Minds + Machines Group Limited .luxe update

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Minds + Machines Group Limited

21 May 2019

RNS Reach: 21 May 2019

Minds + Machines Group Limited

("MMX" or the "Company")

.luxe update

Minds + Machines Group Limited (AIM: MMX), the top-level domain registry company, is pleased to announce three key milestones have been achieved in its .luxe R&D project which is looking to introduce the first standardized naming approach that can be interoperable across all public blockchain addresses as well as the World Wide Web. Milestones achieved are:

   1.     completion of the .luxe decentralized all-chain association engine; 

2. first exchange and wallet partners to adopt the .luxe all-chain solution to streamline their wallet management and user experience systems; and

   3.     the first $100,000 .luxe domain sale. 

Completion of the .luxe all-chain association engine

Having already developed technical solutions for securely associating the same .luxe address to addresses on the three leading public blockchains - Ethereum, Bitcoin and EOS - the Company is pleased to announce that development of the .luxe decentralized all-chain association engine has now been completed. This means that a single .luxe address can be securely associated on-chain to any existing or newly created address on a public blockchain. The Company views this as an important development and simplification of the process, as currently each blockchain will typically use randomly generated alphanumeric strings of 36-42 characters as the address/identifier for a wallet/asset on its chain, there being no ability to use the same, easy-to-remember address across multiple chains. As a result a customer of an exchange or wallet that owns tokens across more than one blockchain has to create separate wallets for each blockchain, leading to significant account management and usage issues for exchanges and wallet providers alike.

First exchange and wallet partners to adopt the .luxe all-chain solution

The Company is also delighted to announce the first three exchange and wallet providers in Asia to confirm that they will be introducing the .luxe all-chain approach in 2019 as part of their programs to improve wallet management and user experience on their platforms. The companies are Exshell Exchange, which now supports over 500 tokens across 19 blockchains, and the multi-chain wallet providers MEET.ONE and Bying. In total the three businesses currently have a combined customer base of approximately 1.2million with daily active customers typically ranging between 5-10%. All three businesses are planning to participate in the first release date when partners will be able to go live with their .luxe roll-outs to end-users later this year. There will then be a rolling programme of release dates when further partners can go live with the integration of .luxe to their respective customer bases.

First $100,000 .luxe sale

The Company is also pleased to have separately achieved a third important milestone for its .luxe project: the sale of a small number of .luxe names for a combined value of $100,000 in a single trade.

Toby Hall, CEO of MMX, commented:

"We are seeing an acceleration of momentum in our .luxe project. Partners are recognizing the immediate benefits our approach can potentially provide, not just to their customers but also to their own management systems. This activity is all about creating a meaningful platform for future growth to support our core DNS based recurring revenue model."

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For further information

 
   Minds + Machines Group Limited 
    Toby Hall, CEO                               Tel: [phone] 
                                                  341072 
    Michael Salazar, CFO                         Tel: [phone] 
                                                  7499 
 
    finnCap Ltd                                  Tel:+ 44 (0) 20 
                                                  7220 0500 
    Corporate finance - Stuart Andrews /Carl 
     Holmes/Simon Hicks 
     Corporate broking - Tim Redfern / Richard 
     Chambers 
 
    Belvedere Communications Limited             Tel: +44 (0) 74 
                                                  070 23147 
    John West 
     Llew Angus 
 

About MMX

Minds + Machines Group Limited (LSE: MMX) is the owner of a world class portfolio of 32 ICANN approved top-level domains (gTLDs). The Company generates revenues through the registration and annual renewal of names by organisations and individuals within each of its top-level domains, sales being processed through the Group's network of global registrar and distribution partners.

The MMX portfolio is currently focused around generic names (e.g. .work, .vip), consumer interest (e.g. .fashion, .wedding), lifestyle (e.g. .fit, .surf, .yoga), professional occupations (e.g. .law), and geographic domains (e.g. .london, .boston, .miami, .bayern). In 2018, the Company completed its first acquisition, the ICM portfolio, and recently launched its first innovation based project, .luxe, which combines the strengths of the World Wide Web's naming system with that of blockchain. For more information on MMX and its rapidly growing renewal base, please visit www.mmx.co

About Exhsell

ExShell is a global leading digital financial exchange. It aims to become the first hundred-chain & thousand-token exchange to provide users with a diverse and convenient trading experience and to provide users with all-round digital financial investment services.

About MEET.ONE

MEET.ONE is an EOS Block Producer and a prominent blockchain industry solution provider for enterprises. It has also released the MEET.ONE wallet on its side-chain.

About Bying

Bying is a safe, easy-to-use and powerful digital wallet app which supports hardware wallets and multiple dapps.

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May 21, 2019 02:02 ET (06:02 GMT)