Majic’s Subsidiary CGCX Launches Advanced Decentralized Blockchain Platform
August 06, 2021 at 13:25 PM EDT
Houston, Texas, Aug. 06, 2021 (GLOBE NEWSWIRE) -- Majic Wheels, Corp. (OTC Pink: MJWL) ("Majic" or the "Company"), a Delaware corporation, that is positioning itself as a player in the disruptive industries of fintech and software development by means of acquisitions, announces launch of iChain Advanced Decentralized Blockchain Platform by its wholly-owned subsidiary CGCX.
CGCX’s iChain is an ambitious Layer 2 scaling project dedicated to the establishment of a truly decentralized infrastructure. It provides one of the largest blockchain-based operating systems and offers public blockchain support of high throughput, high scalability, and high availability for all Decentralized Applications (DApps) on the CGCX iChain ecosystem.
iChain is designed to be a complete platform for launching interoperable blockchains and offers significant transparency, security, scalability, performance, and low/no gas fees.
The first project - iBG (www.ibg.finance), a Smart DeFi Robo Advisory app that provides users with AI enabled asset management, has already gone live on CGCX iChain, with more than 3000 transactions logged in the first hour. The second project is CGCX token. CGCX is the world’s first fully insured hybrid trading platform and its native utility token will migrate from Ethereum blockchain to iChain blockchain. There are two further enterprise blockchain projects in the pipeline that are due to go live on the CGCX iChain.
Aneesha Reihana, Chief Product Strategist of iBG.finance added “CGCX’s iChain has provided us a scalable platform to expand our service offerings at not only no cost to our consumers, but even more importantly on an insured platform.”
The go to market strategy is to help fortune 500 multinational companies move into blockchain with a highly scalable/secured low to no cost model. This provides a truly decentralized platform and offers POSI (public offering security insurance) to all the digital assets available in the iChain platform, subject to insurance premiums.
The founder of CGCX and iBG Dr Vin Menon said “we are very proud to be the world's first insured platform where all the digital assets are reinsured by Lloyds of London Syndicates and provide safe custody and peace of mind for our asset owners. This is unique to the market, and we have been working on developing this infrastructure for a number of years.”
The CGCX iChain is a protocol designed to help scale key Decentralized Applications (DApps) by handling transactions off the Ethereum mainnet, while taking advantage of the robust decentralized security model of the mainnet, by anchoring transaction hashes to the mainnet, which ensures that the immutability of the blockchain is maintained.
iChain seeks to address some of Ethereum's major limitations—including its throughput, poor user experience in terms of high speed and delayed transactions and its high gas fees. In a recent interview, Vitalik Buterin, Ethereum’s co-founder, has commented on how the Ethereum ecosystem will not work if gas fees cripple the average users and sees sidechains and parachains as playing a key role in reducing network costs, amplifying performance, and anchoring Ethereum.
About Majic Wheels Corp.
Majic Wheels Corp., a Delaware corporation, intends to position itself as a player in the disruptive industries of Fintech and software development by means of acquisitions and mergers. Majic Wheels Corp. is listed and traded on the Over-the-Counter Market under the trading symbol "MJWL".
For more information about the Company visit:
Our OTC Markets Profile: https://www.otcmarkets.com/stock/mjwl/overview
About CGCX Ltd.
Founded in 2018, Calfin Global Crypto Exchange CGCX set out to offer a highly sophisticated cryptocurrency exchange for a seamless & secure crypto trading experience. Unlike most exchanges that offer only cryptocurrency trading, CGCX caters to the larger blockchain community by providing four services under a single platform.
CGCX Website: https://www.cgcx.io
SAFE HARBOR STATEMENT
This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company's control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
SOURCE: Majic Wheels Corp.
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