24th February 2021
Helix Applications announces acquisition of interoperability patents from North Peak Resources
Helix Applications (TSXV: HELXX) is pleased to announce the acquisition of 4 blockchain patents and their related patent applications and development work from North Peak Resources (formerly Interbit Ltd.). Helix will pay an up-front cash amount of CAD150,000 and an ongoing royalty agreement of 5% of profits relating to any commercial application of these patents.
The acquisition follows a strategic review, during which the technology industry has witnessed huge change in the progress and development of permissionless blockchains. The patents that Helix is acquiring pertain to features of interoperability which are going to have a key role in the evolution of blockchain technology.
Interoperability is the ability of differing operating systems to exchange information and value with each other. It is a catalyst for blockchain and the adoption of digital tokens as it has the potential to create a network of blockchains by building bridges between them. As this data-dependent, digital, tokenised economy expands, so are the conditions for Metcalfe’s law relating to exponential growth.
The company plans to build on these technologies by further exploring and developing opportunities in the blockchain ecosphere. This transaction marks renewed commitment to evaluating the significant opportunity in the digital, tokenised economy.
Rufus Round, Chief Executive, Helix Applications said:
“As Helix has been evaluating its strategy, the company has witnessed huge change in the progress and development of permission-less blockchains, where interoperable features are so valuable. With these patents, we believe the network effect that blockchain technology could achieve may lead to exponential outcomes for assets developed on these protocols. This acquisition represents a strong opportunity for Helix to capitalise on the explosion of growth in the sector.”
Trevor Gabriel, Director, Helix Applications added:
“In the last 12 months, the global economic landscape has shifted significantly and the role that blockchain and crypto-platforms have has evolved. Helix has identified an opportunity to progress activities within the booming digital asset market and plans to develop this further.”
Description of the Patents
Chain Joining, issued on September 1, 2020, Patent Number: US 10,764,034, relating to the method and system for facilitation data transfer between blockchains. This allows secure sharing of application data between different blockchains that run applications (“application blockchains”). Before chain joining, to securely share data using blockchain, multiple nodes had to be part of the same chain and/or the data had to be encrypted, which is not always desirable.
Hyperconvergence issued on August 11 2020, Patent Number US 10,740,139 relating to the method and system for performing hyperconvergence using blockchains, providing lightness and flexibility. Hyperconvergence allows a single application blockchain to control different hypervisors across different nodes, and to control the hypervisor it is running on. This allows a single blockchain direct control of all the hardware all those hypervisors are running on.
Chainception issued on June 23 2020, Patent Number US 10,693,654, relating to the method and system for hosting a new blockchain using an existing blockchain node. When a new application blockchain is created, it may very quickly need resources that are available only on different nodes (e.g., bandwidth or processing power). To gain access to those resources, those nodes need to host the new blockchain. But, those nodes needed to trust the new blockchain before hosting it. Chainception is a way an existing and already trusted blockchain creates the new blockchain and, by virtue of being created by a blockchain that those nodes already trust, those nodes automatically trust the new blockchain and consequently host it and support it with resources.
Payload layer which was issued January 12, 2021, Patent Number: US 10,892,887, relating to the method and system for storing a binary large object. Conventionally, storing a very large file on a blockchain takes a very long time and prevents the blockchain from doing other processing tasks while that file is being stored. The payload layer allows large files to be transferred in the background with only a small reference file being stored on the blockchain, thereby allowing the blockchain to continue normal processing while the file is being stored.
ABOUT HELIX
Helix is a blockchain application and technologies developer, listed on the TSX Venture Exchange (TSX Venture: HELX).
For further information please contact Helix at: Rufus Round, Chief Executive Officer c/o 82 Richmond Street East, Suite 200, Toronto, ON, M5C 1P1 email: rufus@helixapps.ca
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release