03 Apr Chris Kitze comments on the Tinkerine Announcement
As a follow up to the Press Release on stockwatch.com, TINKERINE ANNOUNCES LETTER OF INTENT TO ACQUIRE COIN APPS TECH, Chris Kitze offers his thoughts on the FLASH Discord.
“Hi everyone. Some very exciting news to announce for FLASH. We completed a letter of intent to have the non-public FLASH technology acquired by Tinkerine, a Canadian public company.
All public software, including open source versions will remain in the public domain.
This is mainly about the wallet technology being used for whitelabel applications. Our team has been getting a lot of inquiries for whitelabel (private brand) wallets that include all the features they have developed.
What does this mean for FLASH? Assuming the deal closes and the fund raising is successful, which all indications are good, we expect the development team will increase in size, which of course means a lot of new features.
The white label wallets would be built for local exchanges, new coins and the like.
The wallet is the key, core technology. It’s the centerpiece and anyone who wants to partake in blockchain or crypto will need tech like this.
If you are a FLASH community member, it’s likely we’ll have a lot of new members for the community, remember, all these whitelabel wallets will include FLASH inside, so this is potentially a lot of additional distribution for FLASH, which I would imagine could create more use cases and demand for FLASH.
We’ve been working on this for quite a long time and there are some other super exciting aspects to this deal that we can’t talk about yet, but you can imagine being able to build FLASH blockchain shards that would function like ERC-20 coins but run on the FLASH blockchain. People who go that way would have automatic access and inclusion in the FLASH family of wallets, in wallet exchange, and the entire network of HTM’s would automatically have access to those coins via their FLASH wallets. Let that sink in for a bit.
Let’s talk about whitelabel wallets to answer Samsung’s question. I’m going to give real world examples of incoming requests we’ve actually seen. Let’s say someone wants to build an MLM coin, or a barter network, or a gold or currency backed coin. They might want to have control over the coin supply, but they might not want to run a blockchain. They want high speed performance, settlement under 5 seconds, low transaction cost (which means no mining) and automatic inclusion in wallets for all major platforms. We will create a shard coin for them, running on the FLASH blockchain and they will automatically have access to the FLASH wallet system. This saves years of development and piles of money.
As for closing and getting rolling, it’s up to the exchange to approve, which we don’t expect any issues as the company thoroughly vetted things with the exchange, securities commission and the auditor.”
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