LAS VEGAS, Sept. 13, 2023 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) is pleased to announce that the Company’s AABBG Token, a unique mine-to-token gold-backed cryptocurrency, is migrating from the Ethereum blockchain to the Algorand blockchain. The migration and conversion, scheduled for October 1, 2023, aims to provide token holders with improved transaction efficiency, lower costs, and increased transparency.
The Company’s 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, low cost and efficient ecosystem.
Key Highlights of the 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 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 instructed and 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.
"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 ecosystem," stated Chris Torres, AABB President and CEO. "We are committed to delivering the best user experience possible and Algorand's advanced blockchain infrastructure aligns perfectly with our goals to expand all our digital asset projects."
AABBG Token will continue to provide support and assistance to its community throughout the migration process. For further information and inquiries, please visit www.AABBGoldToken.com
About AABBG Token
AABBG Token is a unique mine-to-token gold-backed cryptocurrency blockchain project dedicated to revolutionizing gold investment holdings by leveraging cutting-edge technology and decentralized solutions. With a commitment to transparency, efficiency, and user empowerment, AABBG Token aims to redefine the future of gold-based transactions with its innovative blockchain platform.
About Asia Broadband
Asia Broadband Inc. (OTC: AABB) is a resource company focused on the production of precious metals and the accumulation of physical gold holdings. The Company utilizes its specific geographic expertise, experience and extensive industry contacts to facilitate the expansion of precious metals property holdings and production in Mexico. The Company's industry and business integration in Mexico and its asset diversification are unique strengths of AABB that differentiate it from other companies and creates distinctive value for shareholders. Additionally, the Company has 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 and digital asset developers.
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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.