms create privacy concerns by sharing user data with advertisers and other third parties, and their business model retains all revenue generated by the platform. In contrast, Xbook resolves privacy concerns by enabling users to have total control of access to their data, as well as sharing 50% of Xbook revenues with Xbook users. Xbook users can decide which advertising to accept, and which entities have access to their data, and so control both their personal data and their personal revenue stream. The unique identification based blockchain technology owned by Blockchain Evolution Inc has been licensed to Xbook, and forms the core capability of facilitating permission based targeted advertising and an accurate revenue sharing model.
Xbook has three access levels, all of which are free to the user, who can upload data via a mobile app. At Level One the Xbook user provides basic identification information and receives a limited revenue sharing cash income stream, together with a credit balance which is available when upgrading to Level Two. At Level Two the Xbook user provides enhanced identification information, which can be shared with advertisers only at the users’ discretion. As Level Two information is more valuable to Xbook advertisers, it generates for the Xbook user a cash income stream equal to 50% of the Xbook revenue attributable to that specific user. At Level Three the Xbook user provides full KYC identification data (similar to the data provided when opening a bank account), and thereby creates a personal online digital identity. The user digital identity is recorded securely on the Xbook blockchain, and can be utilized exclusively by the user for multiple commercial and governmental purposes. At all times it is the Xbook user who decides who has access to partial or complete digital data.
The Blockchain Evolution software development team has established the Xbook technology framework and a beta version of Xbook is anticipated to be launched in the next few months.
“Justifiable concerns about privacy have exposed the flaws in current social media platforms, and so we are excited about the potential for Xbook to utilize our unique blockchain technology to create the next generation social media platform offering total user control. With revenue sharing as a further incentive for users to switch to the Xbook platform, I believe that Xbook has significant potential” said Danny Wettreich, CEO of GreenBank.
GreenBank is a merchant banking business listed on the Canadian Securities Exchange (trading symbols CSE: GBC and OTCMKTS: GRNBF and FRA: 2TL), and is included in the CSE Composite Index. GreenBank’s 100% subsidiary GreenBank Financial Inc. is a merchant bank. GreenBank’s portfolio companies comprise equity investments in 13 small cap businesses, namely; 52% of Blockchain Evolution Inc, owners of the world’s first identification based blockchain, and developers of Xbook a user permissioned and revenue sharing social media platform; 10% of The Lonsdale Group LLC, a USA based private equity company focused on small cap investments; 27% of Ubique Minerals Limited, a zinc exploration company in Newfoundland, Canada; 10% of Reliable Stock Transfer Inc, a Canadian small cap transfer agency; 14% of Slabdeck Technology Inc, developers of a search mobile application; 12% of KYC Technology Inc, owners of a worldwide online 24-hour “Know Your Customer” identification verification process; 19% of Inside Bay Street Corporation, a financial news communications company; 27% of Buchans Wileys Exploration Inc, a minerals exploration company with interests in Newfoundland, Canada; 100% of Medik Blockchain Inc, providing blockchain based medical confidentiality systems to the healthcare community; 100% of North America Veterans Insurance Services Inc, an insurance agency holding company; 19% of Kabaddi Games Inc, developers of a mobile application game based on the sport of Kabaddi; 19.62% of Minfocus Exploration Corp (TSXV: MFX), a mineral exploration company: and 19.9% of Gander Exploration, a minerals exploration company in Newfoundland, Canada.
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of GreenBank Capital Inc., the raising of additional capital and the future development of the businesses comprising GreenBank’s investment portfolio. The forward-looking information is based on certain key expectations and assumptions made by the company's management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because GreenBank can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and GreenBank disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
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