Avalon Blockchain which previously used to be known as World Mahjong Limited has disclosed that it has acquired Avalon Life?s cryptocurrency mining assets as well as digital currencies. The assets that were acquired include ASIC mining rings numbering 27, 386. The assets were acquired in accordance with terms set out in a purchase agreement.
With the assets Avalon Blockchain will be in a position to immediately start generating revenue by mining digital currencies as well as earning of virtual currency block rewards through masternodes within the reward program of each coin. Masternodes refer to computers which operate a Dash (DASH) wallet as well as make decisions including budget funding voting, coordinating the mixing of coins and locking transactions.
One requirement is that masternodes must possess collateral of 1000 Dash and an IP address which is dedicated. Masternodes must also run for a total of 24 hours per day and guarantee that a connection loss cannot persist for more than one hour. Typically masternodes receive a block reward of around 45% on every block. Every seven days about 2 Dash are paid to every masternode.
Following the change of name Avalon Blockchain will now reconstitute the board of directors as well as the senior management. Robert Cross will become the chief executive officer and president, David Ebert will become the chief financial officer while Anthony Alvaro will be the business development vice president. Darren Devine and Jon Malach will be directors of the company.
Decades of experience
Besides serving as the CEO and president, Cross will also be the chairman of Avalon Blockchain. Cross possesses more than two decades of experience serving as a financing in the oil & gas industry as well as mining sectors. Besides co-founding B2Gold Corporation, Cross served as the company?s non-executive chairman for a decade. Cross also co-founded Bankers Petroleum Limited and served as the non-executive chairman for a period of 12 years.
Other companies he has co-founded include First Cobalt Corp and Standard Lithium Ltd. Cross also served as Northern Orion Resources? non-executive chairman between 2002 and 2007. For his education Cross received an undergraduate degree in engineering from University of Waterloo and an MBA from Harvard.
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