Ziyen Inc. to Tokenize Oil Assets on the Ethereum Blockchain
SAN DIEGO, June 11, 2019 (GLOBE NEWSWIRE) -- Ziyen Inc., an oil and energy company, announced that it will become the first company to list oil assets on the Ethereum Blockchain.
CEO Alastair Caithness stated, “This is historic, monumental and revolutionary. I could not be more proud of our team. We are now in a position to complete the tokenizing of a commodity on the Ethereum Blockchain; ZiyenCoin will likely become a market leader in the space. The goal of the company is always to enhance the energy industry. Satoshi Nakamoto invented Bitcoin, but also invented the blockchain and by creating this hybrid model utilizing the technology of the blockchain, it will nevertheless have positive, cost-saving ripple effects across a $5 trillion industry.
It is our mission to be the first company to implement this groundbreaking strategy.
By tokenizing the royalty interest working rights in a producing asset that can now be sold, Ziyen will create new liquidity to the US domestic oil market and provide the ability to sell your working interest which currently cannot be done. At the moment the owner of a working interest in the producing lease would routinely receive their monthly royalty check until the well runs dry, but under tokenization they will now have the ability to sell this. This groundbreaking notion is a key step forward in the development of a global energy currency.”
Ziyen plans to use ERC-20 standards combined with certain features of traditional securities. Each ERC-20 security token sold by ZiyenCoin will have certain rules defined and enforced in a smart contract that is unassailable once it is deployed to the Ethereum blockchain.
ERC-20 defines a common list of rules for Ethereum tokens to follow within the larger Ethereum ecosystem, allowing developers to accurately predict interaction between tokens. These rules include how the tokens are transferred between addresses and how data within each token is accessed.
The oil blockchain industry is being developed by a key organization out of Houston, Texas and is overseen by a network of oil and gas professionals who work for major operators and have founded the Oil and Gas Blockchain Consortium, which is rapidly growing in members due to its innovativeness and relevance in the discourse of blockchain in which they aim to establish “solution frameworks and standards to leverage blockchain technology.” https://www.oocblockchain.com/
Learn more about Ziyen Inc. and ZiyenCoin by reading our 2019 Ziyen Inc. Corporate Overview. ZiyenCoin is the First Energy Security Token Offering (STO) under SEC Regulation D, 506(c) and is only available to accredited investors through it’s opening round of funding.
About Ziyen Inc.:Ziyen Inc. is a technology-driven energy company Incorporated in the State of Wyoming, U.S.A. in April 2016. Originally formed as a software company providing information on the oil, gas, power and energy sectors, Ziyen Intel specializes on business information, contracts, news and information by developing cutting edge procurement and supply chain software to provide clients with intelligence on industry specific government and private contracts. Seeing a unique opportunity, the company strategically pivoted and created an Oil and Energy Company securing the first oil asset in 2017. Ziyen Energy was created to capitalize on information and opportunities in the oil and gas marketplace with the intent to produce oil in the U.S. with advanced extraction methods and technology implemented and guided by career experts in the oil and gas industry. Ziyen intends to produce oil by securing and developing smaller, marginal oil fields in the U.S. that have been otherwise overlooked by major oil companies yet still provide multi-million- dollar yield potential. Ziyen Energy currently has 18 oil assets based in the Illinois Basin, which covers Illinois, Indiana and Kentucky. ZiyenCoin is a new division created by Ziyen Inc., which will focus on Oil Blockchain and work with leading industry leaders to develop new technology to cut oil and energy costs. Given the data-intensive opportunities available through the growth of the Internet, the Oil Industry sees blockchain as an important vessel to carry the industry’s data transformation forward. ZiyenCoin is set up to be the first Oil & Energy Security Token Offering (STO) to be compliant by the U.S. Securities and Exchange Commission (SEC), creating a fully trackable and unencumbered worldwide movement of digital currency in concert with blockchain supply chain management and the certainty of blockchain verified contracting. ZiyenCoin is filed under the same regulation, as JPM Morgan’s, JPM Coin, 506c Security Token Offering. For more information visit www.ziyen.com.
Forward Looking Statements:Certain statements in this press release including, but not limited to, statements related to anticipated commencement of commercial production, targeted pricing, performance goals, and statements that otherwise relate to future periods are forward-looking statements. These statements involve risks and uncertainties, which are described in more detail in the Company’s periodic reports filed with the SEC- specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements are made and based on information available to the company on the date of this press release. Ziyen Inc. assumes no obligation to update the information in this press release.
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