AABBG Algorand Migration To Reduce Transaction Costs and Increase Speeds Following a $4.6 Million Q1 Gross Profit
LAS VEGAS, July 11, 2023 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) is excited to announce today that its AABBG Token, a leading blockchain project, is migrating from the Ethereum blockchain to the Algorand blockchain. The migration process is nearing completion and is expected to be fully implemented in the coming weeks to provide token holders with improved transaction efficiency, lower costs, and increased transparency.
The decision to migrate to the Algorand blockchain stems from AABBG Token's commitment to enhancing the overall user experience and addressing the evolving needs of its community. By leveraging the advanced features and benefits of Algorand's blockchain infrastructure, AABBG Token aims to offer its users a seamless and efficient ecosystem.
The new Algorand platform is a key component of the digital assets improvements initiative to dramatically lower transaction costs and increase processing speeds, expand liquidity and increase user satisfaction. The primary goal of the Company with the platform change is to synergize the growth of the AABBG token, AABB Exchange and PayAABB by creating added efficiencies to facilitate widespread use, increase transaction volumes and expand digital business segment profits.
AABB recorded a robust gross profit of $4.6 million in the first quarter of 2023. Leading the way was record high quarter for the Company’s digital assets segment with $3.9 million in sales of the AABBG token combined with the initial sales of the Golden Baboons Mining Club NFT (Non-Fungible Token) collection launch in late February. Additionally, the Company’s mining segment continued its gold production from 2022 into Q1 of this year and is expected to expand dramatically with the installation of a new processing facility and the commencement of the ore stockpile production in the second half of 2023. The achievement of these milestones and the continued progress with its business plans affirms the Company’s ongoing success of its digital asset and mining operations.
Key Highlights of the Algorand Migration:
1. Enhanced Transaction Efficiency: The migration to the Algorand blockchain will significantly reduce transaction costs and increase transaction speeds. Users can expect faster, more reliable transactions, ensuring a seamless experience within the AABBG Token ecosystem.
2. Lower Network Transaction Costs: AABBG Token will benefit from Algorand's innovative design, enabling significantly lower network transaction costs compared to the current Ethereum-based infrastructure. The ALGO fee for any transaction is always fixed at a nominal amount, regardless of the transaction size.
3. Increased Transparency: Algorand's blockchain technology provides enhanced transparency and security, ensuring the integrity of AABBG Token transactions. Users will have access to a decentralized and immutable ledger, offering a higher level of trust and accountability.
The migration process will be executed meticulously to minimize any disruption to AABBG Token holders. Pre-funding of Algorand accounts will be provided to facilitate the conversion process, ensuring a smooth transition. The existing AABBG Token on the Ethereum blockchain will be converted to the new Algorand-based AABBG Token at a one-to-one ratio, maintaining the value and integrity of users' holdings. The Company will continue to provide information, support and assistance to its community throughout the migration process.
"We are thrilled to announce the migration of AABBG Token to the Algorand blockchain. This move is a significant step towards enhancing the efficiency, scalability, and cost-effectiveness of our digital ecosystem,” expressed Chris Torres, AABB President and CEO, of the AABBG Token. "We are committed to delivering the best user experience possible, and Algorand's advanced blockchain infrastructure aligns perfectly with our goals."
About Asia Broadband
Asia Broadband Inc. (OTC: AABB) is a resource company focused on the production, supply and sale of precious and base metals, primarily to Asian markets. The Company utilizes its specific geographic expertise, experience and extensive industry contacts to facilitate its innovative distribution process from the production and supply of precious and base metals in Mexico to client sales networks in Asia. This vertical integration approach to sales transactions is the unique strength of AABB that differentiates the Company and creates distinctive value for shareholders. Additionally, the Company has added a digital assets business segment with its AABBG mine-to-token gold-backed cryptocurrency within its AABB Wallet, the unique Golden Baboons Mining Club non-fungible token collection, a proprietary digital exchange AABBExchange and a cryptocurrency payment gateway solution PayAABB.com. AABB expects its token to become a world-wide standard of exchange that is stable, secured and trusted with gold backing, while having the added benefit of demand based price appreciation. These are unique and outstanding qualities relative to other cryptocurrencies.
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Forward-Looking Statements are contained in this press release within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Asia Broadband Inc.’s (the “Company”) expected current beliefs about the Company’s business, which are subject to uncertainty and change. The operations and results of the Company could materially differ from what is expressed or implied by the statements made above when industry, regulatory, market and competitive circumstances change. Further information about these risks can be found in the annual and quarterly disclosures the Company has published on the OTC Markets website. The Company is under no obligation to update or alter its forward-looking statements as future circumstances, events and information may change.