SANTA CLARITA, CA , Nov. 05, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – U.S. Energy Initiatives Corporation, Inc. (OTC PINK: USEI), USEI announces the ownership of 52,766.66 Sumcoins; management further announces that in 2017 it entered into agreement for 3.6 Million aged USEI shares for crypto assets in an early stage crypto software venture. The resulting asset, (and the first of its kind) known as Sumcoin. SUM is a decentralized mineable coin very similar to Bitcoin and Litecoin wherein its value is algorithmic based on the market cap of the top 100 Coins.
The coins founder, Ty Jacobsen of Crypto Cloud Inc., stated: “Sumcoin solves simple but profound problems. Sumcoins ability as a stable store of value and as an index-based coin solves long unaddressed and poorly understood challenges in the space. I’m pleased with the project’s success thus far, grateful to Charlie Lee’s help of Litecoin, and welcome participants of the open source community.”
These assets have appreciated significantly in value and is prudent we enter an exploratory phase on how we plan to pledge, hypothecate, leverage or borrow against our holdings which now totals over $5 million dollars. This is obviously a significant boost to the firm’s assets and a potential pathway to allow USEI to execute its core business plan. However, due to the nature of crypto currencies, the firms unfamiliarity with regulatory measures; we will do our due diligence to implore legal and regulatory experts as part of our strategy to utilize this new asset. In the interim the Sumcoin assets will be placed into treasury and reflected on our balance sheets and reported in filings, commented Miller. Link to USEI Sumcoin Holdings https://bit.ly/2Pa85V9
The current cumulative market cap of all the cryptocurrency is currently is around $ 210 billion. Before the recent downturn, it was around $ 900 billion. Thus, even if the cumulative market cap is able to rise just 25% from the peak, it would be able to hit the valuation of $ 1 trillion. The Global Market Cap Value of Sumcoin is just under $ 1 Billion Dollars at $ 876 Million
At long last, segregated witness has been successfully activated on the test network. Judging by the sudden surge of transactions on the network and the huge blocks that were mined, it looks like all delayed transactions have now gone through and mainnet is one step closer. For the curious, blocks 130291-130295 contain the delayed transactions. Four of these blocks even hit the network size limit!
Due to issues with the (apparently antiquated) Stratum mining protocol, the pool will continue to use the v0.8 daemon for the time being. For most users this will change nothing, however please do not use the new P2SH addresses that they new wallet generates by default (they start with a '2') to receive coins from the pool. For new users, legacy addresses that start with an 'S' can still be generated using the debug console.
Do not attempt to use any ASIC miners yet! Testnet only supports smaller machines! You will break the system and your account will be locked out
After experiencing 2 days of extreme interest from the GPU and ASIC miners, the network difficulty has increases exponentially.