Twin Vee Moving Forward with the Development and Utilization of Blockchain, Ethereum and Smart Contracts for Marine Industry

FORT PIERCE, FL / ACCESSWIRE / January 17, 2018 / Twin Vee PowerCats, Inc. (OTC PINK: TVPC) announced today that it acquired the web domain MarineChain.com in a privately negotiated transaction, which will be the future location of its cryptocurrency ecosystem platform. Joseph Visconti, President of Twin Vee PowerCats, Inc., said, "We feel that MarineChain.com is a marketable name that will send the right message to the marine industry as our Company heads toward utilizing some truly innovative and ground-breaking technologies." The exploratory team Twin Vee PowerCats, Inc. established earlier this year to analyze the possibility of creating an online portal harnessing blockchain technology is pushing forward with blockchain, cryptocurrencies, and incentive-based tokens.

Visconti states that his company's initial vision for the use of blockchain has only grown as the exploratory team learns more about the underlying technology. "Our initial plan was to utilize blockchain to affirm the chain of custody of marine assets, but we now see that the opportunity is much larger. Our exploratory team is leaning toward launching an ICO for the marine industry."

An initial coin offering (ICO) is analogous to an initial public offering (IPO). The goal of an ICO is to raise funds, like an IPO, without diluting the ownership of the company. The main difference being, however, instead of issuing shares of stock, a company issues cryptocurrency via blockchain. It is not unusual for those holding a company's cryptocurrency to often get exclusive deals and discounts or enter a profit sharing program that will hopefully see the value of their cryptocurrency increase over time.

"ICOs and blockchain are moving at light speed in terms of development and the race to mainstream market," remarks Visconti. "As we continue to peel back the layers of these amazing new technologies, we see countless prospects that may apply to our industry. We feel strongly that the right cryptocurrency for the marine industry would offer unparalleled connectivity between manufacturers, suppliers, vendors, dealers selling and marketing boats, and the end users that ultimately buy the boats. By creating an incentive-based coin and pairing a marine-specific cryptocurrency with the use of smart contracts, we believe we can transform our industry and position it miles ahead of others."

Smart contracts facilitate the exchange of money, content, property, shares, or anything of value. When running on the blockchain, a smart contract functions like a self-operating computer program that automatically executes when specific conditions are met. Because smart contracts run on the blockchain, they work exactly as programmed without any possibility of censorship, downtime, fraud, or third-party interference.

These smart contracts are stored via blockchain technology, a decentralized ledger that also supports bitcoin and other cryptocurrencies. Smart contracts could be utilized to form industry-wide buying groups to garner vendor discounts but also offer transparency to incentivize larger acquisition of raw materials and components required to assemble boats.

Until relatively recently, building blockchain applications has required a complex background in coding, cryptography, mathematics as well as significant resources to create. Previously unimagined applications, like electronic voting, digitally recorded property assets, and regulatory compliance and trading are now actively being developed and deployed faster than ever before. Ethereum, an open software platform based on blockchain technology, is making all of this possible. By providing developers with tools like Ethereum to build decentralized applications, they can build and release specifically tailored decentralized applications with much more ease.

While there are over 1200 cryptocurrencies, many of which offer little business functionality, Visconti believes that the direction his company will stand the test of time. "If you remember when the internet first came on the scene, there were many companies front and center for the first couple of years there, too. However, not all of them were the same companies that ended up controlling the space. We are focused on developing and launching the right business model that best suits the needs of the marine industry."

About Twin Vee PowerCats, Inc.

Headed by CEO Joseph Visconti, originally founded in 1994, the company designs, manufactures and sells recreational and commercial twin-hull power boats under the Twin Vee brand name. Over the past 23 years, the company has concentrated on perfecting the high-speed twin-displacement hull design, also known as a "catamaran powerboat." For more information, go to www.twinvee.com or visit Twin Vee Powercats, Inc.'s Facebook page.

Contact:

Joseph Visconti
contact@twinvee.com
(772) 429-2525

SOURCE: Twin Vee PowerCats, Inc.