Daemon Technologies launches to bring new use case for Blockstack and bitcoin mining to Asia

New entity will focus on providing Asian community with opportunity to earn bitcoin yield and further decentralize Web 3.0 on the Bitcoin network...

Today, Daemon Technologies officially launched to serve the thriving cryptocurrency mining community in Asia. Daemon Technologies will help bring Blockstack’s mining mechanism, Proof-of-Transfer to the Asian market, giving miners a new way to earn bitcoin yield as well as a new use case for Bitcoin.

Daemon Technologies will also provide the infrastructure necessary for Blockstack’s Asian community to continue to build decentralized applications, launch smart contracts, and ultimately further decentralize Web 3.0 globally. The launch of Daemon Technologies will allow cryptocurrency miners in Asia to utilize Blockstack’s mining mechanism, called Proof-of-Transfer (PoX), to actively earn Stacks (STX) and BTC by participating in the consensus process.

PoX leverages Bitcoin’s security by recycling the energy expenditure put into Bitcoin’s Proof of Work (PoW) mining, thus providing a new use case for Bitcoin and a new way for miners to earn yield. Daemon Technologies will act as one of the first miners of STX through an open source mining bot.

Developers will also be able to deploy new blockchains that are anchored in Bitcoin’s security through Proof-of-Transfer and benefit from Bitcoin’s security without any modification to Bitcoin itself.

Daemon Technologies will be led by the former Growth Partner at Blockstack, Xan Ditkoff, who has been growing the Blockstack PBC community, with a specific focus on Asia, for the past three years. Xan will be joined by Gavin Gao, an engineer who has worked with the Blockstack PBC team for the past year based in Hangzhou, China. Daemon Technologies will have several prominent crypto investors in Asia on its Board of Advisors, including Hashkey Capital, Spartan Group, SNZ Capital, and Trevor Owens, an early Blockstack PBC investor and advisor.

Former Growth Partner and Daemon Technologies Founder, Xan Ditkoff said: “With more than half of Bitcoin and cryptocurrency miners in Asia alone, it is very important for us to launch this entity. We are eager to extend Blockstack’s novel mining mechanism to the Asian community. The launch of Daemon Technologies is just the first step in better supporting the needs of our communities in different Asian markets, and we look forward to working more closely with the mining community to achieve a fully decentralized ecosystem.”

Blockstack has worked closely with its Asian community to further its mission of decentralizing Web 3.0 and hosts nearly 200 decentralized applications on its platform, all coming from regions outside of East Asia. Blockstack has received the support of several Asian investors across China, Hong Kong, Japan, and Singapore including Recruit Holdings, IOSG Ventures, Fenbushi Capital, Fundamental Labs, and Tembusu Partners.