Goldmoney Inc. (TSX:XAU) (OTC:XAUMF) (“Goldmoney“ or the “Company“), a precious metal financial service and technology company, is releasing additional information about its 55% owned subsidiary Totenpass Inc. which has been under confidential development since 2017.
Totenpass Inc. is a Canadian corporation which has been developing a permanent digital storage drive constructed from solid gold that requires no energy and has no movable parts. Digital data is written onto the drive by way of a proprietary light-diffraction process which imprints images, documents, and other files that can be stored as either human readable without the aid of computers or machine-readable with the employ of a smartphone.
This technology allows for the permanent storage of precious digital data, thereby eliminating any future dependence on the internet and the vast amounts of energy required presently to store content. By consequence, this technology will empower both individuals and corporations to decentralize, preserve and fully control their precious digital data once and forever.
The company was founded by Goldmoney CEO Roy Sebag, Bruce Ha, formerly director of optical media at Kodak, and Goldmoney CTO Alessandro Premoli. Goldmoney has made a series of investments in the company since 2017 and currently owns a majority of the outstanding shares. The rest of the shares are held by Bruce Ha and other employees. Mr. Sebag does not own any shares directly but only via his ownership of Goldmoney.
Totenpass White paper
A 22 page white paper has been published providing further information about the technology:
Statement from Roy Sebag, Chairman and Chief Executive Officer:
Recent geopolitical events have inspired Goldmoney to provide a formal update to our shareholders about Totenpass Inc., a technology business we have been building since 2017. Goldmoney founded Totenpass to address a problem that we at Goldmoney have identified as of great concern, perhaps even more so than the risks we have historically focused on relating to the financial system and fiat currency: The risk that the internet and thus our precious digital information is becoming increasingly centralized.
I considered whether this trend represented not only a major inversion of the general direction in the decentralization of knowledge since the Gutenberg printing press and feel that the person behind the machine is being severed from the control and ownership of their precious data. This centralization reminds me of the kinds of systemic risks I identified within the global financial system leading up to the global financial crisis of 2008. Consequently, we sought to invent a technology that would empower global citizens to regain control over their digital data thereby preserving the precious data which they find meaningful once and forever in a permanent physical form factor.
We hope to be in a position to launch Totenpass in beta before the end of 2021 but it is important to stress that this timeline may change. While the business model is relatively simple – sell physical storage drives via an online e-commerce model –the technology is novel and rather complex with some challenges still remaining ahead of us. While we have successfully designed a working prototype and built out a manufacturing and distribution facility in Rochester, NY by acquiring the former space and equipment occupied by Kodak R&D, there are still some technical milestones which must be met before we are able to launch a comprehensive working model. In part, this was why we have resisted discussing this venture but ...
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