The Elevate team has informed the Company that the token model is complete and work on an updated Whitepaper is now in process. In parallel, a review of suitable Decentralised Exchanges (DEXs) for the IDO is also underway. Upon receipt of confirmation that the IDO will proceed, it is intended that a proportion of new Elevate platform tokens will be allocated to all founder investors. At this point it is also expected that the Gibraltar company, Elevate Limited, will be wound up and the value of Coinsilium's stake in the Elevate project will be represented entirely through its holdings of the new to be issued Elevate platform tokens.
Investment value equivalent in GBP as at 30 June 2021: GBP72,320
(Investment value equivalent in GBP as at 31 December 2020: GBP73,190)
Factom
In June 2020, the Company announced that it had been notified by the directors of Factom that Factom has filed for reorganisation under Chapter 11 Subchapter V to address structural issues preventing them from raising further capital.
Factom advised that Chapter 11 Subchapter V provisions preserve the position of the existing shareholders and structures the means of paying creditors. The directors of Factom expected Factom to emerge from the Chapter 11 reorganisation in 60 to 90 days.
In April 2021, Coinsilium was notified by Factom that it had received an offer from Inveniam Capital Partners ("ICP") to acquire substantially all of the assets of Factom on terms which would have to be approved by Factom's shareholders.
Post Period
In August, Coinsilium was notified by Factom that ICP had acquired the assets of Factom and that Factom's former shareholders would be entitled to receive ICP shares.
A further notification was received in August to the effect that, pending confirmation of the final amount of liabilities assumed by ICP and the execution of various legal documents, which the Company has yet to receive, subsidiary undertaking Seedcoin should be entitled to receive 307 Series D ICP shares at a valuation of USD40 per share. As of the date of this report these shares have yet to be transferred to Seedcoin.
Although we believe that Seedcoin is likely to receive the ICP shares, there is a material level of uncertainty in respect of the realisable value of such shares which compels us to take the prudent decision to impair our investment in Factom.
Helperbit
Helperbit is an Italian startup that uses blockchain technology to allow people to donate digital and local currencies to charities and to people in need all over the world, trace their donation and how it is used, offering full transparency of economic flows. In March 2021, Guido Baroncini Turrichia, CEO of Helperbit, shared some possible scenarios about Helperbit's future. Among these scenarios one suggested the liquidation of the company as it seemed unable to remain financially viable in the near future. On 30 March 2021, an extraordinary general assembly gathered shareholders to discuss these scenarios and the shareholders resolved to initiate the liquidation process of the company. On 16 April 2021, a further meeting was convened to finalise the financial statements of Helperbit as of 31 December 2020 and confirm the liquidation at a public notary's office.
The liquidation proceeds are to be shared pro rata among the shareholders, according to their percentage shareholding at the time of liquidation.
Indorse
During the first half of 2021 Indorse continued to work on Indorse 2.0, introducing several new features to the Indorse network including a staking reward platform and DRA rewards (Decentralised Referral Agents). As of 30 June 2021 there were about 6,790,720 IND tokens staked on the Indorse staking platform.
In March 2021, Coinsilium announced that its wholly owned Gibraltar subsidiary, Terrastream Limited ('TerraStream'), had entered into a Memorandum of Understanding ('MoU') with Indorse ('Indorse'), to form a Partnership or Joint Venture ('the Partnership') in order to launch a Non-Fungible Token ('NFT') technology development studio in Gibraltar to be called Nifty Labs.
Indorse founder and CEO Gaurang Torvekar leads the Nifty Labs tech team. Nifty Labs is focused on developing smart contract systems for NFT applications including a bridge for NFTs on Bitcoin using RSK technology.
Through Nifty Labs, Indorse and Coinsilium aim to develop smart contract systems for NFT applications and explore opportunities for other smart contract systems and models with applications across various industry sectors, including NFT applications compatible with the RSK token standard.
In April 2021, Indorse announced the public alpha software release for 'Nifty Scanner', an analysis tool for digital assets. Nifty Scanner is a browser extension available on Google Chrome, Opera, Mozilla Firefox and Brave.
Nifty Scanner 'scans' Non-fungible Tokens ('NFTs') and provides detailed essential background information on how and where the assets (the media and the metadata) associated with an NFT are stored. This data, whilst publicly available on the blockchain is not always published with the NFT in an apparent manner. Currently, Nifty Scanner is compatible with the OpenSea marketplace and is expected to be compatible with other popular marketplaces in due course.
In June 2021, Indorse announced the sponsors of the 'NFT Vision Hack', a global online hackathon focused on non-fungible token ('NFT') technology which ran from 7 July to 30 August 2021. The results of the hackathon were announced on 21 September. The 'NFT Vision Hack' was organised via Nifty Labs and sponsors included HM Government of Gibraltar, IPFS and Filecoin, Rarible and Circle. The hackathon had four challenges: 'Build on the Rarible protocol', 'NFT Payment Solutions', 'Scalable NFT Art Projects', and 'Gaming and NFTs'. Participants were awarded more than USD68,000 in prizes and grants provided by the Hackathon's sponsors.
Talented blockchain developers, artists, game developers, and NFT creators from around the world were invited to build innovative solutions using NFTs to ultimately shape the future of this nascent space. The winning projects were given the opportunity to work, partner, and secure grant programs with the event's sponsors.
Investment value equivalent in GBP as at 30 June 2021: GBP867,842
(Investment value equivalent in GBP as at 31 December 2020: GBP878,276)
RSK / IOV Labs
In January 2021, Beexo Wallet became the first wallet to integrate RIF Enveloping, a solution designed to make user payment experience akin to those provided in traditional finance.
RIF Enveloping is a solution that supports meta-transactions, enabling third parties to subsidise transaction fees for end users, thereby eliminating the complexity of using native currencies to pay network fees and making the user experience much more intuitive. Applications for the technology include wallet developers covering the cost of new users making their first decentralised finance interactions.
In March 2021, RSK launched a unified digital identity solution ('rLogin') which allows web application developers to integrate blockchain technologies. rLogin is part of the RSK Infrastructure Framework (RIF) suite of tools and is natively compatible with the Bitcoin and Ethereum networks. The solution gives users of any rLogin-enabled application the ability to use their crypto wallets to authenticate and store their data, porting it across different Web 2.0 and Web 3.0 applications as they wish. This also presents an opportunity for users to build their own digital reputation without needing to rely on the traditional banking sector or big tech companies, with the added benefit of being completely in control of how their data is used and managed.
In March 2021, IOV Labs announced Kripton Market, a financial alternative developed on top of RSK to facilitate decentralized transactions through Bitcoin, with over 1,000 associated brands that will offer this option for payment in Argentina, Colombia, Uruguay and Venezuela.
Using the advantages afforded by the crypto economy, Kripton Market will allow customers in Latin America to send money abroad, to buy and sell with a single currency, and to do so at a low cost. Kripton Market is a marketplace of Argentine origin with operations in Argentina, Venezuela and Uruguay. The marketplace is expected to soon be live in Colombia. This new alternative is seeking to revolutionise the financial market through the implementation of RSK smart contracts, a platform that supports collaborative, decentralised economies.
In March 2021, the RSK Bitcoin Smart Contract network and the RIF Platform integrated the DeFi AMLT Oracle, created by global RegTech provider Coinfirm. All operations conducted on RSK's protocol will be fully covered with automated proprietary risk assessments from Coinfirm's C-score based on 270+ red flag algorithms. The use of the Oracle positions the RSK protocol for wider adoption by institutional investors and the traditional financial sector looking to gain exposure to decentralised finance.
In April 2021, IOV Labs announced the launch of Tropykus finance, a decentralized finance protocol that seeks to connect the Bitcoin community with citizens in emerging economies to offer them better access to intuitive and fair financial products. Tropykus is based on RSK smart contracts and is focused on uniting the Bitcoin community and those living in emerging economics in a transparent, decentralized way, respecting users' privacy and giving them full control of their assets. Tropykus's goal is to use the potential of Bitcoin to drive positive change to the financial situation of emerging countries, starting with Latin America. This will be achieved by connecting people who want to make a return on their Bitcoins with people who need access to credit with better conditions than those currently offered by traditional banks.
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September 30, 2021 07:35 ET (11:35 GMT)
