An update from PBSA: Mutual termination of agreement with eXeBlock

It’s been a busy start to 2019 thus far!

We’re ramping up for our most exciting year to date. With our focus on more transparency this year, I wanted to update you on a few big things happening over here at PBSA as we prepare for what’s next.

It was announced on Feb 15, 2019 that PBSA has completed a transaction with eXeBlock that allows the two companies to focus on their own optimal goals moving forward.

A little background...

In December of 2017, eXeBlock had entered into an agreement to deliver four Dapps to the Peerplays Blockchain Standards Association over the next two years. The recent transaction shows that PBSA did not receive delivery of the Dapps that were expected. Instead, eXeBlock opted to divest of its coding assets, specifically the 5050Labs and BTC Sidechain Dapps, and a new blockchain codebase they called XChain. In support of eXeBlocks new direction, when eXeBlock expressed its interest in divesting, it was in PBSA’s best interest to make an offer, which eXeBlock accepted.

eXeBlock and PBSA have mutually agreed to the termination of the Dapp deal effective immediately in order to allow for eXeBlock to focus on new market opportunities as a result of the current bear market in blockchain. As part of this mutual termination, eXeBlock has opted to move into other markets in order to maximize its future market potential.

With the new leadership of CEO Jamie Davison at eXeBlock taking the company in a new direction, I resigned from eXeBlock as Founder on December 12, 2018 to further develop new blockchain technologies in Gamified Proof of Stake (GPoS) consensus mechanisms on Peerplays. In order to best support eXeBlock in its new direction, I have opted to resign my 9,965,000 shares in eXeBlock that represent the largest single shareholding of the company.

It has been great working with the talented development team at eXeBlock, and I am eager to see what new innovation eXeBlock brings to capture the massive revenue potential of this technology.

It is expected that with the return of shares to eXeBlock, and the ending of the Dapp deal with PBSA, eXeBlock will now be able to take its considerable expertise and focus on various revenue opportunities currently available to it.

PBSA, with the acquisition of the two Dapps, anticipates after a public peer review of the code to have those features available to the mainnet of Peerplays in Q2 of this year.

Stay tuned for more information on PBSA’s path forward in 2019 as well as an update from the team attending some exciting conferences overseas this week.

Jonathan Baha’i
President
PBSA