Writ Media Group Inc. (WRIT)

[QualityStocks]

WRIT Leveraging Newly-Acquired Technology to Develop Blockchain-Based Payment Systems

In a recent news release, WRIT Media Group, Inc. (OTCQB: WRIT) outlined intentions to integrate its Pelecoin blockchain technology, which was picked up as part of last month’s Pandora Venture Capital Corp. acquisition, into a variety of products and applications that can be used to make spending cryptocurrencies simpler. When complete, the company aims to combine the benefits of digital currencies with the ease-of-use of fiat currencies, effectively introducing Pelecoin and other digital currencies into the physical world through the use of debit cards and mobile phone payment applications.

“Our goal is to create the industry standard for Blockchain-based, secured payments solutions,” Eric Mitchell, president of WRIT, stated in the news release. “The Company has been in discussions with several market-leading, best-in-class industry players to engage an initial and formative partner that will invest in, and help develop, our Pelecoin technology into a proprietary, transparent, digital payment system that become the market standard.”

Differentiating itself from the current digital currency landscape, Pelecoin strays away from the widely-used ‘rules of emission’, which generate new coins on a set schedule that effectively undermines the currency’s market value, in favor of a simple, proprietary algorithm designed to promote increased distribution and use. While Bitcoin generates five coins per minute to hardcore ‘miners’ with a deep knowledge of software programming and costly computer equipment, Pelecoin generates new units based upon a unique set of rules and events that increase the currency’s worth, such as new user registration, acceptance of Pelecoin for goods and services, and trades between Pelecoin and fiat currencies. When users participate in these simple ‘value’ events, their accounts are automatically credited with the newly-generated funds.

“There are several advantageous ways Pelecoin differs from other digital currencies on the market, and we’re excited to be part of the many advances taking place in cryptocurrency,” added Mitchell.

To better understand the growing demand for digital currency options, it’s best to study Bitcoin, which is often referred to as the first cryptocurrency. In a January report (http://dtn.fm/MJl58), a contributor for Wired suggested that 2016 could be the year that the digital currency moves into the mainstream. In September 2015, daily Bitcoin transactions hit a record high, and usage remained up more than 100 percent year-over-year into early 2016. Of this usage, roughly 20 percent was attributed to payments or usage as a currency, as major retailers such as Dell and Overstock.com (NASDAQ: OSTK) continue to test the waters with Bitcoin payments.

With consumer usage of cryptocurrencies hovering at near-record levels, WRIT’s entry into the digital currency space comes at an intriguing time. Look for the company to benefit from a newly-assumed, skilled management team with backgrounds in payments, telecom and digital currency acquisition as it seeks to establish a sustainable foothold in this burgeoning market.

For more information about the company, visit www.writmediagroup.com